Ultra Petroleum 10-Q 9 Aug 19 2019 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2019	Jul. 31, 2019
Document And Entity Information [Abstract]
Entity Registrant Name	ULTRA PETROLEUM CORP.
Entity Central Index Key	0001022646
Document Type	10-Q
Document Period End Date	Jun. 30, 2019
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity File Number	001-33614
Entity Address, Address Line One	116 Inverness Drive East
Entity Address, Address Line Two	Suite 400
Entity Address, City or Town	Englewood
Entity Address, State or Province	Colorado
Entity Address, Postal Zip Code	80112
City Area Code	(303)
Local Phone Number	708-9740
Entity Common Stock, Shares Outstanding		197,840,056
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 5,191	$ 17,014
Restricted cash	2,902	2,291
Oil and gas revenue receivable and other receivables, net of allowances $10,427 and $8,350, respectively	55,669	144,390
Derivative assets	58,198	23,374
Inventory	17,058	18,757
Other current assets	3,240	8,904
Total current assets	142,258	214,730
Oil and gas properties, net, using the full cost method of accounting:
Proven	1,576,539	1,497,727
Property, plant and equipment, net	10,620	11,635
Long-term right-of-use assets	125,110
Other assets	18,699	9,196
Total assets	1,873,226	1,733,288
Current liabilities:
Accounts payable	34,315	36,923
Accrued liabilities	53,206	58,574
Production taxes payable	55,151	58,365
Current portion of long-term debt	9,750	7,313
Interest payable	34,724	28,672
Lease liabilities	11,489
Derivative liabilities	20,692	62,350
Capital cost accrual	13,430	15,014
Total current liabilities	232,757	267,211
Long-term debt
Credit facility	59,000	104,000
Long-term debt	1,917,008	1,932,722
Add: Premium on exchange transactions	225,085	228,096
Less: Unamortized deferred financing costs and discount	(51,635)	(56,650)
Total long-term debt, net	2,149,458	2,208,168
Deferred gain on sale of liquids gathering system		94,636
Long-term lease liabilities	113,642
Other long-term obligations	233,594	211,895
Total liabilities	2,729,451	2,781,910
Commitments and contingencies (Note 12)
Shareholders' equity:
Common stock - no par value; authorized - unlimited; issued and outstanding - 197,840,056 and 197,383,295 at June 30, 2019 and December 31, 2018, respectively	2,139,314	2,137,443
Treasury stock	(49)	(49)
Retained loss	(2,995,490)	(3,186,016)
Total shareholders' deficit	(856,225)	(1,048,622)
Total liabilities and shareholders' equity	$ 1,873,226	$ 1,733,288

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Statement Of Financial Position [Abstract]
Oil and gas revenue receivable and other receivables, net of allowances	$ 10,427	$ 8,350
Common stock, No par value
Common stock, Shares authorized	Unlimited	Unlimited
Common stock, Shares issued	197,840,056	197,383,295
Common stock, Shares outstanding	197,840,056	197,383,295

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Revenues:
Total operating revenues	$ 155,406	$ 190,138	$ 426,867	$ 415,511
Expenses:
Lease operating expenses	15,889	23,645	33,114	45,409
Facility lease expense	6,543	6,526	13,188	12,682
Production taxes	16,443	18,883	46,618	42,153
Gathering fees	20,320	24,181	40,200	47,238
Depletion, depreciation and amortization	55,768	51,742	107,422	102,282
General and administrative	7,433	2,063	14,485	14,752
Other operating expenses, net	15,281	639	16,085	853
Total operating expenses	137,677	127,679	271,112	265,369
Operating income	17,729	62,459	155,755	150,142
Other income (expense), net:
Interest expense	(32,376)	(37,715)	(65,703)	(73,552)
Gain (loss) on commodity derivatives	71,654	(47,271)	7,316	(53,803)
Deferred gain on sale of liquids gathering system		2,638		5,276
Other income (expense), net	(43)	(657)	243	(688)
Total other (expense) income, net	39,235	(83,005)	(58,144)	(122,767)
Income before income tax (benefit) provision	56,964	(20,546)	97,611	27,375
Income tax (benefit) provision	(141)	9	(169)	442
Net income (loss)	$ 57,105	$ (20,555)	$ 97,780	$ 26,933
Basic earnings (loss) per share:
Net income (loss) per common share - basic	$ 0.29	$ (0.10)	$ 0.50	$ 0.14
Fully diluted earnings (loss) per share:
Net income (loss) per common share - fully diluted	$ 0.29	$ (0.10)	$ 0.49	$ 0.14
Weighted average common shares outstanding - basic	197,514	197,054	197,449	196,803
Weighted average common shares outstanding - fully diluted	198,069	197,054	198,089	196,803
Natural Gas Sales
Revenues:
Total operating revenues	$ 125,915	$ 141,255	$ 371,903	$ 322,716
Oil Sales
Revenues:
Total operating revenues	27,301	43,167	50,767	84,451
Other Revenues
Revenues:
Total operating revenues	$ 2,190	$ 5,716	$ 4,197	$ 8,344

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Retained (Loss) Earnings	Treasury Stock
Beginning Balances at Dec. 31, 2017	$ (1,154,636)	$ 2,116,018	$ (3,270,605)	$ (49)
Beginning Balances, Shares at Dec. 31, 2017		196,347
Employee stock plan grants, Shares		1,226
Net share settlements	(2,061)		(2,061)
Net share settlements, Shares		(519)
Fair value of employee stock plan grants	10,709	$ 10,709
Net income (loss)	47,488		47,488
Initial adoption | ASC 606	1,761		1,761
Ending Balances at Mar. 31, 2018	(1,096,739)	$ 2,126,727	(3,223,417)	(49)
Ending Balances, Shares at Mar. 31, 2018		197,054
Beginning Balances at Dec. 31, 2017	(1,154,636)	$ 2,116,018	(3,270,605)	(49)
Beginning Balances, Shares at Dec. 31, 2017		196,347
Net income (loss)	26,933
Ending Balances at Jun. 30, 2018	(1,114,830)	$ 2,129,191	(3,243,972)	(49)
Ending Balances, Shares at Jun. 30, 2018		197,054
Beginning Balances at Mar. 31, 2018	(1,096,739)	$ 2,126,727	(3,223,417)	(49)
Beginning Balances, Shares at Mar. 31, 2018		197,054
Fair value of employee stock plan grants	2,464	$ 2,464
Net income (loss)	(20,555)		(20,555)
Ending Balances at Jun. 30, 2018	(1,114,830)	$ 2,129,191	(3,243,972)	(49)
Ending Balances, Shares at Jun. 30, 2018		197,054
Beginning Balances at Dec. 31, 2018	(1,048,622)	$ 2,137,443	(3,186,016)	(49)
Beginning Balances, Shares at Dec. 31, 2018		197,383
Fair value of employee stock plan grants	1,127	$ 1,127
Net income (loss)	40,674		40,674
Initial adoption | ASC 842	92,818		92,818
Ending Balances at Mar. 31, 2019	(914,003)	$ 2,138,570	(3,052,524)	(49)
Ending Balances, Shares at Mar. 31, 2019		197,383
Beginning Balances at Dec. 31, 2018	(1,048,622)	$ 2,137,443	(3,186,016)	(49)
Beginning Balances, Shares at Dec. 31, 2018		197,383
Net income (loss)	97,780
Ending Balances at Jun. 30, 2019	(856,225)	$ 2,139,314	(2,995,490)	(49)
Ending Balances, Shares at Jun. 30, 2019		197,840
Beginning Balances at Mar. 31, 2019	(914,003)	$ 2,138,570	(3,052,524)	(49)
Beginning Balances, Shares at Mar. 31, 2019		197,383
Stock plan grants, Shares		648
Net share settlements	(71)		(71)
Net share settlements, Shares		(191)
Fair value of employee stock plan grants	744	$ 744
Net income (loss)	57,105		57,105
Ending Balances at Jun. 30, 2019	$ (856,225)	$ 2,139,314	$ (2,995,490)	$ (49)
Ending Balances, Shares at Jun. 30, 2019		197,840

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Operating activities - cash provided by (used in):
Net income for the period	$ 97,780	$ 26,933
Adjustments to reconcile net income to cash provided by operating activities:
Depletion, depreciation and amortization	107,422	102,282
Unrealized loss (gain) on commodity derivatives	(82,527)	61,539
Deferred gain on sale of liquids gathering system		(5,276)
Stock compensation	1,521	10,122
Payable-in-kind (“PIK”) interest payable	6,722
Amortization of premium on debt exchange	(20,572)
Amortization of deferred financing costs	6,308	5,510
Other	1,915	207
Net changes in operating assets and liabilities:
Accounts receivable	86,645	17,738
Other current assets	(636)	3,783
Other non-current assets	59	338
Accounts payable	(1,449)	(18,525)
Accrued liabilities	(5,519)	(4,116)
Production taxes payable	(3,214)	3,696
Interest payable	6,052	(3,647)
Other long-term obligations	8,187	(1,647)
Income taxes payable/receivable	6,431	6,844
Net cash provided by operating activities	215,125	205,781
Investing Activities - cash provided by (used in):
Oil and gas property expenditures	(176,791)	(250,966)
Change in capital cost accrual and accounts payable	(2,743)	(14,483)
Inventory	1,567	(4,140)
Purchase of capital assets	(373)	(2,389)
Net cash used in investing activities	(178,340)	(271,978)
Financing activities - cash provided by (used in):
Deferred financing costs	(488)	(638)
Repurchased shares/net share settlements	(71)	(2,061)
Net cash used in financing activities	(47,997)	55,301
(Decrease) increase in cash during the period	(11,212)	(10,896)
Cash, cash equivalents, and restricted cash, beginning of period	19,305	18,269
Cash, cash equivalents and restricted cash, end of period	8,093	7,373
Credit Agreement
Financing activities - cash provided by (used in):
Borrowings under Credit Agreement	431,000	450,000
Payments under Credit Agreement / Term Loan	(476,000)	$ (392,000)
Term Loan
Financing activities - cash provided by (used in):
Payments under Credit Agreement / Term Loan	$ (2,438)

Description of the Business

Description of the Business	6 Months Ended
	Jun. 30, 2019
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Description of the Business	DESCRIPTION OF THE BUSINESS: Ultra Petroleum Corp. and its wholly-owned subsidiaries (collectively the “Company”, “Ultra”, “our”, “we”, or “us”) is an independent oil and gas company engaged in the development, production, operation, exploration and acquisition of oil and natural gas properties. Ultra Petroleum Corp. is incorporated under the laws of Yukon, Canada. The Company’s principal business activities are developing its long-life natural gas reserves in the Pinedale and Jonah fields of the Green River Basin of southwest Wyoming.

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Significant Accounting Policies	1. SIGNIFICANT ACCOUNTING POLICIES: Basis of Presentation: The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and six months ended June 30, 2019 are not necessarily indicative of the results that may be expected for the year ended December 31, 2019. The condensed consolidated balance sheet at December 31, 2018, has been derived from the audited consolidated financial statements at that date, but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2018. S ignificant Accounting Policies: Leases (Topic 842) Reclassifications: Certain amounts in the financial statements of prior periods have been reclassified to conform to the current period financial statement presentation. New Accounting Pronouncements: From time to time, the Financial Accounting Standards Board ("FASB") or other standards setting bodies issue new accounting pronouncements. Updates to the FASB Accounting Standards Codification ("ASC") are communicated through issuance of an Accounting Standards Update ("ASU"). Unless otherwise discussed, we believe that the impact of recently issued guidance, whether adopted or to be adopted in the future, is not expected to have a material impact on the consolidated financial statements upon adoption. Recently Adopted Accounting Pronouncements: Leases. In February 2016, the FASB issued ASU 2016-02, , and has subsequently issued several supplemental and/or clarifying ASUs (collectively known as “ASC 842”). The guidance requires lessees 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. ASC 842 also requires 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. The Company adopted ASC 842 and applicable amendments on January 1, 2019, using the modified retrospective approach. The Company elected certain practical expedients and established internal controls and key system functionality to enable the preparation of financial information on adoption. The adoption of the standard had an effect on the Company’s condensed consolidated balance sheets but did not have an effect on the Company’s condensed consolidated income statements. The most significant impact was the recognition of ROU assets and lease liabilities for operating leases, while accounting for finance leases remained substantially unchanged. Please refer to Note 11 for additional discussion. Cumulative Effect of Recently Adopted Accounting Pronouncements: The following table reflects the cumulative impact of the adoption of ASC 842 on January 1, 2019, using the modified retrospective approach: December 31, 2018 as reported Impact of ASC 842 January 1, 2019 as adjusted (Amounts in thousands) Long-term right-of-use assets $ — $ 130,649 $ 130,649 Total assets 1,733,288 130,649 1,863,937 Lease liabilities (current) — 11,141 11,141 Deferred gain on sale of liquids gathering system 94,636 (94,636 ) — Long-term lease liabilities — 121,326 121,326 Total liabilities 2,781,910 37,831 2,819,741 Retained earnings (loss) (3,186,016 ) 92,818 (3,093,198 ) Total stockholders' equity (deficit) (1,048,622 ) 92,818 (955,804 ) Total liabilities and stockholders' equity (deficit) 1,733,288 130,649 1,863,937 Recent Accounting Pronouncements Not Yet Adopted : Fair Value Measurements. In August 2018, the FASB issued ASU No. 2018-13, (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). The amendments in ASU 2018-13 modify the disclosure requirements on fair value measurements in Topic 820. ASU 2018-13 is effective for public companies for fiscal years beginning after December 15, 2019, and interim periods therein. Early adoption is permitted. The Company is currently assessing the impact of this standard on its consolidated financial statements. Financial Instruments. In June 2016, The FASB issued ASU 2016-13, (Topic 326), Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"). This ASU changes the methodology for measuring credit losses on financial instruments and the timing of when such losses are recorded. ASU 2016-13 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2019. Early adoption is permitted for fiscal years, and interim periods within those years, beginning after December 15, 2018. The Company is currently assessing the impact of ASU 2016-13 on its consolidated financial statements.

Revenue Recognition

Revenue Recognition	6 Months Ended
	Jun. 30, 2019
Revenue From Contract With Customer [Abstract]
Revenue Recognition	2. REVENUE RECOGNITION: Revenue from Contracts with Customers Sales of oil and natural gas are recognized at the point control of the product is transferred to the customer, collectability is reasonably assured, and the performance obligations are satisfied. Virtually all of our contracts’ pricing provisions are tied to a market index, with certain adjustments based on, among other factors, whether a well delivers to a gathering or transmission line, quality of the oil or natural gas, and prevailing supply and demand conditions. As a result, the price of the oil and natural gas fluctuates to remain competitive with other available oil and natural gas supplies. Natural gas sales We sell natural gas production at the tailgate of the processing plant or at a delivery point downstream, as specified in the contracts with our customers. The production is sold at set volumes and we collect either (i) an agreed upon index price, (ii) a specific index price adjusted for pricing differentials, or (iii) a set price. We recognize revenue when control transfers to the purchaser at the tailgate of the processing plant or at the agreed-upon delivery point at the net price received. For these contracts, we have concluded that the Company is the principal for our net revenue interest share of the volumes being sold. Gathering fees are incurred prior to the customer taking control of the product, are not considered to be promised services, and are not included in the transaction price; thus, they are presented as expenses in the Condensed Consolidated Statement of Operations. Our working interest partners are considered the principal for their working interest shares. They have the option to take in kind their volumes. The Company may act as an agent and market the other partners’ share of the natural gas production. If it does so, the Company is considered the agent and revenue is recorded at the Company’s net revenue interest in the production. Oil sales We sell oil production at either (a) a lease automatic custody transfer meter, (b) a tank battery, or (c) a delivery point downstream, as specified in the contracts with our customers. The production is sold at set volumes and we collect either (i) an agreed upon index price, net of pricing differentials or (ii) a set price. We recognize revenue at the point when the customer takes control of the product. For these contracts, we have concluded that the Company is the principal for its net revenue interest share of the volumes being sold. Gathering fees are performed prior to the customer taking control of the product, are not considered to be promised services, and are not included in the transaction price; thus, they are presented as expenses in the Condensed Consolidated Statement of Operations. Our working interest partners are considered the principal for their working interest shares. They have the option to take in kind their volumes. The Company may act as an agent and market the other partners’ share of the oil production. If it does so, the Company is considered the agent and revenue is recorded at the Company’s net revenue interest in the production. Other revenues Our other revenue is comprised of fees paid to us by the operators of the gas processing plants where our gas is processed. Control is transferred upon completion of the processing service. The Company is considered the principal, and revenue is recognized at the point in time that the control is transferred. Transaction price allocated to remaining performance obligations A significant number of our product sales are short-term in nature with a contract term of one year or less at index-based prices. For those contracts, we have utilized the practical expedient in ASC 606-10-50-14 exempting the Company from disclosure of the transaction price allocated to remaining performance obligations if the performance obligation is part of a contract that has an original expected duration of one year or less. For our product sales that have a contract term greater than one year, we have utilized the practical expedient in ASC 606-10-50-14(a) which states that the Company is not required to disclose the transaction price allocated to remaining performance obligations if the variable consideration is allocated entirely to a wholly unsatisfied performance obligation. Under these sales contracts, each unit of product generally represents a separate performance obligation; therefore, future volumes are wholly unsatisfied, and disclosure of the transaction price allocated to remaining performance obligations is not required. Contract balances Under our product sales contracts, we invoice customers once our performance obligations have been satisfied, at which point payment is unconditional. Accordingly, our product sales contracts do not give rise to contract assets or liabilities under ASC 606. Prior-period performance obligations We record revenue in the month production is delivered to the purchaser. However, settlement statements for certain natural gas may not be received for 30 to 90 days after the date production is delivered, and as a result, we are required to estimate the amount of production delivered to the purchaser and the price that will be received for the sale of the product. We record the differences between our estimates and the actual amounts received for product sales in the month that payment is received from the purchaser. We have existing internal controls for our revenue estimation process and related accruals, and any identified differences between our revenue estimates and actual revenue received historically have not been significant. For the six months ended June 30, 2019, revenue recognized in the reporting period related to performance obligations satisfied in prior reporting periods was not material.

Inventory

Inventory	6 Months Ended
	Jun. 30, 2019
Inventory Disclosure [Abstract]
Inventory.	3. INVENTORY: The following table summarizes the major classes of inventory included on the Condensed Consolidated Balance Sheet: June 30, December 31, 2019 2018 Pipe and production equipment $ 16,077 $ 17,644 Crude oil 981 1,113 Total inventory $ 17,058 $ 18,757

Oil and Gas Properties

Oil and Gas Properties	6 Months Ended
	Jun. 30, 2019
Oil And Gas Property [Abstract]
Oil and Gas Properties	4. OIL AND GAS PROPERTIES: June 30, December 31, 2019 2018 Proven properties: Acquisition, equipment, exploration, drilling and abandonment costs $ 11,755,535 $ 11,577,281 Less: Accumulated depletion, depreciation and amortization (10,178,996 ) (10,079,554 ) Total Oil and gas properties, net $ 1,576,539 $ 1,497,727

Earning Per Share

Earning Per Share	6 Months Ended
	Jun. 30, 2019
Earnings Per Share [Abstract]
Earning Per Share	5. EARNINGS PER 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 number 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. Certain share-based payments subject to performance or market conditions are considered contingently issuable shares for purposes of calculating diluted earnings per share. Thus, they are not included in the diluted earnings per share denominator until the performance or market criteria are met. Additionally, warrants are not included in the diluted earnings per share denominator using the treasury stock method until the date on which the volume-weighted average price of the Common Shares is at least $2.50 per Common Share for 30 consecutive trading days (the “Trading Price Condition”) . The following table provides a reconciliation of components of basic and diluted net income per common share: For the Three Months Ended For the Six Months Ended June 30, June 30, 2019 2018 2019 2018 (Share amounts in 000's) Net income (loss) $ 57,105 $ (20,555 ) $ 97,780 $ 26,933 Weighted average common shares outstanding - basic 197,514 197,054 197,449 196,803 Effect of dilutive instruments 555 — 640 — Weighted average common shares outstanding - diluted 198,069 197,054 198,089 196,803 Net income (loss) per common share - basic $ 0.29 $ (0.10 ) $ 0.50 $ 0.14 Net income (loss) per common share - fully diluted $ 0.29 $ (0.10 ) $ 0.49 $ 0.14 Number of contingently issuable shares, including warrants, that are not included in the diluted earnings per share denominator as the performance or market criteria have not been met 20,218 2,636 20,109 2,636

Long Term Debt

Long Term Debt	6 Months Ended
	Jun. 30, 2019
Long Term Liabilities [Abstract]
Long Term Debt	6. LONG TERM DEBT: The following tables summarize the Company’s debt instruments as of June 30, 2019 and December 31, 2018: June 30, 2019 Principal repayment obligation (1) Unamortized DFC and discounts (2) Unamortized premium Carrying value Credit Facility, secured, due January 2022 $ 59,000 $ — $ — $ 59,000 Term Loan, secured, due April 2024 973,247 (24,722 ) — 948,525 Second Lien Notes, secured, due July 2024 578,072 — 225,085 803,157 6.875% Notes, unsecured, due April 2022 150,439 (13,201 ) — 137,238 7.125% Notes, unsecured, due April 2025 225,000 (13,712 ) — 211,288 Total debt $ 1,985,758 $ (51,635 ) $ 225,085 $ 2,159,208 Less: Current maturities (9,750 ) — — (9,750 ) Total long-term debt, net $ 1,976,008 $ (51,635 ) $ 225,085 $ 2,149,458 (1) Includes PIK interest on the Term Loan and Second Lien Notes of $0.7 million and $6.0 million, respectively. (2) Deferred financing costs related to the Revolving Credit Facility are reported within Other assets on the condensed consolidated balance sheet, rather than as a reduction of the carrying amount of long-term debt. December 31, 2018 Principal repayment obligation Unamortized DFC and discounts (1) Unamortized premium Carrying value Credit Facility, secured, due January 2022 $ 104,000 $ — $ — $ 104,000 Term Loan, secured, due April 2024 975,000 (26,874 ) — 948,126 Second Lien Notes, secured, due July 2024 545,000 — 228,096 773,096 6.875% Notes, unsecured, due April 2022 195,035 (15,168 ) — 179,867 7.125% Notes, unsecured, due April 2025 225,000 (14,608 ) — 210,392 Total debt $ 2,044,035 $ (56,650 ) $ 228,096 $ 2,215,481 Less: Current maturities (7,313 ) — — (7,313 ) Total long-term debt, net $ 2,036,722 $ (56,650 ) $ 228,096 $ 2,208,168 (1) Deferred financing costs related to the Revolving Credit Facility are reported within Other assets on the condensed consolidated balance sheet, rather than as a reduction of the carrying amount of long-term debt. Credit Agreement. Ultra Resources Inc., a Delaware corporation and wholly-owned subsidiary of the Company, (“Ultra Resources”) entered into a Credit Agreement as the borrower with the Company and UP Energy Corporation, as parent guarantors, with Bank of Montreal, as administrative agent (the “RBL Administrative Agent”), and with the other lenders party thereto from time to time (collectively, the “RBL Lenders”), providing for a revolving credit facility (the “Revolving Credit Facility”) subject to a borrowing base redetermination, which limits the aggregate amount of first lien debt under the Revolving Credit Facility and Term Loan Agreement (as defined below). The semi-annual redetermination in February 2019 resulted in a borrowing base commitment of $1.3 billion, with $975.0 million allocated to the Company’s Term Loan (as defined below) and $325.0 million allocated to the Revolving Credit Facility. At June 30, 2019, Ultra Resources had $59.0 million of outstanding borrowings under the Revolving Credit Facility, and with total commitments of $325.0 million. The next scheduled borrowing base redetermination is scheduled for October 1, 2019. The Revolving Credit Facility has capacity for Ultra Resources to increase the commitments subject to certain conditions and has $50.0 million of the commitments available for the issuance of letters of credit. The Revolving Credit Facility bears interest either at a rate equal to (a) a customary London interbank offered rate plus an applicable margin that varies from 250 to 350 basis points or (b) the base rate plus an applicable margin that varies from 150 to 250 basis points. The applicable margin increases by 25 basis points in the event the Company’s consolidated net leverage ratio, as defined, exceeds 4.00 to 1.00. Ultra Resources is required to pay a commitment fee on the average daily unused portion of the Revolving Credit Facility, which varies based upon a borrowing base utilization grid. Ultra Resources is also required to pay customary letter of credit and fronting fees. The Revolving Credit Facility loans mature on January 12, 2022. T he Revolving Credit Facility requires Ultra Resources to maintain (i) a minimum interest coverage ratio of 2.50 to 1.00; (ii) a current ratio, including the unused portion of the Revolving Credit Facility, of a minimum of 1.00 to 1.00; and (iii) after the Company has obtained investment grade rating an asset coverage ratio of 1.50 to 1.00. In addition, as of the last day of (i) each fiscal quarter ending during the period from March 31, 2019 through June 30, 2019, Ultra Resources is required to maintain the consolidated net leverage ratio at or below 4.75 to 1.00, (ii) each fiscal quarter ending during the period from September 30, 2019 through June 30, 2020, Ultra Resources is required to maintain the consolidated net leverage ratio at or below 4.90 to 1.0, (iii) the fiscal quarter ending September 30, 2020, Ultra Resources is required to maintain the consolidated net leverage ratio at or below 4.50 to 1.0, and (iv) the fiscal quarter ending December 31, 2020 and each other fiscal quarter end thereafter, Ultra Resources is required to maintain the consolidated net leverage ratio at or below 4.25 to 1.0. At June 30, 2019, Ultra Resources’ consolidated net leverage ratio and interest coverage ratio were 4.44 to 1.00 and 3.18 to 1.00, respectively, and Ultra Resources was in compliance with each of its debt covenants under the Credit Agreement. Under the Revolving Credit Facility, t he Company is subject to the following minimum hedging requirements: t The Revolving Credit Facility contains customary events of default and remedies for credit facilities of this nature. If Ultra Resources does not comply with the financial and other covenants in the Revolving Credit Facility, the lenders may, subject to customary cure rights, require immediate payment of all amounts outstanding under the Revolving Credit Facility and any outstanding unfunded commitments may be terminated. Term Loan. As of June 30, 2019, the Ultra Resources’ First Amendment to the Senior Secured Term Loan (the “Term Loan Agreement”) had a balance of approximately $973.2 million in borrowings, including payable-in-kind (“PIK”) and current maturities. The Term Loan Agreement is signed with the Company and UP Energy Corporation, as parent guarantors, Barclays Bank PLC, as administrative agent (the “Term Loan Administrative Agent”), and the other lenders party thereto (collectively, the “Term Loan Lenders”). In December 2018, Ultra Resources and the parent guarantors entered into the First Amendment to the Term Loan Agreement (the “Term Loan Amendment”) with the Term Loan Administrative Agent and the Term Loan Lenders party thereto. Pursuant to the Term Loan Amendment, the parties agreed, among other things, to amend the Term Loan Agreement to permit the issuance of the Second Lien Notes and the December Exchange Transaction, to increase the interest rate payable by 100 basis points, such increase comprising 75 basis points payable in cash and 25 basis points payable in kind, and to revise certain covenants and other provisions of the Term Loan Agreement, including, but not limited to: • introducing call protection of 102% until December 21, 2019 and 101% until December 21, 2020; • introducing additional restrictions on the Revolving Credit Facility; including amendments and refinancing of the Revolving Credit Facility as more thoroughly described in the Term Loan Amendment; • deleting the ability to increase commitments under the Term Loan; • increasing collateral coverage from 85% to 95% of total PV-9 of Proven Reserves (as defined in the Term Loan Agreement); • removing the ability to create, invest in and utilize unrestricted subsidiaries; • further limiting the Company’s ability to incur unsecured debt, repay junior debt, and make restricted payments and investments as more thoroughly described in the Term Loan Amendment; and • providing the ability for the Company to exchange unsecured borrowings to third lien debt within a construct as described in the Term Loan Amendment. Borrowings under the Term Loan Agreement bear interest at a rate equal to either (a) a customary London interbank offered rate plus 400 basis points or (b) the base rate plus 300 basis points, in each case, of which 25 basis points of the applicable margin is payable-in-kind (“PIK”) upon election by Ultra Resources. Beginning in March 2019, the Company has elected the PIK option and management expects to continue this practice into the future. The borrowings under the Term Loan Agreement amortize in equal quarterly installments in aggregate annual amounts equal to 0.25% of the initial aggregate principal amount beginning on June 30, 2019. Borrowings under the Term Loan Agreement mature on April 12, 2024. Borrowings under the Term Loan Agreement are subject to mandatory prepayments and customary reinvestment rights. The mandatory prepayments include, without limitation, a prepayment requirement with the total net proceeds from certain asset sales and net proceeds on insurance received on account of any loss of Ultra Resources’ property or assets, in each case subject to certain exceptions. In addition, subject to certain conditions, there is a prepayment requirement if the asset coverage ratio is less than 2.0 to 1.0. To the extent any mandatory prepayments are required, prepayments equal to six monthly payments are required to attain compliance and are applied to prepay the borrowings under the Term Loan Agreement. The Term Loan Agreement also contains customary affirmative and negative covenants, including as to compliance with laws (including environmental laws, ERISA and anti-corruption laws), delivery of quarterly and annual financial statements and oil and gas engineering reports, maintenance and operation of property (including oil and gas properties), restrictions on the incurrence of liens, indebtedness, asset dispositions, fundamental changes, restricted payments and other customary covenants. At June 30, 2019, Ultra Resources was in compliance with all of its debt covenants under the Term Loan Agreement. The Term Loan Agreement contains customary events of default and remedies for credit facilities of this nature. If Ultra Resources does not comply with the financial and other covenants in the Term Loan Agreement, the lenders may, subject to customary cure rights, require immediate payment of all amounts outstanding under the Term Loan Agreement. Second Lien Notes. As of June 30, 2019, Ultra Resources had approximately $578.1 million, including PIK interest, in outstanding borrowings of Senior Secured Second Lien Notes (“Second Lien Notes”) pursuant to the Indenture, dated December 21, 2018 (the “Second Lien Notes Indenture”), with Ultra Resources, as issuer, the Company and its other subsidiaries, as guarantors, and Wilmington Trust, National Association, as trustee and collateral agent (the “Trustee”). Interest on the Second Lien Notes accrue at (i) an annual rate of 9.00% payable in cash and (ii) an annual rate of 2.00% PIK. The interest payment dates for the Second Lien Notes are January 15 and July 15 of each year, commencing on July 15, 2019. The Company has accounted for such PIK interest as an increase to the principal outstanding. The Second Lien Notes will mature on July 12, 2024. The Second Lien Notes are senior secured obligations of Ultra Resources and rank senior in right of payment to all of its existing and future unsecured senior debt, to the extent of the value of the collateral pledged under the Second Lien Notes Indenture and related collateral arrangements, senior in right of payment to all of its future subordinated debt, and junior in right of payment to all of its existing and future secured debt of senior priority, to the extent of the value of the collateral pledged thereby. The Second Lien Notes are secured by second priority security interests in substantially all assets of the Company. Payment by Ultra Resources of all amounts due on or in respect of the Second Lien Notes and the performance of Ultra Resources under the Indenture are initially guaranteed by the Company. If Ultra Resources experiences certain change of control triggering events set forth in the Second Lien Notes Indenture, each holder of the Second Lien Notes may require Ultra Resources to repurchase all or a portion of its Second Lien Notes for cash at a price equal to 101% of the aggregate principal amount of such Second Lien Notes, plus any accrued but unpaid interest (including PIK interest) to the date of repurchase. Ultra Resources is subject to certain customary covenants under the Second Lien Notes Indenture and was in compliance with all such covenants as of June 30, 2019. Refer to Note 6 Long Term Debt in the 2018 Form 10-K for additional details on the terms of the Second Lien Notes. Unsecured Notes . At June 30, 2019, Ultra Resources had approximately $150.4 million of the 6.875% Senior Notes due 2022 (the “2022 Notes”) and $225.0 million with respect to the 7.125% Senior Notes due 2025 (the “2025 Notes”, and together with the 2022 Notes, the “Unsecured Notes”). The 2022 Notes will mature on April 15, 2022. Interest on the 2022 Notes accrue at an annual rate of 6.875% and interest payment dates for the 2022 Notes are April 15 and October 15 of each year. The 2025 Notes will mature on April 15, 2025. Interest on the 2025 Notes accrue at an annual rate of 7.125% and interest payment dates for the 2025 Notes are April 15 and October 15 of each year. Interest will be paid on the Unsecured Notes from the issue date until maturity. Refer to Note 6 Long Term Debt in the 2018 Form 10-K for additional details on the terms of the Unsecured Notes.

Share Based Compensation

Share Based Compensation	6 Months Ended
	Jun. 30, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Share Based Compensation	7. SHARE BASED COMPENSATION: Valuation and Expense Information For the Three Months For the Six Months Ended Ended June 30, Ended June 30, 2019 2018 2019 2018 Total cost of share-based payment plans $ 745 $ 2,263 $ 1,872 $ 13,173 Amounts capitalized in oil and gas properties and equipment $ 64 $ 952 $ 351 $ 3,051 Amounts charged against income, before income tax benefit $ 681 $ 1,311 $ 1,521 $ 10,122 Amount of related income tax benefit recognized in income before valuation allowance $ 143 $ 275 $ 319 $ 2,126 Performance Share Plans : 2017 Stock Incentive Plan. In April 2017, the Ultra Petroleum Corp. 2017 Stock Incentive Plan (“2017 Stock Incentive Plan”) was established by our board of directors (the “Board”) pursuant to which 7.5% of the equity in the Company (on a fully-diluted/fully-distributed basis) is reserved for grants to be made from time to time to the directors, officers, employees, and consultants of the Company (the “Reserve”). In June 2018, the Board approved an amendment and restatement of the Ultra Petroleum Corp. 2017 Stock Incentive Plan (as amended and restated, the “A&R Stock Incentive Plan”). The A&R Stock Incentive Plan amends and restates the 2017 Stock Incentive Plan to, among other things: • provide that consultants, independent contractors and advisors are eligible to participate and receive equity awards in the A&R Stock Incentive Plan; • limit the aggregate incentive awards available to be granted to any outside director during a single calendar year to a maximum of $750,000; • revise the definition of a Change of Control to exclude a change in a majority of the members on the Board; • provide that, with respect to awards granted on or after June 8, 2018, no such awards will vest solely as a result of a Change of Control (as defined in the A&R Stock Incentive Plan) unless expressly provided otherwise in the applicable grant agreement or unless otherwise determined by the Committee; and • make certain other changes related to revisions to the U.S. Internal Revenue Code. In July 2018, the Company modified its incentive plan and recipients of the Initial MIP Grants were offered an opportunity to exchange the unvested portion of their Initial MIP Grants for new equity awards of time-based restricted stock units (the “2018 RSUs”) effective July 31, 2018 on a one-for-one basis. All 2018 RSUs are time-based awards and vest in equal tranches on May 25, 2019, May 25, 2020, and May 25, 2021. Under FASB ASC Topic 718, Compensation Cost – Stock Compensation (“ASC 718”), the cancellation of an outstanding award of stock-based compensation followed by the issuance of a replacement award is treated as a modification of the original award. The equity award cancellations and subsequent new grants by the Company were considered Type I, probable-to-probable modification in 2018. This type represents modifications where the award was likely to vest prior to modification and is still likely to vest after modification. For these types of modifications, the fair value of the award is assessed both prior to modification and after modification. If the fair value after modification exceeds the fair value prior to modification, incremental expense is generated and recognized over the remaining vesting period. In March 2019, additional Initial MIP Grants were exchanged for new equity awards of time-based and performance-based restricted stock units. The Company evaluated the cancellation of an outstanding award of stock-based compensation followed by the issuance of a replacement award under ASC 718. For this modification, the fair value of the award is assessed both prior to modification and after modification. Per ASC 718, if the fair value after modification exceeds the fair value prior to modification, incremental expense is generated and recognized over the remaining vesting period. Long Term Incentive Awards. In 2018 and March 2019, the Board approved long-term incentive awards under the A&R Stock Incentive Plan 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. The awards cover a performance period of three years and include time-based and performance-based measures established by the Board at the beginning of the three-year period. Stock-Based Compensation Cost : Market-Based Condition Awards. When vesting of an award of stock-based compensation is dependent, at least in part, on the value of a company’s total equity, for purposes of FASB ASC 718, the award is considered to be subject to a “market condition”. Because the Company’s total equity value is a component of its enterprise value, the awards based on enterprise value are considered to be subject to a market condition. Unlike the valuation of an award that is subject to a service condition (i.e., time vested awards) or a performance condition that is not related to stock price, FASB ASC 718 requires the impact of the market condition to be considered when estimating the fair value of the award. As a result, we have used a Monte Carlo simulation model to estimate the fair value of the awards that include a market condition. FASB ASC 718 requires the expense for an award of stock-based compensation that is subject to a market condition that can be attained at any point during the performance period to be recognized over the shorter of (a) the period between the date of grant and the date the market condition is attained, and (b) the award’s derived service period. For purposes of FASB ASC 718, the derived service period represents the duration of the median of the distribution of share price paths on which the market condition is satisfied. That median is the middle share price path (the midpoint of the distribution of paths within the model) on which the market condition is satisfied. The duration is the period of time from the service inception date to the expected date of market condition satisfaction. Compensation expense is recognized regardless of whether the market condition is actually satisfied. Expense. For the six months ended June 30, 2019, the Company recognized $1.5 million in pre-tax compensation expense, which is included within General and administrative expenses on the condensed consolidated statement of operations. During the six months ended June 30, 2018, the Company recognized $10.1 million in pre-tax compensation expense, of which $10.0 million related to the Initial MIP Grants.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2019
Income Tax Disclosure [Abstract]
Income Taxes	8. INCOME TAXES: The Company’s overall effective tax rate on pre-tax income was different than the statutory rate of 21% due primarily to the valuation allowances. The Company has a valuation allowance recorded against all deferred tax assets as of June 30, 2019. Some or all of this valuation allowance may be reversed in future periods against future income. On December 22, 2017, the Tax Cuts and Jobs Act (the “Tax Act”) was enacted into law. Further guidance and clarifications continue to be issued regarding the regulations and provisions of the Tax Act. The Company will continue to monitor these new regulations and analyze their applicability and impact on the Company.

Derivative Financial Instrument

Derivative Financial Instruments	6 Months Ended
	Jun. 30, 2019
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	9. 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. The prices we receive for our production depend on many factors outside of our control, including volatility in the differences between product prices at sales points and the applicable index price. 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 cash flows supporting the Company’s operations and capital investment program. These types of instruments may include fixed price swaps, costless collars, deferred premium puts or basis differential swaps. These contracts are financial instruments, and do not require or allow for physical delivery of the hedged commodity. While mitigating the effects of fluctuating commodity prices, these derivative contracts may limit the benefits we would receive from increases in commodity prices above the fixed hedge prices. Under the Revolving Credit Facility, the Company is subject to the following minimum hedging requirements: through September 29, 2019, the Company is required to hedge a minimum of 65% of the quarterly projected volumes of natural gas from its PDP reserves; and during the period beginning on September 30, 2019 and ending on March 30, 2020, the Company is required to hedge a minimum of 50% of the quarterly projected volumes of natural gas from PDP reserves. Beginning April 1, 2020, the Company will no longer be subject to a minimum hedging requirement. Fair Value of Commodity Derivatives: The Company follows FASB ASC Topic 815, Derivatives and Hedging (“ASC 815”). The Company does not apply hedge accounting to any of its derivative instruments. Instead, in accordance with ASC 815 the derivative contracts are recorded at fair value as derivative assets and liabilities on the Condensed Consolidated Balance Sheets and the associated unrealized gains and losses are recorded as current income or expense on the Condensed Consolidated Statements of Operations. The Company does not offset the value of its derivative arrangements with the same counterparty. Unrealized gains or losses on commodity derivatives represent the non-cash change in the fair value of these derivative instruments and do not impact operating cash flows on the Condensed Consolidated Statements of Cash Flows . Commodity Derivative Contracts: At June 30, 2019, the Company had the following open commodity derivative contracts to manage commodity price risks. For the fixed price swaps, the Company receives the fixed price for the contract and pays the variable price to the counterparty. For the basis swaps, the Company receives a fixed price for the difference between two sales points for a specified commodity volume over a specified time period. For the collars, the Company pays the counterparty if the market price is above the ceiling price and the counterparty pays if the market price is below the floor price on a notional quantity. For deferred premium puts, the Company pays the deferred premium in the month of settlement. To the extent the market price is below the put price, the counterparty owes the Company the difference between the market price and put price in the period of settlement. The reference prices of these commodity derivative contracts are typically referenced to index prices as published by independent third parties . Refer to Note 10 for more information regarding the Company’s derivative instruments. Type/Year Index Total Volumes Weighted Average (“WA”) Price per Unit Fair Value - June 30, 2019 (in millions) Asset (Liability) Natural gas fixed price swaps (Mmbtu) ($/Mmbtu) 2019 (July through December) NYMEX-Henry Hub 90.5 $ 2.78 $ 37,790 2020 NYMEX-Henry Hub 24.6 2.78 2,979 Natural gas basis swaps (1) (Mmbtu) ($/Mmbtu) 2019 (July through December) NW Rockies Basis Swap 63.5 $ (0.54 ) $ (13,336 ) 2020 NW Rockies Basis Swap 11.4 (0.17 ) 1,114 Crude oil fixed price swaps (Bbl) ($/Bbl) 2019 (July through December) NYMEX-WTI 0.7 $ 59.06 $ 601 2020 NYMEX-WTI 0.5 60.31 1,727 Type/Year Index Total Volumes WA Floor Price ($/MMBTU) WA Ceiling Price ($/MMBTU) Fair Value - June 30, 2019 (in millions) Asset (Liability) Natural gas collars (Mmbtu) 2019 (July through December) NYMEX 2.8 $ 2.85 $ 3.13 $ 1,376 2020 NYMEX 76.1 $ 2.49 $ 2.97 $ 6,127 2021 NYMEX 7.2 $ 2.47 $ 3.03 $ (390 ) Natural gas deferred premium put options (Mmbtu) 2020 NYMEX 27.9 $ 2.41 N/A $ 1,707 (1) Represents swap contracts that fix the basis differentials for gas sold at or near Opal, Wyoming and the value of natural gas established on the last trading day of the month by the NYMEX for natural gas swaps for the respective period. (2) The Natural gas deferred premium put options include an average deferred premium of $0.14 for the six months ended June 30, 2019. The following table summarizes the pre-tax realized and unrealized gain (loss) the Company recognized related to its derivative instruments in the condensed consolidated statements of operations for the three months ended June 30, 2019 and 2018: For the Three Months For the Six Months Ended June 30, Ended June 30, Commodity Derivatives (in thousands): 2019 2018 2019 2018 Realized gain (loss) on commodity derivatives - natural gas (1) $ 3,936 $ 10,982 $ (77,267 ) $ 12,426 Realized gain (loss) on commodity derivatives - oil (1) (516 ) (4,320 ) 2,056 (4,690 ) Unrealized gain (loss) on commodity derivatives (1) 68,234 (53,933 ) 82,527 (61,539 ) Total gain (loss) on commodity derivatives $ 71,654 $ (47,271 ) $ 7,316 $ (53,803 ) (1) Included in Gain (Loss) on commodity derivatives in the condensed consolidated statements of operations.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2019
Fair Value Disclosures [Abstract]
Fair Value Measurements	10. 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 measurements 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 liabilities 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 derivatives such as over-the-counter forwards and swaps. Level 3 : Unobservable inputs for the asset or liability, including situations where there is little, if any, market activity for the asset or liability. The valuation assumptions the Company has used to measure the fair value of its commodity derivatives were observable inputs based on market data obtained from independent sources and are considered Level 2 inputs (quoted prices for similar assets, liabilities (adjusted) and market-corroborated inputs). Level 1 Level 2 Level 3 Total Assets: Current derivative asset $ — $ 58,198 $ — $ 58,198 Long-term derivative asset (1) — 11,571 — 11,571 Total derivative instruments $ — $ 69,769 $ — $ 69,769 Liabilities: Current derivative liability $ — $ 20,692 $ — $ 20,692 Long-term derivative liability (2) — 9,382 — 9,382 Total derivative instruments $ — $ 30,074 $ — $ 30,074 (1) Included in Other assets in the Condensed Consolidated Balance Sheet. (2) Included in Other long-term obligations in the Condensed Consolidated Balance Sheet. The Company entered into commodity derivative contracts and as a result, we expose ourselves to counterparty credit risk. Credit risk is the potential failure of the counterparty to perform under the terms of a derivative contract. In order to minimize our credit risk in derivative instruments, we (i) enter into derivative contracts with counterparties that our management has deemed credit worthy as competent and competitive market makers and (ii) routinely monitor and review the credit of our counterparties. In addition, each of our current counterparties are lenders under our Revolving Credit Facility. We believe that all of our counterparties are of substantial credit quality. Other than as provided in our Revolving Credit Facility, we are not required to provide credit support or collateral to any of our counterparties under our derivative contracts, nor are they required to provide credit support to us. As of June 30, 2019, we did not have any past-due receivables from, or payables to, any of the counterparties of our derivative contracts. Refer to Note 9 for additional details on our derivative financial instruments. Assets and Liabilities Measured on a Non-Recurring Basis The Company uses fair value to determine the value of its asset retirement obligations. The inputs used to determine such fair value under the expected present value technique are primarily based upon internal estimates prepared by reservoir engineers for costs of dismantlement, removal, site reclamation and similar activities associated with the Company’s oil and gas properties and would be classified Level 3 inputs. 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 Condensed Consolidated Balance Sheets for cash and cash equivalents, restricted cash, accounts receivable, and accounts payable approximate fair value due to the immediate or short-term maturity of these financial instruments. The carrying amount of floating-rate debt approximates fair value because the interest rates are variable and reflective of market rates. June 30, 2019 December 31, 2018 Principal Estimated Principal Estimated repayment obligation Fair Value repayment obligation Fair Value Credit Facility, secured, due January 2022 $ 59,000 $ 59,000 $ 104,000 $ 104,000 Term Loan, secured, due April 2024 973,247 729,935 975,000 858,000 Second Lien Notes, secured, due July 2024 578,072 235,854 545,000 395,125 6.875% Notes, unsecured, due April 2022 150,439 16,548 195,035 68,262 7.125% Notes, unsecured, due April 2025 225,000 22,500 225,000 69,750 Total $ 1,985,758 $ 1,063,837 $ 2,044,035 $ 1,495,137

Leases

Leases	6 Months Ended
	Jun. 30, 2019
Leases [Abstract]
Leases	11. LEASES: The Company adopted ASU 2016-02, Leases (Topic 842) The Company determines if an arrangement is a lease at inception. Operating leases are included in long-term right-of-use (“ROU”) assets, and long-term lease liabilities on our condensed consolidated balance sheets. ROU assets represent the Company’s right to use of an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. The Company’s lease terms may include options to extend or terminate the lease when the Company is reasonably certain that it will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The ROU assets are tested for impairment in accordance with ASC 360. The Company has lease agreements with lease and non-lease components, which are accounted for as a single lease component under the practical expedient provisions of the standard. Additionally, for certain leases, the Company applies a portfolio approach to effectively account for the operating lease ROU assets and liabilities. The portfolio approach was used to assess and determine the incremental borrowing rate with information available at adoption date. The Company has lease agreements with terms less than one year. For the qualifying short-term leases, the Company elected the short-term lease recognition exemption in which the Company will not recognize ROU assets or lease liabilities, including the ROU assets or lease liabilities for existing short-term leases of those assets in upon adoption. As of the adoption date, the Company had existing lease agreements with easements in which the Company elected the practical expedient. All new and modified lease agreements with easements completed after the adoption date will be evaluated under the ASC 842. The Company has operating leases for corporate offices, drilling rigs, the Company’s liquids gathering system, and certain equipment. The leases have remaining lease terms of one year to nine years. The Company does not include renewal options in the lease term for calculating the lease liability unless it is reasonably certain that it will exercise the option or the lessor has the sole ability to exercise the option. The following table summarizes the components of lease cost: For the Three Months Ended For the Six Months Ended June 30, 2019 June 30, 2019 Operating lease cost $ 5,221 $ 10,476 Variable lease cost (1) $ 1,347 $ 3,041 Short-term lease cost (2) $ 5,157 $ 15,067 Total lease cost (3) $ 11,725 $ 28,584 (1) Variable lease payments include additional payments made that were not included in the initial measurement of the ROU asset and corresponding lease liability for agreements with terms longer than 12 months. Variable lease payments relate to the actual volumes transported under certain agreements, and variable utility costs associated with the Company’s leased office space. Fluctuations in variable lease payments are driven by actual volumes under long-term agreements. (2) Costs associated with short-term lease agreements relate primarily to operational activities where underlying lease terms are less than one year. This amount is significant as it includes drilling activities, most of which are contracted for 12 months or less. It is expected this amount will fluctuate primarily with the number of drilling rigs the Company is operating under short-term agreements. Additionally, this balance includes approximately $2.0 million of rig demobilization costs and early termination costs. (3) Lease costs are either expensed on the accompanying statements of operations or capitalized on the accompanying balance sheets depending on the nature and use of the underlying ROU asset. The following table provides supplemental balance sheet information related to the Company’s operating leases: June 30, 2019 Operating Leases Operating lease right-of-use assets $ 125,110 Operating lease liabilities $ 11,489 Long-term operating lease liabilities 113,642 Total operating lease liabilities $ 125,131 Weighted Average Remaining Lease Term Operating leases 8.5 years Weighted Average Discount Rate Operating leases 7.91 % The following table provides supplemental cash flow information related to the Company’s operating leases: Six Months Ended June 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 10,455 The following table summarizes the fixed, future minimum rental payments, excluding variable costs, which are discounted by the Company’s incremental borrowing rates to calculate the lease liabilities for the Company’s operating leases: Operating Leases For the year ending December 31, 2019 (remaining) $ 10,434 2020 20,853 2021 20,750 2022 20,327 2023 19,719 Thereafter 78,239 Total lease payments $ 170,322 Less: imputed interest (45,191 ) Total $ 125,131

Commitments and contingencies

Commitments and contingencies	6 Months Ended
	Jun. 30, 2019
Commitments And Contingencies Disclosure [Abstract]
Commitments And Contingencies	12. COMMITMENTS AND CONTINGENCIES: Litigation Matters Pending Claims – Ultra Resources Indebtedness On April 29, 2016, the Company and its subsidiaries filed voluntary petitions under chapter 11 of title 11 of the U.S. Code in the U.S. Bankruptcy Court for the Southern District of Texas (the “Bankruptcy Court”). Our chapter 11 cases were jointly administered under the caption In re Ultra Petroleum Corp. Debtors’ Second Amended Joint Chapter 11 Plan of Reorganization The Plan provides for the treatment of claims against our bankruptcy estates, including claims for prepetition liabilities that have not otherwise been satisfied or addressed before we emerged from chapter 11 proceedings. The claims resolution process associated with our chapter 11 proceedings is on-going, and we expect it to continue for an indefinite period of time. Our chapter 11 filings constituted events of default under Ultra Resources’ prepetition debt agreements. During our bankruptcy proceedings, many holders of this indebtedness filed proofs of claim with the Bankruptcy Court, asserting claims for the outstanding balance of the indebtedness, unpaid prepetition interest, unpaid postpetition interest (including interest at the default rates under the prepetition debt agreements), make-whole amounts, and other fees and obligations allegedly arising under the prepetition debt agreements. As previously disclosed, in connection with our emergence from bankruptcy and in accordance with the Plan, all of our obligations with respect to Ultra Resources prepetition indebtedness and the associated debt agreements were cancelled, except to the limited extent expressly set forth in the Plan, and the holders of claims related to the indebtedness received payment in full of allowed claims (including with respect to outstanding principal, unpaid prepetition interest, and certain other prepetition fees and obligations arising under the debt agreements). In connection with the confirmation and consummation of the Plan, we entered into a stipulation with the claimants pursuant to which we agreed to establish and fund a $400.0 million reserve account after the Company’s emergence from bankruptcy, pending resolution of make-whole and postpetition interest claims. On April 14, 2017, we funded the account. Following our emergence from bankruptcy, we continued to dispute the claims made by holders of the Ultra Resources’ indebtedness for certain make-whole amounts and postpetition interest at the default rates provided for in the debt agreements. On September 22, 2017, the Bankruptcy Court denied the Company’s objection to the pending make-whole and postpetition interest claims. On October 6, 2017, the Bankruptcy Court entered an order requiring the Company to distribute amounts attributable to the disputed claims to the applicable parties. Pursuant to the order, on October 12, 2017, the Company distributed $399.0 million from the reserve fund to the parties asserting the make-whole and postpetition interest claims and $1.3 million (the balance remaining after distributions to the parties asserting claims) was returned to the Company. The disbursement of $399.0 million was comprised of $223.8 million representing the fees owed under the make-whole claims and $175.2 million representing postpetition interest at the default rate. The Company appealed the court order denying its objections to these claims to the U.S. Court of Appeals for the Fifth Circuit (the “Appellate Court”). During the fourth quarter of 2018, the Company entered into settlement agreements (collectively, the “Settlement Agreements”) with holders of certain claims related to Ultra Resources’ prepetition indebtedness (the “Claimants”) pursuant to which the parties agreed to settle the pending disputes between the Claimants and the Company. Under the terms of the Settlement Agreements, the Claimants collectively agreed to pay approximately $16.4 million to the Company. On January 17, 2019, the Appellate Court issued an opinion vacating the order of the Bankruptcy Court denying the Company’s objection to the asserted make-whole and post-petition interest claims and remanding the matter and those determinations to the Bankruptcy Court for further reconsideration. As of June 30, 2019, there were approximately $260 million of claims subject to the Appellate Court decision. On January 31, 2019, the holders of these claims filed a petition for rehearing en banc. It is not possible to determine the ultimate disposition of these matters at this time. Royalties On April 19, 2016, the Company received a preliminary determination notice from the U.S. Department of the Interior’s 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 determination of royalties owed under federal oil and gas leases. ONRR also filed a proof of claim in our bankruptcy proceedings asserting approximately $35.1 million in claims related to these matters. We disputed the preliminary determination and the proof of claim. In August 2019, the Company and ONRR agreed in principle to a resolution agreement whereby the Company agreed to pay $12.4 million through installment payments over 60 months, with interest accruing at the applicable federal rate and payable with the final installment payment. This obligation has been recorded to Other operating expense, net on the condensed consolidated statement of operations as of June 30, 2019, and the first installment payments is due in September 2019. Both the Company and ONRR will issue full releases in connection with the audit period. The releases will not be an admission of liability as to any of the matters settled. Other Claims During the quarter ended June 30, 2019, the Company settled and funded a dispute related to a net profits interest in certain of its operated leases in the Pinedale field. This settlement resulted in a payment of $3.5 million. The Company had previously accrued for this item; therefore, no additional expense was recognized during the quarter. Additionally, the Company agreed in principle the settlement of a separate overriding royalty interest dispute and has recognized an expense of $1.5 million as an estimate of the historical claims. We are also party to various disputes with respect to certain overriding royalty and net profits interests in certain of our operated leases in the Pinedale field. At this time, no determination of the outcome of these claims can be made, and we cannot reasonably estimate the potential impact of these claims. We are defending these cases vigorously, and we expect these claims to be resolved in our chapter 11 proceedings. In addition, we are currently involved in various routine disputes and allegations incidental to our business operations. While it is not possible to determine the ultimate disposition of these matters, we believe the Company has adequately reserved for such items where it has been determined that a liability is probable and is reasonably estimable. Additionally, we believe that resolution of all such additional pending or threatened litigation is not likely to have a material adverse effect on our financial position or results of operations.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2019
Subsequent Events [Abstract]
Subsequent Events	13. SUBSEQUENT EVENTS: The Company has evaluated the period subsequent to June 30, 2019, for material 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, except as set forth below: As previously disclosed, on January 17, 2019, the Appellate Court issued an opinion vacating the order of the Bankruptcy Court denying the Company’s objection to the asserted make-whole and post-petition interest claims and remanding the matter and those determinations to the Bankruptcy Court for further reconsideration. On January 31, 2019, the holders of these claims filed a petition for rehearing en banc. As previously disclosed, the Company had settled certain claims in 2018 and in the first quarter 2019. As of March 31, 2019, the Company had approximately $260 million of claims still outstanding. During and subsequent to the quarter ended June 30, 2019, the Company entered into additional settlement agreements with holders of certain make-whole and post-petition interest claims. Pursuant to these settlements, the parties agreed to settle the pending disputes between such holders and the Company, and the holders collectively agreed to pay approximately $13.5 million to the Company. As of August 8, 2019, there is approximately $240 million of claims subject to the Appellate Court decision. It is not possible to determine the ultimate disposition of these matters at this time.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation: The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and six months ended June 30, 2019 are not necessarily indicative of the results that may be expected for the year ended December 31, 2019. The condensed consolidated balance sheet at December 31, 2018, has been derived from the audited consolidated financial statements at that date, but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2018.
Significant Accounting Policies	S ignificant Accounting Policies: Leases (Topic 842)
Reclassifications	Reclassifications: Certain amounts in the financial statements of prior periods have been reclassified to conform to the current period financial statement presentation.
New Accounting Pronouncements	New Accounting Pronouncements: From time to time, the Financial Accounting Standards Board ("FASB") or other standards setting bodies issue new accounting pronouncements. Updates to the FASB Accounting Standards Codification ("ASC") are communicated through issuance of an Accounting Standards Update ("ASU"). Unless otherwise discussed, we believe that the impact of recently issued guidance, whether adopted or to be adopted in the future, is not expected to have a material impact on the consolidated financial statements upon adoption. Recently Adopted Accounting Pronouncements: Leases. In February 2016, the FASB issued ASU 2016-02, , and has subsequently issued several supplemental and/or clarifying ASUs (collectively known as “ASC 842”). The guidance requires lessees 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. ASC 842 also requires 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. The Company adopted ASC 842 and applicable amendments on January 1, 2019, using the modified retrospective approach. The Company elected certain practical expedients and established internal controls and key system functionality to enable the preparation of financial information on adoption. The adoption of the standard had an effect on the Company’s condensed consolidated balance sheets but did not have an effect on the Company’s condensed consolidated income statements. The most significant impact was the recognition of ROU assets and lease liabilities for operating leases, while accounting for finance leases remained substantially unchanged. Please refer to Note 11 for additional discussion. Cumulative Effect of Recently Adopted Accounting Pronouncements: The following table reflects the cumulative impact of the adoption of ASC 842 on January 1, 2019, using the modified retrospective approach: December 31, 2018 as reported Impact of ASC 842 January 1, 2019 as adjusted (Amounts in thousands) Long-term right-of-use assets $ — $ 130,649 $ 130,649 Total assets 1,733,288 130,649 1,863,937 Lease liabilities (current) — 11,141 11,141 Deferred gain on sale of liquids gathering system 94,636 (94,636 ) — Long-term lease liabilities — 121,326 121,326 Total liabilities 2,781,910 37,831 2,819,741 Retained earnings (loss) (3,186,016 ) 92,818 (3,093,198 ) Total stockholders' equity (deficit) (1,048,622 ) 92,818 (955,804 ) Total liabilities and stockholders' equity (deficit) 1,733,288 130,649 1,863,937
Recent Accounting Pronouncements Not Yet Adopted	Recent Accounting Pronouncements Not Yet Adopted : Fair Value Measurements. In August 2018, the FASB issued ASU No. 2018-13, (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). The amendments in ASU 2018-13 modify the disclosure requirements on fair value measurements in Topic 820. ASU 2018-13 is effective for public companies for fiscal years beginning after December 15, 2019, and interim periods therein. Early adoption is permitted. The Company is currently assessing the impact of this standard on its consolidated financial statements. Financial Instruments. In June 2016, The FASB issued ASU 2016-13, (Topic 326), Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"). This ASU changes the methodology for measuring credit losses on financial instruments and the timing of when such losses are recorded. ASU 2016-13 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2019. Early adoption is permitted for fiscal years, and interim periods within those years, beginning after December 15, 2018. The Company is currently assessing the impact of ASU 2016-13 on its consolidated financial statements.

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2019
ASC 842
Significant Accounting Policies [Line Items]
Schedule of Cumulative Impact of Adoption of ASC 842 Using Retrospective Approach	The following table reflects the cumulative impact of the adoption of ASC 842 on January 1, 2019, using the modified retrospective approach: December 31, 2018 as reported Impact of ASC 842 January 1, 2019 as adjusted (Amounts in thousands) Long-term right-of-use assets $ — $ 130,649 $ 130,649 Total assets 1,733,288 130,649 1,863,937 Lease liabilities (current) — 11,141 11,141 Deferred gain on sale of liquids gathering system 94,636 (94,636 ) — Long-term lease liabilities — 121,326 121,326 Total liabilities 2,781,910 37,831 2,819,741 Retained earnings (loss) (3,186,016 ) 92,818 (3,093,198 ) Total stockholders' equity (deficit) (1,048,622 ) 92,818 (955,804 ) Total liabilities and stockholders' equity (deficit) 1,733,288 130,649 1,863,937

Inventory (Tables)

Inventory (Tables)	6 Months Ended
	Jun. 30, 2019
Inventory Disclosure [Abstract]
Schedule of Major Classes of Inventory	The following table summarizes the major classes of inventory included on the Condensed Consolidated Balance Sheet: June 30, December 31, 2019 2018 Pipe and production equipment $ 16,077 $ 17,644 Crude oil 981 1,113 Total inventory $ 17,058 $ 18,757

Oil and Gas Properties (Tables)

Oil and Gas Properties (Tables)	6 Months Ended
	Jun. 30, 2019
Oil And Gas Property [Abstract]
Schedule of Oil and Gas Properties	June 30, December 31, 2019 2018 Proven properties: Acquisition, equipment, exploration, drilling and abandonment costs $ 11,755,535 $ 11,577,281 Less: Accumulated depletion, depreciation and amortization (10,178,996 ) (10,079,554 ) Total Oil and gas properties, net $ 1,576,539 $ 1,497,727

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2019
Earnings Per Share [Abstract]
Reconciliation of Components of Basic and Diluted Net Income Per Common Share	The following table provides a reconciliation of components of basic and diluted net income per common share: For the Three Months Ended For the Six Months Ended June 30, June 30, 2019 2018 2019 2018 (Share amounts in 000's) Net income (loss) $ 57,105 $ (20,555 ) $ 97,780 $ 26,933 Weighted average common shares outstanding - basic 197,514 197,054 197,449 196,803 Effect of dilutive instruments 555 — 640 — Weighted average common shares outstanding - diluted 198,069 197,054 198,089 196,803 Net income (loss) per common share - basic $ 0.29 $ (0.10 ) $ 0.50 $ 0.14 Net income (loss) per common share - fully diluted $ 0.29 $ (0.10 ) $ 0.49 $ 0.14 Number of contingently issuable shares, including warrants, that are not included in the diluted earnings per share denominator as the performance or market criteria have not been met 20,218 2,636 20,109 2,636

Long Term Debt (Tables)

Long Term Debt (Tables)	6 Months Ended
	Jun. 30, 2019
Outstanding Debt And Other Long Term Obligations Tables [Abstract]
Summary of Debt Instruments	The following tables summarize the Company’s debt instruments as of June 30, 2019 and December 31, 2018: June 30, 2019 Principal repayment obligation (1) Unamortized DFC and discounts (2) Unamortized premium Carrying value Credit Facility, secured, due January 2022 $ 59,000 $ — $ — $ 59,000 Term Loan, secured, due April 2024 973,247 (24,722 ) — 948,525 Second Lien Notes, secured, due July 2024 578,072 — 225,085 803,157 6.875% Notes, unsecured, due April 2022 150,439 (13,201 ) — 137,238 7.125% Notes, unsecured, due April 2025 225,000 (13,712 ) — 211,288 Total debt $ 1,985,758 $ (51,635 ) $ 225,085 $ 2,159,208 Less: Current maturities (9,750 ) — — (9,750 ) Total long-term debt, net $ 1,976,008 $ (51,635 ) $ 225,085 $ 2,149,458 (1) Includes PIK interest on the Term Loan and Second Lien Notes of $0.7 million and $6.0 million, respectively. (2) Deferred financing costs related to the Revolving Credit Facility are reported within Other assets on the condensed consolidated balance sheet, rather than as a reduction of the carrying amount of long-term debt. December 31, 2018 Principal repayment obligation Unamortized DFC and discounts (1) Unamortized premium Carrying value Credit Facility, secured, due January 2022 $ 104,000 $ — $ — $ 104,000 Term Loan, secured, due April 2024 975,000 (26,874 ) — 948,126 Second Lien Notes, secured, due July 2024 545,000 — 228,096 773,096 6.875% Notes, unsecured, due April 2022 195,035 (15,168 ) — 179,867 7.125% Notes, unsecured, due April 2025 225,000 (14,608 ) — 210,392 Total debt $ 2,044,035 $ (56,650 ) $ 228,096 $ 2,215,481 Less: Current maturities (7,313 ) — — (7,313 ) Total long-term debt, net $ 2,036,722 $ (56,650 ) $ 228,096 $ 2,208,168 (1) Deferred financing costs related to the Revolving Credit Facility are reported within Other assets on the condensed consolidated balance sheet, rather than as a reduction of the carrying amount of long-term debt.

Share Based Compensation (Table

Share Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Valuation and Expense Information	Valuation and Expense Information For the Three Months For the Six Months Ended Ended June 30, Ended June 30, 2019 2018 2019 2018 Total cost of share-based payment plans $ 745 $ 2,263 $ 1,872 $ 13,173 Amounts capitalized in oil and gas properties and equipment $ 64 $ 952 $ 351 $ 3,051 Amounts charged against income, before income tax benefit $ 681 $ 1,311 $ 1,521 $ 10,122 Amount of related income tax benefit recognized in income before valuation allowance $ 143 $ 275 $ 319 $ 2,126

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2019
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Summary of Open Commodity Derivative Contracts	At June 30, 2019, Company had the following open commodity derivative contracts to manage commodity price risks. Type/Year Index Total Volumes Weighted Average (“WA”) Price per Unit Fair Value - June 30, 2019 (in millions) Asset (Liability) Natural gas fixed price swaps (Mmbtu) ($/Mmbtu) 2019 (July through December) NYMEX-Henry Hub 90.5 $ 2.78 $ 37,790 2020 NYMEX-Henry Hub 24.6 2.78 2,979 Natural gas basis swaps (1) (Mmbtu) ($/Mmbtu) 2019 (July through December) NW Rockies Basis Swap 63.5 $ (0.54 ) $ (13,336 ) 2020 NW Rockies Basis Swap 11.4 (0.17 ) 1,114 Crude oil fixed price swaps (Bbl) ($/Bbl) 2019 (July through December) NYMEX-WTI 0.7 $ 59.06 $ 601 2020 NYMEX-WTI 0.5 60.31 1,727 Type/Year Index Total Volumes WA Floor Price ($/MMBTU) WA Ceiling Price ($/MMBTU) Fair Value - June 30, 2019 (in millions) Asset (Liability) Natural gas collars (Mmbtu) 2019 (July through December) NYMEX 2.8 $ 2.85 $ 3.13 $ 1,376 2020 NYMEX 76.1 $ 2.49 $ 2.97 $ 6,127 2021 NYMEX 7.2 $ 2.47 $ 3.03 $ (390 ) Natural gas deferred premium put options (Mmbtu) 2020 NYMEX 27.9 $ 2.41 N/A $ 1,707 (1) Represents swap contracts that fix the basis differentials for gas sold at or near Opal, Wyoming and the value of natural gas established on the last trading day of the month by the NYMEX for natural gas swaps for the respective period. (2) The Natural gas deferred premium put options include an average deferred premium of $0.14 for the six months ended June 30, 2019.
Summary of Pre-tax Realized and Unrealized Gain (Loss) Recognized Related to Derivative Instruments	The following table summarizes the pre-tax realized and unrealized gain (loss) the Company recognized related to its derivative instruments in the condensed consolidated statements of operations for the three months ended June 30, 2019 and 2018: For the Three Months For the Six Months Ended June 30, Ended June 30, Commodity Derivatives (in thousands): 2019 2018 2019 2018 Realized gain (loss) on commodity derivatives - natural gas (1) $ 3,936 $ 10,982 $ (77,267 ) $ 12,426 Realized gain (loss) on commodity derivatives - oil (1) (516 ) (4,320 ) 2,056 (4,690 ) Unrealized gain (loss) on commodity derivatives (1) 68,234 (53,933 ) 82,527 (61,539 ) Total gain (loss) on commodity derivatives $ 71,654 $ (47,271 ) $ 7,316 $ (53,803 ) (1) Included in Gain (Loss) on commodity derivatives in the condensed consolidated statements of operations.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2019
Fair Value Disclosures [Abstract]
Assets and Liabilities Measured at Fair Value	Level 1 Level 2 Level 3 Total Assets: Current derivative asset $ — $ 58,198 $ — $ 58,198 Long-term derivative asset (1) — 11,571 — 11,571 Total derivative instruments $ — $ 69,769 $ — $ 69,769 Liabilities: Current derivative liability $ — $ 20,692 $ — $ 20,692 Long-term derivative liability (2) — 9,382 — 9,382 Total derivative instruments $ — $ 30,074 $ — $ 30,074 (1) Included in Other assets in the Condensed Consolidated Balance Sheet. (2) Included in Other long-term obligations in the Condensed Consolidated Balance Sheet.
Carrying Values and Estimated Fair Values of Financial Instruments	June 30, 2019 December 31, 2018 Principal Estimated Principal Estimated repayment obligation Fair Value repayment obligation Fair Value Credit Facility, secured, due January 2022 $ 59,000 $ 59,000 $ 104,000 $ 104,000 Term Loan, secured, due April 2024 973,247 729,935 975,000 858,000 Second Lien Notes, secured, due July 2024 578,072 235,854 545,000 395,125 6.875% Notes, unsecured, due April 2022 150,439 16,548 195,035 68,262 7.125% Notes, unsecured, due April 2025 225,000 22,500 225,000 69,750 Total $ 1,985,758 $ 1,063,837 $ 2,044,035 $ 1,495,137

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2019
Leases [Abstract]
Components of Lease Cost	The following table summarizes the components of lease cost: For the Three Months Ended For the Six Months Ended June 30, 2019 June 30, 2019 Operating lease cost $ 5,221 $ 10,476 Variable lease cost (1) $ 1,347 $ 3,041 Short-term lease cost (2) $ 5,157 $ 15,067 Total lease cost (3) $ 11,725 $ 28,584 (1) Variable lease payments include additional payments made that were not included in the initial measurement of the ROU asset and corresponding lease liability for agreements with terms longer than 12 months. Variable lease payments relate to the actual volumes transported under certain agreements, and variable utility costs associated with the Company’s leased office space. Fluctuations in variable lease payments are driven by actual volumes under long-term agreements. (2) Costs associated with short-term lease agreements relate primarily to operational activities where underlying lease terms are less than one year. This amount is significant as it includes drilling activities, most of which are contracted for 12 months or less. It is expected this amount will fluctuate primarily with the number of drilling rigs the Company is operating under short-term agreements. Additionally, this balance includes approximately $2.0 million of rig demobilization costs and early termination costs. (3) Lease costs are either expensed on the accompanying statements of operations or capitalized on the accompanying balance sheets depending on the nature and use of the underlying ROU asset.
Supplemental Balance Sheet Information Related to Operating Leases	The following table provides supplemental balance sheet information related to the Company’s operating leases: June 30, 2019 Operating Leases Operating lease right-of-use assets $ 125,110 Operating lease liabilities $ 11,489 Long-term operating lease liabilities 113,642 Total operating lease liabilities $ 125,131 Weighted Average Remaining Lease Term Operating leases 8.5 years Weighted Average Discount Rate Operating leases 7.91 %
Supplemental Cash Flow Information Related to Operating Leases	The following table provides supplemental cash flow information related to the Company’s operating leases: Six Months Ended June 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 10,455
Summary of Fixed, Future Minimum Rental Payments Excluding Variable Costs, for Operating Lease Liabilities	The following table summarizes the fixed, future minimum rental payments, excluding variable costs, which are discounted by the Company’s incremental borrowing rates to calculate the lease liabilities for the Company’s operating leases: Operating Leases For the year ending December 31, 2019 (remaining) $ 10,434 2020 20,853 2021 20,750 2022 20,327 2023 19,719 Thereafter 78,239 Total lease payments $ 170,322 Less: imputed interest (45,191 ) Total $ 125,131

Significant Accounting Polici_4

Significant Accounting Policies - Schedule of Cumulative Impact of Adoption of ASC 842 Using Retrospective Approach (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Mar. 31, 2019	Jan. 01, 2019	Dec. 31, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017
Significant Accounting Policies [Line Items]
Long-term right-of-use assets	$ 125,110
Total assets	1,873,226			$ 1,733,288
Lease liabilities (current)	11,489
Deferred gain on sale of liquids gathering system				94,636
Long-term lease liabilities	113,642
Total liabilities	2,729,451			2,781,910
Retained earnings (loss)	(2,995,490)			(3,186,016)
Total stockholders' equity (deficit)	(856,225)	$ (914,003)		(1,048,622)	$ (1,114,830)	$ (1,096,739)	$ (1,154,636)
Total liabilities and stockholders' equity (deficit)	$ 1,873,226			$ 1,733,288
ASC 842
Significant Accounting Policies [Line Items]
Long-term right-of-use assets			$ 130,649
Total assets			1,863,937
Lease liabilities (current)			11,141
Long-term lease liabilities			121,326
Total liabilities			2,819,741
Retained earnings (loss)			(3,093,198)
Total stockholders' equity (deficit)			(955,804)
Total liabilities and stockholders' equity (deficit)			1,863,937
ASC 842 | Impact of ASC 842
Significant Accounting Policies [Line Items]
Long-term right-of-use assets			130,649
Total assets			130,649
Lease liabilities (current)			11,141
Deferred gain on sale of liquids gathering system			(94,636)
Long-term lease liabilities			121,326
Total liabilities			37,831
Retained earnings (loss)			92,818
Total stockholders' equity (deficit)			92,818
Total liabilities and stockholders' equity (deficit)			$ 130,649

Revenue Recognition - Additiona

Revenue Recognition - Additional Information (Details)	6 Months Ended
	Jun. 30, 2019
Revenue From Contract With Customer [Abstract]
Revenue, practical expedient in ASC 606-10-50-14	true
Revenue, practical expedient in ASC 606-10-50-14(a), description	For our product sales that have a contract term greater than one year, we have utilized the practical expedient in ASC 606-10-50-14(a) which states that the Company is not required to disclose the transaction price allocated to remaining performance obligations if the variable consideration is allocated entirely to a wholly unsatisfied performance obligation. Under these sales contracts, each unit of product generally represents a separate performance obligation; therefore, future volumes are wholly unsatisfied, and disclosure of the transaction price allocated to remaining performance obligations is not required.

Summary Of Major Class Of Inven

Summary Of Major Class Of Inventory - (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Inventory [Line Items]
Inventory	$ 17,058	$ 18,757
Pipe And Production Equipment
Inventory [Line Items]
Inventory	16,077	17,644
Crude Oil
Inventory [Line Items]
Inventory	$ 981	$ 1,113

Oil and Gas Properties - Schedu

Oil and Gas Properties - Schedule of Oil and Gas Properties (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Proven properties:
Acquisition, equipment, exploration, drilling and abandonment costs	$ 11,755,535	$ 11,577,281
Less: Accumulated depletion, depreciation and amortization	(10,178,996)	(10,079,554)
Total Oil and gas properties, net	$ 1,576,539	$ 1,497,727

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Details) - Ultra Resources, Inc. - Exchange Agreement	Jun. 30, 2019d$ / shares
Volume-weighted average price of the Common Shares for warrants exercise | $ / shares | $ / shares	$ 2.50
Number of consecutive trading days | d	30

Earnings Per Share - Reconcilia

Earnings Per Share - Reconciliation of Components of Basic and Diluted Net Income Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018
Earnings Per Share [Abstract]
Net income (loss)	$ 57,105	$ 40,674	$ (20,555)	$ 47,488	$ 97,780	$ 26,933
Weighted average common shares outstanding - basic	197,514		197,054		197,449	196,803
Effect of dilutive instruments	555				640
Weighted average common shares outstanding - diluted	198,069		197,054		198,089	196,803
Net income (loss) per common share - basic	$ 0.29		$ (0.10)		$ 0.50	$ 0.14
Net income (loss) per common share - fully diluted	$ 0.29		$ (0.10)		$ 0.49	$ 0.14
Number of contingently issuable shares, including warrants, that are not included in the diluted earnings per share denominator as the performance or market criteria have not been met	20,218		2,636		20,109	2,636

Long Term Debt - Summary of Deb

Long Term Debt - Summary of Debt Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Principal repayment obligation	$ 1,985,758	$ 2,044,035
Unamortized DFC and discounts	(51,635)	(56,650)
Unamortized premium	225,085	228,096
Carrying value	2,159,208	2,215,481
Principal repayment obligation, Current Maturities	(9,750)	(7,313)
Carrying Value, Current maturities	(9,750)	(7,313)
Principal repayment obligation, Total long-term debt, net	1,976,008	2,036,722
Unamortized DFC and discounts, Total long-term debt, net	(51,635)	(56,650)
Unamortized premium, Total long-term debt, net	225,085	228,096
Total long-term debt, net	2,149,458	2,208,168
Credit Facility, Secured Due January 2022
Debt Instrument [Line Items]
Principal repayment obligation	59,000	104,000
Carrying value	59,000	104,000
Term Loan, Secured, Due April 2024
Debt Instrument [Line Items]
Principal repayment obligation	973,247	975,000
Unamortized DFC and discounts	(24,722)	(26,874)
Carrying value	948,525	948,126
Second Lien Notes, Secured, Due July 2024
Debt Instrument [Line Items]
Principal repayment obligation	578,072	545,000
Unamortized premium	225,085	228,096
Carrying value	803,157	773,096
6.875% Notes, Unsecured, Due April 2022
Debt Instrument [Line Items]
Principal repayment obligation	150,439	195,035
Unamortized DFC and discounts	(13,201)	(15,168)
Carrying value	137,238	179,867
7.125% Notes, Unsecured, Due April 2025
Debt Instrument [Line Items]
Principal repayment obligation	225,000	225,000
Unamortized DFC and discounts	(13,712)	(14,608)
Carrying value	$ 211,288	$ 210,392

Long Term Debt - Summary of D_2

Long Term Debt - Summary of Debt Instruments (Parenthetical) (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Payable-in-kind (“PIK”) interest payable	$ 6,722
Credit Facility, Secured Due January 2022
Debt Instrument [Line Items]
Maturity date	Jan. 12, 2022	Jan. 12, 2022
Term Loan, Secured, Due April 2024
Debt Instrument [Line Items]
Maturity date	Apr. 12, 2024	Apr. 12, 2024
Payable-in-kind (“PIK”) interest payable	$ 700
Second Lien Notes, Secured, Due July 2024
Debt Instrument [Line Items]
Maturity date	Jul. 12, 2024	Jul. 12, 2024
Payable-in-kind (“PIK”) interest payable	$ 6,000
6.875% Unsecured Notes Due April 2022
Debt Instrument [Line Items]
Maturity date	Apr. 15, 2022	Apr. 15, 2022
Stated interest rate	6.875%	6.875%
7.125% Unsecured Notes Due April 2025
Debt Instrument [Line Items]
Maturity date	Apr. 15, 2025	Apr. 15, 2025
Stated interest rate	7.125%	7.125%

Long Term Debt - Ultra Resource

Long Term Debt - Ultra Resources, Inc. - Credit Agreement - Additional Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Feb. 14, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Long-term debt, gross	$ 1,985,758		$ 2,044,035
Ultra Resources, Inc. | Credit Agreement
Debt Instrument [Line Items]
Credit facility, current borrowing capacity	325,000	$ 325,000
Long-term debt, gross	$ 59,000
Ultra Resources, Inc. | Credit Agreement | Bank Of Montreal
Debt Instrument [Line Items]
Borrowing Base		1,300,000
Next scheduled borrowing base redeterminations date	Oct. 1, 2019
Ultra Resources, Inc. | Credit Agreement | Bank Of Montreal | Letters of Credit
Debt Instrument [Line Items]
Amount of commitments available for the issuance of letters of credit	$ 50,000
Ultra Resources, Inc. | Credit Agreement | Bank Of Montreal | Revolving Credit Facility
Debt Instrument [Line Items]
Minimum required interest coverage ratio, as percentage	0.04%
Interest rate description	The Revolving Credit Facility bears interest either at a rate equal to (a) a customary London interbank offered rate plus an applicable margin that varies from 250 to 350 basis points or (b) the base rate plus an applicable margin that varies from 150 to 250 basis points.
Maturity date	Jan. 12, 2022
Ultra Resources, Inc. | Credit Agreement | Bank Of Montreal | Revolving Credit Facility | LIBOR | Minimum
Debt Instrument [Line Items]
Variable rate	2.50%
Ultra Resources, Inc. | Credit Agreement | Bank Of Montreal | Revolving Credit Facility | LIBOR | Maximum
Debt Instrument [Line Items]
Variable rate	3.50%
Ultra Resources, Inc. | Credit Agreement | Bank Of Montreal | Revolving Credit Facility | Base Rate | Minimum
Debt Instrument [Line Items]
Variable rate	1.50%
Ultra Resources, Inc. | Credit Agreement | Bank Of Montreal | Revolving Credit Facility | Base Rate | Maximum
Debt Instrument [Line Items]
Variable rate	2.50%
Ultra Resources, Inc. | Credit Agreement | Bank Of Montreal | Revolving Credit Facility | Net Leverage Ratio
Debt Instrument [Line Items]
Variable rate	0.25%
Ultra Resources, Inc. | Credit Agreement | Barclays Bank PLC
Debt Instrument [Line Items]
Long-term debt, gross		$ 975,000
Ultra Resources, Inc. | Credit Agreement Fourth Amendment | Bank Of Montreal | Revolving Credit Facility
Debt Instrument [Line Items]
Minimum required interest coverage ratio, as percentage	250.00%
Minimum required current ratio, as percentage	100.00%
Minimum required asset coverage ratio, as percentage on achievement of investment grade	150.00%
Maximum required consolidated net leverage ratio, as percentage, for each fiscal quarter ending during the period from March 31, 2019 through June 30, 2019	475.00%
Maximum required consolidated net leverage ratio, as percentage, for each fiscal quarter ending during the period from September 30, 2019 through June 30, 2020	490.00%
Maximum required consolidated net leverage ratio, as percentage, for fiscal quarter ending September 30, 2020	450.00%
Maximum required consolidated net leverage ratio, as percentage, the fiscal quarter ending December 31, 2020 and each other fiscal quarter end thereafter	425.00%
Consolidated net leverage ratio	444.00%
Consolidated interest coverage ratio	318.00%
Ultra Resources, Inc. | Second Amendment | Bank Of Montreal | Revolving Credit Facility
Debt Instrument [Line Items]
Net leverage ratio through September 29, 2019, minimum required hedging percentage	65.00%
Net leverage ratio beginning on September 30, 2019 and ending on March 30, 2020, minimum required hedging percentage	50.00%
Credit agreement description	The duration of the hedging requirements is an 18-month period from the end of a given quarter.
Ultra Resources, Inc. | Second Amendment | Bank Of Montreal | Revolving Credit Facility | Minimum
Debt Instrument [Line Items]
Net leverage ratio through September 29, 2019, minimum required hedging percentage	65.00%
Net leverage ratio beginning on September 30, 2019 and ending on March 30, 2020, minimum required hedging percentage	50.00%

Long Term Debt - Ultra Resour_2

Long Term Debt - Ultra Resources, Inc. - Term Loan - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended	6 Months Ended
	Dec. 31, 2018	Jun. 30, 2019	Apr. 30, 2017
Debt Instrument [Line Items]
Principal repayment obligation	$ 2,044,035	$ 1,985,758
Ultra Resources, Inc. | Barclays Bank PLC | Term Loan Secured Due 2024 First Amendment
Debt Instrument [Line Items]
Principal repayment obligation		$ 973,200
Ultra Resources, Inc. | Barclays Bank PLC | Term Loan Secured Due 2024
Debt Instrument [Line Items]
Amortization of term loan, quarterly basis		0.25%
Maturity date		Apr. 12, 2024
Mandatory prepayment trigger, on asset coverage ratio		200.00%
Debt instrument, covenant compliance		At June 30, 2019, Ultra Resources was in compliance with all of its debt covenants under the Term Loan Agreement.
Ultra Resources, Inc. | Barclays Bank PLC | Term Loan Secured Due 2024 | LIBOR
Debt Instrument [Line Items]
Variable rate		4.00%
Ultra Resources, Inc. | Barclays Bank PLC | Term Loan Secured Due 2024 | Base Rate
Debt Instrument [Line Items]
Variable rate		3.00%
Ultra Resources, Inc. | Barclays Bank PLC | Term Loan Secured Due 2024 | Exchange Agreement
Debt Instrument [Line Items]
Variable rate	1.00%
Percentage of collateral coverage	95.00%		85.00%
Ultra Resources, Inc. | Barclays Bank PLC | Term Loan Secured Due 2024 | Exchange Agreement | Until December 21, 2019
Debt Instrument [Line Items]
Debt instrument call protection percentage	102.00%
Ultra Resources, Inc. | Barclays Bank PLC | Term Loan Secured Due 2024 | Exchange Agreement | Until December 21, 2020
Debt Instrument [Line Items]
Debt instrument call protection percentage	101.00%
Ultra Resources, Inc. | Barclays Bank PLC | Term Loan Secured Due 2024 | Cash Notes | Exchange Agreement
Debt Instrument [Line Items]
Variable rate	0.75%
Ultra Resources, Inc. | Barclays Bank PLC | Term Loan Secured Due 2024 | Payment in Kind (PIK) Note | Base Rate
Debt Instrument [Line Items]
Variable rate		0.25%
Ultra Resources, Inc. | Barclays Bank PLC | Term Loan Secured Due 2024 | Payment in Kind (PIK) Note | Exchange Agreement
Debt Instrument [Line Items]
Variable rate	0.25%

Long Term Debt - Ultra Resour_3

Long Term Debt - Ultra Resources, Inc. - Second Lien Notes - Additional Information (Details) - USD ($) $ in Thousands	Dec. 21, 2018	Mar. 31, 2019	Jun. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Principal repayment obligation			$ 1,985,758	$ 2,044,035
Ultra Resources, Inc.
Debt Instrument [Line Items]
Repurchase price percentage			101.00%
Second Lien Notes, Secured, Due 2024 | Ultra Resources, Inc. | Exchange Agreement
Debt Instrument [Line Items]
Principal repayment obligation			$ 578,100
Debt issued on exchange, interest rate	9.00%
Debt issued on exchange, paid in kind interest rate percentage	2.00%
Interest payment terms		The interest payment dates for the Second Lien Notes are January 15 and July 15 of each year, commencing on July 15, 2019.
Maturity date	Jul. 12, 2024

Long Term Debt - Ultra Resour_4

Long Term Debt - Ultra Resources, Inc. - Unsecured Notes - Additional Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Aggregate principal amounts outstanding	$ 1,985,758	$ 2,044,035
Ultra Resources, Inc. | 6.875% Senior, Unsecured Notes Due 2022
Debt Instrument [Line Items]
Interest payment terms	The 2022 Notes will mature on April 15, 2022. Interest on the 2022 Notes accrue at an annual rate of 6.875% and interest payment dates for the 2022 Notes are April 15 and October 15 of each year.
Stated interest rate	6.875%
Ultra Resources, Inc. | 6.875% Senior, Unsecured Notes Due 2022 | Exchange Agreement
Debt Instrument [Line Items]
Aggregate principal amounts outstanding	$ 150,400
Ultra Resources, Inc. | 7.125% Senior, Unsecured Notes Due 2025
Debt Instrument [Line Items]
Interest payment terms	The 2025 Notes will mature on April 15, 2025. Interest on the 2025 Notes accrue at an annual rate of 7.125% and interest payment dates for the 2025 Notes are April 15 and October 15 of each year. Interest will be paid on the Unsecured Notes from the issue date until maturity.
Stated interest rate	7.125%
Ultra Resources, Inc. | 7.125% Senior, Unsecured Notes Due 2025 | Exchange Agreement
Debt Instrument [Line Items]
Aggregate principal amounts outstanding	$ 225,000

Share Based Compensation - Sche

Share Based Compensation - Schedule of Valuation and Expense Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Share Based Compensation Allocation And Classification In Financial Statements [Abstract]
Total cost of share-based payment plans	$ 745	$ 2,263	$ 1,872	$ 13,173
Amounts capitalized in oil and gas properties and equipment	64	952	351	3,051
Amounts charged against income, before income tax benefit	681	1,311	1,521	10,122
Amount of related income tax benefit recognized in income before valuation allowance	$ 143	$ 275	$ 319	$ 2,126

Share Based Compensation - Addi

Share Based Compensation - Additional Information (Details) - USD ($)	Jun. 08, 2018	Apr. 12, 2017	Jul. 31, 2018	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Sep. 30, 2018
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total cost of share based payment plans				$ 681,000	$ 1,311,000	$ 1,521,000	$ 10,122,000
Long Term Incentive Award
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Performance period						3 years
Performance Shares | Stock Incentive Plan 2017
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percent of equity reserved for directors, officers and other employees		7.50%
Performance Shares | Management Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting description								During 2017, management incentive plan grants (the “Initial MIP Grants”) were made to members of the Board, officers, and other employees of the Company subject to the conditions and performance requirements provided in the grants, including the limitations that one-third of the Initial MIP Grants will vest, if at all, at such time when the total enterprise value of the Company equals or exceeds $6.0 billion based upon the volume weighted average price of the common stock during a consecutive 30-day period, that one-third of the Initial MIP Grants will vest, if at all, at such time when the total enterprise value of the Company equals or exceeds 110% or $6.6 billion based upon the volume weighted average price of the common stock during a consecutive 30-day period, and, that if any Initial MIP Grants do not vest before April 12, 2023, such Initial MIP Grants shall automatically expire.
Performance Shares | Management Incentive Plan | Vest One-third Upon Reaching a Total Enterprise Value Equals or Exceeds $6.0 Billion
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting percentage		0.33%
Total enterprise value		$ 6,000,000,000
Performance Shares | Management Incentive Plan | Vest One-third Upon Reaching a Total Enterprise Value Equals or Exceeds 110% of $6.0 Billion or $6.6 Billion
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting percentage		0.33%
Total enterprise value		$ 6,600,000,000
Percentage of enterprise value		110.00%
Performance Shares | Amendment and Restatement of Stock Incentive Plan 2017 | Outside Director
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Incentive awards available for grant value, maximum limit during a single calendar year	$ 750,000
Time-based Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Plan modification unvested portion exchange units percentage			100.00%
Time-based Restricted Stock Units | May 25, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units vesting date			May 25, 2019
Time-based Restricted Stock Units | May 25, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units vesting date			May 25, 2020
Time-based Restricted Stock Units | May 25, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units vesting date			May 25, 2021
Stock-Based Compensation Cost
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total cost of share based payment plans							10,100,000
Stock-Based Compensation Cost | General And Administrative Expense
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total cost of share based payment plans						$ 1,500,000
Stock-Based Compensation Cost | Management Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total cost of share based payment plans							$ 10,000,000

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details)	6 Months Ended
	Jun. 30, 2019
Income Tax Disclosure [Abstract]
Statutory tax rate	21.00%

Derivative Financial Instrume_3

Derivative Financial Instruments - Additional Information (Details) - Bank Of Montreal - Revolving Credit Facility - Ultra Resources, Inc. - Second Amendment	6 Months Ended
	Jun. 30, 2019
Derivative [Line Items]
Hedging percentage of quarterly projected volumes of natural gas from PDP reserves through september 29,2019	65.00%
Hedging percentage of quarterly projected volumes of natural gas from PDP reserves	50.00%
Minimum
Derivative [Line Items]
Hedging percentage of quarterly projected volumes of natural gas from PDP reserves through september 29,2019	65.00%
Hedging percentage of quarterly projected volumes of natural gas from PDP reserves	50.00%

Derivative Financial Instrume_4

Derivative Financial Instruments - Summary of Open Commodity Derivative Contracts (Details) $ in Thousands, bbl in Millions, MMBTU in Millions	6 Months Ended
	Jun. 30, 2019USD ($)MMBTU$ / MMBTU$ / bblbbl	Dec. 31, 2018USD ($)
Derivative [Line Items]
Fair Value Asset | $	$ 58,198	$ 23,374
Fair Value (Liability) | $	$ (20,692)	$ (62,350)
Commodity Derivative Contract Fixed Price Swaps Two | Crude Oil
Derivative [Line Items]
Year	2020
Index	NYMEX-WTI
Total Volumes | MMBTU	0.5
Weighted Average (“WA”) Price per Unit | $ / MMBTU	60.31
Fair Value Asset | $	$ 1,727
Commodity Derivative Contract Fixed Price Swaps Two | Natural Gas
Derivative [Line Items]
Year	2020
Index	NYMEX-Henry Hub
Total Volumes | MMBTU	24.6
Weighted Average (“WA”) Price per Unit | $ / MMBTU	2.78
Fair Value Asset | $	$ 2,979
Commodity Derivative Contract Fixed Price Swaps | Crude Oil
Derivative [Line Items]
Type	Crude oil fixed price swaps
Commodity Derivative Contract Fixed Price Swaps | Natural Gas
Derivative [Line Items]
Type	Natural gas fixed price swaps
Commodity Derivative Contract Fixed Price Swaps One | Crude Oil
Derivative [Line Items]
Year	2019 (July through December)
Index	NYMEX-WTI
Total Volumes | bbl	0.7
Weighted Average (“WA”) Price per Unit | $ / bbl	59.06
Fair Value Asset | $	$ 601
Commodity Derivative Contract Fixed Price Swaps One | Natural Gas
Derivative [Line Items]
Year	2019 (July through December)
Index	NYMEX-Henry Hub
Total Volumes | MMBTU	90.5
Weighted Average (“WA”) Price per Unit | $ / MMBTU	2.78
Fair Value Asset | $	$ 37,790
Commodity Derivative Basis Swap Contracts | Natural Gas
Derivative [Line Items]
Type	Natural gas basis swaps
Commodity Derivative Basis Swap Contracts One | Natural Gas
Derivative [Line Items]
Year	2019 (July through December)
Index	NW Rockies Basis Swap
Total Volumes | MMBTU	63.5
Weighted Average (“WA”) Price per Unit | $ / MMBTU	(0.54)
Fair Value (Liability) | $	$ (13,336)
Commodity Derivative Basis Swap Contracts Two | Natural Gas
Derivative [Line Items]
Year	2020
Index	NW Rockies Basis Swap
Total Volumes | MMBTU	11.4
Weighted Average (“WA”) Price per Unit | $ / MMBTU	(0.17)
Fair Value Asset | $	$ 1,114
Commodity Derivative Contract Collars | Natural Gas
Derivative [Line Items]
Type	Natural gas collars
Commodity Derivative Contract Collars One | Natural Gas
Derivative [Line Items]
Year	2019 (July through December)
Index	NYMEX
Total Volumes | MMBTU	2.8
Weighted Average Floor Price | $ / MMBTU	2.85
Weighted Average Ceiling Price | $ / MMBTU	3.13
Fair Value Asset | $	$ 1,376
Commodity Derivative Contract Collars Two | Natural Gas
Derivative [Line Items]
Year	2020
Index	NYMEX
Total Volumes | MMBTU	76.1
Weighted Average Floor Price | $ / MMBTU	2.49
Weighted Average Ceiling Price | $ / MMBTU	2.97
Fair Value Asset | $	$ 6,127
Commodity Derivative Contract Collars Three | Natural Gas
Derivative [Line Items]
Year	2021
Index	NYMEX
Total Volumes | MMBTU	7.2
Weighted Average Floor Price | $ / MMBTU	2.47
Weighted Average Ceiling Price | $ / MMBTU	3.03
Fair Value (Liability) | $	$ (390)
Commodity Derivative Contract Deferred Premium Put Options | Natural Gas
Derivative [Line Items]
Type	Natural gas deferred premium put options
Commodity Derivative Contract Deferred Premium Put Options One | Natural Gas
Derivative [Line Items]
Year	2020
Index	NYMEX
Total Volumes | MMBTU	27.9
Weighted Average Floor Price | $ / MMBTU	2.41
Fair Value Asset | $	$ 1,707

Derivative Financial Instrume_5

Derivative Financial Instruments - Summary of Open Commodity Derivative Contracts (Parenthetical) (Details) - USD ($)	Jun. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Unamortized premium	$ 225,085,000	$ 228,096,000
Commodity Derivative Contract Deferred Premium Put Options | Natural Gas
Debt Instrument [Line Items]
Unamortized premium	$ 140

Derivative Financial Instrume_6

Derivative Financial Instruments - Summary of Pre-tax Realized and Unrealized Gain (Loss) Recognized Related to Derivative Instruments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Derivative [Line Items]
Unrealized gain (loss) on commodity derivatives			$ 82,527	$ (61,539)
Total gain (loss) on commodity derivatives	$ 71,654	$ (47,271)	7,316	(53,803)
Commodity Derivative Contract
Derivative [Line Items]
Unrealized gain (loss) on commodity derivatives	68,234	(53,933)	82,527	(61,539)
Total gain (loss) on commodity derivatives	71,654	(47,271)	7,316	(53,803)
Commodity Derivative Contract | Natural Gas
Derivative [Line Items]
Realized gain (loss) on commodity derivatives	3,936	10,982	(77,267)	12,426
Commodity Derivative Contract | Oil
Derivative [Line Items]
Realized gain (loss) on commodity derivatives	$ (516)	$ (4,320)	$ 2,056	$ (4,690)

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands		Jun. 30, 2019	Dec. 31, 2018
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Current derivative asset		$ 58,198	$ 23,374
Long-term derivative asset	[1]	11,571
Total derivative instruments		69,769
Current derivative liability		20,692	$ 62,350
Long-term derivative liability	[2]	9,382
Total derivative instruments		30,074
Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Current derivative asset		58,198
Long-term derivative asset	[1]	11,571
Total derivative instruments		69,769
Current derivative liability		20,692
Long-term derivative liability	[2]	9,382
Total derivative instruments		$ 30,074
[1]	Included in Other assets in the Condensed Consolidated Balance Sheet.
[2]	Included in Other long-term obligations in the Condensed Consolidated Balance Sheet.

Fair Value Measurements - Carry

Fair Value Measurements - Carrying Values and Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Total	$ 1,985,758	$ 2,044,035
Credit Facility, Secured Due January 2022
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Total	59,000	104,000
Term Loan, Secured, Due April 2024
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Total	973,247	975,000
Second Lien Notes, Secured, Due July 2024
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Total	578,072	545,000
6.875% Notes, Unsecured, Due April 2022
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Total	150,439	195,035
7.125% Notes, Unsecured, Due April 2025
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Total	225,000	225,000
Level 2 | Principal Repayment Obligation
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Total	1,985,758	2,044,035
Level 2 | Estimated Fair Value
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Total	1,063,837	1,495,137
Level 2 | Credit Facility, Secured Due January 2022 | Principal Repayment Obligation
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Credit facility	59,000	104,000
Level 2 | Credit Facility, Secured Due January 2022 | Estimated Fair Value
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Credit facility	59,000	104,000
Level 2 | Term Loan, Secured, Due April 2024 | Principal Repayment Obligation
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Term loan	973,247	975,000
Level 2 | Term Loan, Secured, Due April 2024 | Estimated Fair Value
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Term loan	729,935	858,000
Level 2 | Second Lien Notes, Secured, Due July 2024 | Principal Repayment Obligation
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Notes payable	578,072	545,000
Level 2 | Second Lien Notes, Secured, Due July 2024 | Estimated Fair Value
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Notes payable	235,854	395,125
Level 2 | 6.875% Notes, Unsecured, Due April 2022 | Principal Repayment Obligation
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Notes payable	150,439	195,035
Level 2 | 6.875% Notes, Unsecured, Due April 2022 | Estimated Fair Value
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Notes payable	16,548	68,262
Level 2 | 7.125% Notes, Unsecured, Due April 2025 | Principal Repayment Obligation
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Notes payable	225,000	225,000
Level 2 | 7.125% Notes, Unsecured, Due April 2025 | Estimated Fair Value
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Notes payable	$ 22,500	$ 69,750

Fair Value Measurements - Car_2

Fair Value Measurements - Carrying Values and Estimated Fair Values of Financial Instruments (Parenthetical) (Details)	6 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Credit Facility, Secured Due January 2022
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt instruments maturity month and year	2022-01
Term Loan, Secured, Due April 2024
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt instruments maturity month and year	2024-04
Second Lien Notes, Secured, Due July 2024
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt instruments maturity month and year	2024-07
6.875% Notes, Unsecured, Due April 2022
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt instruments maturity month and year	2022-04
Stated interest rate	6.875%	6.875%
7.125% Notes, Unsecured, Due April 2025
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt instruments maturity month and year	2025-04
Stated interest rate	7.125%	7.125%

Leases - Additional Information

Leases - Additional Information (Details)	6 Months Ended
	Jun. 30, 2019
Minimum
Lessee Lease Description [Line Items]
Lessee, operating lease, remaining lease term	1 year
Maximum
Lessee Lease Description [Line Items]
Lease agreement term	1 year
Lessee, operating lease, remaining lease term	9 years

Leases - Summary of Components

Leases - Summary of Components of Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019
Leases [Abstract]
Operating lease cost	$ 5,221	$ 10,476
Variable lease cost	1,347	3,041
Short-term lease cost	5,157	15,067
Total lease cost	$ 11,725	$ 28,584

Leases - Summary of Component_2

Leases - Summary of Components of Lease Cost (Parenthetical) (Details) $ in Millions	6 Months Ended
	Jun. 30, 2019USD ($)
Leases [Abstract]
Demobilization and termination Costs	$ 2

Leases - Summary of Supplementa

Leases - Summary of Supplemental Balance Sheet Information Related to Operating Leases (Details) $ in Thousands	Jun. 30, 2019USD ($)
Operating Leases
Operating lease right-of-use assets	$ 125,110
Operating lease liabilities	11,489
Long-term operating lease liabilities	113,642
Total operating lease liabilities	$ 125,131
Weighted Average Remaining Lease Term
Operating leases	8 years 6 months
Weighted Average Discount Rate
Operating leases	7.91%

Leases - Summary of Supplemen_2

Leases - Summary of Supplemental Cash Flow Information Related to Operating Leases (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2019USD ($)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 10,455

Leases - Summary of Fixed, Futu

Leases - Summary of Fixed, Future Minimum Rental Payments Excluding Variable Costs, for Operating Lease Liabilities (Details) $ in Thousands	Jun. 30, 2019USD ($)
Operating Lease Liabilities Payments Due [Abstract]
2019 (remaining)	$ 10,434
2020	20,853
2021	20,750
2022	20,327
2023	19,719
Thereafter	78,239
Total lease payments	170,322
Less: imputed interest	(45,191)
Total	$ 125,131

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions	Aug. 31, 2019	Oct. 06, 2017	Apr. 19, 2016	Jul. 31, 2019	Dec. 31, 2018	Jun. 30, 2019	Aug. 08, 2019	Mar. 31, 2019	Apr. 14, 2017
Loss Contingencies [Line Items]
Claims settled		$ 399
Bankruptcy claims, undistributed amount returned		1.3
Bankruptcy claims amount of claims settled, make-whole fees		223.8
Bankruptcy claims amount of claims settled, postpetition interest		$ 175.2
Claims subject to Appellate Court decision						$ 260		$ 260
Payments for legal settlement						3.5
Royality Interest dispute expense						$ 1.5
Subsequent Event
Loss Contingencies [Line Items]
Claims subject to Appellate Court decision							$ 240
Settlement Agreements
Loss Contingencies [Line Items]
Settlement agreement, amount claimants agreed to pay					$ 16.4
Settlement Agreements | Subsequent Event
Loss Contingencies [Line Items]
Settlement agreement, amount claimants agreed to pay				$ 13.5
ONRR | Subsequent Event
Loss Contingencies [Line Items]
Settlement agreement, amount claimants agreed to pay	$ 12.4
Period for payment of installments	60 months
Indebtedness Claims | Notes holders
Loss Contingencies [Line Items]
Claim reserve account after emergence from bankruptcy									$ 400
Royalties | ONRR
Loss Contingencies [Line Items]
Bankruptcy claims amount			$ 35.1

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Jul. 31, 2019	Dec. 31, 2018	Aug. 08, 2019	Jun. 30, 2019	Mar. 31, 2019
Subsequent Event [Line Items]
Claims subject to Appellate Court decision				$ 260	$ 260
Settlement Agreements
Subsequent Event [Line Items]
Settlement agreement, amount claimants agreed to pay		$ 16.4
Subsequent Event
Subsequent Event [Line Items]
Claims subject to Appellate Court decision			$ 240
Subsequent Event | Settlement Agreements
Subsequent Event [Line Items]
Settlement agreement, amount claimants agreed to pay	$ 13.5