Chord Energy (WLLBW) 10-Q 7 Aug 20 2020 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2020	Jul. 31, 2020
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2020
Document Transition Report	false
Entity File Number	001-31899
Entity Registrant Name	WHITING PETROLEUM CORP
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-0098515
Entity Address, Address Line One	1700 Lincoln Street, Suite 4700
Entity Address, City or Town	Denver
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80203-4547
City Area Code	303
Local Phone Number	837-1661
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		91,461,283
Entity Central Index Key	0001255474
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Amendment Flag	false
Common Stock [Member]
Document and Entity Information
Title of 12(b) Security	Common Stock
Trading Symbol	WLL
Security Exchange Name	NYSE
Preferred Stock Purchase Rights [Member]
Document and Entity Information
Title of 12(b) Security	Preferred Stock Purchase Rights
No Trading Symbol Flag	true
Security Exchange Name	NYSE

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 492,088	$ 8,652
Restricted cash	26,787
Accounts receivable trade, net	165,492	308,249
Prepaid expenses and other	28,692	14,082
Total current assets	713,059	330,983
Property and equipment:
Oil and gas properties, successful efforts method	4,820,221	12,812,007
Other property and equipment	173,877	178,689
Total property and equipment	4,994,098	12,990,696
Less accumulated depreciation, depletion and amortization	(2,016,619)	(5,735,239)
Total property and equipment, net	2,977,479	7,255,457
Other long-term assets	41,665	50,281
TOTAL ASSETS	3,732,203	7,636,721
Current liabilities:
Current portion of long-term debt	912,259
Accounts payable trade	31,485	80,100
Revenues and royalties payable	136,401	202,010
Accrued capital expenditures	18,533	64,263
Accrued liabilities and other	48,830	85,007
Accrued lease operating expenses	28,446	38,262
Accrued interest	3,590	53,928
Taxes payable	12,265	26,844
Total current liabilities	1,191,809	550,414
Long-term debt		2,799,885
Asset retirement obligations	91,543	131,208
Operating lease obligations		31,722
Deferred income taxes	69,847	73,593
Other long-term liabilities	7,745	24,928
Total debt not subject to compromise	1,360,944	3,611,750
Liabilities subject to compromise	2,549,538
Total liabilities	3,910,482	3,611,750
Commitments and contingencies
Equity (Deficit):
Common stock, $0.001 par value, 225,000,000 shares authorized; 91,636,883 issued and 91,461,283 outstanding as of June 30, 2020 and 91,743,571 issued and 91,326,469 outstanding as of December 31, 2019	92	92
Additional paid-in capital	6,409,627	6,409,991
Accumulated deficit	(6,587,998)	(2,385,112)
Total equity (deficit)	(178,279)	4,024,971
TOTAL LIABILITIES AND EQUITY (DEFICIT)	$ 3,732,203	$ 7,636,721

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2020	Dec. 31, 2019
CONSOLIDATED BALANCE SHEETS [Abstract]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	225,000,000	225,000,000
Common stock, shares issued	91,636,883	91,743,571
Common stock, shares outstanding	91,461,283	91,326,469

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
OPERATING REVENUES
Oil, NGL and natural gas sales	$ 91,600	$ 426,264	$ 336,446	$ 815,753
Revenue from Contract with Customer, Product and Service [Extensible List]	us-gaap:OilAndGasMember	us-gaap:OilAndGasMember	us-gaap:OilAndGasMember	us-gaap:OilAndGasMember
OPERATING EXPENSES
Lease operating expenses	$ 53,242	$ 86,987	$ 125,582	$ 171,064
Transportation, gathering, compression and other	9,044	11,128	18,007	20,969
Production and ad valorem taxes	8,419	39,420	30,842	67,576
Depreciation, depletion and amortization	83,549	203,009	267,517	401,141
Exploration and impairment	421,156	13,406	4,174,613	33,155
General and administrative	28,136	32,573	75,303	67,547
Derivative (gain) loss, net	6,632	(24,877)	(224,739)	38,028
(Gain) loss on sale of properties	511	1,063	(353)	1,086
Amortization of deferred gain on sale	(1,908)	(2,326)	(3,945)	(4,697)
Total operating expenses	608,781	360,383	4,462,827	795,869
INCOME (LOSS) FROM OPERATIONS	(517,181)	65,881	(4,126,381)	19,884
OTHER INCOME (EXPENSE)
Interest expense	(16,425)	(48,728)	(61,675)	(96,827)
Gain on extinguishment of debt			25,883
Interest income and other	76	642	72	958
Reorganization items, net	(41,813)		(41,813)
Total other expense	(58,162)	(48,086)	(77,533)	(95,869)
INCOME (LOSS) BEFORE INCOME TAXES	(575,343)	17,795	(4,203,914)	(75,985)
INCOME TAX EXPENSE (BENEFIT)
Current	(1,028)		2,718
Deferred		23,482	(3,746)	(1,373)
Total income tax expense (benefit)	(1,028)	23,482	(1,028)	(1,373)
NET LOSS	$ (574,315)	$ (5,687)	$ (4,202,886)	$ (74,612)
INCOME (LOSS) PER COMMON SHARE
Basic (in dollars per share)	$ (6.28)	$ (0.06)	$ (45.98)	$ (0.82)
Diluted (in dollars per share)	$ (6.28)	$ (0.06)	$ (45.98)	$ (0.82)
WEIGHTED AVERAGE SHARES OUTSTANDING
Basic (in shares)	91,429	91,286	91,409	91,261
Diluted (in shares)	91,429	91,286	91,409	91,261

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (4,202,886)	$ (74,612)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation, depletion and amortization	267,517	401,141
Deferred income tax benefit	(3,746)	(1,373)
Amortization of debt issuance costs, debt discount and debt premium	9,786	15,734
Stock-based compensation	3,401	8,617
Amortization of deferred gain on sale	(3,945)	(4,697)
(Gain) loss on sale of properties	(353)	1,086
Oil and gas property impairments	4,154,369	13,179
Gain on extinguishment of debt	(25,883)
Non-cash derivative (gain) loss	(178,525)	42,371
Non-cash reorganization items, net	38,145
Other, net	829	3,492
Changes in current assets and liabilities:
Accounts receivable trade, net	152,560	(1,813)
Prepaid expenses and other	(12,036)	3,453
Accounts payable trade and accrued liabilities	(51,783)	20,261
Revenues and royalties payable	(65,609)	(41,637)
Taxes payable	(14,579)	(3,269)
Net cash provided by operating activities	67,262	381,933
CASH FLOWS FROM INVESTING ACTIVITIES
Drilling and development capital expenditures	(223,905)	(425,349)
Acquisition of oil and gas properties	(351)	(4,507)
Other property and equipment	(423)	(8,233)
Proceeds from sale of properties	28,243	15,444
Net cash used in investing activities	(196,436)	(422,645)
CASH FLOWS FROM FINANCING ACTIVITIES
Borrowings under credit agreement	1,185,000	1,160,000
Repayments of borrowings under credit agreement	(490,000)	(1,120,000)
Repurchase of 1.25% Convertible Senior Notes due 2020	(52,890)
Restricted stock used for tax withholdings	(304)	(3,693)
Principal payments on finance lease obligations	(2,409)	(2,522)
Net cash provided by financing activities	639,397	33,785
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	510,223	(6,927)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Beginning of period	8,652	13,607
End of period	518,875	6,680
SUPPLEMENTAL CASH FLOW DISCLOSURES
Interest paid, net of amounts capitalized	72,199	79,341
Cash paid for reorganization items	3,668
NONCASH INVESTING AND FINANCING ACTIVITIES
Accrued capital expenditures and accounts payable related to property additions	38,504	$ 122,098
Derivative termination settlement payments used to repay borrowings under credit agreement	$ 157,741

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical)	Jun. 30, 2020
1.25% Convertible Senior Notes due 2020 [Member]
Interest Rate (as a percent)	1.25%

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (DEFICIT) - USD ($) shares in Thousands, $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Total
BALANCES at Dec. 31, 2018	$ 92	$ 6,414,170	$ (2,143,946)	$ 4,270,316
BALANCES (in shares) at Dec. 31, 2018	92,067
Increase (Decrease) in Shareholders' Equity
Net income (loss)			(68,925)	(68,925)
Restricted stock forfeited (in shares)	(106)
Restricted stock used for tax withholdings		(3,693)		(3,693)
Restricted stock used for tax withholdings (in shares)	(130)
Stock-based compensation		4,651		4,651
BALANCES at Mar. 31, 2019	$ 92	6,415,128	(2,212,871)	4,202,349
BALANCES (in shares) at Mar. 31, 2019	91,831
BALANCES at Dec. 31, 2018	$ 92	6,414,170	(2,143,946)	4,270,316
BALANCES (in shares) at Dec. 31, 2018	92,067
Increase (Decrease) in Shareholders' Equity
Net income (loss)				(74,612)
BALANCES at Jun. 30, 2019	$ 92	6,419,093	(2,218,558)	4,200,627
BALANCES (in shares) at Jun. 30, 2019	91,891
BALANCES at Mar. 31, 2019	$ 92	6,415,128	(2,212,871)	4,202,349
BALANCES (in shares) at Mar. 31, 2019	91,831
Increase (Decrease) in Shareholders' Equity
Net income (loss)			(5,687)	(5,687)
Restricted stock issued (in shares)	63
Restricted stock forfeited (in shares)	(3)
Stock-based compensation		3,965		3,965
BALANCES at Jun. 30, 2019	$ 92	6,419,093	(2,218,558)	4,200,627
BALANCES (in shares) at Jun. 30, 2019	91,891
BALANCES at Dec. 31, 2019	$ 92	6,409,991	(2,385,112)	4,024,971
BALANCES (in shares) at Dec. 31, 2019	91,744
Increase (Decrease) in Shareholders' Equity
Net income (loss)			(3,628,571)	(3,628,571)
Restricted stock issued (in shares)	185
Restricted stock forfeited (in shares)	(238)
Restricted stock used for tax withholdings		(304)		(304)
Restricted stock used for tax withholdings (in shares)	(54)
Stock-based compensation		2,068		2,068
Adjustment to equity component of 2020 Convertible Senior Notes upon extinguishment		(3,461)		(3,461)
BALANCES at Mar. 31, 2020	$ 92	6,408,294	(6,013,683)	394,703
BALANCES (in shares) at Mar. 31, 2020	91,637
BALANCES at Dec. 31, 2019	$ 92	6,409,991	(2,385,112)	4,024,971
BALANCES (in shares) at Dec. 31, 2019	91,744
Increase (Decrease) in Shareholders' Equity
Net income (loss)				(4,202,886)
BALANCES at Jun. 30, 2020	$ 92	6,409,627	(6,587,998)	(178,279)
BALANCES (in shares) at Jun. 30, 2020	91,637
BALANCES at Mar. 31, 2020	$ 92	6,408,294	(6,013,683)	394,703
BALANCES (in shares) at Mar. 31, 2020	91,637
Increase (Decrease) in Shareholders' Equity
Net income (loss)			(574,315)	(574,315)
Stock-based compensation		1,333		1,333
BALANCES at Jun. 30, 2020	$ 92	$ 6,409,627	$ (6,587,998)	$ (178,279)
BALANCES (in shares) at Jun. 30, 2020	91,637

BASIS OF PRESENTATION

BASIS OF PRESENTATION	6 Months Ended
	Jun. 30, 2020
BASIS OF PRESENTATION [Abstract]
BASIS OF PRESENTATION	1. BASIS OF PRESENTATION Description of Operations Voluntary Reorganization under Chapter 11 of the Bankruptcy Code In re Whiting Petroleum Corporation, et al. On July 1, 2020, the Bankruptcy Court entered an order approving the Debtors’ disclosure statement, allowing for solicitation of the Debtors’ chapter 11 plan of reorganization (the “Plan”) to commence. A Bankruptcy Court hearing to consider confirmation of the Plan is scheduled to be held on August 10, 2020. The commencement of a voluntary proceeding in bankruptcy constituted an immediate event of default under Whiting Oil and Gas’ credit agreement (the “Credit Agreement”) and the indentures governing the Company’s senior notes, resulting in the automatic and immediate acceleration of all of the Company’s debt outstanding. The Company has applied FASB ASC Topic 852 – Reorganizations which specifies the accounting and financial reporting requirements for entities reorganizing through chapter 11 bankruptcy proceedings. These requirements include distinguishing transactions associated with the reorganization separate from activities related to the ongoing operations of the business. Accordingly, pre-petition liabilities that may be impacted by the chapter 11 proceedings have been classified as liabilities subject to compromise on the condensed consolidated balance sheet as of June 30, 2020. Additionally, certain expenses, realized gains and losses and provisions for losses that are realized or incurred during the Chapter 11 Cases, including adjustments to the carrying value of certain indebtedness are recorded as reorganization items, net in the condensed consolidated statements of operations for the three and six months ended June 30, 2020. Ability to Continue as a Going Concern As discussed above, the filing of the Chapter 11 Cases constituted an event of default under the Company’s outstanding debt agreements, resulting in the automatic and immediate acceleration of all of the Company’s debt outstanding. The Company projects that it will not have sufficient cash on hand or available liquidity to repay such debt. These conditions and events raise substantial doubt about the Company’s ability to continue as a going concern. As part of the Chapter 11 Cases, the Company submitted the Plan to the Bankruptcy Court. The Company’s operations and its ability to develop and execute its business plan are subject to a high degree of risk and uncertainty associated with the Chapter 11 Cases. The outcome of the Chapter 11 Cases is subject to a high degree of uncertainty and is dependent upon factors that are outside of the Company’s control, including actions of the Bankruptcy Court and the Company’s creditors. There can be no assurance that the Company will confirm and consummate the plan of reorganization as contemplated by the restructuring support agreement (“RSA”) with certain holders of the Company’s senior notes or complete another plan of reorganization with respect to the Chapter 11 Cases. As a result, the Company has concluded that management’s plans do not alleviate substantial doubt about the Company’s ability to continue as a going concern. While operating as a debtor-in-possession, the Company may sell or otherwise dispose of or liquidate assets or settle liabilities, subject to the approval of the Bankruptcy Court or as otherwise permitted in the ordinary course of business, for amounts other than those reflected in the accompanying condensed consolidated financial statements. Further, the Plan or other bankruptcy proceedings could materially change the amounts and classifications of assets and liabilities reported in the condensed consolidated financial statements, including liabilities subject to compromise which will be resolved in connection with the Chapter 11 Cases. The accompanying condensed consolidated financial statements do not include any adjustments related to the recoverability and classification of assets or the amounts and classification of liabilities or any other adjustments that might be necessary should the Company be unable to continue as a going concern or as a consequence of the Chapter 11 Cases. Condensed Consolidated Financial Statements Reclassifications — Cash, Cash Equivalents and Restricted Cash — Restricted cash as of June 30, 2020 includes $23 million of funds related to derivative termination settlements that were directed by the counterparty to be held in a segregated account until the Company emerges from chapter 11 bankruptcy, at which point the Company intends to apply the funds toward its outstanding borrowings under the Credit Agreement. Refer to the “Derivative Financial Instruments” footnote for additional information on terminated derivative settlements. Additionally, $4 million of the restricted cash balance as of June 30, 2020 consists of amounts set aside as adequate assurance for certain utility and credit card providers, which funds will also be restricted until the Company emerges from chapter 11 bankruptcy. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets and statements of cash flows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ 2020 ​ 2019 Cash and cash equivalents ​ $ 492,088 ​ $ 8,652 Restricted cash ​ ​ 26,787 ​ ​ - Total cash, cash equivalents and restricted cash ​ $ 518,875 ​ $ 8,652 ​ Accounts Receivable Trade — The Company routinely evaluates expected credit losses for all material trade and other receivables to determine if an allowance for credit losses is warranted. Expected credit losses are estimated based on (i) historic loss experience for pools of receivable balances with similar characteristics, (ii) the length of time balances have been outstanding and (iii) the economic status of each counterparty. These loss estimates are then adjusted for current and expected future economic conditions, which may include an assessment of the probability of non-payment, financial distress or expected future commodity prices and the impact that any current or future conditions could have on a counterparty’s credit quality and liquidity. As of June 30, 2020 and December 31, 2019, the Company had an allowance for credit losses of $11 million and $9 million, respectively.

CHAPTER 11 CASES

CHAPTER 11 CASES	6 Months Ended
	Jun. 30, 2020
CHAPTER 11 CASE [Abstract]
CHAPTER 11 CASES	2. CHAPTER 11 CASES Plan of Reorganization under Chapter 11 of the Bankruptcy Code — On April 1, 2020, the Debtors commenced the Chapter 11 Cases as described in the “Basis of Presentation” footnote above. On April 23, 2020, the Debtors entered into the RSA with certain holders of the Company’s senior notes to support a restructuring in accordance with the terms set forth in the Plan. The Plan and the related disclosure statement were each filed with the Bankruptcy Court on April 23, 2020. Below is a summary of the treatment that the stakeholders of the Company would receive under the Plan: ● Holders of Credit Agreement Claims. The holders of obligations under the Credit Agreement would have such obligations refinanced or repaid in full in cash upon the Debtors’ emergence from chapter 11. ● Holders of Senior Notes, Rejection Damages Claims and Litigation Claims. The holders of Whiting’s senior notes and other general unsecured claims (including rejection damages claims and litigation claims) would receive 97% of the reorganized company’s equity interests. ● Trade and Other Claims. The holders of the Debtors’ other secured, priority and trade vendor claims would receive payment in full in cash following emergence. ● Existing Equity Holders. The holders of the Company’s existing stock would receive (a) 3% of the reorganized company’s equity interests and (b) warrants on the terms set forth in the Plan. Unsecured Creditors’ Committee the United States Trustee appointed the official committee for unsecured creditors (the “Creditors’ Committee”). The Creditors’ Committee and its legal representatives have a right to be heard on all matters affecting unsecured creditors that come before the Bankruptcy Court with respect to the Debtors. Solicitation of the Plan Executory Contracts Liabilities Subject to Compromise The following table summarizes the components of liabilities subject to compromise included in the condensed consolidated balance sheets (in thousands): ​ ​ ​ ​ ​ ​ June 30, 2020 Debt subject to compromise ​ $ 2,368,497 Accounts payable trade ​ ​ 48,434 Accrued liabilities and other ​ ​ 63,557 Accrued interest on debt subject to compromise ​ ​ 30,028 Asset retirement obligations (1) ​ ​ 39,022 Total liabilities subject to compromise ​ $ 2,549,538 (1) Amount relates to an executory contract for certain offshore facilities in California. Magnitude of Potential Claims ​ The Debtors have received approximately 1,600 proofs of claim from third parties as of July 31, 2020 for an amount totaling approximately $2.8 billion. Such amount includes duplicate claims across multiple debtor legal entities. These claims will be reconciled to amounts recorded in the Company’s accounting records. Differences in amounts recorded and claims filed by creditors will be investigated and resolved, including through the filing of objections with the Bankruptcy Court, where appropriate. The Bankruptcy Court does not allow for claims that have been acknowledged as duplicates. In addition, the Company may ask the Bankruptcy Court to disallow claims that the Company believes have been later amended or superseded, are without merit, are overstated or should be disallowed for other reasons. As a result of this process, the Company may identify additional liabilities that will need to be recorded or reclassified to liabilities subject to compromise. In light of the substantial number of claims filed, and expected to be filed, the claims resolution process may take considerable time to complete and likely will continue after the Debtors emerge from bankruptcy. Interest Expense Reorganization Items, Net ​ ​ ​ ​ ​ ​ Three and Six Months Ended ​ ​ June 30, 2020 Legal and professional advisory fees (1) ​ $ 26,668 Write-off of unamortized debt issuance costs and premium (2) ​ ​ 15,145 Total reorganization items, net ​ $ 41,813 (1) As of June 30, 2020, $23 million of these fees are accrued and unpaid and are presented in accrued liabilities and other in the condensed consolidated balance sheet. The remaining $4 million represents cash charges for the three and six months ended June 30, 2020. ​ (2) Non-cash reorganization item. Refer to the “Long-Term Debt” footnote for further information .

OIL AND GAS PROPERTIES

OIL AND GAS PROPERTIES	6 Months Ended
	Jun. 30, 2020
OIL AND GAS PROPERTIES [Abstract]
OIL AND GAS PROPERTIES	3. OIL AND GAS PROPERTIES ​ Net capitalized costs related to the Company’s oil and gas producing activities at June 30, 2020 and December 31, 2019 are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2020 2019 Costs of completed wells and facilities ​ $ 4,267,233 ​ $ 9,847,159 Proved leasehold costs ​ ​ 376,329 ​ ​ 2,702,236 Unproved leasehold costs ​ ​ 90,561 ​ ​ 103,278 Wells and facilities in progress ​ ​ 86,098 ​ ​ 159,334 Total oil and gas properties, successful efforts method ​ ​ 4,820,221 ​ ​ 12,812,007 Accumulated depletion ​ ​ (1,936,121) ​ ​ (5,656,929) Oil and gas properties, net ​ $ 2,884,100 ​ $ 7,155,078 ​ The following table presents impairment expense for unproved properties for the three and six months ended June 30, 2020 and 2019, which is reported in exploration and impairment expense in the condensed consolidated statements of operations (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ ​ 2020 ​ 2019 ​ 2020 ​ 2019 Impairment expense for unproved properties ​ $ 132 ​ $ 2,308 ​ $ 12,483 ​ $ 5,830 ​ ​ Refer to the “Fair Value Measurements” footnote for more information on proved property measurements recorded during the three and six months ended June 30, 2020 and 2019.

ACQUISITIONS AND DIVESTITURES

ACQUISITIONS AND DIVESTITURES	6 Months Ended
	Jun. 30, 2020
ACQUISITIONS AND DIVESTITURES [Abstract]
ACQUISITIONS AND DIVESTITURES	4. ACQUISITIONS AND DIVESTITURES 2020 Acquisitions and Divestitures On January 9, 2020, the Company completed the divestiture of its interests in 30 non-operated, producing oil and gas wells and related undeveloped acreage located in McKenzie County, North Dakota for aggregate sales proceeds of $25 million (before closing adjustments). There were no significant acquisitions during the six months ended June 30, 2020. 2019 Acquisitions and Divestitures On July 29, 2019, the Company completed the divestiture of its interests in 137 non-operated, producing oil and gas wells located in the McKenzie, Mountrail and Williams counties of North Dakota for aggregate sales proceeds of $27 million (before closing adjustments). On August 15, 2019, the Company completed the divestiture of its interests in 58 non-operated, producing oil and gas wells located in Richland County, Montana and Mountrail and Williams counties of North Dakota for aggregate sales proceeds of $26 million (before closing adjustments). There were no significant acquisitions during the six months ended June 30, 2019.

LONG-TERM DEBT

LONG-TERM DEBT	6 Months Ended
	Jun. 30, 2020
LONG-TERM DEBT [Abstract]
LONG-TERM DEBT	5. LONG-TERM DEBT Long-term debt, including the current portion, consisted of the following at June 30, 2020 and December 31, 2019 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2020 2019 Credit Agreement ​ $ 912,259 ​ $ 375,000 1.25% Convertible Senior Notes due 2020 ​ ​ 186,592 ​ ​ 262,075 5.75% Senior Notes due 2021 ​ ​ 773,609 ​ ​ 773,609 6.25% Senior Notes due 2023 ​ ​ 408,296 ​ ​ 408,296 6.625% Senior Notes due 2026 ​ ​ 1,000,000 ​ ​ 1,000,000 Total principal ​ ​ 3,280,756 ​ ​ 2,818,980 Unamortized debt discounts and premiums (1) ​ ​ - ​ ​ (2,575) Unamortized debt issuance costs on notes (1) ​ ​ - ​ ​ (16,520) Total debt, prior to reclassification to liabilities subject to compromise ​ ​ 3,280,756 ​ ​ 2,799,885 Less amounts reclassified to liabilities subject to compromise (2) ​ ​ (2,368,497) ​ ​ - Total debt not subject to compromise (3) ​ ​ 912,259 ​ ​ 2,799,885 Less current portion of long-term debt (4) ​ ​ (912,259) ​ ​ - Total long-term debt ​ $ - ​ $ 2,799,885 (1) As a result of the Chapter 11 Cases and the adoption of ASC 852, the Company wrote off all unamortized premium and issuance cost balances to reorganization items, net in the condensed consolidated statements of operations for the three and six months ended June 30, 2020. Refer to the “Chapter 11 Cases” footnote for more information. (2) Debt subject to compromise includes the principal balances of all of the Company’s senior notes, which are unsecured claims in the Chapter 11 Cases. Refer to the “Basis of Presentation” and “Chapter 11 Cases” footnotes for more information. (3) Debt not subject to compromise includes all borrowings outstanding under the Credit Agreement, which are secured claims in the Chapter 11 Cases. Refer to the “Basis of Presentation” and “Chapter 11 Cases” footnotes for more information. (4) Due to uncertainties regarding the outcome of the Chapter 11 Cases, the Company has classified the borrowings outstanding under the Credit Agreement as current as of June 30, 2020. Refer to the “Basis of Presentation” and “Chapter 11 Cases” footnotes for more information. Chapter 11 Cases and Effect of Automatic Stay On April 1, 2020, the Debtors filed for relief under chapter 11 of the Bankruptcy Code. The commencement of a voluntary proceeding in bankruptcy constituted an immediate event of default under the Credit Agreement and the indentures governing the Company’s senior notes, resulting in the automatic and immediate acceleration of all of the Company’s outstanding debt. In conjunction with the filing of the Chapter 11 Cases, the Company did not make the $187 million principal payment due on its 1.25% 2020 Convertible Senior Notes due April 1, 2020 (the “2020 Convertible Senior Notes”). Any efforts to enforce payment obligations related to the acceleration of the Company’s debt have been automatically stayed as a result of the filing of the Chapter 11 Cases, and the creditors’ rights of enforcement are subject to the applicable provisions of the Bankruptcy Code. Refer to the “Basis of Presentation” and “Chapter 11 Cases” footnotes for more information on the Chapter 11 Cases. Credit Agreement Whiting Oil and Gas, the Company’s wholly owned subsidiary, has a credit agreement with a syndicate of banks that had a borrowing base of $2.05 billion and aggregate commitments of $1.75 billion prior to default. As of June 30, 2020, the Company had $912 million of borrowings outstanding under the Credit Agreement. As a result of the commencement of the Chapter 11 Cases, the Company is no longer in compliance with the covenants under the Credit Agreement and the lenders’ commitments under the Credit Agreement have been terminated. The Company is therefore unable to make additional borrowings or issue additional letters of credit under the Credit Agreement. Prior to default, a portion of the Credit Agreement in an aggregate amount not to exceed $50 million was available to issue letters of credit for the account of Whiting Oil and Gas or other designated subsidiaries of the Company. As of June 30, 2020, $2 million in letters of credit were outstanding under the agreement. Prior to default, the borrowing base under the Credit Agreement was determined at the discretion of the lenders, based on the collateral value of the Company’s proved reserves that have been mortgaged to such lenders, and is subject to regular redeterminations on May 1 and November 1 of each year, as well as special redeterminations described in the Credit Agreement. Such redeterminations have not occurred and are not expected to occur for the duration of the Chapter 11 Cases. The Credit Agreement provides for interest only payments until maturity, when the Credit Agreement expires and all outstanding borrowings are due. Interest under the Credit Agreement accrues at the Company’s option at either (i) a base rate for a base rate loan plus a margin between 0.50% and 1.50% based on the ratio of outstanding borrowings to the borrowing base, where the base rate is defined as the greatest of the prime rate, the federal funds rate plus 0.5% per annum, or an adjusted LIBOR rate plus 1.0% per annum, or (ii) an adjusted LIBOR rate for a Eurodollar loan plus a margin between 1.50% and 2.50% based on the ratio of outstanding borrowings to the borrowing base. Prior to the chapter 11 proceedings, the Company incurred commitment fees of 0.375% or 0.50% based on the ratio of outstanding borrowings to the borrowing base on the unused portion of the aggregate commitments of the lenders under the Credit Agreement, which were included as a component of interest expense. During the chapter 11 proceedings, the commitment fee has been terminated and instead all amounts outstanding under the Credit Agreement will bear interest per annum at the applicable rate stated in the agreement plus a 2.0% default rate. At June 30, 2020, the weighted average interest rate on the outstanding principal balance under the Credit Agreement was 4.7%. Prior to default, the Credit Agreement had a maturity date of April 12, 2023, provided that if at any time and for so long as any senior notes (other than the 2020 Convertible Senior Notes) had a maturity date prior to 91 days after April 12, 2023, the maturity date shall be the date that is 91 days prior to the maturity of such senior notes. The Credit Agreement contains restrictive covenants that may limit the Company’s ability to, among other things, incur additional indebtedness, sell assets, make loans to others, make investments, enter into mergers, enter into hedging contracts, incur liens and engage in certain other transactions without the prior consent of its lenders. Except for limited exceptions, the Credit Agreement also restricts the Company’s ability to make any dividend payments or distributions on its common stock. These restrictions apply to all of the Company’s restricted subsidiaries (as defined in the Credit Agreement). As of June 30, 2020, there were no retained earnings free from restrictions. The Credit Agreement requires the Company, as of the last day of any quarter, to maintain the following ratios (as defined in the Credit Agreement): (i) a consolidated current assets to consolidated current liabilities ratio (which includes an add back of the available borrowing capacity under the credit agreement) of not less than 1.0 to 1.0 and (ii) a total debt to last four quarters’ EBITDAX ratio of not greater than 4.0 to 1.0. Under the Credit Agreement, a cross-default provision provides that a default under certain other debt of the Company or certain of its subsidiaries in an aggregate principal amount exceeding $100 million may constitute an event of default under such Credit Agreement. Additionally, under the indentures governing the Company’s senior notes and senior convertible notes, a cross-default provision provides that a default under certain other debt of the Company or certain of its subsidiaries in an aggregate principal amount exceeding $100 million (or $50 million in the case of the senior notes due in 2021) may constitute an event of default under such indenture. The obligations of Whiting Oil and Gas under the Credit Agreement are collateralized by a first lien on substantially all of Whiting Oil and Gas’ and Whiting Resource Corporation’s properties. The Company has guaranteed the obligations of Whiting Oil and Gas under the Credit Agreement and has pledged the stock of its subsidiaries as security for its guarantee. Senior Notes and Convertible Senior Notes Senior Notes In March 2015, the Company issued at par $750 million of 6.25% Senior Notes due April 1, 2023 (the “2023 Senior Notes”). In December 2017, the Company issued at par $1.0 billion of 6.625% Senior Notes due January 15, 2026 (the “2026 Senior Notes” and together with the 2021 Senior Notes and the 2023 Senior Notes, the “Senior Notes”). During 2016, the Company exchanged $326 million aggregate principal amount of 2021 Senior Notes and $342 million aggregate principal amount of 2023 Senior Notes for the same aggregate principal amount of convertible notes. Subsequently during 2016, all $668 million aggregate principal amount of these convertible notes was converted into approximately 16.3 million shares of the Company’s common stock pursuant to the terms of the notes. Repurchases of 2021 Senior Notes. In October 2019, the Company paid an additional $72 million to repurchase $75 million aggregate principal amount of the 2021 Senior Notes, which payment consisted of the average 95.467% purchase price plus all accrued and unpaid interest on the notes. The Company financed the repurchases with borrowings under the Credit Agreement. As a result of the repurchases, the Company recognized a $3 million gain on extinguishment of debt, which included a noncash charge for the acceleration of unamortized debt issuance costs and debt premium on the notes. As of June 30, 2020, $774 million of 2021 Senior Notes remained outstanding. 2020 Convertible Senior Notes In September 2019, the Company paid $299 million to complete a cash tender offer for $300 million aggregate principal amount of the 2020 Convertible Senior Notes, which payment consisted of the 99.0% purchase price plus all accrued and unpaid interest on the notes, which were allocated to the liability and equity components based on their relative fair values. The Company financed the tender offer with borrowings under the Credit Agreement. As a result of the tender offer, the Company recognized a $4 million gain on extinguishment of debt, which was net of a $7 million charge for the non-cash write-off of unamortized debt issuance costs and debt discount and a $1 million charge for transaction costs. In addition, the Company recorded an $8 million reduction to the equity component of the 2020 Convertible Senior Notes. There was no deferred tax impact associated with this reduction due to the full valuation allowance in effect as of September 30, 2019. In March 2020, the Company paid $53 million to repurchase $73 million aggregate principal amount of the 2020 Convertible Senior Notes, which payment consisted of the average 72.5% purchase price plus all accrued and unpaid interest on the notes, which were allocated to the liability and equity components based on their relative fair values. The Company financed the repurchases with borrowings under the Credit Agreement. As a result of these repurchases, the Company recognized a $23 million gain on extinguishment of debt, which was net of a $0.2 million charge for the non-cash write-off of unamortized debt issuance costs and debt discount. In addition, the Company recorded a $3 million reduction to the equity component of the 2020 Convertible Senior Notes. There was no deferred tax impact associated with this reduction due to the full valuation allowance in effect as of March 31, 2020. Prior to January 1, 2020, the 2020 Convertible Senior Notes were convertible only upon the achievement of certain contingent market conditions, which were not met. After January 1, 2020, the 2020 Convertible Senior Notes were convertible at any time until the second scheduled trading day immediately preceding the April 1, 2020 maturity date of the notes and holders of $3 million aggregate principal amount of 2020 Convertible Senior Notes timely elected to convert. Upon conversion, such holders of the converted 2020 Convertible Senior Notes were entitled to receive an insignificant cash payment on April 1, 2020, which the Company did not pay. As a result of such conversion the Company recognized a $3 million gain on extinguishment of debt for the six months ended June 30, 2020. Additionally, at maturity, the Company was obligated to pay in cash the $187 million outstanding principal amount of the 2020 Convertible Senior Notes that did not convert, which the Company did not pay. Under the Bankruptcy Code, the holders of the 2020 Convertible Senior Notes and the prior holders that converted their notes are stayed from taking any action against the Company as a result of the Company’s non-payment. Refer to “Chapter 11 Cases and Effect of Automatic Stay” above for more information. Upon issuance, the Company separately accounted for the liability and equity components of the 2020 Convertible Senior Notes. The liability component was recorded at the estimated fair value of a similar debt instrument without the conversion feature. The difference between the principal amount of the 2020 Convertible Senior Notes and the estimated fair value of the liability component was recorded as a debt discount and was amortized to interest expense over the term of the notes using the effective interest method, with an effective interest rate of 5.6% per annum. The fair value of the liability component of the 2020 Convertible Senior Notes as of the issuance date was estimated at $1.0 billion, resulting in a debt discount at inception of $238 million. The equity component, representing the value of the conversion option, was computed by deducting the fair value of the liability component from the initial proceeds of the 2020 Convertible Senior Notes issuance. This equity component was recorded, net of deferred taxes and issuance costs, in additional paid-in capital within shareholders’ equity, and will not be remeasured as long as it continues to meet the conditions for equity classification. Transaction costs related to the 2020 Convertible Senior Notes issuance were allocated to the liability and equity components based on their relative fair values. Issuance costs attributable to the liability component were recorded as a reduction to the carrying value of long-term debt on the consolidated balance sheets and were amortized to interest expense over the term of the notes using the effective interest method. Issuance costs attributable to the equity component were recorded as a charge to additional paid-in capital within shareholders’ equity. The 2020 Convertible Senior Notes consisted of the following at June 30, 2020 and December 31, 2019 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2020 2019 Liability component ​ ​ ​ ​ ​ ​ Principal ​ $ 186,592 ​ $ 262,075 Less: unamortized note discount ​ ​ - ​ ​ (2,829) Less: unamortized debt issuance costs ​ ​ - ​ ​ (220) Net carrying value ​ $ 186,592 ​ $ 259,026 Equity component (1) ​ $ 125,009 ​ $ 128,452 (1) Recorded in additional paid-in capital, net of $5 million of issuance costs and $50 million of deferred taxes. The following table presents the interest expense recognized on the 2020 Convertible Senior Notes related to the stated interest rate and amortization of the debt discount for the three and six months ended June 30, 2020 and June 30, 2019 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ ​ 2020 ​ 2019 ​ 2020 ​ 2019 Interest expense on 2020 Convertible Senior Notes ​ $ - ​ $ 7,574 ​ $ 3,463 ​ $ 15,068 ​ Security and Guarantees The Senior Notes and the 2020 Convertible Senior Notes are unsecured obligations of Whiting Petroleum Corporation and these unsecured obligations are subordinated to all of the Company’s secured indebtedness, which consists of the Credit Agreement. The Company’s obligations under the Senior Notes and the 2020 Convertible Senior Notes are guaranteed by the Company’s 100%-owned subsidiaries, Whiting Oil and Gas, Whiting US Holding Company, Whiting Canadian Holding Company ULC and Whiting Resources Corporation (the “Guarantors”). These guarantees are full and unconditional and joint and several among the Guarantors. Any subsidiaries other than these Guarantors are minor subsidiaries as defined by Rule 3-10(h)(6) of Regulation S-X of the SEC. Whiting Petroleum Corporation has no assets or operations independent of this debt and its investments in its consolidated subsidiaries.

ASSET RETIREMENT OBLIGATIONS

ASSET RETIREMENT OBLIGATIONS	6 Months Ended
	Jun. 30, 2020
ASSET RETIREMENT OBLIGATIONS [Abstract]
ASSET RETIREMENT OBLIGATIONS	6. ASSET RETIREMENT OBLIGATIONS The Company’s asset retirement obligations represent the present value of estimated future costs associated with the plugging and abandonment of oil and gas wells, removal of equipment and facilities from leased acreage and land restoration (including removal of certain onshore and offshore facilities in California) in accordance with applicable local, state and federal laws. The current portions as of June 30, 2020 and December 31, 2019 were $5 million and $4 million, respectively, and have been included in accrued liabilities and other in the consolidated balance sheets. The following table provides a reconciliation of the Company’s asset retirement obligations for the six months ended June 30, 2020 (in thousands): ​ ​ ​ ​ Asset retirement obligation at January 1, 2020 ​ $ 134,893 Additional liability incurred ​ ​ 58 Revisions to estimated cash flows ​ ​ (1,243) Accretion expense ​ ​ 6,107 Obligations on sold properties ​ ​ (693) Liabilities settled ​ ​ (2,788) Asset retirement obligations reclassified to liabilities subject to compromise (1) ​ ​ (39,022) Asset retirement obligation at June 30, 2020 ​ $ 97,312 (1) Refer to the “Chapter 11 Cases” footnote for more information on liabilities subject to compromise . ​

DERIVATIVE FINANCIAL INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENTS	6 Months Ended
	Jun. 30, 2020
DERIVATIVE FINANCIAL INSTRUMENTS [Abstract]
DERIVATIVE FINANCIAL INSTRUMENTS	7. DERIVATIVE FINANCIAL INSTRUMENTS The Company is exposed to certain risks relating to its ongoing business operations, and it uses derivative instruments to manage its commodity price risk. In addition, the Company periodically enters into contracts that contain embedded features which are required to be bifurcated and accounted for separately as derivatives. Commodity Derivative Contracts — Crude Oil and Natural Gas Swaps and Collars. The table below details the Company’s swap derivatives entered into to hedge forecasted crude oil and natural gas production revenues as of June 30, 2020. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity ​ Settlement Period ​ Index ​ Derivative Instrument ​ Total Volumes (1) ​ Units ​ Weighted Average Swap Price Crude Oil ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Crude Oil ​ 2020 ​ NYMEX WTI ​ Fixed Price Swaps ​ 1,564,000 ​ Bbl ​ $40.96 Crude Oil ​ 2021 ​ NYMEX WTI ​ Fixed Price Swaps ​ 2,737,500 ​ Bbl ​ $40.05 ​ ​ ​ ​ ​ ​ Total ​ 4,301,500 ​ Bbl ​ ​ Natural Gas ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Natural Gas ​ 2021 ​ NYMEX Henry Hub ​ Fixed Price Swaps ​ 3,650,000 ​ MMBtu ​ $2.60 (1) Subsequent to June 30, 2020, the Company entered into additional swap contracts for 459,000 Bbl of crude oil volumes for the remainder of 2020 and additional collar contracts for 854,000 Bbl, 3,739,000 Bbl and 1,365,000 Bbl of crude oil volumes for the remainder of 2020, 2021 and the first nine months of 2022, respectively. The Company also entered into additional swap contracts for 3,650,000 MMBtu of natural gas volumes for 2021 and additional collar contracts for 3,660,000 MMBtu, 10,950,000 MMBtu and 8,190,000 MMBtu of natural gas volumes for the remainder of 2020, 2021 and the first nine months of 2022, respectively. Effect of Chapter 11 Cases Derivative Instrument Reporting ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Gain) Loss Recognized in Income Not Designated as ​ Statements of Operations ​ Three Months Ended June 30, ASC 815 Hedges ​ Classification ​ 2020 ​ 2019 Commodity contracts ​ Derivative (gain) loss, net ​ $ 6,632 ​ $ (24,877) Total ​ ​ ​ $ 6,632 ​ $ (24,877) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Gain) Loss Recognized in Income Not Designated as ​ Statements of Operations ​ Six Months Ended June 30, ASC 815 Hedges Classification 2020 2019 Commodity contracts ​ Derivative (gain) loss, net ​ $ (224,739) ​ $ 38,028 Total ​ ​ ​ $ (224,739) ​ $ 38,028 ​ Offsetting of Derivative Assets and Liabilities. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2020 (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net ​ ​ ​ ​ Gross ​ ​ ​ ​ Recognized ​ ​ ​ ​ Recognized ​ Gross ​ Fair Value Not Designated as ​ ​ ​ Assets/ ​ Amounts ​ Assets/ ASC 815 Hedges Balance Sheet Classification Liabilities Offset Liabilities Derivative assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity contracts - current ​ Prepaid expenses and other ​ $ 3,714 ​ $ (289) ​ $ 3,425 Commodity contracts - non-current ​ Other long-term assets ​ ​ 77 ​ ​ (77) ​ ​ - Total derivative assets ​ ​ ​ $ 3,791 ​ $ (366) ​ $ 3,425 Derivative liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity contracts - current ​ Accrued liabilities and other ​ $ 1,730 ​ $ (289) ​ $ 1,441 Commodity contracts - non-current ​ Other long-term liabilities ​ ​ 943 ​ ​ (77) ​ ​ 866 Total derivative liabilities ​ ​ ​ $ 2,673 ​ $ (366) ​ $ 2,307 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net ​ ​ ​ ​ Gross ​ ​ ​ ​ Recognized ​ ​ ​ ​ Recognized ​ Gross ​ Fair Value Not Designated as ​ ​ ​ Assets/ ​ Amounts ​ Assets/ ASC 815 Hedges Balance Sheet Classification Liabilities Offset Liabilities Derivative assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity contracts - current ​ Prepaid expenses and other ​ $ 75,654 ​ $ (74,768) ​ $ 886 Commodity contracts - non-current ​ Other long-term assets ​ ​ 5,648 ​ ​ (5,648) ​ ​ - Total derivative assets ​ ​ ​ $ 81,302 ​ $ (80,416) ​ $ 886 Derivative liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity contracts - current ​ Accrued liabilities and other ​ $ 85,053 ​ $ (74,768) ​ $ 10,285 Commodity contracts - non-current ​ Other long-term liabilities ​ ​ 6,534 ​ ​ (5,648) ​ ​ 886 Total derivative liabilities ​ ​ ​ $ 91,587 ​ $ (80,416) ​ $ 11,171 (1) Because substantially all of the counterparties to the Company’s financial derivative contracts subject to master netting arrangements are lenders under the Credit Agreement, which eliminates its need to post or receive collateral associated with its derivative positions, columns for cash collateral pledged or received have not been presented in these tables. Contingent Features in Financial Derivative Instruments.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Jun. 30, 2020
FAIR VALUE MEASUREMENTS [Abstract]
FAIR VALUE MEASUREMENTS	8. FAIR VALUE MEASUREMENTS The Company follows FASB ASC Topic 820, Fair Value Measurement and Disclosure ● Level 1: Quoted Prices in Active Markets for Identical Assets – inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. ● Level 2: Significant Other Observable Inputs – inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. ● Level 3: Significant Unobservable Inputs – inputs to the valuation methodology are unobservable and significant to the fair value measurement. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. Cash, cash equivalents, restricted cash, accounts receivable and accounts payable are carried at cost, which approximates their fair value because of the short-term maturity of these instruments. The Company’s Credit Agreement has a recorded value that approximates its fair value since its variable interest rate is tied to current market rates and the applicable margins represent market rates. The Company’s senior notes are recorded at cost and the convertible senior notes are recorded at fair value at the date of issuance. The following table summarizes the fair values and carrying values of these instruments as of June 30, 2020 and December 31, 2019 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2020 ​ December 31, 2019 ​ ​ Fair ​ Carrying ​ Fair ​ Carrying ​ Value (1) Value (2) Value (1) Value (2) 1.25% Convertible Senior Notes due 2020 ​ $ 35,452 ​ $ 186,592 ​ $ 260,214 ​ $ 259,026 5.75% Senior Notes due 2021 ​ ​ 148,920 ​ ​ 773,609 ​ ​ 732,995 ​ ​ 772,080 6.25% Senior Notes due 2023 ​ ​ 78,597 ​ ​ 408,296 ​ ​ 343,989 ​ ​ 405,392 6.625% Senior Notes due 2026 ​ ​ 192,500 ​ ​ 1,000,000 ​ ​ 681,250 ​ ​ 988,387 Total ​ $ 455,469 ​ $ 2,368,497 ​ $ 2,018,448 ​ $ 2,424,885 (1) Fair values are based on quoted market prices for these debt securities, and such fair values are therefore designated as Level 1 within the valuation hierarchy. (2) Carrying values are presented net of unamortized debt issuance costs and debt discounts or premiums. All unamortized debt issuance costs and debt discounts and premiums were written off in April 2020 as a result of the Chapter 11 Cases and the adoption of ASC 852. Refer to the “Chapter 11 Cases” footnote for more information. The Company’s derivative financial instruments are recorded at fair value and include a measure of the Company’s own nonperformance risk or that of its counterparty, as appropriate. The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2020 and December 31, 2019, and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair values (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Fair Value ​ Level 1 Level 2 Level 3 June 30, 2020 Financial Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity derivatives – current ​ $ - ​ $ 3,425 ​ $ - ​ $ 3,425 Total financial assets ​ $ - ​ $ 3,425 ​ $ - ​ $ 3,425 Financial Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity derivatives – current ​ $ - ​ $ 1,441 ​ $ - ​ $ 1,441 Commodity derivatives – non-current ​ ​ - ​ ​ 866 ​ ​ - ​ ​ 866 Total financial liabilities ​ $ - ​ $ 2,307 ​ $ - ​ $ 2,307 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Fair Value ​ Level 1 Level 2 Level 3 December 31, 2019 Financial Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity derivatives – current ​ $ - ​ $ 886 ​ $ - ​ $ 886 Total financial assets ​ $ - ​ $ 886 ​ $ - ​ $ 886 Financial Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity derivatives – current ​ $ - ​ $ 10,285 ​ $ - ​ $ 10,285 Commodity derivatives – non-current ​ ​ - ​ ​ 886 ​ ​ - ​ ​ 886 Total financial liabilities ​ $ - ​ $ 11,171 ​ $ - ​ $ 11,171 ​ The following methods and assumptions were used to estimate the fair values of the Company’s financial assets and liabilities that are measured on a recurring basis: Commodity Derivatives Non-recurring Fair Value Measurements — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loss (Before ​ ​ Net Carrying ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tax) Six ​ ​ Value as of ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Months Ended ​ ​ March 31, ​ Fair Value Measurements Using ​ June 30, ​ 2020 Level 1 Level 2 Level 3 2020 Proved property (1) ​ $ 816,234 ​ $ - ​ $ - ​ $ 816,234 ​ $ 3,732,096 (1) During the first quarter of 2020, certain proved oil and gas properties across the Company’s Williston Basin resource play with a previous carrying amount of $4.5 billion were written down to their fair value as of March 31, 2020 of $816 million, resulting in a non-cash impairment charge of $3.7 billion, which was recorded within exploration and impairment expense. These impaired properties were written down due to a reduction in anticipated future cash flows primarily driven by an expectation of sustained depressed oil prices and a resultant decline in future development plans for the properties. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loss (Before ​ ​ Net Carrying ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tax) Three and Six ​ ​ Value as of ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Months Ended ​ ​ June 30, ​ Fair Value Measurements Using ​ June 30, ​ 2020 Level 1 Level 2 Level 3 2020 Proved property (2) ​ $ 85,418 ​ $ - ​ $ - ​ $ 85,418 ​ $ 409,079 (2) During the second quarter of 2020, other proved oil and gas properties in the Company’s Williston Basin resource play with a previous carrying amount of $494 million were written down to their fair value as of June 30, 2020 of $85 million, resulting in a non-cash impairment charge of $409 million, which was recorded within exploration and impairment expense. These impaired properties were written down due to a reduction in anticipated future cash flows primarily driven by an expectation of sustained depressed oil prices and a resultant decline in future development plans for the properties assessed during the second quarter of 2020. Proved Property Impairments 16%

REVENUE RECOGNITION

REVENUE RECOGNITION	6 Months Ended
	Jun. 30, 2020
REVENUE RECOGNITION [Abstract]
REVENUE RECOGNITION	9. REVENUE RECOGNITION The Company recognizes revenue in accordance with FASB ASC Topic 606 – Revenue from Contracts with Customers ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ 2020 ​ 2019 ​ 2020 ​ 2019 OPERATING REVENUES ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Oil sales ​ $ 91,904 ​ $ 403,870 ​ $ 323,849 ​ $ 763,324 NGL and natural gas sales (1) ​ ​ (304) ​ ​ 22,394 ​ ​ 12,597 ​ ​ 52,429 Oil, NGL and natural gas sales ​ $ 91,600 ​ $ 426,264 ​ $ 336,446 ​ $ 815,753 (1) Negative NGL and natural gas sales revenue is a result of third-party transportation, gathering and processing costs exceeding the average price realized for certain NGL and natural gas volumes sold during the three months ended June 30, 2020. Whiting receives payment for product sales from one The Company has elected to utilize the practical expedient in ASC 606 that states 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 the Company’s contracts, each monthly delivery of product 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.

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY	6 Months Ended
	Jun. 30, 2020
SHAREHOLDERS' EQUITY
SHAREHOLDERS' EQUITY	10. SHAREHOLDERS’ EQUITY NOL Rights Plan — On March 26, 2020 the Company adopted a Section 382 Rights Agreement (the “Rights Agreement”) designed to preserve the Company’s ability to use its NOLs to offset possible future U.S. taxable income. The Rights Agreement is intended to reduce the likelihood that changes in the Company’s investor base would limit the future use of its tax benefits. On March 26, 2020, in connection with the adoption of the Rights Agreement, the Company’s Board of Directors declared a dividend of one preferred share purchase right (a “Right”) payable on April 6, 2020 to the stockholders of record on that date. Each Right is attached to and trades only with common shares until a triggering event, which is defined in the Rights Agreement as close of business on the tenth day following the public announcement or public disclosure of facts indicating that a person or group that already owns 4.9% or more of the Company’s common stock (“acquiring person or group”) acquires additional shares. A triggering event entitles the registered holder to purchase from the Company one $7.00 per one one-thousandth of a preferred share represented by a Right, subject to adjustment. Rights held by the acquiring person or group will become void and will not be exercisable. The Board of Directors has the discretion to exempt certain transactions, persons or entities from the operation of the Rights Agreement and also has the ability to amend or terminate the Rights Agreement prior to a triggering event. Additionally, the Board of Directors may cause the Company to redeem the Rights in whole, but not in part, at a price of $0.001 per Right. The Rights will expire on the day following the certification of the voting results for Whiting’s 2021 annual meeting of shareholders unless Whiting’s shareholders ratify the Rights Agreement at or prior to such meeting, in which case the Rights Agreement will continue in effect until March 26, 2023 unless terminated earlier in accordance with its terms. ​ Final Order of the Bankruptcy Court — . Any actions in violation of the Procedures (including the notice requirements) are null and void ab initio ab initio ab initio

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	6 Months Ended
	Jun. 30, 2020
STOCK-BASED COMPENSATION [Abstract]
STOCK-BASED COMPENSATION	11. STOCK-BASED COMPENSATION Equity Incentive Plan under the 2013 Equity Plan will be cancelled and will not be available for future issuance. Under the amended and restated 2013 Equity Plan, during any calendar year no officer or other key employee participant may be granted options or stock appreciation rights for more than 500,000 shares of common stock or more than 500,000 shares of restricted stock (“RSAs”), restricted stock units (“RSUs”), performance shares (“PSAs”), or performance share units (“PSUs”), the value of which is based on the fair market value of a share of common stock. In addition, no non-employee director participant may be granted during any calendar year options or stock appreciation rights for more than 25,000 shares of common stock, or more than 25,000 shares of RSAs or RSUs. As of June 30, 2020, 3,886,734 shares of common stock remained available for grant under the 2013 Equity Plan. The Company has granted service-based RSAs and RSUs to executive officers and employees, which generally vest ratably over a three-year service period. The Company has granted service-based RSAs to directors, which generally vest over a one-year service period. In addition, the Company has granted PSAs and PSUs to executive officers that are subject to market-based vesting criteria, which generally vest over a three-year service period. The Company accounts for forfeitures of awards granted under these plans as they occur in determining compensation expense. The Company recognizes compensation expense for all awards subject to market-based vesting conditions regardless of whether it becomes probable that these conditions will be achieved or not, and compensation expense for share-settled awards is not reversed if vesting does not actually occur. During the six months ended June 30, 2020 and 2019, 53,198 and 389,303 shares, respectively, of service-based RSAs and RSUs were granted to executive officers and directors under the 2013 Equity Plan. The Company determines compensation expense for these share-settled awards using their fair value at the grant date, which is based on the closing bid price of the Company’s common stock on such date. The weighted average grant date fair value of service-based RSAs and RSUs was $4.94 per share and $27.97 per share for the six months ended June 30, 2020 and 2019, respectively. On March 31, 2020, all of the RSAs issued to executive officers in 2020 were forfeited and concurrently replaced with cash incentives. Refer to “2020 Compensation Adjustments” below for more information. During the six months ended June 30, 2020 and 2019, 1,616,504 and 308,432 shares, respectively, of service-based RSUs were granted to executive officers and employees under the 2013 Equity Plan. The Company determines compensation expense for cash-settled RSUs using the fair value at the end of each reporting period, which is based on the closing bid price of the Company’s common stock on such date. On March 31, 2020, all of the RSUs issued to executive officers in 2020 were forfeited and concurrently replaced with cash incentives. Refer to “2020 Compensation Adjustments” below for more information. During the six months ended June 30, 2020 and 2019, 1,665,153 and 317,512, respectively, of PSAs and PSUs subject to certain market-based vesting criteria were granted to executive officers under the 2013 Equity Plan. These market-based awards cliff vest on the third anniversary of the grant date, and the number of shares that will vest at the end of that three-year performance period is determined based on the rank of Whiting’s cumulative stockholder return compared to the stockholder return of a peer group of companies on each anniversary of the grant date over the three-year performance period. The number of awards earned could range from zero up to two times the number of shares initially granted. However, awards earned up to the target shares granted (or 100%) will be settled in shares, while awards earned in excess of the target shares granted will be settled in cash. The cash-settled component of such awards is recorded as a liability in the consolidated balance sheets and will be remeasured at fair value using a Monte Carlo valuation model at the end of each reporting period. On March 31, 2020, all of the PSAs and PSUs issued to executive officers in 2020 were forfeited and concurrently replaced with cash incentives. Refer to “2020 Compensation Adjustments” below for more information. For awards subject to market conditions, the grant date fair value is estimated using a Monte Carlo valuation model. The Monte Carlo model is based on random projections of stock price paths and must be repeated numerous times to achieve a probabilistic assessment. Expected volatility is calculated based on the historical volatility and implied volatility of Whiting’s common stock, and the risk-free interest rate is based on U.S. Treasury yield curve rates with maturities consistent with the three-year vesting period. The key assumptions used in valuing these market-based awards were as follows: ​ ​ ​ ​ ​ ​ ​ 2020 2019 Number of simulations 2,500,000 2,500,000 Expected volatility 76.52% ​ 72.95% Risk-free interest rate 1.51% ​ 2.60% Dividend yield — — ​ The weighted average grant date fair value of the market-based awards that will be settled in shares, as determined by the Monte Carlo valuation model, was $4.31 per share and $25.97 per share in 2020 and 2019, respectively. 2020 Compensation Adjustments. The following table shows a summary of the Company’s service-based and market-based awards activity for the six months ended June 30, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Awards ​ Weighted Average ​ ​ Service ‑ Based ​ Market-Based ​ Grant Date ​ RSAs & RSUs PSAs & PSUs Fair Value Nonvested awards, January 1 467,502 448,387 ​ $ 28.28 Granted 53,198 1,665,153 ​ 4.33 Vested (181,728) - ​ 27.52 Forfeited (128,870) (1,773,101) ​ 7.53 Nonvested awards, June 30 210,102 340,439 ​ $ 25.45 ​ There was no significant stock option activity during the six months ended June 30, 2020 and 2019. Total stock compensation expense recognized for restricted stock was $1 million and $4 million for the three months ended June 30, 2020 and 2019, respectively, and $2 million and $10 million for the six months ended June 30, 2020 and 2019, respectively.

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2020
INCOME TAXES [Abstract]
INCOME TAXES	12. INCOME TAXES Income tax expense during interim periods is based on applying an estimated annual effective income tax rate to year-to-date income, plus any significant unusual or infrequently occurring items which are recorded in the interim period. The provision for income taxes for the three and six months ended June 30, 2020 and 2019 differs from the amount that would be provided by applying the statutory U.S. federal income tax rate of 21% to pre-tax income primarily due to (i) an alternative minimum tax refund received for the three months ended June 30, 2020, (ii) a full valuation allowance in effect on the Company’s U.S. deferred tax assets (“DTAs”) for the three months ended June 30, 2020 and June 30, 2019 and (iii) state income taxes and the effects of permanent taxable differences for the six months ended June 30, 2019. In assessing the realizability of DTAs, management considers whether it is more likely than not that some portion, or all, of the Company’s DTAs will not be realized. In making such determination, the Company considers all available positive and negative evidence, including future reversals of temporary differences, tax-planning strategies and projected future taxable income and results of operations. If the Company concludes that it is more likely than not that some portion, or all, of its DTAs will not be realized, the tax asset is reduced by a valuation allowance. The Company assesses the appropriateness of its valuation allowance on a quarterly basis. At June 30, 2020, the Company had a full valuation allowance on its U.S. DTAs. The computation of the annual estimated effective tax rate at each interim period requires certain estimates and significant judgment including, but not limited to, the expected operating income for the year, projections of the proportion of income earned and taxed in various jurisdictions, permanent and temporary differences, and the likelihood of recovering deferred tax assets generated in the current year. The accounting estimates used to compute the provision for income taxes may change as new events occur, more experience is obtained, additional information becomes known or as the tax environment changes. On March 26, 2020 the Company adopted a Rights Agreement and on April 1, 2020 the Bankruptcy Court entered an Order containing certain Procedures, each of which are intended to preserve the Company’s ability to use its net operating losses to offset possible future U.S. taxable income by reducing the likelihood of an ownership change under Section 382 of the IRC. Refer to the “Shareholders’ Equity” footnote for more information on the Rights Agreement and the Order.

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 2020
EARNINGS PER SHARE [Abstract]
EARNINGS PER SHARE	13. EARNINGS PER SHARE The reconciliations between basic and diluted earnings (loss) per share are as follows (in thousands, except per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ 2020 2019 2020 2019 Basic Loss Per Share ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net loss ​ $ (574,315) ​ $ (5,687) ​ $ (4,202,886) ​ $ (74,612) Weighted average shares outstanding ​ ​ 91,429 ​ ​ 91,286 ​ ​ 91,409 ​ ​ 91,261 Loss per common share ​ $ (6.28) ​ $ (0.06) ​ $ (45.98) ​ $ (0.82) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted Loss Per Share ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net loss ​ $ (574,315) ​ $ (5,687) ​ $ (4,202,886) ​ $ (74,612) Weighted average shares outstanding ​ ​ 91,429 ​ ​ 91,286 ​ ​ 91,409 ​ ​ 91,261 Loss per common share ​ $ (6.28) ​ $ (0.06) ​ $ (45.98) ​ $ (0.82) ​ During the periods presented, the Company had a net loss and therefore the diluted earnings per share calculations exclude the anti-dilutive effect of (i) 270,058 shares of service-based awards for the three months ended June 30, 2020, (ii) 182,583 shares of service-based awards and 96,241 shares of market-based awards for the three months ended June 30, 2019, (iii) 342,299 shares of service-based awards for the six months ended June 30, 2020, and (iv) 293,305 shares of service-based awards and 206,475 market-based awards for the six months ended June 30, 2019. In addition, the diluted earnings per share calculations exclude the effect of (i) 28,505 and 31,805 common shares for the three and six months ended June 30, 2020, respectively, for stock options that were out-of-the-money as of June 30, 2020 and (ii) 46,396 and 46,502 common shares for the three and six months ended June 30, 2019, respectively, for stock options that were out-of-the-money as of June 30, 2019. Refer to the “Stock-Based Compensation” footnote for more information on the Company’s service-based awards, market-based awards and stock options. The Company had the option to settle conversions of the 2020 Convertible Senior Notes with cash, shares of common stock or any combination thereof. As the conversion value of the 2020 Convertible Senior Notes did not exceed the principal amount of the notes for any time during the conversion period ending April 1, 2020, there was no impact to diluted earnings per share or the related disclosures for the periods ending June 30, 2020 and 2019.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2020
COMMITMENTS AND CONTINGENCIES [Abstract]
COMMITMENTS AND CONTINGENCIES	14. COMMITMENTS AND CONTINGENCIES Chapter 11 Proceedings — Delivery Commitments — Litigation — it is the opinion of the Company’s management that the loss for any litigation matters and claims that are reasonably possible to occur will not have a material adverse effect, individually or in the aggregate, on its consolidated financial position, cash flows or results of operations. The Company was involved in litigation related to a payment arrangement with a third party. In June 2020, the Company and the third party reached a settlement agreement resulting in the Company paying the third party a settlement amount of $14 million. Certain amounts were recognized in accrued liabilities and other in the consolidated balance sheets as of December 31, 2019 and general and administrative expenses in the consolidated statements of operations for the year ended December 31, 2019 as it was determined that a loss as a result of this litigation was probable. The Company recorded $3 million of additional litigation settlement expense in general and administrative expenses in the condensed consolidated statements of operations for the three and six months ended June 30, 2020 upon settling this litigation. Upon settlement, the Company agreed to indemnify a party involved in the litigation for any further claims resulting from the matters involved in the case up to $25 million. This indemnity will terminate on the later of: (i) June 30, 2021 or (ii) the date on which the statute of limitations for the relevant claims expires. The Company does not expect to pay additional amounts to this party as a result of this indemnity, and thus has not recorded any liability related to the indemnity as of June 30, 2020.

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	6 Months Ended
	Jun. 30, 2020
BASIS OF PRESENTATION [Abstract]
Voluntary Reorganization under Chapter 11 of the Bankruptcy Code	Voluntary Reorganization under Chapter 11 of the Bankruptcy Code In re Whiting Petroleum Corporation, et al. On July 1, 2020, the Bankruptcy Court entered an order approving the Debtors’ disclosure statement, allowing for solicitation of the Debtors’ chapter 11 plan of reorganization (the “Plan”) to commence. A Bankruptcy Court hearing to consider confirmation of the Plan is scheduled to be held on August 10, 2020. The commencement of a voluntary proceeding in bankruptcy constituted an immediate event of default under Whiting Oil and Gas’ credit agreement (the “Credit Agreement”) and the indentures governing the Company’s senior notes, resulting in the automatic and immediate acceleration of all of the Company’s debt outstanding. The Company has applied FASB ASC Topic 852 – Reorganizations which specifies the accounting and financial reporting requirements for entities reorganizing through chapter 11 bankruptcy proceedings. These requirements include distinguishing transactions associated with the reorganization separate from activities related to the ongoing operations of the business. Accordingly, pre-petition liabilities that may be impacted by the chapter 11 proceedings have been classified as liabilities subject to compromise on the condensed consolidated balance sheet as of June 30, 2020. Additionally, certain expenses, realized gains and losses and provisions for losses that are realized or incurred during the Chapter 11 Cases, including adjustments to the carrying value of certain indebtedness are recorded as reorganization items, net in the condensed consolidated statements of operations for the three and six months ended June 30, 2020.
Ability to Continue as a Going Concern	Ability to Continue as a Going Concern As discussed above, the filing of the Chapter 11 Cases constituted an event of default under the Company’s outstanding debt agreements, resulting in the automatic and immediate acceleration of all of the Company’s debt outstanding. The Company projects that it will not have sufficient cash on hand or available liquidity to repay such debt. These conditions and events raise substantial doubt about the Company’s ability to continue as a going concern. As part of the Chapter 11 Cases, the Company submitted the Plan to the Bankruptcy Court. The Company’s operations and its ability to develop and execute its business plan are subject to a high degree of risk and uncertainty associated with the Chapter 11 Cases. The outcome of the Chapter 11 Cases is subject to a high degree of uncertainty and is dependent upon factors that are outside of the Company’s control, including actions of the Bankruptcy Court and the Company’s creditors. There can be no assurance that the Company will confirm and consummate the plan of reorganization as contemplated by the restructuring support agreement (“RSA”) with certain holders of the Company’s senior notes or complete another plan of reorganization with respect to the Chapter 11 Cases. As a result, the Company has concluded that management’s plans do not alleviate substantial doubt about the Company’s ability to continue as a going concern. While operating as a debtor-in-possession, the Company may sell or otherwise dispose of or liquidate assets or settle liabilities, subject to the approval of the Bankruptcy Court or as otherwise permitted in the ordinary course of business, for amounts other than those reflected in the accompanying condensed consolidated financial statements. Further, the Plan or other bankruptcy proceedings could materially change the amounts and classifications of assets and liabilities reported in the condensed consolidated financial statements, including liabilities subject to compromise which will be resolved in connection with the Chapter 11 Cases. The accompanying condensed consolidated financial statements do not include any adjustments related to the recoverability and classification of assets or the amounts and classification of liabilities or any other adjustments that might be necessary should the Company be unable to continue as a going concern or as a consequence of the Chapter 11 Cases.
Condensed Consolidated Financial Statements	Condensed Consolidated Financial Statements
Reclassifications	Reclassifications —
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash — Restricted cash as of June 30, 2020 includes $23 million of funds related to derivative termination settlements that were directed by the counterparty to be held in a segregated account until the Company emerges from chapter 11 bankruptcy, at which point the Company intends to apply the funds toward its outstanding borrowings under the Credit Agreement. Refer to the “Derivative Financial Instruments” footnote for additional information on terminated derivative settlements. Additionally, $4 million of the restricted cash balance as of June 30, 2020 consists of amounts set aside as adequate assurance for certain utility and credit card providers, which funds will also be restricted until the Company emerges from chapter 11 bankruptcy. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets and statements of cash flows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ 2020 ​ 2019 Cash and cash equivalents ​ $ 492,088 ​ $ 8,652 Restricted cash ​ ​ 26,787 ​ ​ - Total cash, cash equivalents and restricted cash ​ $ 518,875 ​ $ 8,652 ​
Accounts Receivable Trade	Accounts Receivable Trade — The Company routinely evaluates expected credit losses for all material trade and other receivables to determine if an allowance for credit losses is warranted. Expected credit losses are estimated based on (i) historic loss experience for pools of receivable balances with similar characteristics, (ii) the length of time balances have been outstanding and (iii) the economic status of each counterparty. These loss estimates are then adjusted for current and expected future economic conditions, which may include an assessment of the probability of non-payment, financial distress or expected future commodity prices and the impact that any current or future conditions could have on a counterparty’s credit quality and liquidity. As of June 30, 2020 and December 31, 2019, the Company had an allowance for credit losses of $11 million and $9 million, respectively.

BASIS OF PRESENTATION (Tables)

BASIS OF PRESENTATION (Tables)	6 Months Ended
	Jun. 30, 2020
BASIS OF PRESENTATION [Abstract]
Reconciliation Of cash, cash equivalents and restricted cash	The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets and statements of cash flows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ 2020 ​ 2019 Cash and cash equivalents ​ $ 492,088 ​ $ 8,652 Restricted cash ​ ​ 26,787 ​ ​ - Total cash, cash equivalents and restricted cash ​ $ 518,875 ​ $ 8,652

CHAPTER 11 CASES (Tables)

CHAPTER 11 CASES (Tables)	6 Months Ended
	Jun. 30, 2020
CHAPTER 11 CASE [Abstract]
Schedule of liabilities subject to compromise	The following table summarizes the components of liabilities subject to compromise included in the condensed consolidated balance sheets (in thousands): ​ ​ ​ ​ ​ ​ June 30, 2020 Debt subject to compromise ​ $ 2,368,497 Accounts payable trade ​ ​ 48,434 Accrued liabilities and other ​ ​ 63,557 Accrued interest on debt subject to compromise ​ ​ 30,028 Asset retirement obligations (1) ​ ​ 39,022 Total liabilities subject to compromise ​ $ 2,549,538 (1) Amount relates to an executory contract for certain offshore facilities in California.
Components of reorganization items	​ ​ ​ ​ ​ ​ Three and Six Months Ended ​ ​ June 30, 2020 Legal and professional advisory fees (1) ​ $ 26,668 Write-off of unamortized debt issuance costs and premium (2) ​ ​ 15,145 Total reorganization items, net ​ $ 41,813 (1) As of June 30, 2020, $23 million of these fees are accrued and unpaid and are presented in accrued liabilities and other in the condensed consolidated balance sheet. The remaining $4 million represents cash charges for the three and six months ended June 30, 2020. ​ (2) Non-cash reorganization item. Refer to the “Long-Term Debt” footnote for further information .

OIL AND GAS PROPERTIES (Tables)

OIL AND GAS PROPERTIES (Tables)	6 Months Ended
	Jun. 30, 2020
OIL AND GAS PROPERTIES [Abstract]
Net capitalized costs related to the Company's oil and gas producing activities	Net capitalized costs related to the Company’s oil and gas producing activities at June 30, 2020 and December 31, 2019 are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2020 2019 Costs of completed wells and facilities ​ $ 4,267,233 ​ $ 9,847,159 Proved leasehold costs ​ ​ 376,329 ​ ​ 2,702,236 Unproved leasehold costs ​ ​ 90,561 ​ ​ 103,278 Wells and facilities in progress ​ ​ 86,098 ​ ​ 159,334 Total oil and gas properties, successful efforts method ​ ​ 4,820,221 ​ ​ 12,812,007 Accumulated depletion ​ ​ (1,936,121) ​ ​ (5,656,929) Oil and gas properties, net ​ $ 2,884,100 ​ $ 7,155,078
Schedule of impairment expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ ​ 2020 ​ 2019 ​ 2020 ​ 2019 Impairment expense for unproved properties ​ $ 132 ​ $ 2,308 ​ $ 12,483 ​ $ 5,830

LONG-TERM DEBT (Tables)

LONG-TERM DEBT (Tables)	6 Months Ended
	Jun. 30, 2020
LONG-TERM DEBT [Abstract]
Schedule of long-term debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2020 2019 Credit Agreement ​ $ 912,259 ​ $ 375,000 1.25% Convertible Senior Notes due 2020 ​ ​ 186,592 ​ ​ 262,075 5.75% Senior Notes due 2021 ​ ​ 773,609 ​ ​ 773,609 6.25% Senior Notes due 2023 ​ ​ 408,296 ​ ​ 408,296 6.625% Senior Notes due 2026 ​ ​ 1,000,000 ​ ​ 1,000,000 Total principal ​ ​ 3,280,756 ​ ​ 2,818,980 Unamortized debt discounts and premiums (1) ​ ​ - ​ ​ (2,575) Unamortized debt issuance costs on notes (1) ​ ​ - ​ ​ (16,520) Total debt, prior to reclassification to liabilities subject to compromise ​ ​ 3,280,756 ​ ​ 2,799,885 Less amounts reclassified to liabilities subject to compromise (2) ​ ​ (2,368,497) ​ ​ - Total debt not subject to compromise (3) ​ ​ 912,259 ​ ​ 2,799,885 Less current portion of long-term debt (4) ​ ​ (912,259) ​ ​ - Total long-term debt ​ $ - ​ $ 2,799,885 (1) As a result of the Chapter 11 Cases and the adoption of ASC 852, the Company wrote off all unamortized premium and issuance cost balances to reorganization items, net in the condensed consolidated statements of operations for the three and six months ended June 30, 2020. Refer to the “Chapter 11 Cases” footnote for more information. (2) Debt subject to compromise includes the principal balances of all of the Company’s senior notes, which are unsecured claims in the Chapter 11 Cases. Refer to the “Basis of Presentation” and “Chapter 11 Cases” footnotes for more information. (3) Debt not subject to compromise includes all borrowings outstanding under the Credit Agreement, which are secured claims in the Chapter 11 Cases. Refer to the “Basis of Presentation” and “Chapter 11 Cases” footnotes for more information. (4) Due to uncertainties regarding the outcome of the Chapter 11 Cases, the Company has classified the borrowings outstanding under the Credit Agreement as current as of June 30, 2020. Refer to the “Basis of Presentation” and “Chapter 11 Cases” footnotes for more information.
Schedule of convertible senior notes	The 2020 Convertible Senior Notes consisted of the following at June 30, 2020 and December 31, 2019 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2020 2019 Liability component ​ ​ ​ ​ ​ ​ Principal ​ $ 186,592 ​ $ 262,075 Less: unamortized note discount ​ ​ - ​ ​ (2,829) Less: unamortized debt issuance costs ​ ​ - ​ ​ (220) Net carrying value ​ $ 186,592 ​ $ 259,026 Equity component (1) ​ $ 125,009 ​ $ 128,452 (1) Recorded in additional paid-in capital, net of $5 million of issuance costs and $50 million of deferred taxes.
Interest expense on convertible senior notes	The following table presents the interest expense recognized on the 2020 Convertible Senior Notes related to the stated interest rate and amortization of the debt discount for the three and six months ended June 30, 2020 and June 30, 2019 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ ​ 2020 ​ 2019 ​ 2020 ​ 2019 Interest expense on 2020 Convertible Senior Notes ​ $ - ​ $ 7,574 ​ $ 3,463 ​ $ 15,068

ASSET RETIREMENT OBLIGATIONS (T

ASSET RETIREMENT OBLIGATIONS (Tables)	6 Months Ended
	Jun. 30, 2020
ASSET RETIREMENT OBLIGATIONS [Abstract]
Schedule of reconciliation of the Company's asset retirement obligations	​ ​ ​ ​ Asset retirement obligation at January 1, 2020 ​ $ 134,893 Additional liability incurred ​ ​ 58 Revisions to estimated cash flows ​ ​ (1,243) Accretion expense ​ ​ 6,107 Obligations on sold properties ​ ​ (693) Liabilities settled ​ ​ (2,788) Asset retirement obligations reclassified to liabilities subject to compromise (1) ​ ​ (39,022) Asset retirement obligation at June 30, 2020 ​ $ 97,312 (1) Refer to the “Chapter 11 Cases” footnote for more information on liabilities subject to compromise .

DERIVATIVE FINANCIAL INSTRUME_2

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	6 Months Ended
	Jun. 30, 2020
DERIVATIVE FINANCIAL INSTRUMENTS [Abstract]
Derivative instruments	The table below details the Company’s swap derivatives entered into to hedge forecasted crude oil and natural gas production revenues as of June 30, 2020. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity ​ Settlement Period ​ Index ​ Derivative Instrument ​ Total Volumes (1) ​ Units ​ Weighted Average Swap Price Crude Oil ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Crude Oil ​ 2020 ​ NYMEX WTI ​ Fixed Price Swaps ​ 1,564,000 ​ Bbl ​ $40.96 Crude Oil ​ 2021 ​ NYMEX WTI ​ Fixed Price Swaps ​ 2,737,500 ​ Bbl ​ $40.05 ​ ​ ​ ​ ​ ​ Total ​ 4,301,500 ​ Bbl ​ ​ Natural Gas ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Natural Gas ​ 2021 ​ NYMEX Henry Hub ​ Fixed Price Swaps ​ 3,650,000 ​ MMBtu ​ $2.60 (1) Subsequent to June 30, 2020, the Company entered into additional swap contracts for 459,000 Bbl of crude oil volumes for the remainder of 2020 and additional collar contracts for 854,000 Bbl, 3,739,000 Bbl and 1,365,000 Bbl of crude oil volumes for the remainder of 2020, 2021 and the first nine months of 2022, respectively. The Company also entered into additional swap contracts for 3,650,000 MMBtu of natural gas volumes for 2021 and additional collar contracts for 3,660,000 MMBtu, 10,950,000 MMBtu and 8,190,000 MMBtu of natural gas volumes for the remainder of 2020, 2021 and the first nine months of 2022, respectively.
Schedule of effects of commodity derivative instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Gain) Loss Recognized in Income Not Designated as ​ Statements of Operations ​ Three Months Ended June 30, ASC 815 Hedges ​ Classification ​ 2020 ​ 2019 Commodity contracts ​ Derivative (gain) loss, net ​ $ 6,632 ​ $ (24,877) Total ​ ​ ​ $ 6,632 ​ $ (24,877) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Gain) Loss Recognized in Income Not Designated as ​ Statements of Operations ​ Six Months Ended June 30, ASC 815 Hedges Classification 2020 2019 Commodity contracts ​ Derivative (gain) loss, net ​ $ (224,739) ​ $ 38,028 Total ​ ​ ​ $ (224,739) ​ $ 38,028 ​
Location and fair value of derivative instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2020 (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net ​ ​ ​ ​ Gross ​ ​ ​ ​ Recognized ​ ​ ​ ​ Recognized ​ Gross ​ Fair Value Not Designated as ​ ​ ​ Assets/ ​ Amounts ​ Assets/ ASC 815 Hedges Balance Sheet Classification Liabilities Offset Liabilities Derivative assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity contracts - current ​ Prepaid expenses and other ​ $ 3,714 ​ $ (289) ​ $ 3,425 Commodity contracts - non-current ​ Other long-term assets ​ ​ 77 ​ ​ (77) ​ ​ - Total derivative assets ​ ​ ​ $ 3,791 ​ $ (366) ​ $ 3,425 Derivative liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity contracts - current ​ Accrued liabilities and other ​ $ 1,730 ​ $ (289) ​ $ 1,441 Commodity contracts - non-current ​ Other long-term liabilities ​ ​ 943 ​ ​ (77) ​ ​ 866 Total derivative liabilities ​ ​ ​ $ 2,673 ​ $ (366) ​ $ 2,307 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net ​ ​ ​ ​ Gross ​ ​ ​ ​ Recognized ​ ​ ​ ​ Recognized ​ Gross ​ Fair Value Not Designated as ​ ​ ​ Assets/ ​ Amounts ​ Assets/ ASC 815 Hedges Balance Sheet Classification Liabilities Offset Liabilities Derivative assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity contracts - current ​ Prepaid expenses and other ​ $ 75,654 ​ $ (74,768) ​ $ 886 Commodity contracts - non-current ​ Other long-term assets ​ ​ 5,648 ​ ​ (5,648) ​ ​ - Total derivative assets ​ ​ ​ $ 81,302 ​ $ (80,416) ​ $ 886 Derivative liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity contracts - current ​ Accrued liabilities and other ​ $ 85,053 ​ $ (74,768) ​ $ 10,285 Commodity contracts - non-current ​ Other long-term liabilities ​ ​ 6,534 ​ ​ (5,648) ​ ​ 886 Total derivative liabilities ​ ​ ​ $ 91,587 ​ $ (80,416) ​ $ 11,171 (1) Because substantially all of the counterparties to the Company’s financial derivative contracts subject to master netting arrangements are lenders under the Credit Agreement, which eliminates its need to post or receive collateral associated with its derivative positions, columns for cash collateral pledged or received have not been presented in these tables.

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Jun. 30, 2020
FAIR VALUE MEASUREMENTS [Abstract]
Summary of the fair values and carrying value of debt instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2020 ​ December 31, 2019 ​ ​ Fair ​ Carrying ​ Fair ​ Carrying ​ Value (1) Value (2) Value (1) Value (2) 1.25% Convertible Senior Notes due 2020 ​ $ 35,452 ​ $ 186,592 ​ $ 260,214 ​ $ 259,026 5.75% Senior Notes due 2021 ​ ​ 148,920 ​ ​ 773,609 ​ ​ 732,995 ​ ​ 772,080 6.25% Senior Notes due 2023 ​ ​ 78,597 ​ ​ 408,296 ​ ​ 343,989 ​ ​ 405,392 6.625% Senior Notes due 2026 ​ ​ 192,500 ​ ​ 1,000,000 ​ ​ 681,250 ​ ​ 988,387 Total ​ $ 455,469 ​ $ 2,368,497 ​ $ 2,018,448 ​ $ 2,424,885 (1) Fair values are based on quoted market prices for these debt securities, and such fair values are therefore designated as Level 1 within the valuation hierarchy. (2) Carrying values are presented net of unamortized debt issuance costs and debt discounts or premiums. All unamortized debt issuance costs and debt discounts and premiums were written off in April 2020 as a result of the Chapter 11 Cases and the adoption of ASC 852. Refer to the “Chapter 11 Cases” footnote for more information.
Fair value assets and liabilities measured on a recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Fair Value ​ Level 1 Level 2 Level 3 June 30, 2020 Financial Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity derivatives – current ​ $ - ​ $ 3,425 ​ $ - ​ $ 3,425 Total financial assets ​ $ - ​ $ 3,425 ​ $ - ​ $ 3,425 Financial Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity derivatives – current ​ $ - ​ $ 1,441 ​ $ - ​ $ 1,441 Commodity derivatives – non-current ​ ​ - ​ ​ 866 ​ ​ - ​ ​ 866 Total financial liabilities ​ $ - ​ $ 2,307 ​ $ - ​ $ 2,307 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Fair Value ​ Level 1 Level 2 Level 3 December 31, 2019 Financial Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity derivatives – current ​ $ - ​ $ 886 ​ $ - ​ $ 886 Total financial assets ​ $ - ​ $ 886 ​ $ - ​ $ 886 Financial Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity derivatives – current ​ $ - ​ $ 10,285 ​ $ - ​ $ 10,285 Commodity derivatives – non-current ​ ​ - ​ ​ 886 ​ ​ - ​ ​ 886 Total financial liabilities ​ $ - ​ $ 11,171 ​ $ - ​ $ 11,171
Non-financial assets and liabilities measured at fair value on a nonrecurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loss (Before ​ ​ Net Carrying ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tax) Six ​ ​ Value as of ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Months Ended ​ ​ March 31, ​ Fair Value Measurements Using ​ June 30, ​ 2020 Level 1 Level 2 Level 3 2020 Proved property (1) ​ $ 816,234 ​ $ - ​ $ - ​ $ 816,234 ​ $ 3,732,096 (1) During the first quarter of 2020, certain proved oil and gas properties across the Company’s Williston Basin resource play with a previous carrying amount of $4.5 billion were written down to their fair value as of March 31, 2020 of $816 million, resulting in a non-cash impairment charge of $3.7 billion, which was recorded within exploration and impairment expense. These impaired properties were written down due to a reduction in anticipated future cash flows primarily driven by an expectation of sustained depressed oil prices and a resultant decline in future development plans for the properties. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loss (Before ​ ​ Net Carrying ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tax) Three and Six ​ ​ Value as of ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Months Ended ​ ​ June 30, ​ Fair Value Measurements Using ​ June 30, ​ 2020 Level 1 Level 2 Level 3 2020 Proved property (2) ​ $ 85,418 ​ $ - ​ $ - ​ $ 85,418 ​ $ 409,079 (2) During the second quarter of 2020, other proved oil and gas properties in the Company’s Williston Basin resource play with a previous carrying amount of $494 million were written down to their fair value as of June 30, 2020 of $85 million, resulting in a non-cash impairment charge of $409 million, which was recorded within exploration and impairment expense. These impaired properties were written down due to a reduction in anticipated future cash flows primarily driven by an expectation of sustained depressed oil prices and a resultant decline in future development plans for the properties assessed during the second quarter of 2020.

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	6 Months Ended
	Jun. 30, 2020
REVENUE RECOGNITION [Abstract]
Summary of revenue disaggregation	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ 2020 ​ 2019 ​ 2020 ​ 2019 OPERATING REVENUES ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Oil sales ​ $ 91,904 ​ $ 403,870 ​ $ 323,849 ​ $ 763,324 NGL and natural gas sales (1) ​ ​ (304) ​ ​ 22,394 ​ ​ 12,597 ​ ​ 52,429 Oil, NGL and natural gas sales ​ $ 91,600 ​ $ 426,264 ​ $ 336,446 ​ $ 815,753 (1) Negative NGL and natural gas sales revenue is a result of third-party transportation, gathering and processing costs exceeding the average price realized for certain NGL and natural gas volumes sold during the three months ended June 30, 2020.

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	6 Months Ended
	Jun. 30, 2020
STOCK-BASED COMPENSATION [Abstract]
Assumption for valuing market based restricted shares	​ ​ ​ ​ ​ ​ ​ 2020 2019 Number of simulations 2,500,000 2,500,000 Expected volatility 76.52% ​ 72.95% Risk-free interest rate 1.51% ​ 2.60% Dividend yield — —
Summary of nonvested shares	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Awards ​ Weighted Average ​ ​ Service ‑ Based ​ Market-Based ​ Grant Date ​ RSAs & RSUs PSAs & PSUs Fair Value Nonvested awards, January 1 467,502 448,387 ​ $ 28.28 Granted 53,198 1,665,153 ​ 4.33 Vested (181,728) - ​ 27.52 Forfeited (128,870) (1,773,101) ​ 7.53 Nonvested awards, June 30 210,102 340,439 ​ $ 25.45

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2020
EARNINGS PER SHARE [Abstract]
Reconciliations between basic and diluted earnings per share	The reconciliations between basic and diluted earnings (loss) per share are as follows (in thousands, except per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ 2020 2019 2020 2019 Basic Loss Per Share ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net loss ​ $ (574,315) ​ $ (5,687) ​ $ (4,202,886) ​ $ (74,612) Weighted average shares outstanding ​ ​ 91,429 ​ ​ 91,286 ​ ​ 91,409 ​ ​ 91,261 Loss per common share ​ $ (6.28) ​ $ (0.06) ​ $ (45.98) ​ $ (0.82) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted Loss Per Share ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net loss ​ $ (574,315) ​ $ (5,687) ​ $ (4,202,886) ​ $ (74,612) Weighted average shares outstanding ​ ​ 91,429 ​ ​ 91,286 ​ ​ 91,409 ​ ​ 91,261 Loss per common share ​ $ (6.28) ​ $ (0.06) ​ $ (45.98) ​ $ (0.82)

BASIS OF PRESENTATION (Details)

BASIS OF PRESENTATION (Details) - USD ($) $ in Millions	Jun. 30, 2020	Apr. 30, 2020	Dec. 31, 2019
BASIS OF PRESENTATION [Abstract]
Derivative instrument proceeds held in escrow	$ 23	$ 23
Restricted cash for utility and credit card providers	4
Allowance for credit losses	$ 11		$ 9

BASIS OF PRESENTATION (Reconcil

BASIS OF PRESENTATION (Reconciliation) (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019	Dec. 31, 2018
BASIS OF PRESENTATION [Abstract]
Cash and cash equivalents	$ 492,088	$ 8,652
Restricted cash	26,787
Total cash, cash equivalents and restricted cash	$ 518,875	$ 8,652	$ 6,680	$ 13,607

CHAPTER 11 CASES (Details)

CHAPTER 11 CASES (Details) $ in Thousands	Jul. 31, 2020USD ($)claim	Jun. 30, 2020USD ($)	Apr. 23, 2020
Liabilities Subject to Compromise
Debt subject to compromise		$ 2,368,497
Accounts payable trade		48,434
Accrued liabilities and other		63,557
Accrued interest on debt subject to compromise		30,028
Asset retirement obligations		39,022
Total liabilities subject to compromise		2,549,538
Number of claims filed | claim	1,600
Amount of claims filed	$ 2,800,000
Interest expense not recognized		$ 34,000
Whiting Petroleum Corporation [Member] | Senior Notes Holders [Member]
Chapter 11 Cases
Majority ownership (as a percent)			97.00%
Whiting Petroleum Corporation [Member] | Existing Stockholders [Member]
Chapter 11 Cases
Minority ownership (as a percent)			3.00%

CHAPTER 11 CASES - Reorganizati

CHAPTER 11 CASES - Reorganization Items (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2020
CHAPTER 11 CASE [Abstract]
Legal and professional advisory fees		$ 26,668
Write-off of unamortized debt issuance costs and premium		15,145
Total reorganization items, net	$ 41,813	41,813
Reorganization legal and professional fees accrued		23,000
Reorganization legal and professional fees paid		$ 4,000

OIL AND GAS PROPERTIES (Details

OIL AND GAS PROPERTIES (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Oil and gas properties
Costs of completed wells and facilities	$ 4,267,233		$ 4,267,233		$ 9,847,159
Proved leasehold costs	376,329		376,329		2,702,236
Unproved leasehold costs	90,561		90,561		103,278
Wells and facilities in progress	86,098		86,098		159,334
Total oil and gas properties, successful efforts method	4,820,221		4,820,221		12,812,007
Accumulated depletion	(1,936,121)		(1,936,121)		(5,656,929)
Oil and gas properties, net	2,884,100		2,884,100		$ 7,155,078
Unproved Properties [Member]
Oil and gas properties
Impairment of properties	$ 132	$ 2,308	$ 12,483	$ 5,830

ACQUISITIONS AND DIVESTITURES (

ACQUISITIONS AND DIVESTITURES (Divestitures) (Details) $ in Thousands	Jan. 09, 2020USD ($)item	Aug. 15, 2019USD ($)item	Jul. 29, 2019USD ($)item	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)
Dispositions
Proceeds from sale of properties				$ 28,243	$ 15,444
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | McKenzie, Mountrail And Williams Counties [Member]
Dispositions
Number of well sold | item	30		137
Proceeds from sale of properties	$ 25,000
Proceeds from sale of oil and gas properties			$ 27,000
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Richland County, Montana And Mountrail and Williams Counties [Member]
Dispositions
Number of well sold | item		58
Proceeds from sale of oil and gas properties		$ 26,000

LONG-TERM DEBT (Schedule of lon

LONG-TERM DEBT (Schedule of long-term debt) (Details) - USD ($) $ in Thousands	Apr. 01, 2020	Jun. 30, 2020	Dec. 31, 2019	Dec. 31, 2017	Mar. 31, 2015	Sep. 30, 2013
Debt Instrument [Line Items]
Total principal		$ 3,280,756	$ 2,818,980
Unamortized debt discounts and premiums			(2,575)
Unamortized debt issuance costs on notes			(16,520)
Total debt, prior to reclassification to liabilities subject to compromise		3,280,756	2,799,885
Less amounts reclassified to liabilities subject to compromise		(2,368,497)
Total debt not subject to compromise		912,259	2,799,885
Less current portion of long-term debt		(912,259)
Total long-term debt			2,799,885
Credit Agreement [Member]
Debt Instrument [Line Items]
Total principal		912,259	375,000
1.25% Convertible Senior Notes due 2020 [Member]
Debt Instrument [Line Items]
Total principal		$ 186,592	262,075
Unamortized debt issuance costs on notes			(220)		$ (25,000)
Interest rate on debt instrument (as a percent)		1.25%
Payment due and not made	$ 187,000
5.75% Senior Notes due 2021 [Member]
Debt Instrument [Line Items]
Total principal		$ 773,609	773,609
Interest rate on debt instrument (as a percent)		5.75%				5.75%
6.25% Senior Notes due 2023 [Member]
Debt Instrument [Line Items]
Total principal		$ 408,296	408,296
Interest rate on debt instrument (as a percent)		6.25%			6.25%
6.625% Senior Notes due 2026 [Member]
Debt Instrument [Line Items]
Total principal		$ 1,000,000	$ 1,000,000
Interest rate on debt instrument (as a percent)		6.625%		6.625%

LONG-TERM DEBT (Credit agreemen

LONG-TERM DEBT (Credit agreement) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2020USD ($)
Credit Agreement [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity of credit facility	$ 2,050,000
Maximum aggregate commitments	1,750,000
Outstanding borrowings under credit facility	912,000,000
Portion of line of credit available for issuance of letters of credit	50,000
Letters of credit borrowings outstanding	$ 2,000
Default basis spread (as a percent)	2.00%
Weighted average interest rate	4.70%
Retained earnings free from restrictions	$ 0
Minimum consolidated current assets to consolidated current liabilities ratio	1
Total debt to EBITDAX ratio	4
Aggregate principal amount	$ 100,000
Credit Agreement [Member] | Minimum [Member]
Debt Instrument [Line Items]
Commitment Fee (as a percent)	0.375%
Credit Agreement [Member] | Maximum [Member]
Debt Instrument [Line Items]
Commitment Fee (as a percent)	0.50%
Credit Agreement [Member] | Base Rate [Member] | Minimum [Member]
Debt Instrument [Line Items]
Basis points added to reference rate (as a percent)	0.50%
Credit Agreement [Member] | Base Rate [Member] | Maximum [Member]
Debt Instrument [Line Items]
Basis points added to reference rate (as a percent)	1.50%
Credit Agreement [Member] | Fed Funds Rate [Member]
Debt Instrument [Line Items]
Basis points added to reference rate (as a percent)	0.50%
Credit Agreement [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Basis points added to reference rate (as a percent)	1.00%
Credit Agreement [Member] | Eurodollar [Member] | Minimum [Member]
Debt Instrument [Line Items]
Basis points added to reference rate (as a percent)	1.50%
Credit Agreement [Member] | Eurodollar [Member] | Maximum [Member]
Debt Instrument [Line Items]
Basis points added to reference rate (as a percent)	2.50%
Senior Notes And Senior Convertible Notes [Member]
Debt Instrument [Line Items]
Aggregate principal amount	$ 100,000
Senior Notes 2021 [Member]
Debt Instrument [Line Items]
Aggregate principal amount	$ 50,000
Credit Agreement Maturing April 12, 2023 [Member]
Debt Instrument [Line Items]
Maturity period	91 days

LONG-TERM DEBT (Senior notes) (

LONG-TERM DEBT (Senior notes) (Details) - USD ($) $ in Thousands, shares in Millions	1 Months Ended		6 Months Ended	12 Months Ended
	Oct. 31, 2019	Sep. 30, 2019	Jun. 30, 2020	Dec. 31, 2016	Apr. 01, 2020	Dec. 31, 2019	Dec. 31, 2017	Mar. 31, 2015	Sep. 30, 2013
Debt Instrument [Line Items]
Gain (loss) on extinguishment of debt			$ 25,883
Total principal			$ 3,280,756			$ 2,818,980
Senior Notes [Member]
Debt Instrument [Line Items]
Interest rate on debt instrument (as a percent)					1.25%
Aggregate principal amount converted into shares				$ 668,000
Number of shares upon settlement of conversion				16.3
5.75% Senior Notes due 2021 [Member]
Debt Instrument [Line Items]
Interest rate on debt instrument (as a percent)			5.75%						5.75%
Debt, effective interest rate			5.50%
Aggregate principal amount converted into shares				$ 326,000
Notes repurchased, principal amount	$ 75,000	$ 25,000
Percentage of redemption price	95.467%	94.708%
Gain (loss) on extinguishment of debt	$ 3,000	$ 1,000
Repurchase of notes	$ 72,000	$ 24,000
Total principal			$ 773,609			773,609
5.75% Senior Notes due 2021, Par [Member]
Debt Instrument [Line Items]
Notes Issued									$ 800,000
Interest rate on debt instrument (as a percent)									5.75%
5.75% Senior Notes due 2021, Premium [Member]
Debt Instrument [Line Items]
Notes Issued									$ 400,000
Premium as a percentage of par									101.00%
6.25% Senior Notes due 2023 [Member]
Debt Instrument [Line Items]
Notes Issued								$ 750,000
Interest rate on debt instrument (as a percent)			6.25%					6.25%
Aggregate principal amount converted into shares				$ 342,000
Total principal			$ 408,296			408,296
6.625% Senior Notes due 2026 [Member]
Debt Instrument [Line Items]
Notes Issued							$ 1,000,000
Interest rate on debt instrument (as a percent)			6.625%				6.625%
Total principal			$ 1,000,000			$ 1,000,000

LONG-TERM DEBT (2020 Convertibl

LONG-TERM DEBT (2020 Convertible senior notes) (Details) - USD ($) $ in Thousands, shares in Millions	Apr. 01, 2020	Mar. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Mar. 31, 2015	Mar. 31, 2020	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2016	Dec. 31, 2019
Debt Instrument [Line Items]
Debt finance cost										$ 16,520
Gain (loss) on extinguishment of debt							$ 25,883
Amortization of debt issuance costs, debt discount and debt premium							9,786	$ 15,734
Adjustment to equity component of 2020 Convertible Senior Notes						$ 3,461
Carrying value of debt instrument							3,280,756			2,818,980
1.25% Convertible Senior Notes due 2020 [Member]
Debt Instrument [Line Items]
Principal					$ 1,250,000		$ 186,592			262,075
Interest rate on debt instrument (as a percent)							1.25%
Net proceeds					1,200,000
Debt finance cost					25,000					220
Aggregate principal amount converted into shares		$ 3,000							$ 688,000
Number of shares upon settlement of conversion									17.8
Repurchase of notes			$ 53,000	$ 299,000
Notes repurchased, principal amount			$ 73,000	$ 300,000		$ 73,000
Principal amount of debt redeemed (as a percent)			72.50%
Percentage of redemption price				99.00%
Gain (loss) on extinguishment of debt			$ 23,000	$ 4,000			$ 3,000
Non cash charges			200	7,000
Transaction costs				1,000
Adjustment to equity component of 2020 Convertible Senior Notes			$ 3,000	8,000
Equity component of convertible debt, deferred taxes				$ 0
Carrying value of debt instrument							$ 186,592			262,075
Payment due and not made	$ 187,000
Debt, effective interest rate							5.60%
Estimated fair value of Notes					1,000,000
Debt discount					$ 238,000					$ 2,829

LONG-TERM DEBT (Schedule of con

LONG-TERM DEBT (Schedule of convertible senior notes) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Sep. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019	Mar. 31, 2015
Debt Instrument [Line Items]
Less: unamortized debt issuance costs						$ (16,520)
Interest expense		$ 16,425	$ 48,728	$ 61,675	$ 96,827
Percentage of owned subsidiaries				100.00%
1.25% Convertible Senior Notes due 2020 [Member]
Debt Instrument [Line Items]
Principal		186,592		$ 186,592		262,075	$ 1,250,000
Less: unamortized note discount						(2,829)	(238,000)
Less: unamortized debt issuance costs						(220)	$ (25,000)
Net carrying value		186,592		186,592		259,026
Equity component of convertible debt, deferred taxes	$ 0
Interest expense			$ 7,574	3,463	$ 15,068
Equity Component Of Convertible Senior Note [Member]
Debt Instrument [Line Items]
Less: unamortized debt issuance costs		(5,000)		(5,000)		(5,000)
Equity component		$ 125,009		125,009		128,452
Equity component of convertible debt, deferred taxes				$ 50,000		$ 50,000

ASSET RETIREMENT OBLIGATIONS (D

ASSET RETIREMENT OBLIGATIONS (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Asset Retirement Obligations
Asset retirement obligations, current portion	$ 5,000	$ 4,000
Reconciliation of the Company's asset retirement obligations
Balance at the beginning of the period	134,893
Additional liability incurred	58
Revisions to estimated cash flows	(1,243)
Accretion expense	6,107
Obligations on sold properties	(693)
Liabilities settled	(2,788)
Asset retirement obligations reclassified to liabilities subject to compromise	(39,022)
Balance at the end of the period	$ 97,312

DERIVATIVE FINANCIAL INSTRUME_3

DERIVATIVE FINANCIAL INSTRUMENTS (Instruments) (Details) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Apr. 30, 2020USD ($)	Jun. 30, 2020USD ($)bblMMBTU$ / MMBTU$ / bbl	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)bblMMBTU$ / MMBTU$ / bbl	Jun. 30, 2019USD ($)	Jul. 01, 2020bblMMBTU
Derivative Financial Instruments [Line Items]
Derivative settlement | $	$ 145,000
Derivative gain (loss), net | $		$ (6,632)	$ 24,877	$ 224,739	$ (38,028)
Derivative instrument proceeds held in escrow | $	23,000	$ 23,000		$ 23,000
March 2020 [Member]
Derivative Financial Instruments [Line Items]
Derivative gain (loss), net | $	$ 13,000
Crude Oil [Member]
Derivative Financial Instruments [Line Items]
Aggregate notional amount of price risk derivatives		4,301,500		4,301,500
Crude Oil [Member] | 2020 [Member] | Fixed Price Swaps [Member]
Derivative Financial Instruments [Line Items]
Aggregate notional amount of price risk derivatives		1,564,000		1,564,000		459,000
Weighted Average Swap Price | $ / bbl		40.96		40.96
Crude Oil [Member] | 2020 [Member] | Two-way Collars [Member]
Derivative Financial Instruments [Line Items]
Aggregate notional amount of price risk derivatives						854,000
Crude Oil [Member] | 2021 [Member]
Derivative Financial Instruments [Line Items]
Aggregate notional amount of price risk derivatives						3,739,000
Crude Oil [Member] | 2021 [Member] | Fixed Price Swaps [Member]
Derivative Financial Instruments [Line Items]
Aggregate notional amount of price risk derivatives		2,737,500		2,737,500
Weighted Average Swap Price | $ / bbl		40.05		40.05
Crude Oil [Member] | 2022 [Member]
Derivative Financial Instruments [Line Items]
Aggregate notional amount of price risk derivatives						1,365,000
Natural Gas [Member] | 2020 [Member]
Derivative Financial Instruments [Line Items]
Aggregate notional amount of price risk derivatives | MMBTU						3,660,000
Natural Gas [Member] | 2021 [Member] | Fixed Price Swaps [Member]
Derivative Financial Instruments [Line Items]
Aggregate notional amount of price risk derivatives | MMBTU		3,650,000		3,650,000		3,650,000
Weighted Average Swap Price | $ / MMBTU		2.60		2.60
Natural Gas [Member] | 2021 [Member] | Two-way Collars [Member]
Derivative Financial Instruments [Line Items]
Aggregate notional amount of price risk derivatives | MMBTU						10,950,000
Natural Gas [Member] | 2022 [Member]
Derivative Financial Instruments [Line Items]
Aggregate notional amount of price risk derivatives						8,190,000

DERIVATIVE FINANCIAL INSTRUME_4

DERIVATIVE FINANCIAL INSTRUMENTS (Effects of derivatives) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Derivative Financial Instruments [Line Items]
Derivative (gain) loss, net	$ 6,632	$ (24,877)	$ (224,739)	$ 38,028
Not Designated as ASC 815 Hedges [Member]
Derivative Financial Instruments [Line Items]
Derivative (gain) loss, net	6,632	(24,877)
Commodity contracts [Member] | Not Designated as ASC 815 Hedges [Member]
Derivative Financial Instruments [Line Items]
Derivative (gain) loss, net	$ 6,632	$ (24,877)	$ (224,739)	$ 38,028

DERIVATIVE FINANCIAL INSTRUME_5

DERIVATIVE FINANCIAL INSTRUMENTS (Asset location) (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Gross amounts of derivative assets and gross amounts offset [Line Items]
Total financial assets	$ 3,425	$ 886
Commodity contracts [Member] | Not Designated as ASC 815 Hedges [Member]
Gross amounts of derivative assets and gross amounts offset [Line Items]
Gross Amounts of Recognized Assets	3,791	81,302
Gross Amounts Offset	(366)	(80,416)
Total financial assets	3,425	886
Commodity contracts [Member] | Not Designated as ASC 815 Hedges [Member] | Prepaid Expenses and Other [Member]
Gross amounts of derivative assets and gross amounts offset [Line Items]
Gross Amounts of Recognized Assets	3,714	75,654
Gross Amounts Offset	(289)	(74,768)
Total financial assets	3,425	886
Commodity contracts [Member] | Not Designated as ASC 815 Hedges [Member] | Other long-term assets [Member]
Gross amounts of derivative assets and gross amounts offset [Line Items]
Gross Amounts of Recognized Assets	77	5,648
Gross Amounts Offset	$ (77)	$ (5,648)

DERIVATIVE FINANCIAL INSTRUME_6

DERIVATIVE FINANCIAL INSTRUMENTS (Liability location) (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Gross amounts of derivative liabilities and gross amounts offset [Line Items]
Total financial liabilities	$ 2,307	$ 11,171
Commodity contracts [Member] | Not Designated as ASC 815 Hedges [Member]
Gross amounts of derivative liabilities and gross amounts offset [Line Items]
Gross Amounts of Recognized Liabilities	2,673	91,587
Gross Amounts Offset	(366)	(80,416)
Total financial liabilities	2,307	11,171
Commodity contracts [Member] | Accrued liabilities and other [Member] | Not Designated as ASC 815 Hedges [Member]
Gross amounts of derivative liabilities and gross amounts offset [Line Items]
Gross Amounts of Recognized Liabilities	1,730	85,053
Gross Amounts Offset	(289)	(74,768)
Total financial liabilities	1,441	10,285
Commodity contracts [Member] | Other long-term liabilities [Member] | Not Designated as ASC 815 Hedges [Member]
Gross amounts of derivative liabilities and gross amounts offset [Line Items]
Gross Amounts of Recognized Liabilities	943	6,534
Gross Amounts Offset	(77)	(5,648)
Total financial liabilities	$ 866	$ 886

FAIR VALUE MEASUREMENTS (Debt i

FAIR VALUE MEASUREMENTS (Debt instruments) (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019	Dec. 31, 2017	Mar. 31, 2015	Sep. 30, 2013
Fair Value [Member]
Debt Instrument [Line Items]
Debt Instrument, Fair Value Disclosure	$ 455,469	$ 2,018,448
Carrying Value [Member]
Debt Instrument [Line Items]
Debt Instrument, Fair Value Disclosure	$ 2,368,497	2,424,885
1.25% Convertible Senior Notes due 2020 [Member]
Debt Instrument [Line Items]
Debt Instrument, Fair Value Disclosure				$ 1,000,000
Interest Rate (as a percent)	1.25%
1.25% Convertible Senior Notes due 2020 [Member] | Fair Value [Member]
Debt Instrument [Line Items]
Debt Instrument, Fair Value Disclosure	$ 35,452	260,214
1.25% Convertible Senior Notes due 2020 [Member] | Carrying Value [Member]
Debt Instrument [Line Items]
Debt Instrument, Fair Value Disclosure	$ 186,592	259,026
5.75% Senior Notes due 2021 [Member]
Debt Instrument [Line Items]
Interest Rate (as a percent)	5.75%				5.75%
5.75% Senior Notes due 2021 [Member] | Fair Value [Member]
Debt Instrument [Line Items]
Debt Instrument, Fair Value Disclosure	$ 148,920	732,995
5.75% Senior Notes due 2021 [Member] | Carrying Value [Member]
Debt Instrument [Line Items]
Debt Instrument, Fair Value Disclosure	$ 773,609	772,080
6.25% Senior Notes due 2023 [Member]
Debt Instrument [Line Items]
Interest Rate (as a percent)	6.25%			6.25%
6.25% Senior Notes due 2023 [Member] | Fair Value [Member]
Debt Instrument [Line Items]
Debt Instrument, Fair Value Disclosure	$ 78,597	343,989
6.25% Senior Notes due 2023 [Member] | Carrying Value [Member]
Debt Instrument [Line Items]
Debt Instrument, Fair Value Disclosure	$ 408,296	405,392
6.625% Senior Notes due 2026 [Member]
Debt Instrument [Line Items]
Interest Rate (as a percent)	6.625%		6.625%
6.625% Senior Notes due 2026 [Member] | Fair Value [Member]
Debt Instrument [Line Items]
Debt Instrument, Fair Value Disclosure	$ 192,500	681,250
6.625% Senior Notes due 2026 [Member] | Carrying Value [Member]
Debt Instrument [Line Items]
Debt Instrument, Fair Value Disclosure	$ 1,000,000	$ 988,387

FAIR VALUE MEASUREMENTS (Recurr

FAIR VALUE MEASUREMENTS (Recurring basis) (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Financial Assets
Total financial assets	$ 3,425	$ 886
Financial Liabilities
Financial liabilities - current	1,441
Financial liabilities - non-current	866
Total financial liabilities	2,307	11,171
Commodity contracts [Member]
Financial Assets
Financial assets - current	3,425	886
Financial Liabilities
Financial liabilities - current		10,285
Financial liabilities - non-current		886
Level 2 [Member]
Financial Assets
Total financial assets	3,425	886
Financial Liabilities
Financial liabilities - current	1,441
Financial liabilities - non-current	866
Total financial liabilities	2,307	11,171
Level 2 [Member] | Commodity contracts [Member]
Financial Assets
Financial assets - current	$ 3,425	886
Financial Liabilities
Financial liabilities - current		10,285
Financial liabilities - non-current		$ 886

FAIR VALUE MEASUREMENTS (Non-re

FAIR VALUE MEASUREMENTS (Non-recurring) (Details) - Proved Properties [Member] - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Proved property	$ 85,000	$ 494,000
Non-recurring assets at fair value, impairment loss (before tax)	$ 409,000	$ 3,700,000
Measurement Input, Discount Rate [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Value of measurement input	17.00%	0.16%
Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Proved property	$ 85,418	$ 816,234	$ 4,500,000
Non-recurring assets at fair value, impairment loss (before tax)	409,079	3,732,096
Nonrecurring [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Proved property	$ 85,418	$ 816,234

REVENUE RECOGNITION (Revenue Re

REVENUE RECOGNITION (Revenue Reclassification) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenue
Sales	$ 91,600	$ 426,264	$ 336,446	$ 815,753
Oil sales [Member]
Revenue
Sales	91,904	403,870	323,849	763,324
NGL and natural gas sales [Member]
Revenue
Sales	$ (304)	$ 22,394	$ 12,597	$ 52,429

REVENUE RECOGNITION (Narrative)

REVENUE RECOGNITION (Narrative) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Revenue
Receivable balance	$ 54	$ 161
Revenue, Practical Expedient, Initial Application and Transition, Nondisclosure of Transaction Price Allocation to Remaining Performance Obligation [true false]	true
Minimum [Member]
Revenue
Payment received for product sales, period	1 month
Maximum [Member]
Revenue
Payment received for product sales, period	3 months

SHAREHOLDERS' EQUITY (Narrative

SHAREHOLDERS' EQUITY (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions	Mar. 26, 2020	Dec. 31, 2019
Class of Stock [Line Items]
Federal operating loss carryforwards		$ 3.4
Maximum ownership threshold (as a percent)	4.90%
Preferred Stock Purchase Rights [Member]
Class of Stock [Line Items]
Stock dividend (in shares)	1
Redemption price (in dollars per share)	$ 0.001
Preferred Stock [Member]
Class of Stock [Line Items]
Stock entitled to purchase upon triggering event (in shares)	0.001
Stock Entitled To Purchase Upon Triggering Event Share	0.001
Preferred Stock, par value (in dollars per share)	$ 0.001
Share price (in dollars per share)	$ 0.007

STOCK-BASED COMPENSATION (Narra

STOCK-BASED COMPENSATION (Narrative) (Details) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	May 31, 2019shares	Jun. 30, 2020USD ($)shares	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)item$ / sharesshares	Jun. 30, 2019USD ($)$ / sharesshares	Dec. 31, 2016shares	Dec. 31, 2013shares
Share-based compensation disclosures [Line Items]
Number of shares authorized upon shareholder's approval							1,325,000
Number of additional shares authorized	3,000,000					1,375,000
Number of shares available for grant		3,886,734		3,886,734
Granted (in dollars per share) | $ / shares				$ 4.33
Stock Option [Member]
Share-based compensation disclosures [Line Items]
Maximum number of Shares per employee				500,000
Maximum number of Shares per non-employee				25,000
Non Option award [Member]
Share-based compensation disclosures [Line Items]
Maximum number of Shares per employee				500,000
Service-based [Member]
Share-based compensation disclosures [Line Items]
Maximum number of Shares per non-employee				25,000
Granted (in shares)				53,198	389,303
Granted (in dollars per share) | $ / shares				$ 4.94	$ 27.97
Stock compensation expense | $		$ 1	$ 4	$ 2	$ 10
Service-based [Member] | Share-based Payment Arrangement, Employee [Member]
Share-based compensation disclosures [Line Items]
Vesting (service) period				3 years
RSA [Member] | Share-based Payment Arrangement, Nonemployee [Member]
Share-based compensation disclosures [Line Items]
Vesting (service) period				1 year
RSU [Member]
Share-based compensation disclosures [Line Items]
Granted (in shares)				1,616,504	308,432
Market-based [Member]
Share-based compensation disclosures [Line Items]
Granted (in shares)				1,665,153	317,512
Granted (in dollars per share) | $ / shares				$ 4.31	$ 25.97
Target share granted percent, will be share-settled				100.00%
Market-based [Member] | Minimum [Member]
Share-based compensation disclosures [Line Items]
Possible multiplier of shares earned | item				0
Market-based [Member] | Maximum [Member]
Share-based compensation disclosures [Line Items]
Possible multiplier of shares earned | item				2
PSA [Member]
Share-based compensation disclosures [Line Items]
Vesting (service) period				3 years
PSU [Member]
Share-based compensation disclosures [Line Items]
Vesting (service) period				3 years
Cash Retention Incentives [Member]
Share-based compensation disclosures [Line Items]
Replacement award fair value | $				$ 12
Cash bonus paid | $				9
Stock compensation expense | $		$ 7		$ 7

STOCK-BASED COMPENSATION (Assum

STOCK-BASED COMPENSATION (Assumptions) (Details) - Market-based [Member] - item	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of simulations	2,500,000	2,500,000
Expected volatility (as a percent)	76.52%	72.95%
Risk-free interest rate (as a percent)	1.51%	2.60%
Dividend yield (as a percent)	0.00%	0.00%

STOCK-BASED COMPENSATION (Summa

STOCK-BASED COMPENSATION (Summary of nonvested awards) (Details) - $ / shares	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Balance at the beginning of the period (in dollars per share)	$ 28.28
Granted (in dollars per share)	4.33
Vested (in dollars per share)	27.52
Forfeited (in dollars per share)	7.53
Balance at the end of the period (in dollars per share)	$ 25.45
Service-based [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Balance at the beginning of the period (in shares)	467,502
Granted (in shares)	53,198	389,303
Vested (in shares)	(181,728)
Forfeited (in shares)	(128,870)
Balance at the end of the period (in shares)	210,102
Granted (in dollars per share)	$ 4.94	$ 27.97
Market-based [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Balance at the beginning of the period (in shares)	448,387
Granted (in shares)	1,665,153	317,512
Forfeited (in shares)	(1,773,101)
Balance at the end of the period (in shares)	340,439
Granted (in dollars per share)	$ 4.31	$ 25.97

INCOME TAXES (Narrative) (Detai

INCOME TAXES (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
INCOME TAXES [Abstract]
U.S. statutory income tax rate (as a percent)	21.00%	21.00%	21.00%	21.00%
Income tax expense	$ (1,028)	$ 23,482	$ (1,028)	$ (1,373)

EARNINGS PER SHARE (Reconciliat

EARNINGS PER SHARE (Reconciliation) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Basic Loss Per Share
Net loss	$ (574,315)	$ (5,687)	$ (4,202,886)	$ (74,612)
Weighted average shares outstanding	91,429	91,286	91,409	91,261
Loss per common share	$ (6.28)	$ (0.06)	$ (45.98)	$ (0.82)
Diluted Loss Per Share
Net loss	$ (574,315)	$ (5,687)	$ (4,202,886)	$ (74,612)
Weighted average shares outstanding	91,429	91,286	91,409	91,261
Loss per common share	$ (6.28)	$ (0.06)	$ (45.98)	$ (0.82)

EARNINGS PER SHARE (Narrative)

EARNINGS PER SHARE (Narrative) (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Service-based [Member]
Shares excluded from Earnings Per Share calculation [Line Items]
Antidilutive securities excluded from computation of earnings per share	270,058	182,583	342,299	293,305
Market-based [Member]
Shares excluded from Earnings Per Share calculation [Line Items]
Antidilutive securities excluded from computation of earnings per share		96,241		206,475
Stock Option [Member]
Shares excluded from Earnings Per Share calculation [Line Items]
Stock options excluded from earnings per share calculation (in shares)	28,505	46,396	31,805	46,502

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Narrative) (Details) $ in Millions	1 Months Ended		3 Months Ended	6 Months Ended
	Jul. 31, 2020MBbls	Jun. 30, 2020USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2020USD ($)MBbls
COMMITMENTS AND CONTINGENCIES [Abstract]
Delivery commitments, volume per day | MBbls	0			10
Agreement term				7 years
Payment made		$ 14
Additional litigation settlement expense			$ 3	$ 3