SandRidge Energy (SD) 10-Q 9 Aug 18 2018 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2018	Aug. 02, 2018
Document and Entity Information [Abstract]
Entity Registrant Name	SANDRIDGE ENERGY INC
Entity Central Index Key	1,349,436
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Document Type	10-Q
Document Period End Date	Jun. 30, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding		35,402,708

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Current assets
Cash and cash equivalents	$ 30,125	$ 99,143
Restricted cash - other	1,855	2,165
Accounts receivable, net	58,992	71,277
Derivative contracts	0	1,310
Prepaid expenses	3,582	5,248
Other current assets	411	15,954
Total current assets	94,965	195,097
Oil and natural gas properties, using full cost method of accounting
Proved	1,145,667	1,056,806
Unproved	87,268	100,884
Less: accumulated depreciation, depletion and impairment	(515,822)	(460,431)
Net oil and natural gas properties capitalized costs	717,113	697,259
Other property, plant and equipment, net	213,903	225,981
Other assets	1,274	1,290
Total assets	1,027,255	1,119,627
Current liabilities
Accounts payable and accrued expenses	120,550	139,155
Derivative contracts	35,283	10,627
Asset retirement obligations	39,981	41,017
Other current liabilities	1,714	8,115
Total current liabilities	197,528	198,914
Long-term debt	0	37,502
Derivative contracts	8,642	3,568
Asset retirement obligations	38,204	36,527
Other long-term obligations	2,625	3,176
Total liabilities	246,999	279,687
Commitments and contingencies (Note 11)
Stockholders’ Equity
Common stock, $0.001 par value; 250,000 shares authorized; 35,332 issued and outstanding at June 30, 2018 and 35,650 issued and outstanding at December 31, 2017	35	36
Warrants	88,514	88,500
Additional paid-in capital	1,053,595	1,038,324
Accumulated deficit	(361,888)	(286,920)
Total stockholders’ equity	780,256	839,940
Total liabilities and stockholders’ equity	$ 1,027,255	$ 1,119,627

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2018	Dec. 31, 2017
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	250,000,000	250,000,000
Common stock, shares issued	35,332,000	35,650,000
Common stock, shares outstanding	35,332,000	35,650,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Revenues
Oil, natural gas and NGL	$ 79,304	$ 84,546	$ 166,270	$ 182,695
Other	158	305	320	506
Total revenues	79,462	84,851	166,590	183,201
Expenses
Production	20,785	25,209	45,498	50,232
Production taxes	4,389	2,653	9,089	5,829
Depreciation and depletion—oil and natural gas	30,961	29,477	58,958	56,457
Depreciation and amortization—other	3,040	3,493	6,193	7,330
Impairment	0	446	4,170	2,977
General and administrative	10,343	19,354	24,365	38,892
Accelerated vesting upon change in control	6,545	0	6,545	0
Proxy contest	7,191	0	7,598	0
Employee termination benefits	1,043	4,415	32,630	4,815
Loss (gain) on derivative contracts	30,104	(23,543)	48,434	(57,726)
Other operating (expense) income	(1,254)	(1)	(1,238)	267
Total expenses	113,147	61,503	242,242	109,073
(Loss) income from operations	(33,685)	23,348	(75,652)	74,128
Other (expense) income
Interest expense, net	(651)	(946)	(1,599)	(1,885)
Gain on extinguishment of debt	0	0	1,151	0
Other income, net	217	1,055	1,090	2,025
Total other (expense) income	(434)	109	642	140
(Loss) income before income taxes	(34,119)	23,457	(75,010)	74,268
Income tax benefit	(45)	(42)	(42)	(39)
Net (loss) income	$ (34,074)	$ 23,499	$ (74,968)	$ 74,307
(Loss) earnings per share
Basic (in dollars per share)	$ (0.97)	$ 0.69	$ (2.15)	$ 2.44
Diluted (in dollars per share)	$ (0.97)	$ 0.69	$ (2.15)	$ 2.42
Weighted average number of common shares outstanding
Basic (in shares)	35,017,000	34,076,000	34,800,000	30,458,000
Diluted (in shares)	35,017,000	34,138,000	34,800,000	30,650,000

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY - 6 months ended Jun. 30, 2018 - USD ($) $ in Thousands	Total	Common Stock	Warrant	Additional Paid-in Capital	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2017	35,650,000	35,650,000	6,570,000
Beginning balance at Dec. 31, 2017	$ 839,940	$ 36	$ 88,500	$ 1,038,324	$ (286,920)
Increase (Decrease) in Stockholders' Equity
Cancellation of stock awards, net of issuances (in shares)		(344,000)
Cancellation of stock awards, net of issuances	0	$ (1)		1
Common stock issued for general unsecured claims (in shares)		26,000
Common stock issued for general unsecured claims	0
Stock-based compensation	22,660			22,660
Issuance of warrants for general unsecured claims (in shares)			52,000
Issuance of warrants for general unsecured claims	0		$ 14	(14)
Cash paid for tax withholdings on vested stock awards	(7,376)			(7,376)
Net loss	$ (74,968)				(74,968)
Ending balance (in shares) at Jun. 30, 2018	35,332,000	35,332,000	6,622,000
Ending balance at Jun. 30, 2018	$ 780,256	$ 35	$ 88,514	$ 1,053,595	$ (361,888)

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES
Net (loss) income	$ (74,968)	$ 74,307
Adjustments to reconcile net (loss) income to net cash provided by operating activities
Provision for doubtful accounts	(6)	0
Depreciation, depletion and amortization	65,151	63,787
Impairment	4,170	2,977
Debt issuance costs amortization	235	195
Amortization of premiums and discounts on debt	(47)	(153)
Gain on extinguishment of debt	(1,151)	0
Loss (gain) on derivative contracts	48,434	(57,726)
Cash (paid) received on settlement of derivative contracts	(17,393)	2,706
Stock-based compensation	21,909	9,654
Other	(1,563)	379
Changes in operating assets and liabilities	11,346	7,806
Net cash provided by operating activities	56,117	103,932
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures for property, plant and equipment	(95,328)	(88,904)
Acquisition of assets	0	(48,236)
Proceeds from sale of assets	13,563	14,756
Net cash used in investing activities	(81,765)	(122,384)
CASH FLOWS FROM FINANCING ACTIVITIES
Repayments of borrowings	(36,304)	0
Debt issuance costs	0	(1,488)
Cash paid for tax withholdings on vested stock awards	(7,376)	(2,891)
Net cash used in financing activities	(43,680)	(4,379)
NET DECREASE IN CASH, CASH EQUIVALENTS and RESTRICTED CASH	(69,328)	(22,831)
CASH, CASH EQUIVALENTS and RESTRICTED CASH, beginning of year	101,308	174,071
CASH, CASH EQUIVALENTS and RESTRICTED CASH, end of period	31,980	151,240
Supplemental Disclosure of Noncash Investing and Financing Activities
Change in accrued capital expenditures	20,631	(8,340)
Equity issued for debt	$ 0	$ (268,779)

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation Nature of Business. SandRidge Energy, Inc. is an oil and natural gas exploration and production company headquartered in Oklahoma City, Oklahoma with its principal focus on developing high-return, growth-oriented projects in the U.S. Mid-Continent and North Park Basin of Colorado. Principles of Consolidation. The consolidated financial statements include the accounts of the Company and its wholly owned or majority owned subsidiaries, including its proportionate share of the Royalty Trusts. All significant intercompany accounts and transactions have been eliminated in consolidation. Interim Financial Statements. The accompanying unaudited condensed consolidated financial statements and notes have been derived from the Company's 2017 Form 10-K and should be read in conjunction with the audited financial statements and notes contained in the Company’s 2017 Form 10-K. Certain information and disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted, although the Company believes that the disclosures contained herein are adequate to make the information presented not misleading. In the opinion of management, the financial statements include all adjustments, which consist of normal recurring adjustments unless otherwise disclosed, necessary to fairly state the Company’s unaudited condensed consolidated financial statements. Significant Accounting Policies. The unaudited condensed consolidated financial statements were prepared in accordance with the accounting policies stated in the 2017 Form 10-K as well as the items noted below. Reclassifications. Certain reclassifications have been made to the prior period financial statements to conform to the current period presentation. These reclassifications have no effect on the Company’s previously reported results of operations. Use of Estimates. The preparation of the unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The more significant areas requiring the use of assumptions, judgments and estimates include: oil, natural gas and natural gas liquids (“NGL”) reserves; impairment tests of long-lived assets; depreciation, depletion and amortization; income taxes; valuation of derivative instruments; contingencies; and accrued revenue and related receivables. Although management believes these estimates are reasonable, actual results could differ significantly. Recent Accounting Pronouncements. The Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, “Revenue from Contracts with Customers (Topic 606),” which outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers. Its objective is to increase the usefulness of information in the financial statements regarding the nature, timing and uncertainty of revenues. In August 2015, the FASB issued ASU 2015-14, "Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date," which deferred the effective date of ASU 2014-09 to January 1, 2018, for the Company. The ASU required adoption using either the retrospective transition method, which required restating previously reported results or the cumulative effect (modified retrospective) transition method, which utilized a cumulative-effect adjustment to retained earnings in the period of adoption to account for prior period effects rather than restating previously reported results. The Company adopted FASB ASU 2014-09, “Revenue from Contracts with Customers (Topic 606),” and all the related amendments (the “new revenue standard”) on January 1, 2018, using the modified retrospective transition method. See Note 2 for further discussion of the adoption of the new revenue standard. The FASB issued ASU 2016-16, “Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other than Inventory” which removed the prohibition in Accounting Standards Codification (“ASC”) 740 against the immediate recognition of current and deferred income tax effects of intra-entity transfers of assets other than inventory. The amendments in this ASU were effective for the Company on January 1, 2018, with early adoption permitted on January 1, 2017. The ASU required application on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. The Company adopted the ASU on January 1, 2018. There was no impact to the Company’s consolidated financial statements and related disclosures upon adoption. The FASB issued ASU 2017-05, “Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic: 610-20): Clarifying the Scope of Asset Derecognition Guidance and the Accounting for Partial Sales of Nonfinancial Assets,” which helps filers determine the guidance applicable for gain/loss recognition subsequent to the adoption of ASU 2014-09, Revenue from Contracts with Customers. The amendments also clarified that the derecognition of all businesses except those related to conveyances of oil and gas rights or contracts with customers should be accounted for in accordance with the derecognition and deconsolidation guidance in Topic 810, Consolidation. The Company adopted the ASU on January 1, 2018, using the modified retrospective transition method. Under this transition method the Company could have elected to apply this guidance retrospectively either to all contracts at the date of initial application or only to contracts that are not completed contracts at the date of initial application. The Company elected to evaluate only contracts that are not completed contracts. As there were no uncompleted contracts at January 1, 2018, there was no impact to the Company’s consolidated financial statements and related disclosures upon adoption. Recent Accounting Pronouncements Not Yet Adopted . The FASB issued ASU 2016-02, “Leases (Topic 842),” which requires companies to recognize the assets and liabilities for the rights and obligations of all leases with a term greater than 12 months (long-term) on the balance sheet. Leases to explore for or use oil and natural gas are not impacted by this guidance. In January 2018, the FASB issued ASU 2018-01, “Leases (Topic 842), Land Easement Practical Expedient for Transition to Topic 842.” This ASU permits an entity to continue to apply its current accounting policy for land easements that existed before the effective date of Topic 842. Once an entity adopts Topic 842, it would apply that Topic prospectively to all new (or modified) land easements to determine whether the arrangement contains a lease. ASU 2016-02 required adoption by application of a modified retrospective transition approach. In July 2018, the FASB issued ASU 2018-11, "Leases (Topic 842)." The amendments in this update provide another transition method whereby entities are allowed to initially apply the new leases standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The amendments further provide lessors with a practical expedient, by class of underlying asset, to not separate nonlease components from the associated lease component, similar to the expedient provided for lessees. The lessor practical expedient is limited to circumstances in which the nonlease component or components otherwise would be accounted for under the new revenue guidance and both (1) the timing and pattern of transfer are the same for the nonlease component(s) and associated lease component and (2) the lease component, if accounted for separately, would be classified as an operating lease. The amendments also clarify whether Topic 842 or Topic 606 applies for combined components. This topic is effective for the Company on January 1, 2019. Early adoption is permitted. The Company is in the process of reviewing its portfolio of leased assets and related contracts to determine the impact adoption will have on its consolidated financial statements and related disclosures. The Company is also assessing the impact of Topic 842 on its systems, processes and internal controls. The Company plans to elect certain practical expedients when implementing the new lease standard, which means the Company will not have to reassess the existence or classification of leases for contracts, including land easements, that commenced prior to adoption. Upon adoption, the Company anticipates recognizing assets and liabilities for the rights and obligations of its existing long-term operating leases on its consolidated balance sheets and utilizing new systems, processes and internal controls to properly identify, classify, measure and recognize new (or modified) leases after the date of adoption. The Company will complete its evaluation during 2018 and will adopt Topic 842 on January 1, 2019. The Company is currently assessing whether it will adopt this Topic using the modified retrospective approach for all comparative periods presented or by recognizing a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption.

Revenues

Revenues	6 Months Ended
	Jun. 30, 2018
Revenue from Contract with Customer [Abstract]
Revenues	RevenuesThe Company adopted the new revenue standard on January 1, 2018, using the modified retrospective method for all contracts outstanding on that date. Adoption of the new revenue standard had no impact on the Company’s consolidated balance sheet, results of operations, equity or cash flows as of the adoption date, and the Company does not expect any further material impact to its consolidated financial statements on an ongoing basis as a result of adopting the new revenue standard. The Company has included the disclosures required by the new revenue standard below. The following table disaggregates the Company’s revenue by source for the three and six-month periods ended June 30, 2018 and 2017: Three Months Ended June 30, 2018 2017 2018 2017 (In thousands) Oil $ 49,219 $ 47,978 $ 102,554 $ 103,760 NGL 16,946 13,138 33,335 27,571 Natural gas 13,139 23,430 30,381 51,364 Other 158 305 320 506 Total revenues $ 79,462 $ 84,851 $ 166,590 $ 183,201 Oil, natural gas and NGL revenues. A majority of the Company’s revenues come from sales of oil, natural gas and NGLs and are recorded at a point in time when control of the oil, natural gas and NGL production passes to the customer at the inlet of the processing plant or pipeline, or the delivery point for onloading to a delivery truck. As the Company’s customers obtain control of the production prior to selling it to other end customers, the Company presents its revenues on a net basis, rather than on a gross basis. Pricing for the Company’s oil, natural gas and NGL contracts is variable and is based on volumes sold multiplied by either an index price, net of deductions, or a percentage of the sales price obtained by the customer, which is also based on index prices. The transaction price is allocated on a pro-rata basis to each unit of oil, natural gas or NGL sold based on the terms of the contract. Oil, natural gas and NGL revenues are also recorded net of royalties, discounts and allowances, and transportation costs, as applicable. Taxes assessed by governmental authorities on oil, natural gas and NGL sales are presented separately from revenues and are included in production tax expense in the consolidated statements of operations. Revenues Receivable. The Company records an asset in accounts receivable, net on its consolidated balance sheet for revenues receivable from contracts with customers at the end of each period. Pricing for revenues receivable is estimated using current month crude oil, natural gas and NGL prices, net of deductions. Revenues receivable are typically collected the month after the Company delivers the related production to its customers. As of June 30, 2018, and December 31, 2017, the Company had revenues receivable of $29.1 million and $34.6 million, respectively, and did not record any bad debt expense on revenues receivable during the three and six-month periods ended June 30, 2018. Practical expedients and exemptions. The Company elected not to retrospectively restate contracts that were modified prior to January 1, 2017, and assumed that the contract terms in place at January 1, 2018 were in place from the inception of the contract. Most of the Company's contracts are short-term in nature with a contract term of one year or less. The Company generally expenses certain insignificant costs when incurred rather than recognizing them as an asset because the amortization period would have been one year or less. Additionally, the Company does not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less, and (ii) contracts for which revenue is recognized at the amount to which the Company has the right to invoice for services performed. Payment terms are typically within 30 days of control being transferred. Currently, the Company’s existing contracts do not contain financing components, but the Company has elected the practical expedient that allows financing components to be ignored if the difference between the performance and payment is less than one year for any future contracts that may contain financing components.

Proxy Contest

Proxy Contest	6 Months Ended
	Jun. 30, 2018
Other Income and Expenses [Abstract]
Proxy Contest	Proxy ContestIn the second quarter of 2018, the Company received notification from Carl C. Icahn and certain affiliated entities (together, "Icahn"), that they intended to nominate a full slate of five candidates for election to the Board at the 2018 Annual Meeting of Stockholders (the "2018 annual meeting") that was held on June 19, 2018 (the "proxy contest"). The Company and Icahn, together with certain of their Board nominees, each entered into a settlement agreement pursuant to which the size of the Board was expanded to eight directors. The Board now consists of previously incumbent directors Sylvia K. Barnes, David J. Kornder and William M. Griffin, and newly elected members Bob G. Alexander, Jonathan Christodoro, Jonathan Frates, John J. "Jack" Lipinski and Randolph C. Read following the certification of the voting results, which occurred on June 22, 2018. As confirmed by external counsel, the election of a majority of non-incumbent directors nominated in connection with the proxy contest resulted in the accelerated vesting of certain share and incentive-based compensation awards granted to the Company's employees and directors as discussed further in Note 15. The Company incurred legal, consulting and advisory fees related to shareholder activism and the proxy contest, as well as the previously announced review of strategic alternatives of $7.2 million and $7.6 million, respectively for the three and six-month periods ended June 30, 2018.

Employee Termination Benefits

Employee Termination Benefits	6 Months Ended
	Jun. 30, 2018
Postemployment Benefits [Abstract]
Employee Termination Benefits	Employee Termination Benefits The following table presents a summary of employee termination benefits for the three and six-month periods ended June 30, 2018 and 2017 (in thousands): Cash Share-Based Compensation (4) Number of Shares Total Employee Termination Benefits Three Months Ended June 30, 2018 Executive Employee Termination Benefits $ — $ 82 — $ 82 Other Employee Termination Benefits 862 99 — 961 $ 862 $ 181 — $ 1,043 Three Months Ended June 30, 2017 Executive Employee Termination Benefits (1) $ 2,500 $ 1,825 96 $ 4,325 Other Employee Termination Benefits 90 — — 90 $ 2,590 $ 1,825 96 $ 4,415 Six Months Ended June 30, 2018 Executive Employee Termination Benefits (2) $ 11,945 $ 9,196 554 $ 21,141 Other Employee Termination Benefits (3) 7,554 3,935 209 11,489 $ 19,499 $ 13,131 763 $ 32,630 Six Months Ended June 30, 2017 Executive Employee Termination Benefits (1) $ 2,500 $ 1,825 96 $ 4,325 Other Employee Termination Benefits 490 — — 490 $ 2,990 $ 1,825 96 $ 4,815 ____________________ 1. Includes cash severance costs and share-based compensation costs associated with the accelerated vesting of awards related to the departure of the Company's former Executive Vice President of Investor Relations and Strategy, Duane Grubert. 2. On February 8, 2018, the Company’s then current CEO, James Bennett, separated employment from the Company, and on February 22, 2018, the Company’s then current CFO, Julian Bott, also separated employment from the Company. In accordance with the terms of their respective employment agreements, the Company incurred cash severance costs and share-based compensation costs associated with the accelerated vesting of awards during the first quarter of 2018. 3. As a result of a reduction in workforce in the first quarter of 2018, certain employees received termination benefits including cash severance and accelerated share-based and incentive compensation vesting upon separation of service from the Company. 4. Share-based compensation recognized in connection with the accelerated vesting of restricted stock awards and performance share units upon the departure of certain executives and the reduction in workforce in the first quarter of 2018 reflects the remaining unrecognized compensation expense associated with these awards at the date of termination. The unrecognized compensation expense was calculated using the grant date fair value for restricted stock awards and performance share units. One share of the Company’s common stock was issued per performance share unit. Other employee termination benefits for the three and six-month periods ended June 30, 2018, includes an adjustment to first quarter 2018 accrued share-based compensation to reflect actuals paid. See Note 15 for additional discussion of the Company’s share-based compensation awards.

Acquisitions and Divestitures

Acquisitions and Divestitures	6 Months Ended
	Jun. 30, 2018
Asset Acquisitions and Divestitures [Abstract]
Acquisitions and Divestitures	Acquisitions and Divestitures Acquisition of Properties. On February 10, 2017, the Company acquired assets consisting of approximately 13,000 net acres in Woodward County, Oklahoma for approximately $47.8 million in cash, net of post-closing adjustments. Also included in the acquisition were working interests in four wells previously drilled on the acreage. 2017 Property Divestitures . In 2017, the Company divested various non-core oil and natural gas properties for approximately $11.3 million in cash. All of these divestitures were accounted for as adjustments to the full cost pool with no gain or loss recognized. See Note 7 for discussion of significant fixed asset divestitures.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2018
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The Company measures and reports certain assets and liabilities on a fair value basis and has classified and disclosed its fair value measurements using the levels of the fair value hierarchy noted below. The carrying values of cash, restricted cash, accounts receivable, prepaid expenses, certain other current assets and other assets, accounts payable and accrued expenses, other current liabilities and other long-term obligations included in the unaudited condensed consolidated balance sheets approximated fair value at June 30, 2018, and December 31, 2017. As a result, these financial assets and liabilities are not discussed below. The fair values of property, plant and equipment classified as assets held for sale and related impairments, which are calculated using Level 3 inputs, are discussed in Note 7. Level 1 Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2 Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability. Level 3 Measurement based on prices or valuation models that require inputs that are both significant to the fair value measurement and less observable for objective sources (i.e., supported by little or no market activity). Assets and liabilities that are measured at fair value are classified based on 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 requires judgment, which may affect the valuation of the fair value of assets and liabilities and their placement within the fair value hierarchy levels. The determination of the fair values, stated below, considers the market for the Company’s financial assets and liabilities, the associated credit risk and other factors. The Company considers active markets as those in which transactions for the assets or liabilities occur in sufficient frequency and volume to provide pricing information on an ongoing basis. The Company has assets and liabilities classified in Level 2 of the hierarchy as of June 30, 2018, and Level 1 and Level 2 as of December 31, 2017, as described below. Level 1 Fair Value Measurements Investments. The fair value of investments, consisting of assets attributable to the Company’s non-qualified deferred compensation plan, is based on quoted market prices. Investments of $5.1 million are included in other current assets in the accompanying unaudited condensed consolidated balance sheet at December 31, 2017. The Company’s non-qualified deferred compensation plan was terminated and all remaining investment balances were distributed to participants in January 2018. Level 2 Fair Value Measurements Commodity Derivative Contracts. The fair values of the Company’s oil and natural gas fixed price swaps are based upon inputs that are either readily available in the public market, such as oil and natural gas futures prices, volatility factors and discount rates, or can be corroborated from active markets. Fair value is determined through the use of a discounted cash flow model or option pricing model using the applicable inputs discussed above. The Company applies a weighted average credit default risk rating factor for its counterparties or gives effect to its credit default risk rating, as applicable, in determining the fair value of these derivative contracts. Credit default risk ratings are based on current published credit default swap rates. Fair Value - Recurring Measurement Basis The following tables summarize the Company’s assets and liabilities measured at fair value on a recurring basis by the fair value hierarchy (in thousands): June 30, 2018 Fair Value Measurements Netting(1) Assets/Liabilities at Fair Value Level 1 Level 2 Level 3 Assets Commodity derivative contracts $ — $ 1,079 $ — $ (1,079) $ — $ — $ 1,079 $ — $ (1,079) $ — Liabilities Commodity derivative contracts $ — $ 45,004 $ — $ (1,079) $ 43,925 $ — $ 45,004 $ — $ (1,079) $ 43,925 December 31, 2017 Fair Value Measurements Netting(1) Assets/Liabilities at Fair Value Level 1 Level 2 Level 3 Assets Commodity derivative contracts $ — $ 5,582 $ — $ (4,272) $ 1,310 Investments 5,072 — — — 5,072 $ 5,072 $ 5,582 $ — $ (4,272) $ 6,382 Liabilities Commodity derivative contracts $ — $ 18,467 $ — $ (4,272) $ 14,195 $ — $ 18,467 $ — $ (4,272) $ 14,195 ____________________ 1. Represents the effect of netting assets and liabilities for counterparties with which the right of offset exists. Transfers. The Company recognizes transfers between fair value hierarchy levels as of the end of the reporting period in which the event or change in circumstances causing the transfer occurred. The Company did not have any transfers between Level 1, Level 2 or Level 3 fair value measurements during the three and six-month periods ended June 30, 2018 and 2017. Fair Value of Financial Instruments - Long-Term Debt The Company measured the fair value of its $35.0 million initial principal note, as amended in February 2017, which was secured by first priority mortgages on the Company’s real estate in Oklahoma City, Oklahoma (the “Building Note”) using a discounted cash flow analysis, which is classified as a Level 2 input in the fair value hierarchy. The Company repaid the Building Note in full during the first quarter of 2018. The estimated fair values and carrying values of the Company’s long-term debt are as follows (in thousands): June 30, 2018 December 31, 2017 Fair Value Carrying Value Fair Value Carrying Value Building Note $ — $ — $ 42,526 $ 37,502 See Note 9 for additional discussion of the Company’s long-term debt.

Property, Plant and Equipment

Property, Plant and Equipment	6 Months Ended
	Jun. 30, 2018
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Property, Plant and Equipment Property, plant and equipment consists of the following (in thousands): June 30, 2018 December 31, 2017 Oil and natural gas properties Proved $ 1,145,667 $ 1,056,806 Unproved 87,268 100,884 Total oil and natural gas properties 1,232,935 1,157,690 Less accumulated depreciation, depletion and impairment (515,822) (460,431) Net oil and natural gas properties capitalized costs 717,113 697,259 Land 4,500 4,500 Electrical infrastructure 131,010 131,010 Other non-oil and natural gas equipment 19,778 26,809 Buildings and structures 79,548 79,548 Total 234,836 241,867 Less accumulated depreciation and amortization (20,933) (15,886) Other property, plant and equipment, net 213,903 225,981 Total property, plant and equipment, net $ 931,016 $ 923,240 The Company had approximately $10.6 million in assets classified as held for sale in the other current assets line of the accompanying consolidated balance sheet at December 31, 2017. Approximately $9.3 million of the total at December 31, 2017 was related to one of the Company’s properties located in downtown Oklahoma City, OK, which was classified as held for sale in the fourth quarter of 2017 and sold during the second quarter of 2018 for approximately $10.4 million, net of transaction fees. The resulting gain of $1.1 million is recorded in other operating expense on the accompanying condensed consolidated statements of operations for the three and six-month periods ended June 30, 2018. Additionally, during the first quarter of 2018, the Company classified its remaining midstream generator assets as held for sale. These assets had a carrying value of $5.7 million which exceeded the estimated net realizable value of $1.6 million based on the expected sales prices obtained from third parties. As a result, the Company recorded an impairment of $4.1 million for the six-month period ended June 30, 2018. The midstream generator assets were also sold during the second quarter of 2018 with no gain or loss recognized on the sale.

Accounts Payable and Accrued Ex

Accounts Payable and Accrued Expenses	6 Months Ended
	Jun. 30, 2018
Payables and Accruals [Abstract]
Accounts Payable and Accrued Expenses	Accounts Payable and Accrued Expenses Accounts payable and accrued expenses consist of the following (in thousands): June 30, 2018 December 31, 2017 Accounts payable and other accrued expenses $ 61,808 $ 75,191 Accrued interest 598 1,385 Revenues and royalties payable 43,859 37,274 Payroll and benefits 12,819 21,475 Drilling advances 1,466 3,830 Total accounts payable and accrued expenses $ 120,550 $ 139,155

Long-Term Debt

Long-Term Debt	6 Months Ended
	Jun. 30, 2018
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt Credit Facility. On February 10, 2017, the $425.0 million reserve-based revolving credit facility (the “First Lien Exit Facility”) was refinanced and replaced by a new $600.0 million credit facility (the “credit facility”). The borrowing base under the credit facility is $425.0 million. This borrowing base was reconfirmed during the April 2018 semi-annual redetermination. The next borrowing base redetermination is scheduled for October 1, 2018. The credit facility matures on March 31, 2020. The outstanding borrowings under the credit facility bear interest based on a pricing grid tied to borrowing base utilization of (a) LIBOR plus an applicable margin that varies from 3.00% to 4.00% per annum, or (b) the base rate plus an applicable margin that varies from 2.00% to 3.00% per annum. Interest on base rate borrowings is payable quarterly in arrears and interest on LIBOR borrowings is payable every one, two, three or six months, at the election of the Company. Quarterly, the Company pays commitment fees assessed at annual rates of 0.50% on any available portion of the credit facility. The Company has the right to prepay loans under the credit facility at any time without a prepayment penalty, other than customary “breakage” costs with respect to LIBOR loans. Upon refinancing of the First Lien Exit Facility, $50.0 million maintained in a restricted cash collateral account, as required by the terms of the First Lien Exit Facility, was released to the Company. The credit facility is secured by (i) first-priority mortgages on at least 95% of the PV-9 valuation of all proved reserves included in the most recently delivered reserve report of the Company, (ii) a first-priority perfected pledge of substantially all of the capital stock owned by each credit party and equity interests in the Royalty Trusts that are owned by a credit party and (iii) a first-priority perfected security interest in substantially all the cash, cash equivalents, deposits, securities and other similar accounts, and other tangible and intangible assets of the credit parties (including but not limited to as-extracted collateral, accounts receivable, inventory, equipment, general intangibles, investment property, intellectual property, real property and the proceeds of the foregoing). The credit facility requires the Company to maintain (i) a maximum consolidated total net leverage ratio, measured as of the end of any fiscal quarter, of no greater than 3.50 to 1.00 and (ii) a minimum consolidated interest coverage ratio, measured as of the end of any fiscal quarter, of no less than 2.25 to 1.00. These financial covenants are subject to customary cure rights. The Company was in compliance with all applicable financial covenants under the credit facility as of June 30, 2018. The credit facility contains customary affirmative and negative covenants, including as to compliance with laws (including environmental laws, ERISA and anti-corruption laws), maintenance of required insurance, delivery of quarterly and annual financial statements, oil and gas engineering reports, maintenance and operation of property (including oil and gas properties), restrictions on the incurrence of liens, indebtedness, asset dispositions, fundamental changes, restricted payments and other customary covenants. The Company was in compliance with these covenants as of June 30, 2018. The credit facility includes events of default relating to customary matters, including, among other things, nonpayment of principal, interest or other amounts; violation of covenants; incorrectness of representations and warranties in any material respect; cross-payment default and cross acceleration with respect to indebtedness in an aggregate principal amount of $25.0 million or more; bankruptcy; judgments involving a liability of $25.0 million or more that are not paid; and ERISA events. Many events of default are subject to customary notice and cure periods. The credit facility also provides that a change in control, as defined therein, constitutes an event of default. In connection with the change in the majority of the members of the Company’s Board that occurred as a result of the 2018 annual meeting in June 2018, the Company entered into a consent and waiver agreement with the administrative agent and certain lenders constituting the majority lenders under the credit facility. The consent and waiver agreement waived any event of default which might have occurred as a result of the change in the majority of the members of the Company’s Board and recognized the new members of the Board as existing members of the Board under the definition of change in control in the credit agreement. The Company had no amounts outstanding under the credit facility at June 30, 2018, and $6.2 million in outstanding letters of credit, which reduce availability under the credit facility on a dollar-for-dollar basis. Building Note. On October 4, 2016 (the “Emergence Date”), in accordance with the joint plan of organization (the "Plan") of the Company and certain of its direct and indirect subsidiaries (collectively, the “Debtors"), the Company entered into the Building Note, which had an initial principal amount of $35.0 million. Net proceeds of $26.8 million received from the sale of the Building Note were remitted to unsecured creditors on the Emergence Date. The Company repaid the Building Note in full in February 2018. Interest was payable on the Building Note at 6% per annum for the first year following the Emergence Date, 8% per annum for the second year following the Emergence Date, and 10% thereafter through maturity. Interest costs were

Derivatives

Derivatives	6 Months Ended
	Jun. 30, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	Derivatives Commodity Derivatives The Company is exposed to commodity price risk, which impacts the predictability of its cash flows from the sale of oil and natural gas. The Company seeks to manage this risk through the use of commodity derivative contracts, which allow the Company to limit its exposure to commodity price volatility on a portion of its forecasted oil and natural gas sales. The Company has not designated any of its derivative contracts as hedges for accounting purposes and records all derivative contracts at fair value with changes in derivative contract fair values recognized as gain or loss on derivative contracts in the unaudited condensed consolidated statements of operations. None of the Company’s commodity derivative contracts may be terminated prior to contractual maturity solely as a result of a downgrade in the credit rating of a party to the contract. Commodity derivative contracts are settled on a monthly basis. On a quarterly basis, the commodity derivative contract valuations are adjusted to the mark-to-market valuation. At June 30, 2018, the Company’s commodity derivative contracts consisted of fixed price swaps under which the Company receives a fixed price for the contract and pays a floating market price to the counterparty over a specified period for a contracted volume. The Company recorded loss (gain) on commodity derivative contracts of $30.1 million and $(23.5) million for the three-month periods ended June 30, 2018, and 2017, respectively, which include net cash payments (receipts) upon settlement of $11.3 million and $(3.3) million, respectively. The Company recorded loss (gain) on commodity derivative contracts of $48.4 million and $(57.7) million for the six-month periods ended June 30, 2018, and 2017, respectively, which include net cash payments (receipts) upon settlement of $17.4 million and $(2.7) million, respectively. On June 26, 2018, the Board suspended the Company's ability to enter into new commodity derivative contracts pending review. Master Netting Agreements and the Right of Offset. The Company has master netting agreements with all of its commodity derivative counterparties and has presented its derivative assets and liabilities with the same counterparty on a net basis in the unaudited condensed consolidated balance sheets. As a result of the netting provisions, the Company's maximum amount of loss under commodity derivative transactions due to credit risk is limited to the net amounts due from its counterparties. As of June 30, 2018, the counterparties to the Company’s open commodity derivative contracts consisted of five financial institutions, all of which are also lenders under the Company’s credit facility. The Company is not required to post additional collateral under its commodity derivative contracts as all of the counterparties to the Company’s commodity derivative contracts share in the collateral supporting the Company’s credit facility. The following tables summarize (i) the Company's commodity derivative contracts on a gross basis, (ii) the effects of netting assets and liabilities for which the right of offset exists based on master netting arrangements and (iii) for the Company’s net derivative liability positions, the applicable portion of shared collateral under the credit facility as of June 30, 2018, and December 31, 2017 (in thousands): June 30, 2018 Gross Amounts Gross Amounts Offset Amounts Net of Offset Financial Collateral Net Amount Assets Derivative contracts - current $ 1,079 $ (1,079) $ — $ — $ — Derivative contracts - noncurrent — — — — — Total $ 1,079 $ (1,079) $ — $ — $ — Liabilities Derivative contracts - current $ 36,362 $ (1,079) $ 35,283 $ (35,283) $ — Derivative contracts - noncurrent 8,642 — 8,642 (8,642) — Total $ 45,004 $ (1,079) $ 43,925 $ (43,925) $ — December 31, 2017 Gross Amounts Gross Amounts Offset Amounts Net of Offset Financial Collateral Net Amount Assets Derivative contracts - current $ 5,582 $ (4,272) $ 1,310 $ — $ 1,310 Derivative contracts - noncurrent — — — — — Total $ 5,582 $ (4,272) $ 1,310 $ — $ 1,310 Liabilities Derivative contracts - current $ 14,899 $ (4,272) $ 10,627 $ (10,627) $ — Derivative contracts - noncurrent 3,568 — 3,568 (3,568) — Total $ 18,467 $ (4,272) $ 14,195 $ (14,195) $ — At June 30, 2018, the Company’s open commodity derivative contracts consisted of the following: Oil Price Swaps Notional (MBbls) Weighted Average Fixed Price July 2018 - December 2018 1,748 $ 56.08 January 2019 - December 2019 1,825 $ 54.29 Natural Gas Price Swaps Notional (MMcf) Weighted Average Fixed Price July 2018 - December 2018 7,360 $ 3.11 Fair Value of Derivatives The following table presents the fair value of the Company’s derivative contracts as of June 30, 2018, and December 31, 2017, on a gross basis without regard to same-counterparty netting (in thousands): Type of Contract Balance Sheet Classification June 30, 2018 December 31, 2017 Derivative assets Natural gas price swaps Derivative contracts-current $ 1,079 $ 5,582 Derivative liabilities Oil price swaps Derivative contracts-current (36,362) (14,899) Oil price swaps Derivative contracts-noncurrent (8,642) (3,568) Total net derivative contracts $ (43,925) $ (12,885)

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Proceedings. On October 14, 2016, Lisa West and Stormy Hopson filed an amended class action complaint in the United States District Court for the Western District of Oklahoma against SandRidge Exploration and Production, LLC, among other defendants. In their amended complaint, plaintiffs asserted various tort claims seeking relief for damages, including the reimbursement of past and future earthquake insurance premiums, resulting from seismic activity allegedly caused by the defendants’ operation of wastewater disposal wells. The court dismissed the plaintiffs’ amended complaint on May 12, 2017, but permitted the plaintiffs to file a second amended complaint. On July 18, 2017, the plaintiffs filed a second amended class action complaint making allegations substantially similar to those contained in the amended complaint that was previously dismissed. An estimate of reasonably possible losses associated with this action cannot be made at this time; therefore, the Company has not established any reserves relating to this action. As previously disclosed, on May 16, 2016, the Debtors filed voluntary petitions for reorganization under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas (the “Bankruptcy Court”). The Bankruptcy Court confirmed the Plan on September 9, 2016, and the Debtors subsequently emerged from bankruptcy on October 4, 2016. Pursuant to the Plan, claims against the Company were discharged without recovery in each of the following consolidated cases (the “Cases”): • In re SandRidge Energy, Inc. Securities Litigation, Case No. 5:12-cv-01341-LRW, USDC, Western District of Oklahoma • Ivan Nibur, Lawrence Ross, Jase Luna, Matthew Willenbucher, and the Duane & Virginia Lanier Trust v. SandRidge Mississippian Trust I, et al., Case No. 5:15-cv-00634-SLP, USDC, Western District of Oklahoma • Barton W. Gernandt Jr., et al. v. SandRidge Energy, Inc., Case No. 5:15-cv-00834-D, USDC, Western District of Oklahoma Although the Cases have not been dismissed against certain former officers and directors who remain defendants in the Cases, the Company remains as a nominal defendant in each of the Cases so that any of the respective plaintiffs may seek to recover proceeds from any applicable insurance policies or proceeds. In each of the Cases, to the extent liability exceeds the amount of available insurance proceeds, the Company may owe indemnity obligations to its former officers and/or directors who remain as defendants in such action. An estimate of reasonably probable losses associated with any of the Cases cannot be made at this time, however the Company believes that any potential liability with respect to the Cases will not be material. The Company has not established any reserves relating to any of the Cases. In addition to the matters described above, the Company is involved in various lawsuits, claims and proceedings which are being handled and defended by the Company in the ordinary course of business. Pursuant to the terms of the SandRidge Mississippian Trust I and SandRidge Mississippian Trust II, the Company is obligated to indemnify each Royalty Trust against losses, claims, damages, liabilities and expenses, including reasonable costs of investigation and attorney’s fees and expenses arising out of certain legal matters as stipulated in the respective agreements with each Royalty Trust. Restricted Cash . Restricted cash - other included on the unaudited condensed consolidated balance sheets at June 30, 2018, and December 31, 2017 is the cash portion of consideration set aside for future settlement of general unsecured claims related to the Chapter 11 proceedings in accordance with the Plan. The corresponding liability for future cash settlements of general unsecured claims is included in accounts payable and accrued expenses on the unaudited condensed consolidated balance sheets. Risks and Uncertainties. The Company’s revenue, profitability and future growth are substantially dependent upon the prevailing and future prices for oil and natural gas, which depend on numerous factors beyond the Company’s control such as overall oil and natural gas production and inventories in relevant markets, economic conditions, the global political environment, regulatory developments and competition from other energy sources. Oil and natural gas prices historically have been volatile, and may be subject to significant fluctuations in the future. The Company enters into commodity derivative arrangements in order to mitigate a portion of the effect of this price volatility on the Company’s cash flows. See Note 10 for the Company’s open oil and natural gas derivative contracts. The Company historically has depended on cash flows from operating activities and, as necessary, borrowings under its credit facility to fund its capital expenditures. Based on its cash balances, cash flows from operating activities and net borrowing availability under the credit facility, the Company expects to be able to fund its planned capital expenditures budget, working capital needs, and any potential debt service requirements for the next year; however, if oil or natural gas prices decline from current levels, they could have a material adverse effect on the Company’s financial position, results of operations, cash flows and quantities of oil, natural gas and NGL reserves that may be economically produced.

Equity

Equity	6 Months Ended
	Jun. 30, 2018
Equity [Abstract]
Equity	Equity Common Stock. At June 30, 2018, the Company had 35.3 million shares of common stock issued and outstanding, including an immaterial amount of unvested restricted stock awards, par value $0.001 per share, and 250.0 million shares of common stock authorized. Accelerated Vesting upon Change in Control. As a result of the election of a majority of non-incumbent directors nominated in connection with the proxy contest in the second quarter of 2018, vesting was accelerated for the majority of the Company's unvested restricted stock awards and all of the Company's unvested performance share units. See Note 3 and Note 15 for additional discussion of this event.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2018
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes For each interim reporting period, the Company estimates the effective tax rate expected for the full fiscal year and uses that estimated rate in providing for income taxes on a current year-to-date basis. The provision for income taxes consisted of the following components (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Current Federal $ — $ — $ — $ — State (45) (42) (42) (39) Total provision $ (45) $ (42) $ (42) $ (39) Deferred income taxes are provided to reflect the future tax consequences of temporary differences between the tax basis of assets and liabilities and their reported amounts in the financial statements. The Company’s deferred tax assets have been reduced by a valuation allowance due to a determination that it is more likely than not that some or all of the deferred assets will not be realized based on the weight of all available evidence. The Company continues to closely monitor and weigh all available evidence, including both positive and negative, in making its determination whether to maintain a valuation allowance. As a result of the significant weight placed on the Company's cumulative negative earnings position, the Company continued to maintain a full valuation allowance against its net deferred tax asset at June 30, 2018. Thus, the Company’s effective tax rate and expense for the three and six-month periods ended June 30, 2018 continue to be low. The “Tax Cuts and Jobs Act” (the “TCJA”) enacted in December 2017 includes significant changes to the taxation of business entities, most of which are effective for taxable years beginning after December 31, 2017. These changes include, among others, a permanent reduction to the corporate income tax rate from a maximum 35% to a flat 21% rate, expansion of expensing capital expenditures for a period of time, new limitations on the utilization of net operating losses ("NOLs"), and limitations on the deduction of interest expense and executive compensation. We continue to evaluate the impact of the TCJA as new guidance and accounting interpretations become available and while adjustments to certain deferred tax assets may occur in 2018, we do not expect a material adjustment to the provisional amounts recorded for the year ended December 31, 2017 or the six-month period ended June 30, 2018. Internal Revenue Code (“IRC”) Section 382 addresses company ownership changes and specifically limits the utilization of certain deductions and other tax attributes on an annual basis following an ownership change. As a result of the Chapter 11 reorganization and related transactions, the Company experienced an ownership change within the meaning of IRC Section 382 on October 4, 2016 that subjected certain of the Company’s tax attributes, including $1.9 billion of federal NOL carryforwards, to the IRC Section 382 limitation. This limitation is expected to result in $1.6 billion of the $1.9 billion of federal NOL carryforwards expiring unused. As such, the Company’s deferred tax asset associated with NOLs and corresponding valuation allowance were reduced in the period ended December 31, 2017. The limitation did not result in a current tax liability for the tax year ended December 31, 2017 or the six-month period ended June 30, 2018. Since the October 4, 2016 ownership change the Company has generated additional NOLs that are not currently subject to an IRC Section 382 limitation. See "Note 19 - Income Taxes" in the 2017 Form 10-K for additional discussion with respect to the impact of income tax elections associated with the Chapter 11 reorganization. three five

(Loss) Earnings per Share

(Loss) Earnings per Share	6 Months Ended
	Jun. 30, 2018
Earnings Per Share [Abstract]
(Loss) Earnings per Share	(Loss) Earnings per Share The following table summarizes the calculation of weighted average common shares outstanding used in the computation of diluted (loss) earnings per share: Net (Loss) Income Weighted Average Shares (Loss) Earnings Per Share (In thousands, except per share amounts) Three Months Ended June 30, 2018 Basic loss per share $ (34,074) 35,017 $ (0.97) Effect of dilutive securities Restricted stock awards(1) — — Performance share units(2) — — Warrants(3) — — Diluted loss per share $ (34,074) 35,017 $ (0.97) Three Months Ended June 30, 2017 Basic earnings per share $ 23,499 34,076 $ 0.69 Effect of dilutive securities Restricted stock awards — 55 Performance share units — 7 Warrants(3) — — Diluted earnings per share $ 23,499 34,138 $ 0.69 Six Months Ended June 30, 2018 Basic loss per share $ (74,968) 34,800 $ (2.15) Effect of dilutive securities Restricted stock awards(4) — — Performance share units(2) — — Warrants(3) — — Diluted loss per share $ (74,968) 34,800 $ (2.15) Six Months Ended June 30, 2017 Basic earnings per share $ 74,307 30,458 $ 2.44 Effect of dilutive securities Restricted stock awards — 192 Performance share units(5) — — Warrants(3) — — Diluted earnings per share $ 74,307 30,650 $ 2.42 ____________________ 1. No incremental shares of potentially dilutive restricted stock awards were included for the three month period ended June 30, 2018, as their effect was antidilutive under the treasury stock method. 2. Performance share units covering an insignificant amount of shares for the three and six-month periods ended June 30, 2018, were excluded from the computation of loss per share because their effect would have been antidilutive. 3. No incremental shares of potentially dilutive warrants were included for the three and six-month periods ended June 30, 2018, or 2017, as their effect was antidilutive. 4. Restricted stock awards covering an insignificant amount of shares for the six-month period ended June 30, 2018, were excluded from the computation of loss per share because their effect would have been antidilutive. 5. No incremental shares of potentially dilutive performance share units were included for the six-month period ended June 30, 2017, as their effect was antidilutive under the treasury stock method. See Note 15 for discussion of the Company’s share-based compensation awards.

Share and Incentive-Based Compe

Share and Incentive-Based Compensation	6 Months Ended
	Jun. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share and Incentive-Based Compensation	Share and Incentive-Based Compensation Share-Based Compensation Omnibus Incentive Plan. The Company's Omnibus Incentive Plan became effective in October 2016. The Omnibus Incentive Plan authorizes the issuance of up to 4.6 million shares of SandRidge common stock to eligible persons including non-employee directors of the Company, employees of the Company or any of its affiliates, and certain consultants and advisers to the Company or any of its affiliates. The types of awards that may be granted under the Omnibus Incentive Plan include stock options, restricted stock, performance awards and other forms of awards granted or denominated in shares of the Company’s common stock, as well as certain cash-settled awards. At June 30, 2018, the Company had restricted stock awards outstanding under the Omnibus Incentive Plan. Restricted Stock Awards. The Company’s restricted stock awards are equity-classified awards and are valued based upon the market value of the Company’s common stock on the date of grant. Vesting for certain restricted stock awards was accelerated in connection with executive terminations and a reduction in force in the first quarter of 2018 with the majority of the remaining restricted stock awards vesting in June 2018 as a result of the accelerated vesting upon change in control event discussed in Note 3. The remaining outstanding restricted shares at June 30, 2018 will generally vest over either a one-year period or three-year period. The following table presents a summary of the Company’s unvested restricted stock awards: Number of Shares Weighted Average Grant Date Fair Value (In thousands) Unvested restricted shares outstanding at December 31, 2017 1,105 $ 22.62 Granted 5 $ 15.15 Vested (1,049) $ 22.71 Forfeited / Canceled (36) $ 22.11 Unvested restricted shares outstanding at June 30, 2018 25 $ 18.34 The aggregate intrinsic value of restricted stock that vested during the three and six-month periods ended June 30, 2018 was approximately $12.5 million and $15.9 million, respectively, based on the stock price at the time of vesting. Performance Share Units. In February 2017, the Company granted equity-classified awards in the form of performance share units. The vesting for certain performance share units was accelerated in connection with executive terminations and a reduction in force in the first quarter of 2018 with all remaining units vesting in June 2018 as a result of the accelerated vesting upon change in control event discussed in Note 3. All performance share units for which vesting was accelerated were settled in shares of the Company’s common stock with one share of common stock being issued per performance share unit. The following table presents a summary of the Company’s performance share units: Number of Units Fair Value per Unit at June 30, 2018 (In thousands) Unvested performance share units outstanding at December 31, 2017 183 Granted — Vested (177) Forfeited / Canceled (6) Unvested performance share units outstanding at June 30, 2018 — $ — The aggregate intrinsic value of performance share units that vested during the three and six-month periods ended June 30, 2018 was approximately $2.2 million and $2.7 million, respectively, based on the stock price at the time of vesting. Incentive-Based Compensation Performance Units. In October 2016, the Company granted liability-classified awards in the form of performance units. The vesting for certain performance units was accelerated in connection with executive terminations and a reduction in force in the first quarter of 2018 with all remaining units vesting in June 2018 as a result of the accelerated vesting upon change in control event discussed in Note 3. The accelerated performance units were paid at the issuance value of $100 each. The value for previous vestings was determined by annual scorecard results. The following table presents a summary of the Company’s performance units: Number of Units Fair Value per Unit at June 30, 2018 (In thousands) Unvested performance units outstanding at December 31, 2017 49 Granted — Vested (48) Forfeited / Canceled (1) Unvested performance units outstanding at June 30, 2018 — $ — The aggregate intrinsic value of performance units that vested during the three and six-month periods ended June 30, 2018 was approximately $3.7 million and $4.8 million, respectively. The following tables summarize share and incentive-based compensation for the three and six-month periods ended June 30, 2018, and 2017 (in thousands): Recurring Compensation Expense(1) Executive Terminations(2)(3) Reduction in Force(2)(3) Change in Control(4) Total Three Months Ended June 30, 2018 Equity-classified awards: Restricted stock awards $ 603 $ — $ 92 $ 5,181 $ 5,876 Performance share units 31 82 7 610 730 Total share-based compensation expense 634 82 99 5,791 6,606 Liability-classified awards: Performance units 227 (216) (31) 1,309 1,289 Total share and incentive-based compensation expense 861 (134) 68 7,100 7,895 Less: Capitalized compensation expense (124) — — (555) (679) Share and incentive-based compensation expense, net $ 737 $ (134) $ 68 $ 6,545 $ 7,216 Three Months Ended June 30, 2017 Equity-classified awards: Restricted stock awards $ 4,986 $ 1,825 $ — $ — $ 6,811 Performance share units 411 — — — 411 Total share-based compensation expense 5,397 1,825 — — 7,222 Liability-classified awards: Performance units 972 — — — 972 Total share and incentive-based compensation expense 6,369 1,825 — — 8,194 Less: Capitalized compensation expense (967) — — — (967) Share and incentive-based compensation expense, net $ 5,402 $ 1,825 $ — $ — $ 7,227 ____________________ 1. Recorded in general and administrative expense in the accompanying consolidated statements of operations. 2. Recorded in employee termination benefits in the accompanying consolidated statements of operations. 3. Three-month period ended June 30, 2018, includes adjustment to first quarter 2018 accrued share and incentive-based compensation to reflect actuals paid. 4. Recorded in accelerated vesting upon change in control in the accompanying consolidated statements of operations. The Board is re-examining the compensation practices of the Company. Recurring Compensation Expense(1) Executive Terminations(2)(3) Reduction in Force(2)(3) Change in Control(4) Total Six Months Ended June 30, 2018 Equity-classified awards: Restricted stock awards $ 3,379 $ 8,140 $ 3,777 $ 5,181 $ 20,477 Performance share units 359 1,056 158 610 2,183 Total share-based compensation expense 3,738 9,196 3,935 5,791 22,660 Liability-classified awards: Performance units 776 2,151 558 1,309 4,794 Total share and incentive-based compensation expense 4,514 11,347 4,493 7,100 27,454 Less: Capitalized compensation expense (334) — — (555) (889) Share and incentive-based compensation expense, net $ 4,180 $ 11,347 $ 4,493 $ 6,545 $ 26,565 Six Months Ended June 30, 2017 Equity-classified awards: Restricted stock awards $ 8,615 $ 1,825 $ — $ — $ 10,440 Performance share units 610 — — — 610 Total share-based compensation expense 9,225 1,825 — — 11,050 Liability-classified awards: Performance units 1,562 — — — 1,562 Total share and incentive-based compensation expense 10,787 1,825 — — 12,612 Less: Capitalized compensation expense (1,629) — — — (1,629) Share and incentive-based compensation expense, net $ 9,158 $ 1,825 $ — $ — $ 10,983 ____________________ 1. Recorded in general and administrative expense in the accompanying consolidated statements of operations. 2. Recorded in employee termination benefits in the accompanying consolidated statements of operations. 3. Six-month period ended June 30, 2018, includes adjustment to first quarter 2018 accrued share and incentive-based compensation to reflect actuals paid. 4. Recorded in accelerated vesting upon change in control in the accompanying consolidated statements of operations. The Board is re-examining the compensation practices of the Company.

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature Of Business	Nature of Business. SandRidge Energy, Inc. is an oil and natural gas exploration and production company headquartered in Oklahoma City, Oklahoma with its principal focus on developing high-return, growth-oriented projects in the U.S. Mid-Continent and North Park Basin of Colorado.
Principles of Consolidation	Principles of Consolidation. The consolidated financial statements include the accounts of the Company and its wholly owned or majority owned subsidiaries, including its proportionate share of the Royalty Trusts. All significant intercompany accounts and transactions have been eliminated in consolidation.
Interim Financial Statements	Interim Financial Statements. The accompanying unaudited condensed consolidated financial statements and notes have been derived from the Company's 2017 Form 10-K and should be read in conjunction with the audited financial statements and notes contained in the Company’s 2017 Form 10-K. Certain information and disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted, although the Company believes that the disclosures contained herein are adequate to make the information presented not misleading. In the opinion of management, the financial statements include all adjustments, which consist of normal recurring adjustments unless otherwise disclosed, necessary to fairly state the Company’s unaudited condensed consolidated financial statements.
Significant Accounting Policies	Significant Accounting Policies. The unaudited condensed consolidated financial statements were prepared in accordance with the accounting policies stated in the 2017 Form 10-K as well as the items noted below.
Reclassifications	Reclassifications. Certain reclassifications have been made to the prior period financial statements to conform to the current period presentation. These reclassifications have no effect on the Company’s previously reported results of operations.
Use of Estimates	Use of Estimates. The preparation of the unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The more significant areas requiring the use of assumptions, judgments and estimates include: oil, natural gas and natural gas liquids (“NGL”) reserves; impairment tests of long-lived assets; depreciation, depletion and amortization; income taxes; valuation of derivative instruments; contingencies; and accrued revenue and related receivables. Although management believes these estimates are reasonable, actual results could differ significantly.
Recent Accounting Pronouncements	Recent Accounting Pronouncements. The Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, “Revenue from Contracts with Customers (Topic 606),” which outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers. Its objective is to increase the usefulness of information in the financial statements regarding the nature, timing and uncertainty of revenues. In August 2015, the FASB issued ASU 2015-14, "Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date," which deferred the effective date of ASU 2014-09 to January 1, 2018, for the Company. The ASU required adoption using either the retrospective transition method, which required restating previously reported results or the cumulative effect (modified retrospective) transition method, which utilized a cumulative-effect adjustment to retained earnings in the period of adoption to account for prior period effects rather than restating previously reported results. The Company adopted FASB ASU 2014-09, “Revenue from Contracts with Customers (Topic 606),” and all the related amendments (the “new revenue standard”) on January 1, 2018, using the modified retrospective transition method. See Note 2 for further discussion of the adoption of the new revenue standard. The FASB issued ASU 2016-16, “Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other than Inventory” which removed the prohibition in Accounting Standards Codification (“ASC”) 740 against the immediate recognition of current and deferred income tax effects of intra-entity transfers of assets other than inventory. The amendments in this ASU were effective for the Company on January 1, 2018, with early adoption permitted on January 1, 2017. The ASU required application on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. The Company adopted the ASU on January 1, 2018. There was no impact to the Company’s consolidated financial statements and related disclosures upon adoption. The FASB issued ASU 2017-05, “Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic: 610-20): Clarifying the Scope of Asset Derecognition Guidance and the Accounting for Partial Sales of Nonfinancial Assets,” which helps filers determine the guidance applicable for gain/loss recognition subsequent to the adoption of ASU 2014-09, Revenue from Contracts with Customers. The amendments also clarified that the derecognition of all businesses except those related to conveyances of oil and gas rights or contracts with customers should be accounted for in accordance with the derecognition and deconsolidation guidance in Topic 810, Consolidation. The Company adopted the ASU on January 1, 2018, using the modified retrospective transition method. Under this transition method the Company could have elected to apply this guidance retrospectively either to all contracts at the date of initial application or only to contracts that are not completed contracts at the date of initial application. The Company elected to evaluate only contracts that are not completed contracts. As there were no uncompleted contracts at January 1, 2018, there was no impact to the Company’s consolidated financial statements and related disclosures upon adoption. Recent Accounting Pronouncements Not Yet Adopted . The FASB issued ASU 2016-02, “Leases (Topic 842),” which requires companies to recognize the assets and liabilities for the rights and obligations of all leases with a term greater than 12 months (long-term) on the balance sheet. Leases to explore for or use oil and natural gas are not impacted by this guidance. In January 2018, the FASB issued ASU 2018-01, “Leases (Topic 842), Land Easement Practical Expedient for Transition to Topic 842.” This ASU permits an entity to continue to apply its current accounting policy for land easements that existed before the effective date of Topic 842. Once an entity adopts Topic 842, it would apply that Topic prospectively to all new (or modified) land easements to determine whether the arrangement contains a lease. ASU 2016-02 required adoption by application of a modified retrospective transition approach. In July 2018, the FASB issued ASU 2018-11, "Leases (Topic 842)." The amendments in this update provide another transition method whereby entities are allowed to initially apply the new leases standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The amendments further provide lessors with a practical expedient, by class of underlying asset, to not separate nonlease components from the associated lease component, similar to the expedient provided for lessees. The lessor practical expedient is limited to circumstances in which the nonlease component or components otherwise would be accounted for under the new revenue guidance and both (1) the timing and pattern of transfer are the same for the nonlease component(s) and associated lease component and (2) the lease component, if accounted for separately, would be classified as an operating lease. The amendments also clarify whether Topic 842 or Topic 606 applies for combined components. This topic is effective for the Company on January 1, 2019. Early adoption is permitted. The Company is in the process of reviewing its portfolio of leased assets and related contracts to determine the impact adoption will have on its consolidated financial statements and related disclosures. The Company is also assessing the impact of Topic 842 on its systems, processes and internal controls. The Company plans to elect certain practical expedients when implementing the new lease standard, which means the Company will not have to reassess the existence or classification of leases for contracts, including land easements, that commenced prior to adoption. Upon adoption, the Company anticipates recognizing assets and liabilities for the rights and obligations of its existing long-term operating leases on its consolidated balance sheets and utilizing new systems, processes and internal controls to properly identify, classify, measure and recognize new (or modified) leases after the date of adoption. The Company will complete its evaluation during 2018 and will adopt Topic 842 on January 1, 2019. The Company is currently assessing whether it will adopt this Topic using the modified retrospective approach for all comparative periods presented or by recognizing a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption.
Revenue from Contract with Customer	Oil, natural gas and NGL revenues. A majority of the Company’s revenues come from sales of oil, natural gas and NGLs and are recorded at a point in time when control of the oil, natural gas and NGL production passes to the customer at the inlet of the processing plant or pipeline, or the delivery point for onloading to a delivery truck. As the Company’s customers obtain control of the production prior to selling it to other end customers, the Company presents its revenues on a net basis, rather than on a gross basis.
Fair Value Transfer	Transfers. The Company recognizes transfers between fair value hierarchy levels as of the end of the reporting period in which the event or change in circumstances causing the transfer occurred.

Revenues (Tables)

Revenues (Tables)	6 Months Ended
	Jun. 30, 2018
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	The following table disaggregates the Company’s revenue by source for the three and six-month periods ended June 30, 2018 and 2017: Three Months Ended June 30, 2018 2017 2018 2017 (In thousands) Oil $ 49,219 $ 47,978 $ 102,554 $ 103,760 NGL 16,946 13,138 33,335 27,571 Natural gas 13,139 23,430 30,381 51,364 Other 158 305 320 506 Total revenues $ 79,462 $ 84,851 $ 166,590 $ 183,201

Employee Termination Benefits (

Employee Termination Benefits (Tables)	6 Months Ended
	Jun. 30, 2018
Postemployment Benefits [Abstract]
Schedule of Postemployment Benefits	The following table presents a summary of employee termination benefits for the three and six-month periods ended June 30, 2018 and 2017 (in thousands): Cash Share-Based Compensation (4) Number of Shares Total Employee Termination Benefits Three Months Ended June 30, 2018 Executive Employee Termination Benefits $ — $ 82 — $ 82 Other Employee Termination Benefits 862 99 — 961 $ 862 $ 181 — $ 1,043 Three Months Ended June 30, 2017 Executive Employee Termination Benefits (1) $ 2,500 $ 1,825 96 $ 4,325 Other Employee Termination Benefits 90 — — 90 $ 2,590 $ 1,825 96 $ 4,415 Six Months Ended June 30, 2018 Executive Employee Termination Benefits (2) $ 11,945 $ 9,196 554 $ 21,141 Other Employee Termination Benefits (3) 7,554 3,935 209 11,489 $ 19,499 $ 13,131 763 $ 32,630 Six Months Ended June 30, 2017 Executive Employee Termination Benefits (1) $ 2,500 $ 1,825 96 $ 4,325 Other Employee Termination Benefits 490 — — 490 $ 2,990 $ 1,825 96 $ 4,815 ____________________ 1. Includes cash severance costs and share-based compensation costs associated with the accelerated vesting of awards related to the departure of the Company's former Executive Vice President of Investor Relations and Strategy, Duane Grubert. 2. On February 8, 2018, the Company’s then current CEO, James Bennett, separated employment from the Company, and on February 22, 2018, the Company’s then current CFO, Julian Bott, also separated employment from the Company. In accordance with the terms of their respective employment agreements, the Company incurred cash severance costs and share-based compensation costs associated with the accelerated vesting of awards during the first quarter of 2018. 3. As a result of a reduction in workforce in the first quarter of 2018, certain employees received termination benefits including cash severance and accelerated share-based and incentive compensation vesting upon separation of service from the Company. 4. Share-based compensation recognized in connection with the accelerated vesting of restricted stock awards and performance share units upon the departure of certain executives and the reduction in workforce in the first quarter of 2018 reflects the remaining unrecognized compensation expense associated with these awards at the date of termination. The unrecognized compensation expense was calculated using the grant date fair value for restricted stock awards and performance share units. One share of the Company’s common stock was issued per performance share unit. Other employee termination benefits for the three and six-month periods ended June 30, 2018, includes an adjustment to first quarter 2018 accrued share-based compensation to reflect actuals paid.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2018
Fair Value Disclosures [Abstract]
Assets and Liabilities Measured on Recurring Basis	The following tables summarize the Company’s assets and liabilities measured at fair value on a recurring basis by the fair value hierarchy (in thousands): June 30, 2018 Fair Value Measurements Netting(1) Assets/Liabilities at Fair Value Level 1 Level 2 Level 3 Assets Commodity derivative contracts $ — $ 1,079 $ — $ (1,079) $ — $ — $ 1,079 $ — $ (1,079) $ — Liabilities Commodity derivative contracts $ — $ 45,004 $ — $ (1,079) $ 43,925 $ — $ 45,004 $ — $ (1,079) $ 43,925 December 31, 2017 Fair Value Measurements Netting(1) Assets/Liabilities at Fair Value Level 1 Level 2 Level 3 Assets Commodity derivative contracts $ — $ 5,582 $ — $ (4,272) $ 1,310 Investments 5,072 — — — 5,072 $ 5,072 $ 5,582 $ — $ (4,272) $ 6,382 Liabilities Commodity derivative contracts $ — $ 18,467 $ — $ (4,272) $ 14,195 $ — $ 18,467 $ — $ (4,272) $ 14,195 ____________________ 1. Represents the effect of netting assets and liabilities for counterparties with which the right of offset exists.
Long-Term Debt Carrying Amount and Fair Value Table	The estimated fair values and carrying values of the Company’s long-term debt are as follows (in thousands): June 30, 2018 December 31, 2017 Fair Value Carrying Value Fair Value Carrying Value Building Note $ — $ — $ 42,526 $ 37,502

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	6 Months Ended
	Jun. 30, 2018
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Property, plant and equipment consists of the following (in thousands): June 30, 2018 December 31, 2017 Oil and natural gas properties Proved $ 1,145,667 $ 1,056,806 Unproved 87,268 100,884 Total oil and natural gas properties 1,232,935 1,157,690 Less accumulated depreciation, depletion and impairment (515,822) (460,431) Net oil and natural gas properties capitalized costs 717,113 697,259 Land 4,500 4,500 Electrical infrastructure 131,010 131,010 Other non-oil and natural gas equipment 19,778 26,809 Buildings and structures 79,548 79,548 Total 234,836 241,867 Less accumulated depreciation and amortization (20,933) (15,886) Other property, plant and equipment, net 213,903 225,981 Total property, plant and equipment, net $ 931,016 $ 923,240

Accounts Payable and Accrued 27

Accounts Payable and Accrued Expenses (Tables)	6 Months Ended
	Jun. 30, 2018
Payables and Accruals [Abstract]
Accounts Payable and Accrued Expenses	Accounts payable and accrued expenses consist of the following (in thousands): June 30, 2018 December 31, 2017 Accounts payable and other accrued expenses $ 61,808 $ 75,191 Accrued interest 598 1,385 Revenues and royalties payable 43,859 37,274 Payroll and benefits 12,819 21,475 Drilling advances 1,466 3,830 Total accounts payable and accrued expenses $ 120,550 $ 139,155

Derivatives (Tables)

Derivatives (Tables)	6 Months Ended
	Jun. 30, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Offsetting Assets and Liabilities	The following tables summarize (i) the Company's commodity derivative contracts on a gross basis, (ii) the effects of netting assets and liabilities for which the right of offset exists based on master netting arrangements and (iii) for the Company’s net derivative liability positions, the applicable portion of shared collateral under the credit facility as of June 30, 2018, and December 31, 2017 (in thousands): June 30, 2018 Gross Amounts Gross Amounts Offset Amounts Net of Offset Financial Collateral Net Amount Assets Derivative contracts - current $ 1,079 $ (1,079) $ — $ — $ — Derivative contracts - noncurrent — — — — — Total $ 1,079 $ (1,079) $ — $ — $ — Liabilities Derivative contracts - current $ 36,362 $ (1,079) $ 35,283 $ (35,283) $ — Derivative contracts - noncurrent 8,642 — 8,642 (8,642) — Total $ 45,004 $ (1,079) $ 43,925 $ (43,925) $ — December 31, 2017 Gross Amounts Gross Amounts Offset Amounts Net of Offset Financial Collateral Net Amount Assets Derivative contracts - current $ 5,582 $ (4,272) $ 1,310 $ — $ 1,310 Derivative contracts - noncurrent — — — — — Total $ 5,582 $ (4,272) $ 1,310 $ — $ 1,310 Liabilities Derivative contracts - current $ 14,899 $ (4,272) $ 10,627 $ (10,627) $ — Derivative contracts - noncurrent 3,568 — 3,568 (3,568) — Total $ 18,467 $ (4,272) $ 14,195 $ (14,195) $ —
Open Oil and Natural Gas Commodity Derivative Contracts	At June 30, 2018, the Company’s open commodity derivative contracts consisted of the following: Oil Price Swaps Notional (MBbls) Weighted Average Fixed Price July 2018 - December 2018 1,748 $ 56.08 January 2019 - December 2019 1,825 $ 54.29 Natural Gas Price Swaps Notional (MMcf) Weighted Average Fixed Price July 2018 - December 2018 7,360 $ 3.11
Fair Value of Derivatives	The following table presents the fair value of the Company’s derivative contracts as of June 30, 2018, and December 31, 2017, on a gross basis without regard to same-counterparty netting (in thousands): Type of Contract Balance Sheet Classification June 30, 2018 December 31, 2017 Derivative assets Natural gas price swaps Derivative contracts-current $ 1,079 $ 5,582 Derivative liabilities Oil price swaps Derivative contracts-current (36,362) (14,899) Oil price swaps Derivative contracts-noncurrent (8,642) (3,568) Total net derivative contracts $ (43,925) $ (12,885)

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2018
Income Tax Disclosure [Abstract]
Provision for Income Taxes	The provision for income taxes consisted of the following components (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Current Federal $ — $ — $ — $ — State (45) (42) (42) (39) Total provision $ (45) $ (42) $ (42) $ (39)

(Loss) Earnings per Share (Tabl

(Loss) Earnings per Share (Tables)	6 Months Ended
	Jun. 30, 2018
Earnings Per Share [Abstract]
Calculation of Weighted Average Common Shares Outstanding Used in Computation of Diluted (Loss) Earnings Per Share	The following table summarizes the calculation of weighted average common shares outstanding used in the computation of diluted (loss) earnings per share: Net (Loss) Income Weighted Average Shares (Loss) Earnings Per Share (In thousands, except per share amounts) Three Months Ended June 30, 2018 Basic loss per share $ (34,074) 35,017 $ (0.97) Effect of dilutive securities Restricted stock awards(1) — — Performance share units(2) — — Warrants(3) — — Diluted loss per share $ (34,074) 35,017 $ (0.97) Three Months Ended June 30, 2017 Basic earnings per share $ 23,499 34,076 $ 0.69 Effect of dilutive securities Restricted stock awards — 55 Performance share units — 7 Warrants(3) — — Diluted earnings per share $ 23,499 34,138 $ 0.69 Six Months Ended June 30, 2018 Basic loss per share $ (74,968) 34,800 $ (2.15) Effect of dilutive securities Restricted stock awards(4) — — Performance share units(2) — — Warrants(3) — — Diluted loss per share $ (74,968) 34,800 $ (2.15) Six Months Ended June 30, 2017 Basic earnings per share $ 74,307 30,458 $ 2.44 Effect of dilutive securities Restricted stock awards — 192 Performance share units(5) — — Warrants(3) — — Diluted earnings per share $ 74,307 30,650 $ 2.42 ____________________ 1. No incremental shares of potentially dilutive restricted stock awards were included for the three month period ended June 30, 2018, as their effect was antidilutive under the treasury stock method. 2. Performance share units covering an insignificant amount of shares for the three and six-month periods ended June 30, 2018, were excluded from the computation of loss per share because their effect would have been antidilutive. 3. No incremental shares of potentially dilutive warrants were included for the three and six-month periods ended June 30, 2018, or 2017, as their effect was antidilutive. 4. Restricted stock awards covering an insignificant amount of shares for the six-month period ended June 30, 2018, were excluded from the computation of loss per share because their effect would have been antidilutive.

Share and Incentive-Based Com31

Share and Incentive-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of Unvested Restricted Stock Awards	The following table presents a summary of the Company’s unvested restricted stock awards: Number of Shares Weighted Average Grant Date Fair Value (In thousands) Unvested restricted shares outstanding at December 31, 2017 1,105 $ 22.62 Granted 5 $ 15.15 Vested (1,049) $ 22.71 Forfeited / Canceled (36) $ 22.11 Unvested restricted shares outstanding at June 30, 2018 25 $ 18.34
Schedule of Nonvested Performance-based Units Activity	The following table presents a summary of the Company’s performance share units: Number of Units Fair Value per Unit at June 30, 2018 (In thousands) Unvested performance share units outstanding at December 31, 2017 183 Granted — Vested (177) Forfeited / Canceled (6) Unvested performance share units outstanding at June 30, 2018 — $ —
Schedule of Nonvested Incentive Performance Unit Activity	The following table presents a summary of the Company’s performance units: Number of Units Fair Value per Unit at June 30, 2018 (In thousands) Unvested performance units outstanding at December 31, 2017 49 Granted — Vested (48) Forfeited / Canceled (1) Unvested performance units outstanding at June 30, 2018 — $ —
Schedule of Employee Service Compensation Expense	The following tables summarize share and incentive-based compensation for the three and six-month periods ended June 30, 2018, and 2017 (in thousands): Recurring Compensation Expense(1) Executive Terminations(2)(3) Reduction in Force(2)(3) Change in Control(4) Total Three Months Ended June 30, 2018 Equity-classified awards: Restricted stock awards $ 603 $ — $ 92 $ 5,181 $ 5,876 Performance share units 31 82 7 610 730 Total share-based compensation expense 634 82 99 5,791 6,606 Liability-classified awards: Performance units 227 (216) (31) 1,309 1,289 Total share and incentive-based compensation expense 861 (134) 68 7,100 7,895 Less: Capitalized compensation expense (124) — — (555) (679) Share and incentive-based compensation expense, net $ 737 $ (134) $ 68 $ 6,545 $ 7,216 Three Months Ended June 30, 2017 Equity-classified awards: Restricted stock awards $ 4,986 $ 1,825 $ — $ — $ 6,811 Performance share units 411 — — — 411 Total share-based compensation expense 5,397 1,825 — — 7,222 Liability-classified awards: Performance units 972 — — — 972 Total share and incentive-based compensation expense 6,369 1,825 — — 8,194 Less: Capitalized compensation expense (967) — — — (967) Share and incentive-based compensation expense, net $ 5,402 $ 1,825 $ — $ — $ 7,227 ____________________ 1. Recorded in general and administrative expense in the accompanying consolidated statements of operations. 2. Recorded in employee termination benefits in the accompanying consolidated statements of operations. 3. Three-month period ended June 30, 2018, includes adjustment to first quarter 2018 accrued share and incentive-based compensation to reflect actuals paid. 4. Recorded in accelerated vesting upon change in control in the accompanying consolidated statements of operations. The Board is re-examining the compensation practices of the Company. Recurring Compensation Expense(1) Executive Terminations(2)(3) Reduction in Force(2)(3) Change in Control(4) Total Six Months Ended June 30, 2018 Equity-classified awards: Restricted stock awards $ 3,379 $ 8,140 $ 3,777 $ 5,181 $ 20,477 Performance share units 359 1,056 158 610 2,183 Total share-based compensation expense 3,738 9,196 3,935 5,791 22,660 Liability-classified awards: Performance units 776 2,151 558 1,309 4,794 Total share and incentive-based compensation expense 4,514 11,347 4,493 7,100 27,454 Less: Capitalized compensation expense (334) — — (555) (889) Share and incentive-based compensation expense, net $ 4,180 $ 11,347 $ 4,493 $ 6,545 $ 26,565 Six Months Ended June 30, 2017 Equity-classified awards: Restricted stock awards $ 8,615 $ 1,825 $ — $ — $ 10,440 Performance share units 610 — — — 610 Total share-based compensation expense 9,225 1,825 — — 11,050 Liability-classified awards: Performance units 1,562 — — — 1,562 Total share and incentive-based compensation expense 10,787 1,825 — — 12,612 Less: Capitalized compensation expense (1,629) — — — (1,629) Share and incentive-based compensation expense, net $ 9,158 $ 1,825 $ — $ — $ 10,983 ____________________ 1. Recorded in general and administrative expense in the accompanying consolidated statements of operations. 2. Recorded in employee termination benefits in the accompanying consolidated statements of operations. 3. Six-month period ended June 30, 2018, includes adjustment to first quarter 2018 accrued share and incentive-based compensation to reflect actuals paid. 4. Recorded in accelerated vesting upon change in control in the accompanying consolidated statements of operations.

Revenues - Narrative (Details)

Revenues - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2018	Dec. 31, 2017
Revenue Receivable from Contract With Customers
Revenues Receivable from Customer
Revenues Receivable from Contracts with Customers	$ 29.1	$ 34.6

Revenues - Disaggregation of Re

Revenues - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Disaggregation of Revenue
Revenues	$ 79,462	$ 84,851	$ 166,590	$ 183,201
Oil
Disaggregation of Revenue
Revenues	49,219	47,978	102,554	103,760
NGL
Disaggregation of Revenue
Revenues	16,946	13,138	33,335	27,571
Natural gas
Disaggregation of Revenue
Revenues	13,139	23,430	30,381	51,364
Other
Disaggregation of Revenue
Revenues	$ 158	$ 305	$ 320	$ 506

Proxy Contest (Details)

Proxy Contest (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018USD ($)director	Jun. 30, 2017USD ($)	Jun. 30, 2018USD ($)director	Jun. 30, 2017USD ($)
Other Income and Expenses [Abstract]
Number of directors nominated by shareholder | director	5		5
Number of directors | director	8		8
Schedule of Professional Fees by Component
Proxy contest | $	$ 7,191	$ 0	$ 7,598	$ 0
Strategic review and other costs
Schedule of Professional Fees by Component
Proxy contest | $	$ 7,200		$ 7,600

Employee Termination Benefits35

Employee Termination Benefits (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Jun. 19, 2018
Employee Termination Benefits
Cash	$ 862	$ 2,590	$ 19,499	$ 2,990
Share-Based Compensation	$ 181	$ 1,825	$ 13,131	$ 1,825
Number of Shares	0	96,000	763,000	96,000
Total	$ 1,043	$ 4,415	$ 32,630	$ 4,815
Percentage of shareholders voted against prior compensation plan					83.20%
Executive Employee Termination Benefits
Employee Termination Benefits
Cash	0	2,500	11,945	2,500
Share-Based Compensation	$ 82	$ 1,825	$ 9,196	$ 1,825
Number of Shares	0	96,000	554,000	96,000
Total	$ 82	$ 4,325	$ 21,141	$ 4,325
Other Employee Termination Benefits
Employee Termination Benefits
Cash	862	90	7,554	490
Share-Based Compensation	$ 99	$ 0	$ 3,935	$ 0
Number of Shares	0	0	209,000	0
Total	$ 961	$ 90	$ 11,489	$ 490

Acquisitions and Divestitures (

Acquisitions and Divestitures (Details) $ in Millions	Feb. 10, 2017USD ($)awell	Dec. 31, 2017USD ($)
Additional Disclosures, Acquisitions and Divestitures
Area of land acquired | a	13,000
Payments to acquire land	$ 47.8
Number Of Wells Acquired | well	4
Oil and Gas Properties | Disposal Group, Not Discontinued Operations
Additional Disclosures, Acquisitions and Divestitures
Cash received from sale of property		$ 11.3

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($)	Dec. 31, 2017	Feb. 10, 2017	Oct. 04, 2016
New Building Note | Secured Notes
Fair Value Assets And Liabilities Measured On Recurring Basis
Face amount of debt instrument		$ 35,000,000	$ 35,000,000
Fair Value, Measurements, Recurring
Fair Value Assets And Liabilities Measured On Recurring Basis
Fair value of plan assets	$ 5,072,000
Fair Value, Measurements, Recurring | Fair Value Measurements Level 1
Fair Value Assets And Liabilities Measured On Recurring Basis
Fair value of plan assets	5,072,000
Fair Value, Measurements, Recurring | Fair Value Measurements Level 2
Fair Value Assets And Liabilities Measured On Recurring Basis
Fair value of plan assets	0
Other current assets | Fair Value, Measurements, Recurring | Fair Value Measurements Level 1
Fair Value Assets And Liabilities Measured On Recurring Basis
Fair value of plan assets	$ 5,100,000

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Fair Value Assets And Liabilities Measured On Recurring Basis
Derivative assets	$ 1,079	$ 5,582
Derivative liabilities	45,004	18,467
Fair Value, Measurements, Recurring
Fair Value Assets And Liabilities Measured On Recurring Basis
Investments		5,072
Netting adjustments, assets	(1,079)	(4,272)
Assets at fair value	0	6,382
Netting adjustments, liabilities	(1,079)	(4,272)
Liabilities at fair value	43,925	14,195
Fair Value, Measurements, Recurring | Commodity derivative contracts
Fair Value Assets And Liabilities Measured On Recurring Basis
Netting adjustments, assets	(1,079)	(4,272)
Assets at fair value	0	1,310
Netting adjustments, liabilities	(1,079)	(4,272)
Liabilities at fair value	43,925	14,195
Fair Value, Measurements, Recurring | Fair Value Measurements Level 1
Fair Value Assets And Liabilities Measured On Recurring Basis
Derivative assets	0	5,072
Investments		5,072
Derivative liabilities	0	0
Fair Value, Measurements, Recurring | Fair Value Measurements Level 1 | Commodity derivative contracts
Fair Value Assets And Liabilities Measured On Recurring Basis
Derivative assets	0	0
Derivative liabilities	0	0
Fair Value, Measurements, Recurring | Fair Value Measurements Level 2
Fair Value Assets And Liabilities Measured On Recurring Basis
Derivative assets	1,079	5,582
Investments		0
Derivative liabilities	45,004	18,467
Fair Value, Measurements, Recurring | Fair Value Measurements Level 2 | Commodity derivative contracts
Fair Value Assets And Liabilities Measured On Recurring Basis
Derivative assets	1,079	5,582
Derivative liabilities	45,004	18,467
Fair Value, Measurements, Recurring | Fair Value Measurements Level 3
Fair Value Assets And Liabilities Measured On Recurring Basis
Derivative assets	0	0
Investments		0
Derivative liabilities	0	0
Fair Value, Measurements, Recurring | Fair Value Measurements Level 3 | Commodity derivative contracts
Fair Value Assets And Liabilities Measured On Recurring Basis
Derivative assets	0	0
Derivative liabilities	$ 0	$ 0

Fair Value Measurements - Estim

Fair Value Measurements - Estimated Fair Value and Carrying Value of Long-Term Debt (Details) - Secured Notes - New Building Note - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017	Oct. 04, 2016
Fair Value Assets And Liabilities Measured On Recurring Basis
Fair Value			$ 36,600
Fair Value Measurements Level 2
Fair Value Assets And Liabilities Measured On Recurring Basis
Fair Value	$ 0	$ 42,526
Carrying value	$ 0	$ 37,502

Property, Plant and Equipment -

Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Oil and natural gas properties
Proved	$ 1,145,667	$ 1,056,806
Unproved	87,268	100,884
Total oil and natural gas properties	1,232,935	1,157,690
Less: accumulated depreciation, depletion and impairment	(515,822)	(460,431)
Net oil and natural gas properties capitalized costs	717,113	697,259
Property, plant and equipment, gross	234,836	241,867
Less accumulated depreciation and amortization	(20,933)	(15,886)
Other property, plant and equipment, net	213,903	225,981
Total property, plant and equipment, net	931,016	923,240
Land
Oil and natural gas properties
Property, plant and equipment, gross	4,500	4,500
Electrical infrastructure
Oil and natural gas properties
Property, plant and equipment, gross	131,010	131,010
Other non-oil and natural gas equipment
Oil and natural gas properties
Property, plant and equipment, gross	19,778	26,809
Buildings and structures
Oil and natural gas properties
Property, plant and equipment, gross	$ 79,548	$ 79,548

Property, Plant and Equipment41

Property, Plant and Equipment - Narrative (Details) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017
Property, Plant and Equipment
Assets held-for-sale				$ 10,600,000
Property Located in Oklahoma City, OK
Property, Plant and Equipment
Assets held-for-sale				$ 9,300,000
Proceeds from sale of assets	$ 10,400,000
Gain on sale of assets	1,100,000	$ 1,100,000
Midstream Generator Assets
Property, Plant and Equipment
Assets held-for-sale			$ 5,700,000
Net realizable value of assets held for sale			$ 1,600,000
Gain on sale of assets	$ 0
Impairment of assets to be disposed of		$ 4,100,000

Accounts Payable and Accrued 42

Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Payables and Accruals [Abstract]
Accounts payable and other accrued expenses	$ 61,808	$ 75,191
Accrued interest	598	1,385
Revenues and royalties payable	43,859	37,274
Payroll and benefits	12,819	21,475
Drilling advances	1,466	3,830
Total accounts payable and accrued expenses	$ 120,550	$ 139,155

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Details)	Feb. 10, 2017USD ($)	Oct. 04, 2016USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)	May 11, 2017USD ($)	Oct. 03, 2019	Oct. 03, 2018	Oct. 03, 2017
Debt Instrument
Gain on extinguishment of debt			$ 0	$ 0	$ 1,151,000	$ 0
Amended New Credit Facility | LIBOR | Minimum
Debt Instrument
Basis spread on variable rate	3.00%
Amended New Credit Facility | LIBOR | Maximum
Debt Instrument
Basis spread on variable rate	4.00%
Amended New Credit Facility | Base Rate | Minimum
Debt Instrument
Basis spread on variable rate	2.00%
Amended New Credit Facility | Base Rate | Maximum
Debt Instrument
Basis spread on variable rate	3.00%
Revolving Credit Facility | New First Lien Exit Facility
Debt Instrument
Maximum borrowing capacity		$ 425,000,000
Cash collateral released	$ 50,000,000
Revolving Credit Facility | Amended New Credit Facility
Debt Instrument
Maximum borrowing capacity	600,000,000
Borrowing base	$ 425,000,000
Commitment fee	0.50%
Percentage of proved reserves pledged as collateral	95.00%
Total net leverage ratio (no greater than)			3.50		3.50
Interest coverage ratio (no less than)			2.25		2.25
Aggregate principal amount of default trigger	$ 25,000,000
Default trigger related to judgment liability	25,000,000
Debt outstanding			$ 0		$ 0
Outstanding letters of credit			$ 6,200,000		6,200,000
Secured Notes | New Building Note
Debt Instrument
Face amount of debt instrument	$ 35,000,000	35,000,000
Fair Value		36,600,000
Gain on extinguishment of debt					$ 1,200,000
Annual interest rate										6.00%
Interest costs paid-in-kind							$ 1,300,000
Term of interest payments paid in kind (after refinancing or repayment)							90 days
Proceeds remitted to unsecured creditors		$ 26,800,000
Forecast | Secured Notes | New Building Note
Debt Instrument
Annual interest rate								10.00%	8.00%

Derivatives - Narrative (Detail

Derivatives - Narrative (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018USD ($)financialInstitution	Jun. 30, 2017USD ($)	Jun. 30, 2018USD ($)financialInstitution	Jun. 30, 2017USD ($)
Derivative Instruments And Hedging Activities Disclosure
Loss (gain) on derivative contracts	$ 30,104	$ (23,543)	$ 48,434	$ (57,726)
Cash paid on settlement of derivative contracts			$ 17,393	(2,706)
Number of counterparties to open derivative contracts | financialInstitution	5		5
Commodity Derivatives
Derivative Instruments And Hedging Activities Disclosure
Loss (gain) on derivative contracts	$ 30,100	(23,500)	$ 48,400	(57,700)
Cash paid on settlement of derivative contracts	$ 11,300	$ (3,300)	$ 17,400	$ (2,700)

Derivatives - Offsetting Assets

Derivatives - Offsetting Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Derivative Assets
Gross Amounts	$ 1,079	$ 5,582
Gross Amounts Offset	(1,079)	(4,272)
Amounts Net of Offset	0	1,310
Financial Collateral	0	0
Net Amount	0	1,310
Derivative Liabilities
Gross Amounts	45,004	18,467
Gross Amounts Offset	(1,079)	(4,272)
Amounts Net of Offset	43,925	14,195
Financial Collateral	(43,925)	(14,195)
Net Amount	0	0
Current Assets
Derivative Assets
Gross Amounts	1,079	5,582
Gross Amounts Offset	(1,079)	(4,272)
Amounts Net of Offset	0	1,310
Financial Collateral	0	0
Net Amount	0	1,310
Noncurrent Assets
Derivative Assets
Gross Amounts	0	0
Gross Amounts Offset	0	0
Amounts Net of Offset	0	0
Financial Collateral	0	0
Net Amount	0	0
Current Liabilities
Derivative Liabilities
Gross Amounts	36,362	14,899
Gross Amounts Offset	(1,079)	(4,272)
Amounts Net of Offset	35,283	10,627
Financial Collateral	(35,283)	(10,627)
Net Amount	0	0
Noncurrent Liabilities
Derivative Liabilities
Gross Amounts	8,642	3,568
Gross Amounts Offset	0	0
Amounts Net of Offset	8,642	3,568
Financial Collateral	(8,642)	(3,568)
Net Amount	$ 0	$ 0

Derivatives - Open Commodity De

Derivatives - Open Commodity Derivative Contracts (Details)	6 Months Ended
	Jun. 30, 2018$ / bblMBblsMMcf
July 2018 - December 2018
Derivative Instruments And Hedging Activities Disclosure
Notional (Oil in MBbls/Natural Gas in MMcf) | MBbls	1,748
Weighted Avg. Fixed Price (Oil in USD/bbl, Natural Gas in USD/mcf)	56.08
January 2019 - December 2019
Derivative Instruments And Hedging Activities Disclosure
Notional (Oil in MBbls/Natural Gas in MMcf) | MBbls	1,825
Weighted Avg. Fixed Price (Oil in USD/bbl, Natural Gas in USD/mcf)	54.29
July 2018 - December 2018
Derivative Instruments And Hedging Activities Disclosure
Notional (Oil in MBbls/Natural Gas in MMcf) | MMcf	7,360
Weighted Avg. Fixed Price (Oil in USD/bbl, Natural Gas in USD/mcf)	3.11

Derivatives - Fair Value of Der

Derivatives - Fair Value of Derivative Contracts (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Derivatives, Fair Value
Derivative assets	$ 1,079	$ 5,582
Derivative liabilities	(45,004)	(18,467)
Total net derivative contracts	(43,925)	(12,885)
Current Assets
Derivatives, Fair Value
Derivative assets	1,079	5,582
Current Liabilities
Derivatives, Fair Value
Derivative liabilities	(36,362)	(14,899)
Noncurrent Liabilities
Derivatives, Fair Value
Derivative liabilities	(8,642)	(3,568)
Natural gas price swaps | Current Assets
Derivatives, Fair Value
Derivative assets	(1,079)	5,582
Oil price swaps | Current Liabilities
Derivatives, Fair Value
Derivative liabilities	(36,362)	(14,899)
Oil price swaps | Noncurrent Liabilities
Derivatives, Fair Value
Derivative liabilities	$ (8,642)	$ (3,568)

Equity - Narrative (Details)

Equity - Narrative (Details) - $ / shares	21 Months Ended
	Jun. 30, 2018	Dec. 31, 2017	Oct. 01, 2016
Class of Stock
Common stock, shares issued	35,332,000	35,650,000
Common stock, shares outstanding	35,332,000	35,650,000
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	250,000,000	250,000,000
Series A Warrants
Class of Stock
Plan of Reorganization, Equity Interest Issuable, Number of Shares	4,600,000
Number of common shares exercised for each warrant			1
Exercise price (in usd per share)			$ 41.34
Series B Warrants
Class of Stock
Plan of Reorganization, Equity Interest Issuable, Number of Shares	2,000,000
Number of common shares exercised for each warrant			1
Exercise price (in usd per share)			$ 42.03

Income Taxes - Provision for In

Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Current
Federal	$ 0	$ 0	$ 0	$ 0
State	(45)	(42)	(42)	(39)
Total provision	$ (45)	$ (42)	$ (42)	$ (39)

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Billions	6 Months Ended
	Jun. 30, 2018	Oct. 04, 2016
Income Taxes [Line Items]
Operating loss carryforwards expected to expire	$ 1.6
Minimum
Income Taxes [Line Items]
Number of tax years open for state tax audit (in years)	3 years
Maximum
Income Taxes [Line Items]
Number of tax years open for state tax audit (in years)	5 years
Earliest Tax Year
Income Taxes [Line Items]
Open tax year	2,005
Latest Tax Year
Income Taxes [Line Items]
Open tax year	2,013
Domestic Tax Authority
Income Taxes [Line Items]
Operating loss carryforwards subject to limitation		$ 1.9
Domestic Tax Authority | Earliest Tax Year
Income Taxes [Line Items]
Open tax year	2,014

(Loss) Earnings per Share (Deta

(Loss) Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Earnings (Loss) Per Share, Diluted, by Common Class, Including Two Class Method
Basic earnings (loss)	$ (34,074)	$ 23,499	$ (74,968)	$ 74,307
Weighted Average Shares, Basic	35,017,000	34,076,000	34,800,000	30,458,000
Basic earnings (loss) (in dollars per share)	$ (0.97)	$ 0.69	$ (2.15)	$ 2.44
Effect of dilutive securities
Restricted stock awards	$ 0	$ 0	$ 0	$ 0
Restricted stock awards (in shares)	0	55,000	0	192,000
Performance share units	$ 0	$ 0	$ 0	$ 0
Performance share units (in shares)	0	7,000	0	0
Warrants	$ 0	$ 0	$ 0	$ 0
Warrants (shares)	0	0	0	0
Diluted earnings (loss)	$ (34,074)	$ 23,499	$ (74,968)	$ 74,307
Weighted average shares, diluted	35,017,000	34,138,000	34,800,000	30,650,000
Diluted earnings (loss) per share (in dollars per share)	$ (0.97)	$ 0.69	$ (2.15)	$ 2.42
Restricted Stock awards
Potentially Dilutive Securities
Antidilutive securities excluded from computation of earnings per share (in shares)	0
Performance Share Units
Potentially Dilutive Securities
Antidilutive securities excluded from computation of earnings per share (in shares)				0
Warrants
Potentially Dilutive Securities
Antidilutive securities excluded from computation of earnings per share (in shares)	0	0	0	0

Share and Incentive Based Compe

Share and Incentive Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Oct. 31, 2016	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Oct. 01, 2016
Share and Incentive Based Compensation Arrangement
Shares authorized for issuance						4,600,000
Accelerated vesting compensation cost		$ 181	$ 1,825	$ 13,131	$ 1,825
Number of Shares		0	96,000	763,000	96,000
Performance units weighted average grant date fair value	$ 100
Aggregate intrinsic value of performance units vested		$ 3,700		$ 4,800
Performance units compensation expense		1,289	$ 972	4,794	$ 1,562
Restricted Stock
Share and Incentive Based Compensation Arrangement
Aggregate intrinsic value of vested awards		12,500		$ 15,900
Shares granted				5,000
Restricted Stock | Minimum
Share and Incentive Based Compensation Arrangement
Vesting period				1 year
Restricted Stock | Maximum
Share and Incentive Based Compensation Arrangement
Vesting period				3 years
Performance Share Units
Share and Incentive Based Compensation Arrangement
Aggregate intrinsic value of vested awards		$ 2,200		$ 2,700
Shares granted				0

Share and Incentive Based Com53

Share and Incentive Based Compensation - Awards Activity (Details)	6 Months Ended
	Jun. 30, 2018$ / sharesshares
Number of Units
Unvested performance units beginning balance	49,000
Granted (in units)	0
Vested (in units)	(48,000)
Forfeited / canceled (in units)	(1,000)
Unvested performance units ending balance	0
Fair Value per Unit at June 30, 2018
Unvested performance units outstanding (in usd per unit) | $ / shares	$ 0
Restricted Stock
Number of Shares/Units
Unvested shares outstanding at beginning of period	1,105,000
Granted (in shares)	5,000
Vested (in shares)	(1,049,000)
Forfeited / Canceled (in shares)	(36,000)
Unvested shares outstanding at end of period	25,000
Fair Value (usd per share)
Unvested shares outstanding at beginning of period (in usd per share) | $ / shares	$ 22.62
Granted (in usd per share) | $ / shares	15.15
Vested (in usd per share) | $ / shares	22.71
Forfeited / Canceled (in usd per share) | $ / shares	22.11
Unvested shares outstanding at end of period (in usd per share) | $ / shares	$ 18.34
Performance Share Units
Number of Shares/Units
Unvested shares outstanding at beginning of period	183,000
Granted (in shares)	0
Vested (in shares)	(177,000)
Forfeited / Canceled (in shares)	(6,000)
Unvested shares outstanding at end of period	0
Fair Value (usd per share)
Unvested shares outstanding at end of period (in usd per share) | $ / shares	$ 0

Share and Incentive-Based Com54

Share and Incentive-Based Compensation - Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost
Equity-classified awards compensation expense	$ 6,606	$ 7,222	$ 22,660	$ 11,050
Performance units compensation expense	1,289	972	4,794	1,562
Total share and incentive-based compensation expense	7,895	8,194	27,454	12,612
Less: Capitalized compensation expense	(679)	(967)	(889)	(1,629)
Share and incentive-based compensation expense, net	7,216	7,227	26,565	10,983
Recurring Compensation Expense
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost
Equity-classified awards compensation expense	634	5,397	3,738	9,225
Performance units compensation expense	227	972	776	1,562
Total share and incentive-based compensation expense	861	6,369	4,514	10,787
Less: Capitalized compensation expense	(124)	(967)	(334)	(1,629)
Share and incentive-based compensation expense, net	737	5,402	4,180	9,158
Executive Terminations
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost
Equity-classified awards compensation expense	82	1,825	9,196	1,825
Performance units compensation expense	(216)	0	2,151	0
Total share and incentive-based compensation expense	(134)	1,825	11,347	1,825
Less: Capitalized compensation expense	0	0	0	0
Share and incentive-based compensation expense, net	(134)	1,825	11,347	1,825
Reduction In Force
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost
Equity-classified awards compensation expense	99	0	3,935	0
Performance units compensation expense	(31)	0	558	0
Total share and incentive-based compensation expense	68	0	4,493	0
Less: Capitalized compensation expense	0	0	0	0
Share and incentive-based compensation expense, net	68	0	4,493	0
Change In Control
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost
Equity-classified awards compensation expense	5,791	0	5,791	0
Performance units compensation expense	1,309	0	1,309	0
Total share and incentive-based compensation expense	7,100	0	7,100	0
Less: Capitalized compensation expense	(555)	0	(555)	0
Share and incentive-based compensation expense, net	6,545	0	6,545	0
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost
Equity-classified awards compensation expense	5,876	6,811	20,477	10,440
Restricted Stock | Recurring Compensation Expense
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost
Equity-classified awards compensation expense	603	4,986	3,379	8,615
Restricted Stock | Executive Terminations
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost
Equity-classified awards compensation expense	0	1,825	8,140	1,825
Restricted Stock | Reduction In Force
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost
Equity-classified awards compensation expense	92	0	3,777	0
Restricted Stock | Change In Control
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost
Equity-classified awards compensation expense	5,181	0	5,181	0
Performance Share Units
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost
Equity-classified awards compensation expense	730	411	2,183	610
Performance Share Units | Recurring Compensation Expense
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost
Equity-classified awards compensation expense	31	411	359	610
Performance Share Units | Executive Terminations
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost
Equity-classified awards compensation expense	82	0	1,056	0
Performance Share Units | Reduction In Force
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost
Equity-classified awards compensation expense	7	0	158	0
Performance Share Units | Change In Control
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost
Equity-classified awards compensation expense	$ 610	$ 0	$ 610	$ 0