Vital Energy (VTLE) 10-Q 4 May 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2017	May 01, 2017
Document and Entity Information [Abstract]
Entity Registrant Name	Laredo Petroleum, Inc.
Entity Central Index Key	1,528,129
Document Type	10-Q
Document Period End Date	Mar. 31, 2017
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		242,487,612
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1

Consolidated balance sheets

Consolidated balance sheets - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 30,352	$ 32,672
Accounts receivable, net	78,871	86,867
Derivatives	27,575	20,947
Other current assets	15,831	14,291
Total current assets	152,629	154,777
Oil and natural gas properties, full cost method:
Evaluated properties	5,560,767	5,488,756
Unevaluated properties not being depleted	215,598	221,281
Less accumulated depletion and impairment	(4,544,547)	(4,514,183)
Oil and natural gas properties, net	1,231,818	1,195,854
Midstream service assets, net	125,287	126,240
Other fixed assets, net	44,379	44,773
Property and equipment, net	1,401,484	1,366,867
Derivatives	9,847	8,718
Investment in equity method investee	247,021	243,953
Other assets, net	7,615	8,031
Total assets	1,818,596	1,782,346
Current liabilities:
Accounts payable	24,738	15,054
Undistributed revenue and royalties	27,009	26,838
Accrued capital expenditures	44,519	30,845
Derivatives	3,132	20,993
Other current liabilities	62,937	94,215
Total current liabilities	162,335	187,945
Long-term debt, net	1,349,591	1,353,909
Derivatives	25	5,694
Asset retirement obligations	50,158	50,604
Other noncurrent liabilities	3,577	3,621
Total liabilities	1,565,686	1,601,773
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.01 par value, 50,000,000 shares authorized and zero issued as of March 31, 2017 and December 31, 2016	0	0
Common stock, $0.01 par value, 450,000,000 shares authorized and 242,573,453 and 241,929,070 issued and outstanding as of March 31, 2017 and December 31, 2016, respectively	2,426	2,419
Additional paid-in capital	2,400,290	2,396,236
Accumulated deficit	(2,149,806)	(2,218,082)
Total stockholders' equity	252,910	180,573
Total liabilities and stockholders' equity	$ 1,818,596	$ 1,782,346

Consolidated balance sheets (Pa

Consolidated balance sheets (Parenthetical) - $ / shares	Mar. 31, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Preferred stock par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock authorized (in shares)	50,000,000	50,000,000
Preferred stock issued (in shares)	0	0
Common stock par value (in dollars per share)	$ 0.01	$ 0.01
Common stock authorized (in shares)	450,000,000	450,000,000
Common stock issued (in shares)	242,573,453	241,929,070
Common stock outstanding (in shares)	242,573,453	241,929,070

Consolidated statements of oper

Consolidated statements of operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Revenues:
Oil, NGL and natural gas sales	$ 138,736	$ 73,142
Midstream service revenues	2,999	1,801
Sales of purchased oil	47,271	31,614
Total revenues	189,006	106,557
Costs and expenses:
Lease operating expenses	16,992	20,518
Production and ad valorem taxes	8,781	6,435
Midstream service expenses	916	609
Costs of purchased oil	50,256	32,946
General and administrative	25,597	19,451
Depletion, depreciation and amortization	34,112	41,478
Impairment expense	0	161,064
Other operating expenses	1,026	844
Total costs and expenses	137,680	283,345
Operating income (loss)	51,326	(176,788)
Non-operating income (expense):
Gain on derivatives, net	36,671	17,885
Income from equity method investee	3,068	2,298
Interest expense	(22,720)	(23,705)
Interest and other income	145	99
Loss on disposal of assets, net	(214)	(160)
Non-operating income (expense), net	16,950	(3,583)
Income (loss) before income taxes	68,276	(180,371)
Income tax:
Deferred	0	0
Total income tax	0	0
Net income (loss)	$ 68,276	$ (180,371)
Net income (loss) per common share:
Basic (in dollars per share)	$ 0.29	$ (0.85)
Diluted (in dollars per share)	$ 0.28	$ (0.85)
Weighted-average common shares outstanding:
Basic (in shares)	238,505	211,560
Diluted (in shares)	244,379	211,560

Consolidated statement of stock

Consolidated statement of stockholders' equity - 3 months ended Mar. 31, 2017 - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional paid-in capital	Treasury Stock (at cost)	Accumulated deficit
Balance, beginning of period at Dec. 31, 2016	$ 180,573	$ 2,419	$ 2,396,236	$ 0	$ (2,218,082)
Balance, beginning of period (in shares) at Dec. 31, 2016		241,929		0
Increase (Decrease) in Stockholders' Equity
Restricted stock awards	0	$ 11	(11)
Restricted stock awards (in shares)		1,082
Restricted stock forfeitures	0	$ (1)	1
Restricted stock forfeitures (in shares)		(97)
Performance share conversion		$ 2	(2)
Performance share conversion (in shares)		150
Vested stock exchanged for tax withholding	(7,501)			$ (7,501)
Vested restricted stock exchanged for tax withholding (in shares)				535
Retirement of treasury stock	0	$ (5)	(7,496)	$ 7,501
Retirement of treasury stock (in shares)		(535)		(535)
Exercise of stock options	358		358
Exercise of employee stock options (in shares)		44
Stock-based compensation	11,204		11,204
Net income	68,276				68,276
Balance, end of period at Mar. 31, 2017	$ 252,910	$ 2,426	$ 2,400,290	$ 0	$ (2,149,806)
Balance, end of period (in shares) at Mar. 31, 2017		242,573		0

Consolidated statements of cash

Consolidated statements of cash flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash flows from operating activities:
Net income (loss)	$ 68,276	$ (180,371)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depletion, depreciation and amortization	34,112	41,478
Impairment expense	0	161,064
Non-cash stock-based compensation, net of amounts capitalized	9,224	3,838
Mark-to-market on derivatives:
Gain on derivatives, net	(36,671)	(17,885)
Cash settlements received for matured derivatives, net	7,451	65,937
Cash settlements received for early terminations of derivatives, net	0	80,000
Change in net present value of derivative deferred premiums	41	72
Cash premiums paid for derivatives	(2,107)	(81,850)
Amortization of debt issuance costs	1,053	1,120
Income from equity method investee	(3,068)	(2,298)
Cash settlement of performance unit awards	0	(6,394)
Other, net	1,212	1,006
Decrease in accounts receivable	7,996	2,526
Increase in other assets	(1,591)	(2,186)
Increase in accounts payable	9,684	9,201
Increase (decrease) in undistributed revenues and royalties	171	(8,258)
Decrease in other accrued liabilities	(31,955)	(10,414)
Decrease in other noncurrent liabilities	(44)	(69)
Net cash provided by operating activities	63,784	56,517
Capital expenditures:
Oil and natural gas properties	(110,542)	(105,155)
Midstream service assets	(1,731)	(1,937)
Other fixed assets	(1,203)	(630)
Investment in equity method investee	0	(26,660)
Proceeds from dispositions of capital assets, net of selling costs	59,515	218
Net cash used in investing activities	(53,961)	(134,164)
Cash flows from financing activities:
Borrowings on Senior Secured Credit Facility	50,000	85,000
Payments on Senior Secured Credit Facility	(55,000)	(25,000)
Purchase of treasury stock	(7,501)	(1,412)
Proceeds from exercise of employee stock options	358	0
Net cash (used in) provided by financing activities	(12,143)	58,588
Net decrease in cash and cash equivalents	(2,320)	(19,059)
Cash and cash equivalents, beginning of period	32,672	31,154
Cash and cash equivalents, end of period	$ 30,352	$ 12,095

Organization

Organization	3 Months Ended
	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Laredo Petroleum, Inc. ("Laredo"), together with its wholly-owned subsidiaries, Laredo Midstream Services, LLC ("LMS") and Garden City Minerals, LLC ("GCM"), is an independent energy company focused on the acquisition, exploration and development of oil and natural gas properties, and the gathering of oil and liquids-rich natural gas from such properties, primarily in the Permian Basin in West Texas. LMS and GCM (together, the "Guarantors") guarantee all of Laredo's debt instruments. In these notes, the "Company" refers to Laredo, LMS and GCM collectively, unless the context indicates otherwise. All amounts, dollars and percentages presented in these unaudited consolidated financial statements and the related notes are rounded and therefore approximate. LMS holds 49% of the ownership units of Medallion Gathering & Processing, LLC, a Texas limited liability company formed on October 12, 2012, which, together with its wholly-owned subsidiaries (collectively, "Medallion"), is focused on developing midstream solutions and providing midstream infrastructure in the Midland Basin. The Company accounts for Medallion as an equity method investment. The Company operates in two business segments: (i) exploration and production and (ii) midstream and marketing. The exploration and production segment is engaged in the acquisition, exploration and development of oil and natural gas properties. The midstream and marketing segment provides Laredo's exploration and production segment and third parties with products and services that need to be delivered by midstream infrastructure, including oil and liquids-rich natural gas gathering services as well as rig fuel, natural gas lift and water delivery and takeaway.

Basis of presentation and signi

Basis of presentation and significant accounting policies	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Basis of presentation and significant accounting policies	Basis of presentation and significant accounting policies a. Basis of presentation The accompanying unaudited consolidated financial statements were derived from the historical accounting records of the Company and reflect the historical financial position, results of operations and cash flows for the periods described herein. The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). All material intercompany transactions and account balances have been eliminated in the consolidation of accounts. The Company uses the equity method of accounting to record its net interests when the Company holds 20% to 50% of the voting rights and/or has the ability to exercise significant influence but does not control the entity. Under the equity method, the Company's proportionate share of the investee's net income is included in the unaudited consolidated statements of operations. See Note 2.h for additional discussion of the Company's equity method investment. The accompanying consolidated financial statements have not been audited by the Company's independent registered public accounting firm, except that the consolidated balance sheet as of December 31, 2016 is derived from audited consolidated financial statements. In the opinion of management, the accompanying unaudited consolidated financial statements reflect all necessary adjustments to present fairly the Company's financial position as of March 31, 2017 and results of operations and cash flows for each of the three months ended March 31, 2017 and 2016 . Certain disclosures have been condensed or omitted from these unaudited consolidated financial statements. Accordingly, these unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the 2016 Annual Report. b. Use of estimates in the preparation of interim unaudited consolidated financial statements The preparation of the accompanying unaudited consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions about future events. These estimates and the underlying assumptions 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. Although management believes these estimates are reasonable, actual results could differ. The interim results reflected in the unaudited consolidated financial statements are not necessarily indicative of the results that may be expected for other interim periods or for the full year. Significant estimates include, but are not limited to, (i) estimates of the Company's reserves of oil, NGL and natural gas, (ii) future cash flows from oil and natural gas properties, (iii) depletion, depreciation and amortization, (iv) impairments, (v) asset retirement obligations, (vi) stock-based compensation, (vii) deferred income taxes, (viii) fair value of assets acquired and liabilities assumed in an acquisition and (ix) fair value of derivatives and deferred premiums. As fair value is a market-based measurement, it is determined based on the assumptions that would be used by market participants. These estimates and assumptions are based on management's best judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment. Such estimates and assumptions are adjusted when facts and circumstances dictate. Illiquid credit markets and volatile equity and energy markets have combined to increase the uncertainty inherent in such estimates and assumptions. Management believes its estimates and assumptions to be reasonable under the circumstances. As future events and their effects cannot be determined with precision, actual values and results could differ from these estimates. Any changes in estimates resulting from future changes in the economic environment will be reflected in the financial statements in future periods. c. Reclassifications Certain amounts in the accompanying unaudited consolidated financial statements have been reclassified to conform to the 2017 presentation. These reclassifications had no impact to previously reported balance sheets or stockholders' equity. d. Accounts receivable The Company sells produced oil, NGL and natural gas and purchased oil to various customers and participates with other parties in the development and operation of oil and natural gas properties. The majority of the Company's accounts receivable are unsecured. Accounts receivable for joint interest billings are recorded as amounts billed to customers less an allowance for doubtful accounts. The Company maintains an allowance for doubtful accounts for estimated losses inherent in its accounts receivable portfolio. In establishing the required allowance, management considers historical losses, current receivables aging and existing industry and economic data. The Company reviews its allowance for doubtful accounts quarterly. Past due amounts greater than 90 days and greater than a specified amount are reviewed individually for collectability. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is remote. Accounts receivable consisted of the following components as of the dates presented: (in thousands) March 31, 2017 December 31, 2016 Oil, NGL and natural gas sales $ 46,279 $ 46,999 Sales of purchased oil and other products 15,719 16,213 Joint operations, net (1) 12,460 12,175 Matured derivatives 3,575 11,059 Other 838 421 Total $ 78,871 $ 86,867 ______________________________________________________________________________ (1) Accounts receivable for joint operations are presented net of an allowance for doubtful accounts of $0.2 million as of March 31, 2017 and December 31, 2016 . As the operator of the majority of its wells, the Company has the ability to realize some or all of these receivables through the netting of production revenues. e. Derivatives The Company uses derivatives to reduce exposure to fluctuations in the prices of oil, NGL and natural gas. By removing a significant portion of the price volatility associated with future production, the Company expects to mitigate, but not eliminate, the potential effects of variability in cash flows from operations due to fluctuations in commodity prices. These transactions are in the form of puts, swaps and collars. Derivatives are recorded at fair value and are presented on a net basis on the unaudited consolidated balance sheets as assets and/or liabilities. The Company nets the fair value of derivatives by counterparty where the right of offset exists. The Company determines the fair value of its derivatives by utilizing pricing models for substantially similar instruments. Inputs to the pricing models include publicly available prices and forward price curves generated from a compilation of data gathered from third parties. See Note 8.a for discussion regarding the fair value of the Company's derivatives. The Company's derivatives were not designated as hedges for accounting purposes for any of the periods presented. Accordingly, the changes in fair value are recognized in the unaudited consolidated statements of operations in the period of change. Gains and losses on derivatives are included in cash flows from operating activities. See Notes 7 and 8.a for discussion regarding the Company's derivatives. f. Other current assets and liabilities Other current assets consisted of the following components as of the dates presented: (in thousands) March 31, 2017 December 31, 2016 Inventory (1) $ 8,286 $ 8,063 Prepaid expenses and other 7,545 6,228 Total other current assets $ 15,831 $ 14,291 ______________________________________________________________________________ (1) See Note 2.i for discussion of inventory held by the Company. Other current liabilities consisted of the following components as of the dates presented: (in thousands) March 31, 2017 December 31, 2016 Accrued interest payable $ 21,612 $ 24,152 Purchased oil payable 16,610 17,213 Lease operating expense payable 8,020 10,572 Accrued compensation and benefits 5,738 25,947 Other accrued liabilities 10,957 16,331 Total other current liabilities $ 62,937 $ 94,215 g. Property and equipment The following table sets forth the Company's property and equipment as of the dates presented: (in thousands) March 31, 2017 December 31, 2016 Evaluated oil and natural gas properties $ 5,560,767 $ 5,488,756 Less accumulated depletion and impairment (4,544,547 ) (4,514,183 ) Evaluated oil and natural gas properties, net 1,016,220 974,573 Unevaluated properties not being depleted 215,598 221,281 Midstream service assets 151,819 150,629 Less accumulated depreciation and impairment (26,532 ) (24,389 ) Midstream service assets, net 125,287 126,240 Depreciable other fixed assets 52,695 52,491 Less accumulated depreciation and amortization (23,230 ) (22,632 ) Depreciable other fixed assets, net 29,465 29,859 Land 14,914 14,914 Total property and equipment, net $ 1,401,484 $ 1,366,867 For the three months ended March 31, 2017 and 2016 , depletion expense was $6.45 per barrel of oil equivalent ("BOE") sold and $9.00 per BOE sold, respectively. The Company uses the full cost method of accounting for its oil and natural gas properties. Under this method, all acquisition, exploration and development costs, including certain related employee costs, incurred for the purpose of exploring for or developing oil, NGL and natural gas properties, are capitalized and depleted on a composite unit of production method based on proved oil, NGL and natural gas reserves. Such amounts include the cost of drilling and equipping productive wells, dry hole costs, lease acquisition costs, delay rentals and other costs related to such activities. Costs, including related employee costs, associated with production and general corporate activities are expensed in the period incurred. Sales of oil and natural gas properties, whether or not being depleted currently, are accounted for as adjustments of capitalized costs, with no gain or loss recognized, unless such adjustments would significantly alter the relationship between capitalized costs and proved reserves of oil, NGL and natural gas. The following table presents capitalized employee-related costs for the periods presented: Three months ended March 31, (in thousands) 2017 2016 Capitalized employee-related costs $ 5,210 $ 3,196 The Company excludes the costs directly associated with acquisition and evaluation of unevaluated properties from the depletion calculation until it is determined whether or not proved reserves can be assigned to the properties. The Company capitalizes a portion of its interest costs to its unevaluated properties. Capitalized interest becomes a part of the cost of the unevaluated properties and is subject to depletion when proved reserves can be assigned to the associated properties. All items classified as unevaluated properties are assessed on a quarterly basis for possible impairment. The assessment includes consideration of the following factors, among others: intent to drill, remaining lease term, geological and geophysical evaluations, drilling results and activity, the assignment of evaluated reserves and the economic viability of development if proved reserves are assigned. During any period in which these factors indicate an impairment, the cumulative drilling costs incurred to date for such property and all or a portion of the associated leasehold costs are transferred to the full cost pool and are then subject to depletion. The full cost ceiling is based principally on the estimated future net revenues from proved oil and natural gas properties discounted at 10% . The SEC guidelines require companies to use the unweighted arithmetic average first-day-of-the-month price for each month within the 12-month period prior to the end of the reporting period before differentials ("Benchmark Prices"). The Benchmark Prices are then adjusted for quality, transportation fees, geographical differentials, marketing bonuses or deductions and other factors affecting the price received at the wellhead ("Realized Prices"). The Realized Prices are utilized to calculate the discounted future net revenues in the full cost ceiling calculation. In the event the unamortized cost of evaluated oil and natural gas properties being depleted exceeds the full cost ceiling, as defined by the SEC, the excess is charged to expense in the period such excess occurs. Once incurred, a write-down of oil and natural gas properties is not reversible. Full cost ceiling impairment expense for the three months ended March 31, 2016 was $161.1 million and is included in the "Impairment expense" line item in the unaudited consolidated statements of operations and in the financial information provided for the Company's exploration and production segment presented in Note 13 . There was no full cost ceiling impairment recorded during the three months ended March 31, 2017. h. Variable interest entity Medallion was established for the purpose of developing midstream solutions and providing midstream infrastructure to bring oil to market in the Midland Basin. LMS holds 49% of Medallion's ownership units. LMS and the other 51% interest-holder have agreed that the voting rights of Medallion, the profit and loss sharing and the additional capital contribution requirements shall be equal to the ownership unit percentage held. Additionally, Medallion requires a super-majority vote of 75% for many key operating and business decisions. The Company has determined that Medallion is a variable interest entity ("VIE"). However, LMS is not considered to be the primary beneficiary of the VIE because LMS does not have the power to direct the activities that most significantly affect Medallion's economic performance. As such, Medallion is accounted for under the equity method of accounting with the Company's proportionate share of Medallion's net income reflected in the unaudited consolidated statements of operations as "Income from equity method investee" and the carrying amount reflected in the unaudited consolidated balance sheets as "Investment in equity method investee." The Company has elected to classify distributions received from Medallion using the cumulative earnings approach. No such distributions have been received through March 31, 2017. LMS contributed $26.7 million during the three months ended March 31, 2016 to Medallion. There were no contributions to Medallion during the three months ended March 31, 2017. Medallion continued expansion activities on existing portions of its pipeline infrastructure in order to gather and transport additional third-party oil production during both of the three months ended March 31, 2017 and 2016. See Note 12.a for discussion of items included in the Company's unaudited consolidated financial statements related to Medallion. i. Long-lived assets and inventory Impairment losses are recorded on property and equipment used in operations and other long-lived assets when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets' carrying amount. Impairment is measured based on the excess of the carrying amount over the fair value of the asset. Materials and supplies inventory, which is used in the Company's production activities of oil and natural gas properties and midstream service assets, is carried at the lower of cost or net realizable value ("NRV"), with cost determined using the weighted-average cost method, and is included in "Other current assets" and "Other assets, net" on the unaudited consolidated balance sheets. The NRV for materials and supplies inventory is determined utilizing a replacement cost approach (Level 2). The Company has frac pit water inventory, which is used in developing oil and natural gas properties and is carried at lower of cost or NRV, with cost determined using the weighted-average cost method, and is included in "Other current assets" on the unaudited consolidated balance sheets. The NRV for frac pit water inventory is determined utilizing a replacement cost approach (Level 2). The minimum volume of product in a pipeline system that enables the system to operate is known as line-fill and is generally not available to be withdrawn from the pipeline system until the expiration of the transportation contract. The Company owns oil line-fill in third-party pipelines, which is accounted for at lower of cost or NRV, with cost determined using the weighted-average cost method, and is included in "Other assets, net" on the unaudited consolidated balance sheets. The NRV is determined utilizing a quoted market price adjusted for regional price differentials (Level 2). There were no long-lived assets or inventory impairments recorded for either of the three months ended March 31, 2017 or 2016. Debt issuance costs Debt issuance fees, which are recorded at cost, net of amortization, are amortized over the life of the respective debt agreements utilizing the effective interest and straight-line methods. No debt issuance costs were capitalized during the three months ended March 31, 2017 or 2016 . The Company had total debt issuance costs of $17.8 million and $18.8 million , net of accumulated amortization of $22.4 million and $21.3 million , as of March 31, 2017 and December 31, 2016 , respectively. No debt issuance costs were written off during the three months ended March 31, 2017 or 2016 . Debt issuance costs related to the Company's senior unsecured notes are presented in "Long-term debt, net" on the Company's unaudited consolidated balance sheets. Debt issuance costs related to the Senior Secured Credit Facility are presented in "Other assets, net" on the Company's unaudited consolidated balance sheets. See Note 4.f for additional discussion of debt issuance costs. Future amortization expense of debt issuance costs as of March 31, 2017 for the periods presented is as follows: (in thousands) March 31, 2017 Remaining 2017 $ 3,185 2018 4,068 2019 2,915 2020 3,005 2021 3,102 Thereafter 1,483 Total $ 17,758 k. Asset retirement obligations Asset retirement obligations associated with the retirement of tangible long-lived assets are recognized as a liability in the period in which they are incurred and become determinable. The associated asset retirement costs are part of the carrying amount of the long-lived asset. Subsequently, the asset retirement cost included in the carrying amount of the related long-lived asset is charged to expense through depletion, or for midstream service assets through depreciation, of the associated asset. Changes in the liability due to the passage of time are recognized as an increase in the carrying amount of the liability and as corresponding accretion expense. The fair value of additions to the asset retirement obligation liability is measured using valuation techniques consistent with the income approach, which converts future cash flows into a single discounted amount. Significant inputs to the valuation include: (i) estimated plug and abandonment cost per well based on Company experience, (ii) estimated remaining life per well, (iii) estimated removal and/or remediation costs for midstream service assets, (iv) estimated remaining life of midstream service assets, (v) future inflation factors and (vi) the Company's average credit adjusted risk-free rate. Inherent in the fair value calculation of asset retirement obligations are numerous assumptions and judgments including, in addition to those noted above, the ultimate settlement of these amounts, the ultimate timing of such settlement and changes in legal, regulatory, environmental and political environments. To the extent future revisions to these assumptions impact the fair value of the existing asset retirement obligation liability, a corresponding adjustment will be made to the asset balance. The Company is obligated by contractual and regulatory requirements to remove certain pipeline and gathering assets and perform other remediation of the sites where such pipeline and gathering assets are located upon the retirement of those assets. However, the fair value of the asset retirement obligation cannot currently be reasonably estimated because the settlement dates are indeterminate. The Company will record an asset retirement obligation for pipeline and gathering assets in the periods in which settlement dates are reasonably determinable. The following reconciles the Company's asset retirement obligation liability for the periods presented: (in thousands) Three months ended March 31, 2017 Year ended December 31, 2016 Liability at beginning of period $ 52,207 $ 46,306 Liabilities added due to acquisitions, drilling, midstream service asset construction and other 119 1,528 Accretion expense 928 3,483 Liabilities settled upon plugging and abandonment (285 ) (1,242 ) Liabilities removed due to sale of property (871 ) — Revision of estimates 5 2,132 Liability at end of period $ 52,103 $ 52,207 l. Fair value measurements The carrying amounts reported in the unaudited consolidated balance sheets for cash and cash equivalents, accounts receivable, accounts payable, undistributed revenue and royalties, accrued capital expenditures and other accrued assets and liabilities approximate their fair values. See Note 4.e for fair value disclosures related to the Company's debt obligations. The Company carries its derivatives at fair value. See Note 8.a for details regarding the fair value of the Company's derivatives. m. Treasury stock Laredo's employees may elect to have the Company withhold shares of stock to satisfy their tax withholding obligations that arise upon the lapse of restrictions on their stock awards. Such treasury stock is recorded at cost and retired upon acquisition. n. Compensation awards Stock-based compensation expense, net of amounts capitalized, is included in "General and administrative" in the unaudited consolidated statements of operations over the awards' vesting periods and is based on the awards' grant date fair value. The Company utilizes the closing stock price on the grant date, less an expected forfeiture rate, to determine the fair values of service vesting restricted stock awards and a Black-Scholes pricing model to determine the fair values of service vesting restricted stock option awards. The Company utilizes a Monte Carlo simulation prepared by an independent third party to determine the fair values of the performance share awards and, in prior periods, the performance unit awards. The Company capitalizes a portion of stock-based compensation for employees who are directly involved in the acquisition, exploration and development of its oil and natural gas properties into the full cost pool. Capitalized stock-based compensation is included as an addition to "Oil and natural gas properties" in the unaudited consolidated balance sheets. See Note 5 for further discussion regarding the restricted stock awards, stock option awards, performance share awards and performance unit awards. o. Environmental The Company is subject to extensive federal, state and local environmental laws and regulations. These laws, among other things, regulate the discharge of materials into the environment and may require the Company to remove or mitigate the environmental effects of the disposal or release of petroleum or chemical substances at various sites. Environmental expenditures are expensed in the period incurred. Liabilities for expenditures of a non-capital nature are recorded when environmental assessment or remediation is probable and the costs can be reasonably estimated. Such liabilities are generally undiscounted unless the timing of cash payments is fixed and readily determinable. Management believes no materially significant liabilities of this nature existed as of March 31, 2017 or December 31, 2016 . p. Non-cash investing and supplemental cash flow information The following presents the non-cash investing and supplemental cash flow information for the periods presented: Three months ended March 31, (in thousands) 2017 2016 Non-cash investing information: Change in accrued capital expenditures $ 13,674 $ (18,215 ) Change in accrued capital contribution to equity method investee (1) $ — $ (26,660 ) Capitalized asset retirement cost $ 124 $ 107 Supplemental cash flow information: Capitalized interest $ 230 $ 39 ______________________________________________________________________________ (1) See Notes 2.h and 12.a for additional discussion of the Company's equity method investee.

Divestiture

Divestiture	3 Months Ended
	Mar. 31, 2017
Business Combinations And Disposal Groups [Abstract]
Divestiture	On January 17, 2017, the Company completed the sale of 2,900 net acres and working interests in 16 producing vertical wells in the Midland Basin to a third-party buyer for a purchase price of $59.6 million . After transaction costs reflecting an economic effective date of October 1, 2016, the proceeds were $59.4 million net of working capital and closing adjustments. A portion of these proceeds were used to pay down borrowings on the Senior Secured Credit Facility. The purchase price was recorded as an adjustment to oil and natural gas properties pursuant to the rules governing full cost accounting. Effective at closing, the operations and cash flows of these properties were eliminated from the ongoing operations of the Company, and the Company has no continuing involvement in the properties. This divestiture does not represent a strategic shift and will not have a major effect on the Company's operations or financial results.

Debt

Debt	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Debt	Debt a. March 2023 Notes On March 18, 2015, the Company completed an offering of $350.0 million in aggregate principal amount of 6 1/4% senior unsecured notes due 2023 (the "March 2023 Notes"). The March 2023 Notes will mature on March 15, 2023 and bear an interest rate of 6 1/4% per annum, payable semi-annually, in cash in arrears on March 15 and September 15 of each year, commencing September 15, 2015. The March 2023 Notes are fully and unconditionally guaranteed on a senior unsecured basis by LMS, GCM and certain of the Company's future restricted subsidiaries, subject to certain automatic customary releases, including the sale, disposition or transfer of all of the capital stock or of all or substantially all of the assets of a subsidiary guarantor to one or more persons that are not the Company or a restricted subsidiary, exercise of legal defeasance or covenant defeasance options or satisfaction and discharge of the applicable indenture, designation of a subsidiary guarantor as a non-guarantor restricted subsidiary or as an unrestricted subsidiary in accordance with the applicable indenture, release from guarantee under the Senior Secured Credit Facility, or liquidation or dissolution (collectively, the "Releases"). b. January 2022 Notes On January 23, 2014, the Company completed an offering of $450.0 million in aggregate principal amount of 5 5/8% senior unsecured notes due 2022 (the "January 2022 Notes"). The January 2022 Notes will mature on January 15, 2022 and bear an interest rate of 5 5/8% per annum, payable semi-annually, in cash in arrears on January 15 and July 15 of each year, commencing July 15, 2014. The January 2022 Notes are fully and unconditionally guaranteed on a senior unsecured basis by LMS, GCM and certain of the Company's future restricted subsidiaries, subject to certain Releases. The January 2022 Notes are callable by the Company beginning January 15, 2017 at a price of 104.219% of face value declining to 100% of face value on January 15, 2020 and thereafter. c. May 2022 Notes On April 27, 2012, the Company completed an offering of $500.0 million in aggregate principal amount of 7 3/8% senior unsecured notes due 2022 (the "May 2022 Notes"). The May 2022 Notes will mature on May 1, 2022 and bear an interest rate of 7 3/8% per annum, payable semi-annually, in cash in arrears on May 1 and November 1 of each year, commencing November 1, 2012. The May 2022 Notes are fully and unconditionally guaranteed on a senior unsecured basis by LMS, GCM and certain of the Company's future restricted subsidiaries, subject to certain Releases. The May 2022 Notes are callable by the Company beginning May 1, 2017 at a price of 103.688% of face value declining to 100% of face value on May 1, 2020 and thereafter. d. Senior Secured Credit Facility As of March 31, 2017 , the Fourth Amended and Restated Credit Agreement (as amended, the "Senior Secured Credit Facility"), which matures on November 4, 2018, had a maximum credit amount of $2.0 billion , a borrowing base and an aggregate elected commitment of $815.0 million with $65.0 million outstanding and was subject to an interest rate of 2.43% . It contains both financial and non-financial covenants, all of which the Company was in compliance with as of March 31, 2017 . Laredo is required to pay an annual commitment fee on the unused portion of the financial institutions' commitment of 0.375% to 0.5% , based on the ratio of outstanding revolving credit to the total commitment under the Senior Secured Credit Facility. Additionally, the Senior Secured Credit Facility provides for the issuance of letters of credit, limited to the lesser of total capacity or $20.0 million . No letters of credit were outstanding as of March 31, 2017 or 2016 . See Note 16.a for discussion of an additional borrowing on and the recent amendment and restatement of the Senior Secured Credit Facility subsequent to March 31, 2017 . e. Fair value of debt The Company has not elected to account for its debt instruments at fair value. The following table presents the carrying amounts and fair values of the Company's debt as of the dates presented: March 31, 2017 December 31, 2016 (in thousands) Long-term Fair value Long-term Fair value January 2022 Notes $ 450,000 $ 450,516 $ 450,000 $ 456,382 May 2022 Notes 500,000 521,180 500,000 521,413 March 2023 Notes 350,000 357,688 350,000 365,649 Senior Secured Credit Facility 65,000 64,995 70,000 69,975 Total value of debt $ 1,365,000 $ 1,394,379 $ 1,370,000 $ 1,413,419 The fair values of the debt outstanding on the January 2022 Notes, the May 2022 Notes and the March 2023 Notes were determined using the March 31, 2017 and December 31, 2016 quoted market price (Level 1) for each respective instrument. The fair values of the outstanding debt on the Senior Secured Credit Facility as of March 31, 2017 and December 31, 2016 were estimated utilizing pricing models for similar instruments (Level 2). See Note 8 for information about fair value hierarchy levels. f. Long-term debt, net The following table summarizes the net presentation of the Company's long-term debt and debt issuance costs on the unaudited consolidated balance sheets as of the dates presented: March 31, 2017 December 31, 2016 (in thousands) Long-term debt Debt issuance costs, net Long-term debt, net Long-term debt Debt issuance costs, net Long-term debt, net January 2022 Notes $ 450,000 $ (4,719 ) $ 445,281 $ 450,000 $ (4,963 ) $ 445,037 May 2022 Notes 500,000 (5,928 ) 494,072 500,000 (6,164 ) 493,836 March 2023 Notes 350,000 (4,762 ) 345,238 350,000 (4,964 ) 345,036 Senior Secured Credit Facility (1) 65,000 — 65,000 70,000 — 70,000 Total $ 1,365,000 $ (15,409 ) $ 1,349,591 $ 1,370,000 $ (16,091 ) $ 1,353,909 ______________________________________________________________________________ (1) Debt issuance costs, net related to our Senior Secured Credit Facility of $2.3 million and $2.7 million as of March 31, 2017 and December 31, 2016, respectively, are reported in "Other assets, net" on the unaudited consolidated balance sheets.

Employee compensation

Employee compensation	3 Months Ended
	Mar. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Employee compensation	Employee compensation The Company has a Long-Term Incentive Plan (the "LTIP"), which provides for the granting of incentive awards in the form of restricted stock awards, stock option awards, performance share awards, performance unit awards and other awards. The LTIP provides for the issuance of up to 24,350,000 shares of Laredo's common stock. The Company recognizes the fair value of stock-based compensation awards expected to vest over the requisite service period as a charge against earnings, net of amounts capitalized. The Company's stock-based compensation awards are accounted for as equity instruments, and in prior periods, its performance unit awards were accounted for as liability awards. Stock-based compensation is included in "General and administrative" in the unaudited consolidated statements of operations. The Company capitalizes a portion of stock-based compensation for employees who are directly involved in the acquisition, exploration and development of oil and natural gas properties into the full cost pool. Capitalized stock-based compensation is included as an addition to "Oil and natural gas properties" in the unaudited consolidated balance sheets. a. Restricted stock awards All service vesting restricted stock awards are treated as issued and outstanding in the accompanying unaudited consolidated financial statements. Per the award agreement terms, if an employee terminates employment prior to the restriction lapse date for reasons other than death or disability, the awarded shares are forfeited and canceled and are no longer considered issued and outstanding. If the employee's termination of employment is by reason of death or disability, all of the holder's restricted stock will automatically vest. Historically, restricted stock awards granted to officers and employees vest in a variety of vesting schedules including (i) 33% , 33% and 34% per year beginning on the first anniversary date of the grant, (ii) fully on the first anniversary of the grant date and (iii) fully on the third anniversary of the grant date. Restricted stock awards granted to non-employee directors vest fully on the first anniversary of the grant date. The following table reflects the restricted stock award activity for the three months ended March 31, 2017 : (in thousands, except for weighted-average grant date fair values) Restricted stock awards Weighted-average Outstanding as of December 31, 2016 3,878 $ 12.88 Granted 1,082 $ 14.12 Forfeited (97 ) $ 12.76 Vested (1) (1,473 ) $ 13.80 Outstanding as of March 31, 2017 3,390 $ 12.88 _____________________________________________________________________________ (1) The total intrinsic value of vested restricted stock awards for the three months ended March 31, 2017 was $20.7 million . The Company utilizes the closing stock price on the grant date to determine the fair value of service vesting restricted stock awards. As of March 31, 2017 , unrecognized stock-based compensation related to the restricted stock awards expected to vest was $36.9 million . Such cost is expected to be recognized over a weighted-average period of 2.14 years . b. Stock option awards Stock option awards granted under the LTIP vest and become exercisable in four equal installments on each of the four anniversaries of the grant date. The following table reflects the stock option award activity for the three months ended March 31, 2017 : (in thousands, except for weighted-average price and weighted- average remaining contractual term) Stock option awards Weighted-average Weighted-average Outstanding as of December 31, 2016 2,370 $ 12.54 7.71 Granted 391 $ 14.12 Exercised (1) (44 ) $ 8.17 Expired or canceled (13 ) $ 21.92 Outstanding as of March 31, 2017 2,704 $ 12.79 7.84 Vested and exercisable at end of period (2) 1,312 $ 16.54 6.68 Expected to vest at end of period (3) 1,392 $ 9.24 8.92 _____________________________________________________________________________ (1) The total intrinsic value of exercised stock option awards for the three months ended March 31, 2017 was $0.3 million . (2) The vested and exercisable stock option awards as of March 31, 2017 had an aggregate intrinsic value of $2.7 million . (3) The stock option awards expected to vest as of March 31, 2017 had an aggregate intrinsic value of $8.1 million . The Company utilizes the Black-Scholes option pricing model to determine the fair value of stock option awards and recognizes the associated expense on a straight-line basis over the four -year requisite service period of the awards. Determining the fair value of equity-based awards requires judgment, including estimating the expected term that stock option awards will be outstanding prior to exercise and the associated volatility. As of March 31, 2017 , unrecognized stock-based compensation related to stock option awards expected to vest was $11.7 million . Such cost is expected to be recognized over a weighted-average period of 2.93 years . The assumptions used to estimate the fair value of the 390,733 stock option awards granted during three months ended March 31, 2017 are as follows: February 17, 2017 Risk-free interest rate (1) 2.14 % Expected option life (2) 6.25 years Expected volatility (3) 60.84 % Fair value per stock option award $ 8.22 ____________________________________________________________________________ (1) U.S. Treasury yields as of the grant date were utilized for the risk-free interest rate assumption, correlating the treasury yield terms to the expected life of the stock option award. (2) As the Company had limited exercise history at the time of valuation relating to terminations and modifications, expected stock option award life assumptions were developed using the simplified method in accordance with GAAP. (3) The Company utilized its own volatility in order to develop the expected volatility. In accordance with the LTIP and stock option agreement, the stock option awards granted will become exercisable in accordance with the following schedule based upon the number of full years of the optionee's continuous employment or service with the Company, following the date of grant: Full years of continuous employment Incremental percentage of Cumulative percentage of Less than one — % — % One 25 % 25 % Two 25 % 50 % Three 25 % 75 % Four 25 % 100 % No shares of common stock may be purchased unless the optionee has remained in continuous employment with the Company for one year from the grant date. Unless terminated sooner, the stock option award will expire if and to the extent it is not exercised within 10 years from the grant date. The unvested portion of a stock option award shall expire upon termination of employment, and the vested portion of a stock option award shall remain exercisable for (i) one year following termination of employment by reason of the holder's death or disability, but not later than the expiration of the option period, or (ii) 90 days following termination of employment for any reason other than the holder's death or disability, and other than the holder's termination of employment for cause. Both the unvested and the vested but unexercised portion of a stock option award shall expire upon the termination of the option holder's employment or service by the Company for cause. c. Performance share awards Performance share awards granted to management are subject to a combination of market and service vesting criteria. A Monte Carlo simulation prepared by an independent third party is utilized to determine the grant date fair value of these awards. The Company has determined these awards are equity awards and recognizes the associated expense on a straight-line basis over the three -year requisite service period of the awards. Any shares earned under such awards are expected to be issued in the first quarter following the completion of the requisite service period based on the achievement of certain performance criteria. The following table reflects the performance share award activity for the three months ended March 31, 2017 : (in thousands, except for weighted-average grant date fair values) Performance share awards Weighted-average (per award) Outstanding as of December 31, 2016 2,325 $ 18.35 Granted 696 $ 18.96 Forfeited (16 ) $ 18.02 Vested (1) (200 ) $ 28.56 Outstanding as of March 31, 2017 2,805 $ 17.77 ______________________________________________________________________________ (1) These performance share awards had a performance period of January 1, 2014 to December 31, 2016 (the "2014 Performance Share Awards") and, as their vesting and performance criteria were satisfied, each award converted into 0.75 shares representing 150,388 shares of common stock issued during the first quarter of 2017. As of March 31, 2017 , unrecognized stock-based compensation related to the performance share awards expected to vest was $34.0 million . Such cost is expected to be recognized over a weighted-average period of 2.21 years . The assumptions used to estimate the fair values of the 696,460 performance share awards granted during the three months ended March 31, 2017 are as follows: February 17, 2017 Risk-free rate (1) 1.44 % Dividend yield — % Expected volatility (2) 74.00 % Laredo stock closing price on grant date $ 14.12 Fair value per performance share $ 18.96 ______________________________________________________________________________ (1) The risk-free rate was derived using a term-matched zero-coupon yield derived from the U.S. Treasury constant maturities yield curve on the grant date. (2) The Company utilized its own volatility in order to develop the expected volatility. d. Stock-based compensation expense The following has been recorded to stock-based compensation expense for the periods presented: Three months ended March 31, (in thousands) 2017 2016 Restricted stock award compensation $ 6,167 $ 3,768 Stock option award compensation 1,297 624 Performance share award compensation 3,740 228 Total stock-based compensation, gross 11,204 4,620 Less amounts capitalized in oil and natural gas properties (1,980 ) (782 ) Total stock-based compensation, net of amounts capitalized $ 9,224 $ 3,838 e. Performance unit awards The performance unit awards issued to management on February 15, 2013 (the "2013 Performance Unit Awards") were subject to a combination of market and service vesting criteria. These awards were accounted for as liability awards as they were settled in cash at the end of the requisite service period based on the achievement of certain performance criteria. The 44,481 settled 2013 Performance Unit Awards had a performance period of January 1, 2013 to December 31, 2015 and, as their vesting and performance criteria were satisfied, they were paid at $143.75 per unit during the first quarter of 2016.

Income taxes

Income taxes	3 Months Ended
	Mar. 31, 2017
Income Tax Disclosure [Abstract]
Income taxes	Income taxes The Company is subject to federal and state income taxes and the Texas franchise tax. The Company had federal net operating loss carry-forwards totaling $1.7 billion and state of Oklahoma net operating loss carry-forwards totaling $38.9 million as of March 31, 2017 . These carry-forwards begin expiring in 2026. As of March 31, 2017 , the Company believes a portion of the net operating loss carry-forwards are not fully realizable. The Company considered all available evidence, both positive and negative, in determining whether, based on the weight of that evidence, a valuation allowance was needed. Such consideration included projected future cash flows from its oil, NGL and natural gas reserves (including the timing of those cash flows), the reversal of deferred tax liabilities recorded as of March 31, 2017 , the Company's ability to capitalize intangible drilling costs, rather than expensing these costs in order to prevent an operating loss carry-forward from expiring unused, and future projections of Oklahoma sourced income. As of March 31, 2017 , a full valuation allowance of $738.4 million has been recorded against the Company's deferred tax position.

Derivatives

Derivatives	3 Months Ended
	Mar. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	Derivatives a. Derivatives The Company engages in derivative transactions such as puts, swaps and collars to hedge price risks due to unfavorable changes in oil, NGL and natural gas prices related to its production. As of March 31, 2017 , the Company had 23 open derivative contracts with financial institutions that extend from April 2017 to December 2018. None of these contracts were designated as hedges for accounting purposes. The contracts are recorded at fair value on the unaudited consolidated balance sheets and gains and losses are recognized in earnings. Gains and losses on derivatives are reported on the unaudited consolidated statements of operations on the "Gain on derivatives, net" line item. Each put transaction has an established floor price. The Company pays its counterparty a premium, which can be deferred until settlement, to enter into the put transaction. When the settlement price is below the floor price, the counterparty pays the Company an amount equal to the difference between the settlement price and the fixed price multiplied by the hedged contract volume. When the settlement price is above the floor price, the put option expires. Each swap transaction has an established fixed price. When the settlement price is below the fixed price, the counterparty pays the Company an amount equal to the difference between the settlement price and the fixed price multiplied by the hedged contract volume. When the settlement price is above the fixed price, the Company pays its counterparty an amount equal to the difference between the settlement price and the fixed price multiplied by the hedged contract volume. Each collar transaction has an established price floor and ceiling. When the settlement price is below the price floor established by these collars, the Company receives an amount from its counterparty equal to the difference between the settlement price and the price floor multiplied by the hedged contract volume. When the settlement price is above the price ceiling established by these collars, the Company pays its counterparty an amount equal to the difference between the settlement price and the price ceiling multiplied by the hedged contract volume. When the settlement price is between the price floor and price ceiling established by these collars the collar expires. The Company's oil derivatives are settled based on the month's average daily NYMEX index price for the first nearby month of the West Texas Intermediate Light Sweet Crude Oil Futures Contract. The Company's NGL derivatives are settled based on the month's average daily OPIS index price for Mont Belvieu Purity Ethane and TET Propane. The Company's natural gas derivatives are settled based on the Inside FERC index price for West Texas Waha for the calculation period. During the three months ended March 31, 2017 , the following derivatives were entered into: Aggregate volumes (Bbl) Floor price ($/Bbl) Ceiling price ($/Bbl) Contract period Oil: (1) Put 730,000 $ 50.00 $ — January 2018 - December 2018 Collar 584,000 $ 50.00 $ 60.00 January 2018 - December 2018 _____________________________________________________________________________ (1) There are $6.3 million in deferred premiums associated with these contracts. During the three months ended March 31, 2016, the Company successfully completed a hedge restructuring by early terminating the floors of certain derivative contract collars that resulted in a termination amount to the Company of $80 million , which was settled in full by applying the proceeds to prepay the premiums on two new derivatives entered into during the restructuring. See Note 16.b for discussion of additional hedges entered into subsequent to March 31, 2017 . The following represents cash settlements received for derivatives, net for the periods presented: Three months ended March 31, (in thousands) 2017 2016 Cash settlements received for matured derivatives, net (1) $ 7,451 $ 65,937 Cash settlements received for early terminations of derivatives, net (2) — 80,000 Cash settlements received for derivatives, net $ 7,451 $ 145,937 _____________________________________________________________________________ (1) The settlement amounts do not include premiums paid attributable to contracts that matured during the respective period. (2) The settlement amount for the three months ended March 31, 2016 includes $4.0 million in deferred premiums that were settled net with the early terminated contracts from which they originated. The following table summarizes open positions as of March 31, 2017 , and represents, as of such date, derivatives in place through December 2018 on annual production volumes: Remaining year 2017 Year Oil positions: Puts: Hedged volume (Bbl) 790,625 1,779,375 Weighted-average price ($/Bbl) $ 60.00 $ 55.90 Swaps: Hedged volume (Bbl) 1,512,500 1,095,000 Weighted-average price ($/Bbl) $ 51.54 $ 52.12 Collars: Hedged volume (Bbl) 2,860,000 584,000 Weighted-average floor price ($/Bbl) $ 56.92 $ 50.00 Weighted-average ceiling price ($/Bbl) $ 86.00 $ 60.00 Totals: Total volume hedged with floor price (Bbl) 5,163,125 3,458,375 Weighted-average floor price ($/Bbl) $ 55.82 $ 53.71 Total volume hedged with ceiling price (Bbl) 4,372,500 1,679,000 Weighted-average ceiling price ($/Bbl) $ 74.08 $ 54.86 NGL positions: Swaps - Ethane: Hedged volume (Bbl) 333,000 — Weighted-average price ($/Bbl) $ 11.24 $ — Swaps - Propane: Hedged volume (Bbl) 281,250 — Weighted-average price ($/Bbl) $ 22.26 $ — Totals: Total volume hedged with floor price (Bbl) 614,250 — Total volume hedged with ceiling price (Bbl) 614,250 — Natural gas positions: Puts: Hedged volume (MMBtu) 6,030,000 8,220,000 Weighted-average price ($/MMBtu) $ 2.50 $ 2.50 Collars: Hedged volume (MMBtu) 14,327,500 4,635,500 Weighted-average floor price ($/MMBtu) $ 2.86 $ 2.50 Weighted-average ceiling price ($/MMBtu) $ 3.54 $ 3.60 Totals: Total volume hedged with floor price (MMBtu) 20,357,500 12,855,500 Weighted-average floor price ($/MMBtu) $ 2.75 $ 2.50 Total volume hedged with ceiling price (MMBtu) 14,327,500 4,635,500 Weighted-average ceiling price ($/MMBtu) $ 3.54 $ 3.60 b. Balance sheet presentation In accordance with the Company's standard practice, its derivatives are subject to counterparty netting under agreements governing such derivatives. The Company's oil, NGL and natural gas derivatives are presented on a net basis as "Derivatives" on the unaudited consolidated balance sheets. See Note 8.a for a summary of the fair value of derivatives on a gross basis. By using derivatives to hedge exposures to changes in commodity prices, the Company exposes itself to credit risk and market risk. For the Company, market risk is the exposure to changes in the market price of oil, NGL and natural gas, which are subject to fluctuations from a variety of factors, including changes in supply and demand. Credit risk is the failure of the counterparty to perform under the terms of the derivative contract. When the fair value of a derivative contract is positive, the counterparty owes the Company, thereby creating credit risk. The Company's counterparties are participants in the Senior Secured Credit Facility, which is secured by the Company's oil, NGL and natural gas reserves; therefore, the Company is not required to post any collateral. The Company does not require collateral from its derivative counterparties. The Company minimizes the credit risk in derivatives by: (i) limiting its exposure to any single counterparty, (ii) entering into derivatives only with counterparties that meet the Company's minimum credit quality standard or have a guarantee from an affiliate that meets the Company's minimum credit quality standard and (iii) monitoring the creditworthiness of the Company's counterparties on an ongoing basis.

Fair value measurements

Fair value measurements	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
Fair value measurements	Fair value measurements The Company accounts for its oil, NGL and natural gas derivatives at fair value. The fair value of derivatives is determined utilizing pricing models for similar instruments. The models use a variety of techniques to arrive at fair value, including quotes and pricing analysis. Inputs to the pricing models include publicly available prices and forward curves generated from a compilation of data gathered from third parties. The Company has categorized its assets and liabilities measured at fair value, based on the priority of inputs to the valuation technique, into a three-level fair value hierarchy. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). Assets and liabilities recorded at fair value on the unaudited consolidated balance sheets are categorized based on inputs to the valuation techniques as follows: Level 1— Assets and liabilities recorded at fair value for which values are based on unadjusted quoted prices for identical assets or liabilities in an active market that management has the ability to access. Active markets are considered to be those in which transactions for the assets or liabilities occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2— Assets and liabilities recorded at fair value for which values are based on quoted prices in markets that are not active or model inputs that are observable either directly or indirectly for substantially the full term of the assets or liabilities. Substantially all of these inputs are observable in the marketplace throughout the full term of the price risk management instrument and can be derived from observable data or supported by observable levels at which transactions are executed in the marketplace. Level 3— Assets and liabilities recorded at fair value for which values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. Unobservable inputs are not corroborated by market data. These inputs reflect management's own assumptions about the assumptions a market participant would use in pricing the asset or liability. When the inputs used to measure fair value fall within different levels of the hierarchy in a liquid environment, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company conducts a review of fair value hierarchy classifications on an annual basis. Changes in the observability of valuation inputs may result in a reclassification for certain financial assets or liabilities. Transfers between fair value hierarchy levels are recognized and reported in the period in which the transfer occurred. No transfers between fair value hierarchy levels occurred during the three months ended March 31, 2017 or 2016 . a. Fair value measurement on a recurring basis The following tables summarize the Company's fair value hierarchy by commodity on a gross basis and the net presentation on the unaudited consolidated balance sheets for derivative assets and liabilities measured at fair value on a recurring basis as of the periods presented: (in thousands) Level 1 Level 2 Level 3 Total gross fair value Amounts offset Net fair value presented on the unaudited consolidated balance sheets As of March 31, 2017: Assets Current: Oil derivatives $ — $ 30,401 $ — $ 30,401 $ (777 ) $ 29,624 NGL derivatives — 93 — 93 (93 ) — Natural gas derivatives — 2,539 — 2,539 (1,372 ) 1,167 Oil deferred premiums — — — — (3,216 ) (3,216 ) Natural gas deferred premiums — — — — — — Noncurrent: Oil derivatives $ — $ 12,971 $ — $ 12,971 $ (2,904 ) $ 10,067 NGL derivatives — — — — — — Natural gas derivatives — 3,222 — 3,222 — 3,222 Oil deferred premiums — — — — (1,644 ) (1,644 ) Natural gas deferred premiums — — — — (1,798 ) (1,798 ) Liabilities Current: Oil derivatives $ — $ (393 ) $ — $ (393 ) $ 777 $ 384 NGL derivatives — (1,024 ) — (1,024 ) 93 (931 ) Natural gas derivatives — (519 ) — (519 ) 1,372 853 Oil deferred premiums — — (3,764 ) (3,764 ) 3,216 (548 ) Natural gas deferred premiums — — (2,890 ) (2,890 ) — (2,890 ) Noncurrent: Oil derivatives $ — $ — $ — $ — $ 2,904 $ 2,904 NGL derivatives — — — — — — Natural gas derivatives — — — — — — Oil deferred premiums — — (4,573 ) (4,573 ) 1,644 (2,929 ) Natural gas deferred premiums — — (1,798 ) (1,798 ) 1,798 — Net derivative position $ — $ 47,290 $ (13,025 ) $ 34,265 $ — $ 34,265 (in thousands) Level 1 Level 2 Level 3 Total gross fair value Amounts offset Net fair value presented on the unaudited consolidated balance sheets As of December 31, 2016: Assets Current: Oil derivatives $ — $ 22,527 $ — $ 22,527 $ — $ 22,527 NGL derivatives — — — — — — Natural gas derivatives — 270 — 270 (270 ) — Oil deferred premiums — — — — (1,580 ) (1,580 ) Natural gas deferred premiums — — — — — — Noncurrent: Oil derivatives $ — $ 8,718 $ — $ 8,718 $ — $ 8,718 NGL derivatives — — — — — — Natural gas derivatives — 1,377 — 1,377 (1,377 ) — Oil deferred premiums — — — — — — Natural gas deferred premiums — — — — — — Liabilities Current: Oil derivatives $ — $ (9,789 ) $ — $ (9,789 ) $ — $ (9,789 ) NGL derivatives — (2,803 ) — (2,803 ) — (2,803 ) Natural gas derivatives — (3,639 ) — (3,639 ) 270 (3,369 ) Oil deferred premiums — — (3,569 ) (3,569 ) 1,580 (1,989 ) Natural gas deferred premiums — — (3,043 ) (3,043 ) — (3,043 ) Noncurrent: Oil derivatives $ — $ (4,552 ) $ — $ (4,552 ) $ — $ (4,552 ) NGL derivatives — — — — — — Natural gas derivatives — (133 ) — (133 ) 1,377 1,244 Oil deferred premiums — — — — — — Natural gas deferred premiums — — (2,386 ) (2,386 ) — (2,386 ) Net derivative position $ — $ 11,976 $ (8,998 ) $ 2,978 $ — $ 2,978 These items are included as "Derivatives" on the unaudited consolidated balance sheets. Significant Level 2 assumptions associated with the calculation of discounted cash flows used in the mark-to-market analysis of derivatives include each derivative contract's corresponding commodity index price, appropriate risk-adjusted discount rates and other relevant data. The Company's deferred premiums associated with its derivative contracts are categorized as Level 3, as the Company utilizes a net present value calculation to determine the valuation. They are considered to be measured on a recurring basis as the derivative contracts they derive from are measured on a recurring basis. As derivative contracts containing deferred premiums are entered into, the Company discounts the associated deferred premium to its net present value at the contract trade date, using the Senior Secured Credit Facility rate at the trade date (historical input rates range from 1.69% to 3.56% ), and then records the change in net present value to interest expense over the period from trade until the final settlement date at the end of the contract. After this initial valuation, the net present value of each deferred premium is not adjusted; therefore, significant increases (decreases) in the Senior Secured Credit Facility rate would result in a significantly lower (higher) fair value measurement for each new contract entered into that contained a deferred premium; however, the valuation for the deferred premiums already recorded would remain unaffected. While the Company believes the sources utilized to arrive at the fair value estimates are reliable, different sources or methods could have yielded different fair value estimates; therefore, on a quarterly basis, the valuation is compared to counterparty valuations and a third-party valuation of the deferred premiums for reasonableness. The following table presents actual cash payments required for deferred premiums as of March 31, 2017 for the periods presented: (in thousands) March 31, 2017 Remaining 2017 $ 4,334 2018 8,444 2019 535 Total $ 13,313 A summary of the changes in assets classified as Level 3 measurements for the periods presented are as follows: Three months ended March 31, (in thousands) 2017 2016 Balance of Level 3 at beginning of period $ (8,998 ) $ (14,619 ) Change in net present value of derivative deferred premiums (41 ) (72 ) Total purchases and settlements: Purchases (6,093 ) (4,112 ) Settlements (1) 2,107 5,749 Balance of Level 3 at end of period $ (13,025 ) $ (13,054 ) _____________________________________________________________________________ (1) The amount for the three months ended March 31, 2016 includes $3.9 million that represents the present value of deferred premiums settled in the Company's restructuring upon their early termination. b. Fair value measurement on a nonrecurring basis The Company accounts for the impairment of long-lived assets, if any, at fair value on a nonrecurring basis. For purposes of fair value measurement, it was determined that the impairment of long-lived assets is classified as Level 3, based on the use of internally developed cash flow models. The Company accounts for the impairment of inventory, if any, at lower of cost or NRV on a nonrecurring basis. For purposes of fair value measurement, it was determined that the impairment of inventory is classified as Level 2, based on the use of a replacement cost approach. No impairments of long-lived assets or inventory were recorded for the three months ended March 31, 2017 or 2016 . See Note 2.i for discussion regarding the Company's long-lived assets and inventory. The accounting policies for impairment of oil and natural gas properties are discussed in Note 2.g . Significant inputs included in the calculation of discounted cash flows used in the impairment analysis include the Company's estimate of operating and development costs, anticipated production of evaluated reserves and other relevant data. See Note 2.g for discussion of the Company's first-quarter 2016 full cost ceiling impairment. There was no full cost ceiling impairment recorded during the three months ended March 31, 2017 . The Company accounts for acquisitions of evaluated and unevaluated oil and natural gas properties under the acquisition method of accounting. Accordingly, the Company conducts assessments of net assets acquired and recognizes amounts for identifiable assets acquired and liabilities assumed at the estimated acquisition date fair values, while transaction costs associated with the acquisitions are expensed as incurred. The Company makes various assumptions in estimating the fair values of assets acquired and liabilities assumed. The most significant assumptions relate to the estimated fair value of evaluated and unevaluated oil and natural gas properties. The fair value of these properties are measured using a discounted cash flow model that converts future cash flows to a single discounted amount. Significant inputs to the valuation include estimates of: (i) forecasted oil, NGL and natural gas reserve quantities; (ii) future commodity strip prices as of the closing dates adjusted for transportation and regional price differentials; (iii) forecasted ad valorem taxes, production taxes, income taxes, general and administrative expenses, operating expenses and development costs; and (iv) a peer group weighted-average cost of capital rate subject to additional project-specific risk factors. To compensate for the inherent risk of estimating the value of the unevaluated properties, the discounted future net revenues of proved undeveloped and probable reserves are reduced by additional reserve adjustment factors. These assumptions represent Level 3 inputs under the fair value hierarchy. No acquisitions of evaluated and unevaluated oil and natural gas properties were recorded for the three months ended March 31, 2017 or 2016 .

Net income (loss) per common sh

Net income (loss) per common share	3 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
Net income (loss) per common share	Net income (loss) per common share Basic net income (loss) per common share is computed by dividing net income (loss) by the weighted-average number of common shares outstanding for the period. Diluted net income (loss) per common share reflects the potential dilution of non-vested performance share awards, non-vested restricted stock awards and outstanding stock option awards. For the three months ended March 31, 2016, all of these potentially dilutive items were anti-dilutive due to the Company's net loss and, therefore, were excluded from the calculation of diluted net loss per common share. The effect of the Company's outstanding stock option awards, with the exception of the options granted in 2016, was excluded from the calculation of diluted net income per common share for the three months ended March 31, 2017. The inclusion of these options would be anti-dilutive due to the following: (i) utilizing the treasury stock method, the sum of the assumed proceeds exceeded the average stock price during the period for the outstanding stock option awards granted in 2015 and (ii) the exercise prices were greater than the average market price during the period for the outstanding stock option awards granted in 2012, 2013, 2014 and 2017. The following is the calculation of basic and diluted weighted-average common shares outstanding and net income (loss) per common share for the periods presented: Three months ended March 31, (in thousands, except for per share data) 2017 2016 Net income (loss) (numerator): Net income (loss)—basic and diluted $ 68,276 $ (180,371 ) Weighted-average common shares outstanding (denominator): Basic 238,505 211,560 Non-vested performance share awards (1) 4,466 — Non-vested restricted stock awards (2) 1,245 — Outstanding stock option awards (2) 163 — Diluted 244,379 211,560 Net income (loss) per common share: Basic $ 0.29 $ (0.85 ) Diluted $ 0.28 $ (0.85 ) _____________________________________________________________________________ (1) For the three months ended March 31, 2017, the dilutive effect of non-vested performance share awards with performance periods that have not yet ended was calculated utilizing the Company's total shareholder return ("TSR") from the beginning of each performance share awards' respective performance period to March 31, 2017 in comparison to the TSR of the peers specified in each performance share awards' respective agreement. See Note 5.c for additional discussion of the Company's performance share awards. (2) For the three months ended March 31, 2017, the dilutive effects of the non-vested restricted stock awards and the outstanding stock option awards were calculated utilizing the treasury stock method. See Notes 5.a and 5.b for additional discussion of the Company's restricted stock awards and stock option awards, respectively.

Credit risk

Credit risk	3 Months Ended
	Mar. 31, 2017
Risks and Uncertainties [Abstract]
Credit risk	Credit risk The Company's oil, NGL and natural gas sales are made to a variety of purchasers, including intrastate and interstate pipelines or their marketing affiliates and independent marketing companies. The Company's joint operations accounts receivable are from a number of oil and natural gas companies, partnerships, individuals and others who own interests in the oil and natural gas properties operated by the Company. The Company's sales of purchased oil are made to one customer. Management believes that any credit risk imposed by a concentration in the oil and natural gas industry is offset by the creditworthiness of the Company's customer base and industry partners. The Company routinely assesses the recoverability of all material trade and other receivables to determine collectability. The Company uses derivatives to hedge its exposure to oil, NGL and natural gas price volatility. These transactions expose the Company to potential credit risk from its counterparties. In accordance with the Company's standard practice, its derivatives are subject to counterparty netting under agreements governing such derivatives; therefore, the credit risk associated with its derivative counterparties is somewhat mitigated. See Notes 2.e , 7 and 8.a for additional information regarding the Company's derivatives.

Commitments and contingencies

Commitments and contingencies	3 Months Ended
	Mar. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	Commitments and contingencies a. Litigation From time to time the Company is involved in legal proceedings and/or may be subject to industry rulings that could bring rise to claims in the ordinary course of business. The Company has concluded that the likelihood is remote that the ultimate resolution of any pending litigation or pending claims will be material or have a material adverse effect on the Company's business, financial position, results of operations or liquidity. b. Drilling contracts The Company has committed to several drilling contracts with a third party to facilitate the Company's drilling plans. Certain of these contracts contain early termination clauses that require the Company to potentially pay penalties to the third party should the Company cease drilling efforts. These penalties would negatively impact the Company's financial statements upon early contract termination. There were no penalties incurred for early contract termination for either of the three months ended March 31, 2017 or 2016. Future commitments of $5.0 million as of March 31, 2017 are not recorded in the accompanying unaudited consolidated balance sheets. Management does not currently anticipate the early termination of any existing contracts in 2017 that would result in a substantial penalty. c. Firm sale and transportation commitments The Company has committed to deliver for sale or transportation fixed volumes of product under certain contractual arrangements that specify the delivery of a fixed and determinable quantity. If not fulfilled, the Company is subject to deficiency payments. These commitments are normal and customary for the Company's business. In certain instances, the Company has used spot market purchases to meet its commitments in certain locations or due to favorable pricing. Management anticipates continuing this practice in the future. Also, if production is not sufficient to satisfy the Company's delivery commitments, the Company can and may use spot market purchases to fulfill the commitments. During the three months ended March 31, 2017, the Company incurred $0.1 million in deficiency payments which are reported on the unaudited consolidated statements of operations in the "Other operating expenses" line item. There were no deficiency payments during the three months ended March 31, 2016. Future commitments of $396.3 million as of March 31, 2017 are not recorded in the accompanying unaudited consolidated balance sheets. d. Federal and state regulations Oil and natural gas exploration, production and related operations are subject to extensive federal and state laws, rules and regulations. Failure to comply with these laws, rules and regulations can result in substantial penalties. The regulatory burden on the oil and natural gas industry increases the cost of doing business and affects profitability. The Company believes that it is in compliance with currently applicable federal and state regulations related to oil and natural gas exploration and production, and that compliance with the current regulations will not have a material adverse impact on the financial position or results of operations of the Company. These rules and regulations are frequently amended or reinterpreted; therefore, the Company is unable to predict the future cost or impact of complying with these regulations.

Related parties

Related parties	3 Months Ended
	Mar. 31, 2017
Related Party Transactions [Abstract]
Related parties	Related parties a. Medallion The following table summarizes items included in the unaudited consolidated balance sheets related to Medallion as of the dates presented: (in thousands) March 31, 2017 December 31, 2016 Accounts receivable, net $ 124 $ — Accrued capital expenditures $ 379 $ 586 Other current liabilities $ 102 $ 118 b. Archrock Partners, L.P. The Company has a compression arrangement with affiliates of Archrock Partners, L.P., formerly Exterran Partners L.P. ("Archrock"). One of Laredo's directors is on the board of directors of Archrock GP LLC, an affiliate of Archrock. As of December 31, 2016, amounts included in accounts payable from Archrock in the unaudited consolidated balance sheets totaled $0.2 million . No such amounts were included as of March 31, 2017. The following table summarizes the lease operating expenses related to Archrock included in the unaudited consolidated statements of operations for the periods presented: Three months ended March 31, (in thousands) 2017 2016 Lease operating expenses $ 424 $ 475

Segments

Segments	3 Months Ended
	Mar. 31, 2017
Segment Reporting [Abstract]
Segments	Segments The Company operates in two business segments: (i) exploration and production and (ii) midstream and marketing. The exploration and production segment is engaged in the acquisition, exploration and development of oil and natural gas properties. The midstream and marketing segment provides Laredo's exploration and production segment and third parties with products and services that need to be delivered by midstream infrastructure, including oil and liquids-rich natural gas gathering services as well as rig fuel, natural gas lift and water delivery and takeaway. The following table presents selected financial information, for the periods presented, regarding the Company's operating segments on a stand-alone basis and the consolidation and elimination entries necessary to arrive at the information for the Company on a consolidated basis: (in thousands) Exploration and production Midstream and marketing Eliminations Consolidated company Three months ended March 31, 2017: Revenues: Oil, NGL and natural gas sales $ 139,208 $ 816 $ (1,288 ) $ 138,736 Midstream service revenues — 17,634 (14,635 ) 2,999 Sales of purchased oil — 47,271 — 47,271 Total revenues 139,208 65,721 (15,923 ) 189,006 Costs and expenses: Lease operating expenses, including production and ad valorem taxes 29,570 — (3,797 ) 25,773 Midstream service expenses — 10,234 (9,318 ) 916 Costs of purchased oil — 50,256 — 50,256 General and administrative (1) 23,443 2,154 — 25,597 Depletion, depreciation and amortization (2) 31,797 2,315 — 34,112 Other operating expenses (3) 973 53 — 1,026 Operating income $ 53,425 $ 709 $ (2,808 ) $ 51,326 Other financial information: Income from equity method investee $ — $ 3,068 $ — $ 3,068 Interest expense (4) $ (21,314 ) $ (1,406 ) $ — $ (22,720 ) Capital expenditures $ (111,745 ) $ (1,731 ) $ — $ (113,476 ) Gross property and equipment (5) $ 5,848,991 $ 404,871 $ (11,048 ) $ 6,242,814 Three months ended March 31, 2016: Revenues: Oil, NGL and natural gas sales $ 73,142 $ — $ — $ 73,142 Midstream service revenues — 11,267 (9,466 ) 1,801 Sales of purchased oil — 31,614 — 31,614 Total revenues 73,142 42,881 (9,466 ) 106,557 Costs and expenses: Lease operating expenses, including production and ad valorem taxes 29,364 — (2,411 ) 26,953 Midstream service expenses — 6,509 (5,900 ) 609 Costs of purchased oil — 32,946 — 32,946 General and administrative (1) 17,679 1,772 — 19,451 Depletion, depreciation and amortization (2) 39,292 2,186 — 41,478 Impairment expense 161,064 — — 161,064 Other operating expenses (3) 792 52 — 844 Operating loss $ (175,049 ) $ (584 ) $ (1,155 ) $ (176,788 ) Other financial information: Income from equity method investee $ — $ 2,298 $ — $ 2,298 Interest expense (4) $ (22,303 ) $ (1,402 ) $ — $ (23,705 ) Capital expenditures $ (105,785 ) $ (1,937 ) $ — $ (107,722 ) Gross property and equipment (5) $ 5,392,865 $ 347,892 $ (3,078 ) $ 5,737,679 _______________________________________________________________________________ (1) General and administrative expenses were allocated based on the number of employees in the respective segment as of March 31, 2017 and 2016. Certain components of general and administrative expense, primarily payroll, deferred compensation and vehicle expenses, were not allocated but were actual expenses for each segment. Land and geology expenses were not allocated to the midstream and marketing segment. (2) Depletion, depreciation and amortization were actual expenses for each segment with the exception of the allocation of depreciation of other fixed assets, which was based on the number of employees in the respective segment as of March 31, 2017 and 2016. Certain components of depreciation and amortization of other fixed assets, primarily vehicles, were not allocated but were actual expenses for each segment. (3) Other operating expenses consist of (i) accretion of asset retirement obligations and minimum volume commitments for the three months ended March 31, 2017 and (ii) accretion of asset retirement obligations for the three months ended March 31, 2016 . These were actual expenses and were not allocated. (4) Interest expense was allocated to the exploration and production segment based on gross property and equipment as of March 31, 2017 and 2016 and allocated to the midstream and marketing segment based on gross property and equipment and life-to-date contributions to the Company's equity method investee as of March 31, 2017 and 2016. (5) Gross property and equipment for the midstream and marketing segment includes investment in equity method investee totaling $247.0 million and $194.8 million as of March 31, 2017 and 2016 , respectively. Other fixed assets were allocated based on the number of employees in the respective segment as of March 31, 2017 and 2016 . Certain components of other fixed assets, primarily vehicles, were not allocated but were actual assets for each segment.

Subsidiary guarantors

Subsidiary guarantors	3 Months Ended
	Mar. 31, 2017
Condensed Financial Information of Parent Company Only Disclosure [Abstract]
Subsidiary guarantors	Subsidiary guarantors The Guarantors have fully and unconditionally guaranteed the January 2022 Notes, the May 2022 Notes, the March 2023 Notes and the Senior Secured Credit Facility, subject to the Releases. In accordance with practices accepted by the SEC, Laredo has prepared condensed consolidating financial statements to quantify the balance sheets, results of operations and cash flows of such subsidiaries as subsidiary guarantors. The following unaudited condensed consolidating balance sheets as of March 31, 2017 and December 31, 2016 and unaudited condensed consolidating statements of operations and unaudited condensed consolidating statements of cash flows each for the three months ended March 31, 2017 and 2016 present financial information for Laredo on a stand-alone basis (carrying any investment in subsidiaries under the equity method), financial information for the subsidiary guarantors on a stand-alone basis (carrying any investment in subsidiaries under the equity method), and the consolidation and elimination entries necessary to arrive at the information for the Company on a condensed consolidated basis. Deferred income taxes for LMS and for GCM are recorded on Laredo's balance sheets, statements of operations and statements of cash flows as they are disregarded entities for income tax purposes. Laredo and the Guarantors are not restricted from making intercompany distributions to each other. During the three months ended March 31, 2016 , certain assets were transferred from LMS to Laredo at historical cost. Condensed consolidating balance sheet March 31, 2017 (Unaudited) (in thousands) Laredo Subsidiary Intercompany Consolidated Accounts receivable, net $ 63,068 $ 15,803 $ — $ 78,871 Other current assets 71,732 2,026 — 73,758 Oil and natural gas properties, net 1,233,589 9,277 (11,048 ) 1,231,818 Midstream service assets, net — 125,287 — 125,287 Other fixed assets, net 43,879 500 — 44,379 Investment in subsidiaries and equity method investee 379,320 247,021 (379,320 ) 247,021 Other long-term assets 13,773 3,689 — 17,462 Total assets $ 1,805,361 $ 403,603 $ (390,368 ) $ 1,818,596 Accounts payable $ 23,535 $ 1,203 $ — $ 24,738 Other current liabilities 117,625 19,972 — 137,597 Long-term debt, net 1,349,591 — — 1,349,591 Other long-term liabilities 50,652 3,108 — 53,760 Stockholders' equity 263,958 379,320 (390,368 ) 252,910 Total liabilities and stockholders' equity $ 1,805,361 $ 403,603 $ (390,368 ) $ 1,818,596 Condensed consolidating balance sheet December 31, 2016 (Unaudited) (in thousands) Laredo Subsidiary Intercompany Consolidated Accounts receivable, net $ 70,570 $ 16,297 $ — $ 86,867 Other current assets 65,884 2,026 — 67,910 Oil and natural gas properties, net 1,194,801 9,293 (8,240 ) 1,195,854 Midstream service assets, net — 126,240 — 126,240 Other fixed assets, net 44,221 552 — 44,773 Investment in subsidiaries and equity method investee 376,028 243,953 (376,028 ) 243,953 Other long-term assets 13,065 3,684 — 16,749 Total assets $ 1,764,569 $ 402,045 $ (384,268 ) $ 1,782,346 Accounts payable $ 14,427 $ 627 $ — $ 15,054 Other current liabilities 150,531 22,360 — 172,891 Long-term debt, net 1,353,909 — — 1,353,909 Other long-term liabilities 56,889 3,030 — 59,919 Stockholders' equity 188,813 376,028 (384,268 ) 180,573 Total liabilities and stockholders' equity $ 1,764,569 $ 402,045 $ (384,268 ) $ 1,782,346 Condensed consolidating statement of operations For the three months ended March 31, 2017 (Unaudited) (in thousands) Laredo Subsidiary Intercompany Consolidated Total revenues $ 139,143 $ 65,786 $ (15,923 ) $ 189,006 Total costs and expenses 88,029 62,766 (13,115 ) 137,680 Operating income 51,114 3,020 (2,808 ) 51,326 Interest expense (22,720 ) — — (22,720 ) Other non-operating income 42,690 2,918 (5,938 ) 39,670 Income before income tax 71,084 5,938 (8,746 ) 68,276 Income tax — — — — Net income $ 71,084 $ 5,938 $ (8,746 ) $ 68,276 Condensed consolidating statement of operations For the three months ended March 31, 2016 (Unaudited) (in thousands) Laredo Subsidiary Intercompany Consolidated Total revenues $ 73,122 $ 42,901 $ (9,466 ) $ 106,557 Total costs and expenses 250,064 41,592 (8,311 ) 283,345 Operating income (loss) (176,942 ) 1,309 (1,155 ) (176,788 ) Interest expense (23,705 ) — — (23,705 ) Other non-operating income 21,431 2,291 (3,600 ) 20,122 Income (loss) before income tax (179,216 ) 3,600 (4,755 ) (180,371 ) Income tax — — — — Net income (loss) $ (179,216 ) $ 3,600 $ (4,755 ) $ (180,371 ) Condensed consolidating statement of cash flows For the three months ended March 31, 2017 (Unaudited) (in thousands) Laredo Subsidiary Intercompany Consolidated Net cash flows provided by operating activities $ 65,344 $ 4,378 $ (5,938 ) $ 63,784 Change in investment between affiliates (3,291 ) (2,647 ) 5,938 — Capital expenditures and other (52,230 ) (1,731 ) — (53,961 ) Net cash flows used in financing activities (12,143 ) — — (12,143 ) Net decrease in cash and cash equivalents (2,320 ) — — (2,320 ) Cash and cash equivalents, beginning of period 32,671 1 — 32,672 Cash and cash equivalents, end of period $ 30,351 $ 1 $ — $ 30,352 Condensed consolidating statement of cash flows For the three months ended March 31, 2016 (Unaudited) (in thousands) Laredo Subsidiary Intercompany Consolidated Net cash flows provided by operating activities $ 58,163 $ 1,954 $ (3,600 ) $ 56,517 Change in investment between affiliates (30,235 ) 26,635 3,600 — Capital expenditures and other (105,575 ) (28,589 ) — (134,164 ) Net cash flows provided by financing activities 58,588 — — 58,588 Net decrease in cash and cash equivalents (19,059 ) — — (19,059 ) Cash and cash equivalents, beginning of period 31,153 1 — 31,154 Cash and cash equivalents, end of period $ 12,094 $ 1 $ — $ 12,095

Recently issued or adopted acco

Recently issued or adopted accounting pronouncements	3 Months Ended
	Mar. 31, 2017
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Recently issued or adopted accounting pronouncements	Recently issued or adopted accounting pronouncements The Company considers the applicability and impact of all accounting standard updates ("ASU") issued by the Financial Accounting Standards Board ("FASB"). The ASUs listed below were either adopted during the three months ended March 31, 2017 or the discussion of the ASU was determined to be meaningful to the Company's consolidated financial statements. In January 2017, the FASB issued new guidance in Topic 805, Business Combinations , to clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. Under the current implementation guidance in Topic 805, there are three elements of a business—inputs, processes and outputs. While an integrated set of assets and activities (collectively referred to as a “set”) that is a business usually has outputs, outputs are not required to be present. In addition, all the inputs and processes that a seller uses in operating a set are not required if market participants can acquire the set and continue to produce outputs, for example, by integrating the acquired set with their own inputs and processes. The amendments in this ASU provide a screen to determine when a set is not a business. The screen requires that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is not a business. This screen reduces the number of transactions that need to be further evaluated. If the screen is not met, the amendments in this ASU (i) require that to be considered a business, a set must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create an output and (ii) remove the evaluation of whether a market participant could replace missing elements. The amendments provide a framework to assist entities in evaluating whether both an input and a substantive process are present. The framework includes two sets of criteria to consider that depend on whether a set has outputs. Although outputs are not required for a set to be a business, outputs generally are a key element of a business; therefore, the FASB has developed more stringent criteria for sets without outputs. Lastly, the amendments in this ASU narrow the definition of the term output so that the term is consistent with how outputs are described in Topic 606. The amendments in this ASU are effective for annual periods beginning after December 15, 2017, including interim periods within those periods. The amendments in this ASU should be applied prospectively on or after the effective date. Early application of the amendments in this ASU is permitted. The Company is currently evaluating the impact this ASU will have on its consolidated financial statements upon adoption. In February 2016, the FASB issued new guidance in Topic 842, Leases. The core principle of the new guidance is that a lessee should recognize the assets and liabilities that arise from leases in the statement of financial position. A lessee should recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. When measuring assets and liabilities arising from a lease, a lessee (and a lessor) should include payments to be made in optional periods only if the lessee is reasonably certain to exercise an option to extend the lease or not to exercise an option to terminate the lease. Similarly, optional payments to purchase the underlying asset should be included in the measurement of lease assets and lease liabilities only if the lessee is reasonably certain to exercise that purchase option. Reasonably certain is a high threshold that is consistent with and intended to be applied in the same way as the reasonably assured threshold in the previous lease guidance. In addition, also consistent with the previous lease guidance, a lessee (and a lessor) should exclude most variable lease payments in measuring lease assets and lease liabilities, other than those that depend on an index or a rate or are in substance fixed payments. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. If a lessee makes this election, it should recognize lease expense for such leases generally on a straight-line basis over the lease term. The recognition, measurement and presentation of expenses and cash flows arising from a lease by a lessee have not significantly changed from previous GAAP. There continues to be a differentiation between finance leases and operating leases. In transition, lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. The modified retrospective approach includes a number of optional practical expedients that entities may elect to apply. These practical expedients relate to the identification and classification of leases that commenced before the effective date, initial direct costs for leases that commenced before the effective date and the ability to use hindsight in evaluating lessee options to extend or terminate a lease or to purchase the underlying asset. An entity that elects to apply the practical expedients will, in effect, continue to account for leases that commence before the effective date in accordance with previous GAAP unless the lease is modified, except that lessees are required to recognize a right-of-use asset and a lease liability for all operating leases at each reporting date based on the present value of the remaining minimum rental payments that were tracked and disclosed under previous GAAP. The amendments in this ASU are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application of the amendments in this ASU is permitted. The Company is in the process of evaluating the potential impact of adopting this guidance, and the primary effect will be to record assets and obligations for contracts currently recognized as operating leases with a term greater than 12 months and evaluate operating leases with a term less than or equal to 12 months for election. The Company does not intend to adopt the standard early. In May 2014, the FASB issued a comprehensive new revenue recognition standard that supersedes the revenue recognition requirements in Topic 605, Revenue Recognition, and industry-specific guidance in Subtopic 932-605, Extractive Activities—Oil and Gas—Revenue Recognition . The core principle of the new guidance is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for transferring those goods or services. The new standard also requires significantly expanded disclosure regarding the qualitative and quantitative information of an entity's nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. The standard creates a five-step model that requires companies to exercise judgment when considering the terms of a contract and all relevant facts and circumstances. The standard allows for several transition methods: (a) a full retrospective adoption in which the standard is applied to all of the periods presented, or (b) a modified retrospective adoption in which the standard is applied only to the most current period presented in the financial statements, including additional disclosures of the standard's application impact to individual financial statement line items. In March, April, May and December 2016, the FASB issued new guidance in Topic 606, Revenue from Contracts with Customers, to address the following potential implementation issues of the new revenue standard: (a) to clarify the implementation guidance on principal versus agent considerations, (b) to clarify the identification of performance obligations and the licensing implementation guidance and (c) to address certain issues in the guidance on assessing collectability, presentation of sales taxes, noncash consideration, and completed contracts and contract modifications at transition. This standard is effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. The Company follows the sales method of accounting for oil, NGL and natural gas production, which is generally consistent with the revenue recognition provision of the new standard. However, the Company is still evaluating the impact this standard will have on its consolidated financial statements upon adoption and, in addition, evaluating the methods of adoption. The evaluation process includes review of revenue contracts and transactions in both of the exploration and production and midstream and marketing segments. The Company expects to adopt this standard on January 1, 2018.

Subsequent events

Subsequent events	3 Months Ended
	Mar. 31, 2017
Subsequent Events [Abstract]
Subsequent events	Subsequent events a . Senior Secured Credit Facility On April 10, 2017, the Company borrowed $10.0 million on the Senior Secured Credit Facility. The outstanding balance under the Senior Secured Credit Facility was $75.0 million as of May 2, 2017. On May 2, 2017, the Company entered into the Fifth Amended and Restated Credit Agreement to the Senior Secured Credit Facility (the "Fifth Amendment and Restatement"). Among the more significant changes reflected in the Fifth Amendment and Restatement are: (i) the borrowing base and aggregate elected commitment were each increased to $1.0 billion , (ii) the maturity date was extended to May 2, 2022, provided that if either the January 2022 Notes or May 2022 Notes have not been refinanced on or prior to the date (as applicable, the "Early Maturity Date") 90 days before their respective stated maturity dates, the Senior Secured Credit Facility will mature on such Early Maturity Date and (iii) a new financial covenant, maximum "Consolidated Total Leverage Ratio," tested quarterly, replaced the covenant requiring a minimum ratio of "Consolidated EBITDAX over Consolidated Net Interest Expense," which was also tested quarterly. b. New derivative contracts Subsequent to March 31, 2017 , the following new derivatives were entered into: Aggregate volumes (MMBtu) Floor price ($/MMBtu) Ceiling price ($/MMBtu) Contract period Natural gas collars (1) 10,950,000 $ 2.50 $ 3.25 January 2018 - December 2018 _____________________________________________________________ (1) There are $0.9 million in deferred premiums associated with these contracts. See Note 7.a for information regarding the Company's derivative settlement indices.

Supplementary information

Supplementary information	3 Months Ended
	Mar. 31, 2017
Oil and Gas Exploration and Production Industries Disclosures [Abstract]
Supplementary information	Supplementary information Costs incurred in oil and natural gas property acquisition, exploration and development activities Costs incurred in the acquisition, exploration and development of oil, NGL and natural gas assets are presented below: Three months ended March 31, (in thousands) 2017 2016 Property acquisition costs: — Evaluated $ — $ — Unevaluated — — Exploration costs 15,543 7,263 Development costs (1) 111,158 81,886 Total costs incurred $ 126,701 $ 89,149 ____________________________________________________________________________ (1) Development costs include $0.1 million in asset retirement obligations for each of the three months ended March 31, 2017 and 2016 .

Basis of presentation and sig24

Basis of presentation and significant accounting policies (Policies)	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation The accompanying unaudited consolidated financial statements were derived from the historical accounting records of the Company and reflect the historical financial position, results of operations and cash flows for the periods described herein. The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). All material intercompany transactions and account balances have been eliminated in the consolidation of accounts. The Company uses the equity method of accounting to record its net interests when the Company holds 20% to 50% of the voting rights and/or has the ability to exercise significant influence but does not control the entity. Under the equity method, the Company's proportionate share of the investee's net income is included in the unaudited consolidated statements of operations. See Note 2.h for additional discussion of the Company's equity method investment. The accompanying consolidated financial statements have not been audited by the Company's independent registered public accounting firm, except that the consolidated balance sheet as of December 31, 2016 is derived from audited consolidated financial statements. In the opinion of management, the accompanying unaudited consolidated financial statements reflect all necessary adjustments to present fairly the Company's financial position as of March 31, 2017 and results of operations and cash flows for each of the three months ended March 31, 2017 and 2016 . Certain disclosures have been condensed or omitted from these unaudited consolidated financial statements. Accordingly, these unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the 2016 Annual Report.
Use of estimates in the preparation of interim unaudited consolidated financial statements	Use of estimates in the preparation of interim unaudited consolidated financial statements The preparation of the accompanying unaudited consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions about future events. These estimates and the underlying assumptions 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. Although management believes these estimates are reasonable, actual results could differ. The interim results reflected in the unaudited consolidated financial statements are not necessarily indicative of the results that may be expected for other interim periods or for the full year. Significant estimates include, but are not limited to, (i) estimates of the Company's reserves of oil, NGL and natural gas, (ii) future cash flows from oil and natural gas properties, (iii) depletion, depreciation and amortization, (iv) impairments, (v) asset retirement obligations, (vi) stock-based compensation, (vii) deferred income taxes, (viii) fair value of assets acquired and liabilities assumed in an acquisition and (ix) fair value of derivatives and deferred premiums. As fair value is a market-based measurement, it is determined based on the assumptions that would be used by market participants. These estimates and assumptions are based on management's best judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment. Such estimates and assumptions are adjusted when facts and circumstances dictate. Illiquid credit markets and volatile equity and energy markets have combined to increase the uncertainty inherent in such estimates and assumptions. Management believes its estimates and assumptions to be reasonable under the circumstances. As future events and their effects cannot be determined with precision, actual values and results could differ from these estimates. Any changes in estimates resulting from future changes in the economic environment will be reflected in the financial statements in future periods.
Reclassifications	Reclassifications Certain amounts in the accompanying unaudited consolidated financial statements have been reclassified to conform to the 2017 presentation. These reclassifications had no impact to previously reported balance sheets or stockholders' equity.
Accounts receivable	Accounts receivable The Company sells produced oil, NGL and natural gas and purchased oil to various customers and participates with other parties in the development and operation of oil and natural gas properties. The majority of the Company's accounts receivable are unsecured. Accounts receivable for joint interest billings are recorded as amounts billed to customers less an allowance for doubtful accounts. The Company maintains an allowance for doubtful accounts for estimated losses inherent in its accounts receivable portfolio. In establishing the required allowance, management considers historical losses, current receivables aging and existing industry and economic data. The Company reviews its allowance for doubtful accounts quarterly. Past due amounts greater than 90 days and greater than a specified amount are reviewed individually for collectability. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is remote.
Derivatives	Derivatives The Company uses derivatives to reduce exposure to fluctuations in the prices of oil, NGL and natural gas. By removing a significant portion of the price volatility associated with future production, the Company expects to mitigate, but not eliminate, the potential effects of variability in cash flows from operations due to fluctuations in commodity prices. These transactions are in the form of puts, swaps and collars. Derivatives are recorded at fair value and are presented on a net basis on the unaudited consolidated balance sheets as assets and/or liabilities. The Company nets the fair value of derivatives by counterparty where the right of offset exists. The Company determines the fair value of its derivatives by utilizing pricing models for substantially similar instruments. Inputs to the pricing models include publicly available prices and forward price curves generated from a compilation of data gathered from third parties. See Note 8.a for discussion regarding the fair value of the Company's derivatives. The Company's derivatives were not designated as hedges for accounting purposes for any of the periods presented. Accordingly, the changes in fair value are recognized in the unaudited consolidated statements of operations in the period of change. Gains and losses on derivatives are included in cash flows from operating activities. See Notes 7 and 8.a for discussion regarding the Company's derivatives.
Full cost method of accounting	The Company uses the full cost method of accounting for its oil and natural gas properties. Under this method, all acquisition, exploration and development costs, including certain related employee costs, incurred for the purpose of exploring for or developing oil, NGL and natural gas properties, are capitalized and depleted on a composite unit of production method based on proved oil, NGL and natural gas reserves. Such amounts include the cost of drilling and equipping productive wells, dry hole costs, lease acquisition costs, delay rentals and other costs related to such activities. Costs, including related employee costs, associated with production and general corporate activities are expensed in the period incurred. Sales of oil and natural gas properties, whether or not being depleted currently, are accounted for as adjustments of capitalized costs, with no gain or loss recognized, unless such adjustments would significantly alter the relationship between capitalized costs and proved reserves of oil, NGL and natural gas.
Impairments of long-lived assets	Impairment losses are recorded on property and equipment used in operations and other long-lived assets when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets' carrying amount. Impairment is measured based on the excess of the carrying amount over the fair value of the asset.
Impairments of inventory	Materials and supplies inventory, which is used in the Company's production activities of oil and natural gas properties and midstream service assets, is carried at the lower of cost or net realizable value ("NRV"), with cost determined using the weighted-average cost method, and is included in "Other current assets" and "Other assets, net" on the unaudited consolidated balance sheets. The NRV for materials and supplies inventory is determined utilizing a replacement cost approach (Level 2). The Company has frac pit water inventory, which is used in developing oil and natural gas properties and is carried at lower of cost or NRV, with cost determined using the weighted-average cost method, and is included in "Other current assets" on the unaudited consolidated balance sheets. The NRV for frac pit water inventory is determined utilizing a replacement cost approach (Level 2). The minimum volume of product in a pipeline system that enables the system to operate is known as line-fill and is generally not available to be withdrawn from the pipeline system until the expiration of the transportation contract. The Company owns oil line-fill in third-party pipelines, which is accounted for at lower of cost or NRV, with cost determined using the weighted-average cost method, and is included in "Other assets, net" on the unaudited consolidated balance sheets. The NRV is determined utilizing a quoted market price adjusted for regional price differentials (Level 2).
Debt issuance costs	Debt issuance fees, which are recorded at cost, net of amortization, are amortized over the life of the respective debt agreements utilizing the effective interest and straight-line methods.
Asset retirement obligations	Asset retirement obligations Asset retirement obligations associated with the retirement of tangible long-lived assets are recognized as a liability in the period in which they are incurred and become determinable. The associated asset retirement costs are part of the carrying amount of the long-lived asset. Subsequently, the asset retirement cost included in the carrying amount of the related long-lived asset is charged to expense through depletion, or for midstream service assets through depreciation, of the associated asset. Changes in the liability due to the passage of time are recognized as an increase in the carrying amount of the liability and as corresponding accretion expense. The fair value of additions to the asset retirement obligation liability is measured using valuation techniques consistent with the income approach, which converts future cash flows into a single discounted amount. Significant inputs to the valuation include: (i) estimated plug and abandonment cost per well based on Company experience, (ii) estimated remaining life per well, (iii) estimated removal and/or remediation costs for midstream service assets, (iv) estimated remaining life of midstream service assets, (v) future inflation factors and (vi) the Company's average credit adjusted risk-free rate. Inherent in the fair value calculation of asset retirement obligations are numerous assumptions and judgments including, in addition to those noted above, the ultimate settlement of these amounts, the ultimate timing of such settlement and changes in legal, regulatory, environmental and political environments. To the extent future revisions to these assumptions impact the fair value of the existing asset retirement obligation liability, a corresponding adjustment will be made to the asset balance. The Company is obligated by contractual and regulatory requirements to remove certain pipeline and gathering assets and perform other remediation of the sites where such pipeline and gathering assets are located upon the retirement of those assets. However, the fair value of the asset retirement obligation cannot currently be reasonably estimated because the settlement dates are indeterminate. The Company will record an asset retirement obligation for pipeline and gathering assets in the periods in which settlement dates are reasonably determinable.
Fair value measurements	Fair value measurements The carrying amounts reported in the unaudited consolidated balance sheets for cash and cash equivalents, accounts receivable, accounts payable, undistributed revenue and royalties, accrued capital expenditures and other accrued assets and liabilities approximate their fair values. The Company accounts for its oil, NGL and natural gas derivatives at fair value. The fair value of derivatives is determined utilizing pricing models for similar instruments. The models use a variety of techniques to arrive at fair value, including quotes and pricing analysis. Inputs to the pricing models include publicly available prices and forward curves generated from a compilation of data gathered from third parties. The Company has categorized its assets and liabilities measured at fair value, based on the priority of inputs to the valuation technique, into a three-level fair value hierarchy. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). Assets and liabilities recorded at fair value on the unaudited consolidated balance sheets are categorized based on inputs to the valuation techniques as follows: Level 1— Assets and liabilities recorded at fair value for which values are based on unadjusted quoted prices for identical assets or liabilities in an active market that management has the ability to access. Active markets are considered to be those in which transactions for the assets or liabilities occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2— Assets and liabilities recorded at fair value for which values are based on quoted prices in markets that are not active or model inputs that are observable either directly or indirectly for substantially the full term of the assets or liabilities. Substantially all of these inputs are observable in the marketplace throughout the full term of the price risk management instrument and can be derived from observable data or supported by observable levels at which transactions are executed in the marketplace. Level 3— Assets and liabilities recorded at fair value for which values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. Unobservable inputs are not corroborated by market data. These inputs reflect management's own assumptions about the assumptions a market participant would use in pricing the asset or liability. When the inputs used to measure fair value fall within different levels of the hierarchy in a liquid environment, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company conducts a review of fair value hierarchy classifications on an annual basis. Changes in the observability of valuation inputs may result in a reclassification for certain financial assets or liabilities. Transfers between fair value hierarchy levels are recognized and reported in the period in which the transfer occurred. The Company accounts for the impairment of long-lived assets, if any, at fair value on a nonrecurring basis. For purposes of fair value measurement, it was determined that the impairment of long-lived assets is classified as Level 3, based on the use of internally developed cash flow models. The Company accounts for the impairment of inventory, if any, at lower of cost or NRV on a nonrecurring basis. For purposes of fair value measurement, it was determined that the impairment of inventory is classified as Level 2, based on the use of a replacement cost approach.
Treasury stock	Treasury stock Laredo's employees may elect to have the Company withhold shares of stock to satisfy their tax withholding obligations that arise upon the lapse of restrictions on their stock awards. Such treasury stock is recorded at cost and retired upon acquisition.
Compensation awards	Compensation awards Stock-based compensation expense, net of amounts capitalized, is included in "General and administrative" in the unaudited consolidated statements of operations over the awards' vesting periods and is based on the awards' grant date fair value. The Company utilizes the closing stock price on the grant date, less an expected forfeiture rate, to determine the fair values of service vesting restricted stock awards and a Black-Scholes pricing model to determine the fair values of service vesting restricted stock option awards. The Company utilizes a Monte Carlo simulation prepared by an independent third party to determine the fair values of the performance share awards and, in prior periods, the performance unit awards. The Company capitalizes a portion of stock-based compensation for employees who are directly involved in the acquisition, exploration and development of its oil and natural gas properties into the full cost pool. Capitalized stock-based compensation is included as an addition to "Oil and natural gas properties" in the unaudited consolidated balance sheets. Employee compensation The Company has a Long-Term Incentive Plan (the "LTIP"), which provides for the granting of incentive awards in the form of restricted stock awards, stock option awards, performance share awards, performance unit awards and other awards. The LTIP provides for the issuance of up to 24,350,000 shares of Laredo's common stock. The Company recognizes the fair value of stock-based compensation awards expected to vest over the requisite service period as a charge against earnings, net of amounts capitalized. The Company's stock-based compensation awards are accounted for as equity instruments, and in prior periods, its performance unit awards were accounted for as liability awards. Stock-based compensation is included in "General and administrative" in the unaudited consolidated statements of operations. The Company capitalizes a portion of stock-based compensation for employees who are directly involved in the acquisition, exploration and development of oil and natural gas properties into the full cost pool. Capitalized stock-based compensation is included as an addition to "Oil and natural gas properties" in the unaudited consolidated balance sheets.
Environmental	Environmental The Company is subject to extensive federal, state and local environmental laws and regulations. These laws, among other things, regulate the discharge of materials into the environment and may require the Company to remove or mitigate the environmental effects of the disposal or release of petroleum or chemical substances at various sites. Environmental expenditures are expensed in the period incurred. Liabilities for expenditures of a non-capital nature are recorded when environmental assessment or remediation is probable and the costs can be reasonably estimated. Such liabilities are generally undiscounted unless the timing of cash payments is fixed and readily determinable.
Net income (loss) per common share	Net income (loss) per common share Basic net income (loss) per common share is computed by dividing net income (loss) by the weighted-average number of common shares outstanding for the period. Diluted net income (loss) per common share reflects the potential dilution of non-vested performance share awards, non-vested restricted stock awards and outstanding stock option awards.
Credit risk	Credit risk The Company's oil, NGL and natural gas sales are made to a variety of purchasers, including intrastate and interstate pipelines or their marketing affiliates and independent marketing companies. The Company's joint operations accounts receivable are from a number of oil and natural gas companies, partnerships, individuals and others who own interests in the oil and natural gas properties operated by the Company. The Company's sales of purchased oil are made to one customer. Management believes that any credit risk imposed by a concentration in the oil and natural gas industry is offset by the creditworthiness of the Company's customer base and industry partners. The Company routinely assesses the recoverability of all material trade and other receivables to determine collectability. The Company uses derivatives to hedge its exposure to oil, NGL and natural gas price volatility. These transactions expose the Company to potential credit risk from its counterparties. In accordance with the Company's standard practice, its derivatives are subject to counterparty netting under agreements governing such derivatives; therefore, the credit risk associated with its derivative counterparties is somewhat mitigated.
Recently issued or adopted accounting pronouncements	Recently issued or adopted accounting pronouncements The Company considers the applicability and impact of all accounting standard updates ("ASU") issued by the Financial Accounting Standards Board ("FASB"). The ASUs listed below were either adopted during the three months ended March 31, 2017 or the discussion of the ASU was determined to be meaningful to the Company's consolidated financial statements. In January 2017, the FASB issued new guidance in Topic 805, Business Combinations , to clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. Under the current implementation guidance in Topic 805, there are three elements of a business—inputs, processes and outputs. While an integrated set of assets and activities (collectively referred to as a “set”) that is a business usually has outputs, outputs are not required to be present. In addition, all the inputs and processes that a seller uses in operating a set are not required if market participants can acquire the set and continue to produce outputs, for example, by integrating the acquired set with their own inputs and processes. The amendments in this ASU provide a screen to determine when a set is not a business. The screen requires that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is not a business. This screen reduces the number of transactions that need to be further evaluated. If the screen is not met, the amendments in this ASU (i) require that to be considered a business, a set must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create an output and (ii) remove the evaluation of whether a market participant could replace missing elements. The amendments provide a framework to assist entities in evaluating whether both an input and a substantive process are present. The framework includes two sets of criteria to consider that depend on whether a set has outputs. Although outputs are not required for a set to be a business, outputs generally are a key element of a business; therefore, the FASB has developed more stringent criteria for sets without outputs. Lastly, the amendments in this ASU narrow the definition of the term output so that the term is consistent with how outputs are described in Topic 606. The amendments in this ASU are effective for annual periods beginning after December 15, 2017, including interim periods within those periods. The amendments in this ASU should be applied prospectively on or after the effective date. Early application of the amendments in this ASU is permitted. The Company is currently evaluating the impact this ASU will have on its consolidated financial statements upon adoption. In February 2016, the FASB issued new guidance in Topic 842, Leases. The core principle of the new guidance is that a lessee should recognize the assets and liabilities that arise from leases in the statement of financial position. A lessee should recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. When measuring assets and liabilities arising from a lease, a lessee (and a lessor) should include payments to be made in optional periods only if the lessee is reasonably certain to exercise an option to extend the lease or not to exercise an option to terminate the lease. Similarly, optional payments to purchase the underlying asset should be included in the measurement of lease assets and lease liabilities only if the lessee is reasonably certain to exercise that purchase option. Reasonably certain is a high threshold that is consistent with and intended to be applied in the same way as the reasonably assured threshold in the previous lease guidance. In addition, also consistent with the previous lease guidance, a lessee (and a lessor) should exclude most variable lease payments in measuring lease assets and lease liabilities, other than those that depend on an index or a rate or are in substance fixed payments. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. If a lessee makes this election, it should recognize lease expense for such leases generally on a straight-line basis over the lease term. The recognition, measurement and presentation of expenses and cash flows arising from a lease by a lessee have not significantly changed from previous GAAP. There continues to be a differentiation between finance leases and operating leases. In transition, lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. The modified retrospective approach includes a number of optional practical expedients that entities may elect to apply. These practical expedients relate to the identification and classification of leases that commenced before the effective date, initial direct costs for leases that commenced before the effective date and the ability to use hindsight in evaluating lessee options to extend or terminate a lease or to purchase the underlying asset. An entity that elects to apply the practical expedients will, in effect, continue to account for leases that commence before the effective date in accordance with previous GAAP unless the lease is modified, except that lessees are required to recognize a right-of-use asset and a lease liability for all operating leases at each reporting date based on the present value of the remaining minimum rental payments that were tracked and disclosed under previous GAAP. The amendments in this ASU are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application of the amendments in this ASU is permitted. The Company is in the process of evaluating the potential impact of adopting this guidance, and the primary effect will be to record assets and obligations for contracts currently recognized as operating leases with a term greater than 12 months and evaluate operating leases with a term less than or equal to 12 months for election. The Company does not intend to adopt the standard early. In May 2014, the FASB issued a comprehensive new revenue recognition standard that supersedes the revenue recognition requirements in Topic 605, Revenue Recognition, and industry-specific guidance in Subtopic 932-605, Extractive Activities—Oil and Gas—Revenue Recognition . The core principle of the new guidance is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for transferring those goods or services. The new standard also requires significantly expanded disclosure regarding the qualitative and quantitative information of an entity's nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. The standard creates a five-step model that requires companies to exercise judgment when considering the terms of a contract and all relevant facts and circumstances. The standard allows for several transition methods: (a) a full retrospective adoption in which the standard is applied to all of the periods presented, or (b) a modified retrospective adoption in which the standard is applied only to the most current period presented in the financial statements, including additional disclosures of the standard's application impact to individual financial statement line items. In March, April, May and December 2016, the FASB issued new guidance in Topic 606, Revenue from Contracts with Customers, to address the following potential implementation issues of the new revenue standard: (a) to clarify the implementation guidance on principal versus agent considerations, (b) to clarify the identification of performance obligations and the licensing implementation guidance and (c) to address certain issues in the guidance on assessing collectability, presentation of sales taxes, noncash consideration, and completed contracts and contract modifications at transition. This standard is effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. The Company follows the sales method of accounting for oil, NGL and natural gas production, which is generally consistent with the revenue recognition provision of the new standard. However, the Company is still evaluating the impact this standard will have on its consolidated financial statements upon adoption and, in addition, evaluating the methods of adoption. The evaluation process includes review of revenue contracts and transactions in both of the exploration and production and midstream and marketing segments. The Company expects to adopt this standard on January 1, 2018.

Basis of presentation and sig25

Basis of presentation and significant accounting policies (Tables)	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Schedule of components of accounts receivable	Accounts receivable consisted of the following components as of the dates presented: (in thousands) March 31, 2017 December 31, 2016 Oil, NGL and natural gas sales $ 46,279 $ 46,999 Sales of purchased oil and other products 15,719 16,213 Joint operations, net (1) 12,460 12,175 Matured derivatives 3,575 11,059 Other 838 421 Total $ 78,871 $ 86,867 ______________________________________________________________________________ (1) Accounts receivable for joint operations are presented net of an allowance for doubtful accounts of $0.2 million as of March 31, 2017 and December 31, 2016 . As the operator of the majority of its wells, the Company has the ability to realize some or all of these receivables through the netting of production revenues.
Schedule of other current assets	Other current assets consisted of the following components as of the dates presented: (in thousands) March 31, 2017 December 31, 2016 Inventory (1) $ 8,286 $ 8,063 Prepaid expenses and other 7,545 6,228 Total other current assets $ 15,831 $ 14,291 ______________________________________________________________________________ (1) See Note 2.i for discussion of inventory held by the Company.
Schedule of other current liabilities	Other current liabilities consisted of the following components as of the dates presented: (in thousands) March 31, 2017 December 31, 2016 Accrued interest payable $ 21,612 $ 24,152 Purchased oil payable 16,610 17,213 Lease operating expense payable 8,020 10,572 Accrued compensation and benefits 5,738 25,947 Other accrued liabilities 10,957 16,331 Total other current liabilities $ 62,937 $ 94,215
Schedule of property and equipment	The following table sets forth the Company's property and equipment as of the dates presented: (in thousands) March 31, 2017 December 31, 2016 Evaluated oil and natural gas properties $ 5,560,767 $ 5,488,756 Less accumulated depletion and impairment (4,544,547 ) (4,514,183 ) Evaluated oil and natural gas properties, net 1,016,220 974,573 Unevaluated properties not being depleted 215,598 221,281 Midstream service assets 151,819 150,629 Less accumulated depreciation and impairment (26,532 ) (24,389 ) Midstream service assets, net 125,287 126,240 Depreciable other fixed assets 52,695 52,491 Less accumulated depreciation and amortization (23,230 ) (22,632 ) Depreciable other fixed assets, net 29,465 29,859 Land 14,914 14,914 Total property and equipment, net $ 1,401,484 $ 1,366,867
Schedule of employee-related costs capitalized to oil and gas properties	The following table presents capitalized employee-related costs for the periods presented: Three months ended March 31, (in thousands) 2017 2016 Capitalized employee-related costs $ 5,210 $ 3,196
Schedule of future amortization expense of deferred debt issuance costs	Future amortization expense of debt issuance costs as of March 31, 2017 for the periods presented is as follows: (in thousands) March 31, 2017 Remaining 2017 $ 3,185 2018 4,068 2019 2,915 2020 3,005 2021 3,102 Thereafter 1,483 Total $ 17,758
Schedule of reconciliation of asset retirement obligation liability	The following reconciles the Company's asset retirement obligation liability for the periods presented: (in thousands) Three months ended March 31, 2017 Year ended December 31, 2016 Liability at beginning of period $ 52,207 $ 46,306 Liabilities added due to acquisitions, drilling, midstream service asset construction and other 119 1,528 Accretion expense 928 3,483 Liabilities settled upon plugging and abandonment (285 ) (1,242 ) Liabilities removed due to sale of property (871 ) — Revision of estimates 5 2,132 Liability at end of period $ 52,103 $ 52,207
Schedule of non-cash investing and supplemental cash flow information	The following presents the non-cash investing and supplemental cash flow information for the periods presented: Three months ended March 31, (in thousands) 2017 2016 Non-cash investing information: Change in accrued capital expenditures $ 13,674 $ (18,215 ) Change in accrued capital contribution to equity method investee (1) $ — $ (26,660 ) Capitalized asset retirement cost $ 124 $ 107 Supplemental cash flow information: Capitalized interest $ 230 $ 39 ______________________________________________________________________________ (1) See Notes 2.h and 12.a for additional discussion of the Company's equity method investee.

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Schedule of carrying amount and fair value of debt instruments	The following table presents the carrying amounts and fair values of the Company's debt as of the dates presented: March 31, 2017 December 31, 2016 (in thousands) Long-term Fair value Long-term Fair value January 2022 Notes $ 450,000 $ 450,516 $ 450,000 $ 456,382 May 2022 Notes 500,000 521,180 500,000 521,413 March 2023 Notes 350,000 357,688 350,000 365,649 Senior Secured Credit Facility 65,000 64,995 70,000 69,975 Total value of debt $ 1,365,000 $ 1,394,379 $ 1,370,000 $ 1,413,419
Schedule of debt	The following table summarizes the net presentation of the Company's long-term debt and debt issuance costs on the unaudited consolidated balance sheets as of the dates presented: March 31, 2017 December 31, 2016 (in thousands) Long-term debt Debt issuance costs, net Long-term debt, net Long-term debt Debt issuance costs, net Long-term debt, net January 2022 Notes $ 450,000 $ (4,719 ) $ 445,281 $ 450,000 $ (4,963 ) $ 445,037 May 2022 Notes 500,000 (5,928 ) 494,072 500,000 (6,164 ) 493,836 March 2023 Notes 350,000 (4,762 ) 345,238 350,000 (4,964 ) 345,036 Senior Secured Credit Facility (1) 65,000 — 65,000 70,000 — 70,000 Total $ 1,365,000 $ (15,409 ) $ 1,349,591 $ 1,370,000 $ (16,091 ) $ 1,353,909 ______________________________________________________________________________ (1) Debt issuance costs, net related to our Senior Secured Credit Facility of $2.3 million and $2.7 million as of March 31, 2017 and December 31, 2016, respectively, are reported in "Other assets, net" on the unaudited consolidated balance sheets.

Employee compensation (Tables)

Employee compensation (Tables)	3 Months Ended
	Mar. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule of restricted stock award activity	The following table reflects the restricted stock award activity for the three months ended March 31, 2017 : (in thousands, except for weighted-average grant date fair values) Restricted stock awards Weighted-average Outstanding as of December 31, 2016 3,878 $ 12.88 Granted 1,082 $ 14.12 Forfeited (97 ) $ 12.76 Vested (1) (1,473 ) $ 13.80 Outstanding as of March 31, 2017 3,390 $ 12.88 _____________________________________________________________________________ (1) The total intrinsic value of vested restricted stock awards for the three months ended March 31, 2017 was $20.7 million .
Schedule of stock option award activity	The following table reflects the stock option award activity for the three months ended March 31, 2017 : (in thousands, except for weighted-average price and weighted- average remaining contractual term) Stock option awards Weighted-average Weighted-average Outstanding as of December 31, 2016 2,370 $ 12.54 7.71 Granted 391 $ 14.12 Exercised (1) (44 ) $ 8.17 Expired or canceled (13 ) $ 21.92 Outstanding as of March 31, 2017 2,704 $ 12.79 7.84 Vested and exercisable at end of period (2) 1,312 $ 16.54 6.68 Expected to vest at end of period (3) 1,392 $ 9.24 8.92 _____________________________________________________________________________ (1) The total intrinsic value of exercised stock option awards for the three months ended March 31, 2017 was $0.3 million . (2) The vested and exercisable stock option awards as of March 31, 2017 had an aggregate intrinsic value of $2.7 million . (3) The stock option awards expected to vest as of March 31, 2017 had an aggregate intrinsic value of $8.1 million .
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions	The assumptions used to estimate the fair value of the 390,733 stock option awards granted during three months ended March 31, 2017 are as follows: February 17, 2017 Risk-free interest rate (1) 2.14 % Expected option life (2) 6.25 years Expected volatility (3) 60.84 % Fair value per stock option award $ 8.22 ____________________________________________________________________________ (1) U.S. Treasury yields as of the grant date were utilized for the risk-free interest rate assumption, correlating the treasury yield terms to the expected life of the stock option award. (2) As the Company had limited exercise history at the time of valuation relating to terminations and modifications, expected stock option award life assumptions were developed using the simplified method in accordance with GAAP. (3) The Company utilized its own volatility in order to develop the expected volatility.
Schedule Of Share Based Compensation Vesting Rights Options	In accordance with the LTIP and stock option agreement, the stock option awards granted will become exercisable in accordance with the following schedule based upon the number of full years of the optionee's continuous employment or service with the Company, following the date of grant: Full years of continuous employment Incremental percentage of Cumulative percentage of Less than one — % — % One 25 % 25 % Two 25 % 50 % Three 25 % 75 % Four 25 % 100 %
Schedule Share-based Compensation, Performance Shares Award Unvested Activity	The following table reflects the performance share award activity for the three months ended March 31, 2017 : (in thousands, except for weighted-average grant date fair values) Performance share awards Weighted-average (per award) Outstanding as of December 31, 2016 2,325 $ 18.35 Granted 696 $ 18.96 Forfeited (16 ) $ 18.02 Vested (1) (200 ) $ 28.56 Outstanding as of March 31, 2017 2,805 $ 17.77 ______________________________________________________________________________ (1) These performance share awards had a performance period of January 1, 2014 to December 31, 2016 (the "2014 Performance Share Awards") and, as their vesting and performance criteria were satisfied, each award converted into 0.75 shares representing 150,388 shares of common stock issued during the first quarter of 2017.
Schedule of stock-based compensation expense	The following has been recorded to stock-based compensation expense for the periods presented: Three months ended March 31, (in thousands) 2017 2016 Restricted stock award compensation $ 6,167 $ 3,768 Stock option award compensation 1,297 624 Performance share award compensation 3,740 228 Total stock-based compensation, gross 11,204 4,620 Less amounts capitalized in oil and natural gas properties (1,980 ) (782 ) Total stock-based compensation, net of amounts capitalized $ 9,224 $ 3,838
Performance Share Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule of Share-based Payment Award, Equity Instruments Other Than Options, Valuation Assumptions	The assumptions used to estimate the fair values of the 696,460 performance share awards granted during the three months ended March 31, 2017 are as follows: February 17, 2017 Risk-free rate (1) 1.44 % Dividend yield — % Expected volatility (2) 74.00 % Laredo stock closing price on grant date $ 14.12 Fair value per performance share $ 18.96 ______________________________________________________________________________ (1) The risk-free rate was derived using a term-matched zero-coupon yield derived from the U.S. Treasury constant maturities yield curve on the grant date. (2) The Company utilized its own volatility in order to develop the expected volatility.

Derivatives (Tables)

Derivatives (Tables)	3 Months Ended
	Mar. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments	During the three months ended March 31, 2017 , the following derivatives were entered into: Aggregate volumes (Bbl) Floor price ($/Bbl) Ceiling price ($/Bbl) Contract period Oil: (1) Put 730,000 $ 50.00 $ — January 2018 - December 2018 Collar 584,000 $ 50.00 $ 60.00 January 2018 - December 2018 _____________________________________________________________________________ (1) There are $6.3 million in deferred premiums associated with these contracts. Subsequent to March 31, 2017 , the following new derivatives were entered into: Aggregate volumes (MMBtu) Floor price ($/MMBtu) Ceiling price ($/MMBtu) Contract period Natural gas collars (1) 10,950,000 $ 2.50 $ 3.25 January 2018 - December 2018 _____________________________________________________________ (1) There are $0.9 million in deferred premiums associated with these contracts. See Note 7.a for information regarding the Company's derivative settlement indices.
Schedule of gains and losses on derivative instruments	The following represents cash settlements received for derivatives, net for the periods presented: Three months ended March 31, (in thousands) 2017 2016 Cash settlements received for matured derivatives, net (1) $ 7,451 $ 65,937 Cash settlements received for early terminations of derivatives, net (2) — 80,000 Cash settlements received for derivatives, net $ 7,451 $ 145,937 _____________________________________________________________________________ (1) The settlement amounts do not include premiums paid attributable to contracts that matured during the respective period. (2) The settlement amount for the three months ended March 31, 2016 includes $4.0 million in deferred premiums that were settled net with the early terminated contracts from which they originated.
Summary of open positions and derivatives in place	The following table summarizes open positions as of March 31, 2017 , and represents, as of such date, derivatives in place through December 2018 on annual production volumes: Remaining year 2017 Year Oil positions: Puts: Hedged volume (Bbl) 790,625 1,779,375 Weighted-average price ($/Bbl) $ 60.00 $ 55.90 Swaps: Hedged volume (Bbl) 1,512,500 1,095,000 Weighted-average price ($/Bbl) $ 51.54 $ 52.12 Collars: Hedged volume (Bbl) 2,860,000 584,000 Weighted-average floor price ($/Bbl) $ 56.92 $ 50.00 Weighted-average ceiling price ($/Bbl) $ 86.00 $ 60.00 Totals: Total volume hedged with floor price (Bbl) 5,163,125 3,458,375 Weighted-average floor price ($/Bbl) $ 55.82 $ 53.71 Total volume hedged with ceiling price (Bbl) 4,372,500 1,679,000 Weighted-average ceiling price ($/Bbl) $ 74.08 $ 54.86 NGL positions: Swaps - Ethane: Hedged volume (Bbl) 333,000 — Weighted-average price ($/Bbl) $ 11.24 $ — Swaps - Propane: Hedged volume (Bbl) 281,250 — Weighted-average price ($/Bbl) $ 22.26 $ — Totals: Total volume hedged with floor price (Bbl) 614,250 — Total volume hedged with ceiling price (Bbl) 614,250 — Natural gas positions: Puts: Hedged volume (MMBtu) 6,030,000 8,220,000 Weighted-average price ($/MMBtu) $ 2.50 $ 2.50 Collars: Hedged volume (MMBtu) 14,327,500 4,635,500 Weighted-average floor price ($/MMBtu) $ 2.86 $ 2.50 Weighted-average ceiling price ($/MMBtu) $ 3.54 $ 3.60 Totals: Total volume hedged with floor price (MMBtu) 20,357,500 12,855,500 Weighted-average floor price ($/MMBtu) $ 2.75 $ 2.50 Total volume hedged with ceiling price (MMBtu) 14,327,500 4,635,500 Weighted-average ceiling price ($/MMBtu) $ 3.54 $ 3.60

Fair value measurements (Tables

Fair value measurements (Tables)	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
Schedule of fair value hierarchy for assets and liabilities measured at fair value on a recurring basis	The following tables summarize the Company's fair value hierarchy by commodity on a gross basis and the net presentation on the unaudited consolidated balance sheets for derivative assets and liabilities measured at fair value on a recurring basis as of the periods presented: (in thousands) Level 1 Level 2 Level 3 Total gross fair value Amounts offset Net fair value presented on the unaudited consolidated balance sheets As of March 31, 2017: Assets Current: Oil derivatives $ — $ 30,401 $ — $ 30,401 $ (777 ) $ 29,624 NGL derivatives — 93 — 93 (93 ) — Natural gas derivatives — 2,539 — 2,539 (1,372 ) 1,167 Oil deferred premiums — — — — (3,216 ) (3,216 ) Natural gas deferred premiums — — — — — — Noncurrent: Oil derivatives $ — $ 12,971 $ — $ 12,971 $ (2,904 ) $ 10,067 NGL derivatives — — — — — — Natural gas derivatives — 3,222 — 3,222 — 3,222 Oil deferred premiums — — — — (1,644 ) (1,644 ) Natural gas deferred premiums — — — — (1,798 ) (1,798 ) Liabilities Current: Oil derivatives $ — $ (393 ) $ — $ (393 ) $ 777 $ 384 NGL derivatives — (1,024 ) — (1,024 ) 93 (931 ) Natural gas derivatives — (519 ) — (519 ) 1,372 853 Oil deferred premiums — — (3,764 ) (3,764 ) 3,216 (548 ) Natural gas deferred premiums — — (2,890 ) (2,890 ) — (2,890 ) Noncurrent: Oil derivatives $ — $ — $ — $ — $ 2,904 $ 2,904 NGL derivatives — — — — — — Natural gas derivatives — — — — — — Oil deferred premiums — — (4,573 ) (4,573 ) 1,644 (2,929 ) Natural gas deferred premiums — — (1,798 ) (1,798 ) 1,798 — Net derivative position $ — $ 47,290 $ (13,025 ) $ 34,265 $ — $ 34,265 (in thousands) Level 1 Level 2 Level 3 Total gross fair value Amounts offset Net fair value presented on the unaudited consolidated balance sheets As of December 31, 2016: Assets Current: Oil derivatives $ — $ 22,527 $ — $ 22,527 $ — $ 22,527 NGL derivatives — — — — — — Natural gas derivatives — 270 — 270 (270 ) — Oil deferred premiums — — — — (1,580 ) (1,580 ) Natural gas deferred premiums — — — — — — Noncurrent: Oil derivatives $ — $ 8,718 $ — $ 8,718 $ — $ 8,718 NGL derivatives — — — — — — Natural gas derivatives — 1,377 — 1,377 (1,377 ) — Oil deferred premiums — — — — — — Natural gas deferred premiums — — — — — — Liabilities Current: Oil derivatives $ — $ (9,789 ) $ — $ (9,789 ) $ — $ (9,789 ) NGL derivatives — (2,803 ) — (2,803 ) — (2,803 ) Natural gas derivatives — (3,639 ) — (3,639 ) 270 (3,369 ) Oil deferred premiums — — (3,569 ) (3,569 ) 1,580 (1,989 ) Natural gas deferred premiums — — (3,043 ) (3,043 ) — (3,043 ) Noncurrent: Oil derivatives $ — $ (4,552 ) $ — $ (4,552 ) $ — $ (4,552 ) NGL derivatives — — — — — — Natural gas derivatives — (133 ) — (133 ) 1,377 1,244 Oil deferred premiums — — — — — — Natural gas deferred premiums — — (2,386 ) (2,386 ) — (2,386 ) Net derivative position $ — $ 11,976 $ (8,998 ) $ 2,978 $ — $ 2,978
Actual cash payments required for deferred premium contracts	The following table presents actual cash payments required for deferred premiums as of March 31, 2017 for the periods presented: (in thousands) March 31, 2017 Remaining 2017 $ 4,334 2018 8,444 2019 535 Total $ 13,313
Summary of changes in assets (liability) classified as Level 3 measurements	A summary of the changes in assets classified as Level 3 measurements for the periods presented are as follows: Three months ended March 31, (in thousands) 2017 2016 Balance of Level 3 at beginning of period $ (8,998 ) $ (14,619 ) Change in net present value of derivative deferred premiums (41 ) (72 ) Total purchases and settlements: Purchases (6,093 ) (4,112 ) Settlements (1) 2,107 5,749 Balance of Level 3 at end of period $ (13,025 ) $ (13,054 ) _____________________________________________________________________________ (1) The amount for the three months ended March 31, 2016 includes $3.9 million that represents the present value of deferred premiums settled in the Company's restructuring upon their early termination.

Net income (loss) per common 30

Net income (loss) per common share (Tables)	3 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
Schedule of calculation of basic and diluted weighted-average common shares outstanding and net income (loss) per common share	The following is the calculation of basic and diluted weighted-average common shares outstanding and net income (loss) per common share for the periods presented: Three months ended March 31, (in thousands, except for per share data) 2017 2016 Net income (loss) (numerator): Net income (loss)—basic and diluted $ 68,276 $ (180,371 ) Weighted-average common shares outstanding (denominator): Basic 238,505 211,560 Non-vested performance share awards (1) 4,466 — Non-vested restricted stock awards (2) 1,245 — Outstanding stock option awards (2) 163 — Diluted 244,379 211,560 Net income (loss) per common share: Basic $ 0.29 $ (0.85 ) Diluted $ 0.28 $ (0.85 ) _____________________________________________________________________________ (1) For the three months ended March 31, 2017, the dilutive effect of non-vested performance share awards with performance periods that have not yet ended was calculated utilizing the Company's total shareholder return ("TSR") from the beginning of each performance share awards' respective performance period to March 31, 2017 in comparison to the TSR of the peers specified in each performance share awards' respective agreement. See Note 5.c for additional discussion of the Company's performance share awards. (2) For the three months ended March 31, 2017, the dilutive effects of the non-vested restricted stock awards and the outstanding stock option awards were calculated utilizing the treasury stock method. See Notes 5.a and 5.b for additional discussion of the Company's restricted stock awards and stock option awards, respectively.

Related parties (Tables)

Related parties (Tables)	3 Months Ended
	Mar. 31, 2017
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The following table summarizes items included in the unaudited consolidated balance sheets related to Medallion as of the dates presented: (in thousands) March 31, 2017 December 31, 2016 Accounts receivable, net $ 124 $ — Accrued capital expenditures $ 379 $ 586 Other current liabilities $ 102 $ 118

Segments (Tables)

Segments (Tables)	3 Months Ended
	Mar. 31, 2017
Segment Reporting [Abstract]
Schedule of segment reporting information, by segment	The following table presents selected financial information, for the periods presented, regarding the Company's operating segments on a stand-alone basis and the consolidation and elimination entries necessary to arrive at the information for the Company on a consolidated basis: (in thousands) Exploration and production Midstream and marketing Eliminations Consolidated company Three months ended March 31, 2017: Revenues: Oil, NGL and natural gas sales $ 139,208 $ 816 $ (1,288 ) $ 138,736 Midstream service revenues — 17,634 (14,635 ) 2,999 Sales of purchased oil — 47,271 — 47,271 Total revenues 139,208 65,721 (15,923 ) 189,006 Costs and expenses: Lease operating expenses, including production and ad valorem taxes 29,570 — (3,797 ) 25,773 Midstream service expenses — 10,234 (9,318 ) 916 Costs of purchased oil — 50,256 — 50,256 General and administrative (1) 23,443 2,154 — 25,597 Depletion, depreciation and amortization (2) 31,797 2,315 — 34,112 Other operating expenses (3) 973 53 — 1,026 Operating income $ 53,425 $ 709 $ (2,808 ) $ 51,326 Other financial information: Income from equity method investee $ — $ 3,068 $ — $ 3,068 Interest expense (4) $ (21,314 ) $ (1,406 ) $ — $ (22,720 ) Capital expenditures $ (111,745 ) $ (1,731 ) $ — $ (113,476 ) Gross property and equipment (5) $ 5,848,991 $ 404,871 $ (11,048 ) $ 6,242,814 Three months ended March 31, 2016: Revenues: Oil, NGL and natural gas sales $ 73,142 $ — $ — $ 73,142 Midstream service revenues — 11,267 (9,466 ) 1,801 Sales of purchased oil — 31,614 — 31,614 Total revenues 73,142 42,881 (9,466 ) 106,557 Costs and expenses: Lease operating expenses, including production and ad valorem taxes 29,364 — (2,411 ) 26,953 Midstream service expenses — 6,509 (5,900 ) 609 Costs of purchased oil — 32,946 — 32,946 General and administrative (1) 17,679 1,772 — 19,451 Depletion, depreciation and amortization (2) 39,292 2,186 — 41,478 Impairment expense 161,064 — — 161,064 Other operating expenses (3) 792 52 — 844 Operating loss $ (175,049 ) $ (584 ) $ (1,155 ) $ (176,788 ) Other financial information: Income from equity method investee $ — $ 2,298 $ — $ 2,298 Interest expense (4) $ (22,303 ) $ (1,402 ) $ — $ (23,705 ) Capital expenditures $ (105,785 ) $ (1,937 ) $ — $ (107,722 ) Gross property and equipment (5) $ 5,392,865 $ 347,892 $ (3,078 ) $ 5,737,679 _______________________________________________________________________________ (1) General and administrative expenses were allocated based on the number of employees in the respective segment as of March 31, 2017 and 2016. Certain components of general and administrative expense, primarily payroll, deferred compensation and vehicle expenses, were not allocated but were actual expenses for each segment. Land and geology expenses were not allocated to the midstream and marketing segment. (2) Depletion, depreciation and amortization were actual expenses for each segment with the exception of the allocation of depreciation of other fixed assets, which was based on the number of employees in the respective segment as of March 31, 2017 and 2016. Certain components of depreciation and amortization of other fixed assets, primarily vehicles, were not allocated but were actual expenses for each segment. (3) Other operating expenses consist of (i) accretion of asset retirement obligations and minimum volume commitments for the three months ended March 31, 2017 and (ii) accretion of asset retirement obligations for the three months ended March 31, 2016 . These were actual expenses and were not allocated. (4) Interest expense was allocated to the exploration and production segment based on gross property and equipment as of March 31, 2017 and 2016 and allocated to the midstream and marketing segment based on gross property and equipment and life-to-date contributions to the Company's equity method investee as of March 31, 2017 and 2016. (5) Gross property and equipment for the midstream and marketing segment includes investment in equity method investee totaling $247.0 million and $194.8 million as of March 31, 2017 and 2016 , respectively. Other fixed assets were allocated based on the number of employees in the respective segment as of March 31, 2017 and 2016 . Certain components of other fixed assets, primarily vehicles, were not allocated but were actual assets for each segment.

Subsidiary guarantors (Tables)

Subsidiary guarantors (Tables)	3 Months Ended
	Mar. 31, 2017
Condensed Financial Information of Parent Company Only Disclosure [Abstract]
Schedule of condensed consolidating balance sheet	Condensed consolidating balance sheet March 31, 2017 (Unaudited) (in thousands) Laredo Subsidiary Intercompany Consolidated Accounts receivable, net $ 63,068 $ 15,803 $ — $ 78,871 Other current assets 71,732 2,026 — 73,758 Oil and natural gas properties, net 1,233,589 9,277 (11,048 ) 1,231,818 Midstream service assets, net — 125,287 — 125,287 Other fixed assets, net 43,879 500 — 44,379 Investment in subsidiaries and equity method investee 379,320 247,021 (379,320 ) 247,021 Other long-term assets 13,773 3,689 — 17,462 Total assets $ 1,805,361 $ 403,603 $ (390,368 ) $ 1,818,596 Accounts payable $ 23,535 $ 1,203 $ — $ 24,738 Other current liabilities 117,625 19,972 — 137,597 Long-term debt, net 1,349,591 — — 1,349,591 Other long-term liabilities 50,652 3,108 — 53,760 Stockholders' equity 263,958 379,320 (390,368 ) 252,910 Total liabilities and stockholders' equity $ 1,805,361 $ 403,603 $ (390,368 ) $ 1,818,596 Condensed consolidating balance sheet December 31, 2016 (Unaudited) (in thousands) Laredo Subsidiary Intercompany Consolidated Accounts receivable, net $ 70,570 $ 16,297 $ — $ 86,867 Other current assets 65,884 2,026 — 67,910 Oil and natural gas properties, net 1,194,801 9,293 (8,240 ) 1,195,854 Midstream service assets, net — 126,240 — 126,240 Other fixed assets, net 44,221 552 — 44,773 Investment in subsidiaries and equity method investee 376,028 243,953 (376,028 ) 243,953 Other long-term assets 13,065 3,684 — 16,749 Total assets $ 1,764,569 $ 402,045 $ (384,268 ) $ 1,782,346 Accounts payable $ 14,427 $ 627 $ — $ 15,054 Other current liabilities 150,531 22,360 — 172,891 Long-term debt, net 1,353,909 — — 1,353,909 Other long-term liabilities 56,889 3,030 — 59,919 Stockholders' equity 188,813 376,028 (384,268 ) 180,573 Total liabilities and stockholders' equity $ 1,764,569 $ 402,045 $ (384,268 ) $ 1,782,346
Schedule of condensed consolidating statement of operations	Condensed consolidating statement of operations For the three months ended March 31, 2017 (Unaudited) (in thousands) Laredo Subsidiary Intercompany Consolidated Total revenues $ 139,143 $ 65,786 $ (15,923 ) $ 189,006 Total costs and expenses 88,029 62,766 (13,115 ) 137,680 Operating income 51,114 3,020 (2,808 ) 51,326 Interest expense (22,720 ) — — (22,720 ) Other non-operating income 42,690 2,918 (5,938 ) 39,670 Income before income tax 71,084 5,938 (8,746 ) 68,276 Income tax — — — — Net income $ 71,084 $ 5,938 $ (8,746 ) $ 68,276 Condensed consolidating statement of operations For the three months ended March 31, 2016 (Unaudited) (in thousands) Laredo Subsidiary Intercompany Consolidated Total revenues $ 73,122 $ 42,901 $ (9,466 ) $ 106,557 Total costs and expenses 250,064 41,592 (8,311 ) 283,345 Operating income (loss) (176,942 ) 1,309 (1,155 ) (176,788 ) Interest expense (23,705 ) — — (23,705 ) Other non-operating income 21,431 2,291 (3,600 ) 20,122 Income (loss) before income tax (179,216 ) 3,600 (4,755 ) (180,371 ) Income tax — — — — Net income (loss) $ (179,216 ) $ 3,600 $ (4,755 ) $ (180,371 )
Schedule of condensed consolidating statement of cash flows	Condensed consolidating statement of cash flows For the three months ended March 31, 2017 (Unaudited) (in thousands) Laredo Subsidiary Intercompany Consolidated Net cash flows provided by operating activities $ 65,344 $ 4,378 $ (5,938 ) $ 63,784 Change in investment between affiliates (3,291 ) (2,647 ) 5,938 — Capital expenditures and other (52,230 ) (1,731 ) — (53,961 ) Net cash flows used in financing activities (12,143 ) — — (12,143 ) Net decrease in cash and cash equivalents (2,320 ) — — (2,320 ) Cash and cash equivalents, beginning of period 32,671 1 — 32,672 Cash and cash equivalents, end of period $ 30,351 $ 1 $ — $ 30,352 Condensed consolidating statement of cash flows For the three months ended March 31, 2016 (Unaudited) (in thousands) Laredo Subsidiary Intercompany Consolidated Net cash flows provided by operating activities $ 58,163 $ 1,954 $ (3,600 ) $ 56,517 Change in investment between affiliates (30,235 ) 26,635 3,600 — Capital expenditures and other (105,575 ) (28,589 ) — (134,164 ) Net cash flows provided by financing activities 58,588 — — 58,588 Net decrease in cash and cash equivalents (19,059 ) — — (19,059 ) Cash and cash equivalents, beginning of period 31,153 1 — 31,154 Cash and cash equivalents, end of period $ 12,094 $ 1 $ — $ 12,095

Subsequent Event (Tables)

Subsequent Event (Tables)	3 Months Ended
	Mar. 31, 2017
Subsequent Events [Abstract]
Schedule of Derivative Instruments	During the three months ended March 31, 2017 , the following derivatives were entered into: Aggregate volumes (Bbl) Floor price ($/Bbl) Ceiling price ($/Bbl) Contract period Oil: (1) Put 730,000 $ 50.00 $ — January 2018 - December 2018 Collar 584,000 $ 50.00 $ 60.00 January 2018 - December 2018 _____________________________________________________________________________ (1) There are $6.3 million in deferred premiums associated with these contracts. Subsequent to March 31, 2017 , the following new derivatives were entered into: Aggregate volumes (MMBtu) Floor price ($/MMBtu) Ceiling price ($/MMBtu) Contract period Natural gas collars (1) 10,950,000 $ 2.50 $ 3.25 January 2018 - December 2018 _____________________________________________________________ (1) There are $0.9 million in deferred premiums associated with these contracts. See Note 7.a for information regarding the Company's derivative settlement indices.

Supplementary information (Tabl

Supplementary information (Tables)	3 Months Ended
	Mar. 31, 2017
Oil and Gas Exploration and Production Industries Disclosures [Abstract]
Schedule of costs incurred in the acquisition, exploration and development of oil, NGL and natural gas assets	Costs incurred in the acquisition, exploration and development of oil, NGL and natural gas assets are presented below: Three months ended March 31, (in thousands) 2017 2016 Property acquisition costs: — Evaluated $ — $ — Unevaluated — — Exploration costs 15,543 7,263 Development costs (1) 111,158 81,886 Total costs incurred $ 126,701 $ 89,149 ____________________________________________________________________________ (1) Development costs include $0.1 million in asset retirement obligations for each of the three months ended March 31, 2017 and 2016 .

Organization Variable Interest

Organization Variable Interest Entity (Details)	Mar. 31, 2017
Medallion Gathering And Processing LLC | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Ownership percentage by noncontrolling owners	49.00%

Organization Operating Segments

Organization Operating Segments (Details)	3 Months Ended
	Mar. 31, 2017segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating segments	2

Basis of presentation and sig38

Basis of presentation and significant accounting policies - Accounts receivable (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Accounts receivable
Term of past due balances to be reviewed individually for collectability (in days)	90 days
Oil, NGL and natural gas sales	$ 46,279	$ 46,999
Sales of purchased oil and other products	15,719	16,213
Joint operations, net	12,460	12,175
Matured derivatives	3,575	11,059
Other	838	421
Total	78,871	86,867
Allowance for doubtful accounts of accounts receivable for joint operations	$ 200	$ 200

Basis of presentation and sig39

Basis of presentation and significant accounting policies - Other current assets and liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Total other current assets
Inventory	$ 8,286	$ 8,063
Prepaid expenses and other	7,545	6,228
Total other current assets	15,831	14,291
Total other current liabilities
Accrued interest payable	21,612	24,152
Purchased oil payable	16,610	17,213
Lease operating expense payable	8,020	10,572
Accrued compensation and benefits	5,738	25,947
Other accrued liabilities	10,957	16,331
Total other current liabilities	$ 62,937	$ 94,215

Basis of presentation and sig40

Basis of presentation and significant accounting policies - Property and equipment (Details)	3 Months Ended
	Mar. 31, 2017USD ($)$ / Boe	Mar. 31, 2016USD ($)$ / Boe	Dec. 31, 2016USD ($)
Property, Plant and Equipment, Net, by Type [Abstract]
Evaluated oil and natural gas properties	$ 5,560,767,000		$ 5,488,756,000
Less accumulated depletion and impairment	(4,544,547,000)		(4,514,183,000)
Evaluated oil and natural gas properties, net	1,016,220,000		974,573,000
Unevaluated properties not being depleted	215,598,000		221,281,000
Property and equipment, net	$ 1,401,484,000		1,366,867,000
Depletion expense (in dollars per BOE) | $ / Boe	6.45	9
Capitalized employee-related costs	$ 5,210,000	$ 3,196,000
Discount rate full cost ceiling (percent)	10.00%
Midstream Service Assets
Property, Plant and Equipment, Net, by Type [Abstract]
Midstream service assets	$ 151,819,000		150,629,000
Less accumulated depreciation and amortization	(26,532,000)		(24,389,000)
Property and equipment, net	125,287,000		126,240,000
Other fixed assets
Property, Plant and Equipment, Net, by Type [Abstract]
Other fixed assets	52,695,000		52,491,000
Less accumulated depreciation and amortization	(23,230,000)		(22,632,000)
Property and equipment, net	29,465,000		29,859,000
Land
Property, Plant and Equipment, Net, by Type [Abstract]
Other fixed assets	14,914,000		$ 14,914,000
Level 3 | Fair Value, Measurements, Nonrecurring [Member]
Property, Plant and Equipment, Net, by Type [Abstract]
Unamortized costs capitalized before related deferred income taxes exceed ceiling limitations, expense	$ 0	$ 161,100,000

Basis of presentation and sig41

Basis of presentation and significant accounting policies - Variable interest entity (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Variable Interest Entity [Line Items]
Investment in equity method investee	$ 0	$ 26,660,000
Medallion Gathering And Processing LLC | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Ownership percentage by noncontrolling owners	49.00%
Investment in equity method investee	$ 0	$ 26,700,000
Ownership percentage held by investment partner	51.00%
Variable interest entity super majority voting percentage required for key decisions	75.00%

Basis of presentation and sig42

Basis of presentation and significant accounting policies - Long-lived assets and inventory (Details) - Fair Value, Measurements, Nonrecurring [Member] - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of long-lived assets held-for-use	$ 0	$ 0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Inventory write-down	$ 0	$ 0

Basis of presentation and sig43

Basis of presentation and significant accounting policies - Debt issuance costs (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Accounting Policies [Abstract]
Payments for debt issuance costs	$ 0	$ 0
Accumulated amortization	22,400,000		$ 21,300,000
Debt Instrument [Line Items]
Write-off of debt issuance costs	0	0
Remaining 2,017	3,185,000
2,018	4,068,000
2,019	2,915,000
2,020	3,005,000
2,021	3,102,000
Thereafter	1,483,000
Total	17,758,000
Debt issuance costs including line of credit arrangements, net	$ 17,800,000	$ 18,800,000

Basis of presentation and sig44

Basis of presentation and significant accounting policies - Asset retirement obligations (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Liability at beginning of period	$ 52,207	$ 46,306
Liabilities added due to acquisitions, drilling, midstream service asset construction and other	119	1,528
Accretion expense	928	3,483
Liabilities settled upon plugging and abandonment	(285)	(1,242)
Liabilities removed due to sale of property	(871)	0
Revision of estimates	5	2,132
Liability at end of period	$ 52,103	$ 52,207

Basis of presentation and sig45

Basis of presentation and significant accounting policies - Supplemental cash flow information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Non-cash investing information:
Change in accrued capital expenditures	$ 13,674	$ (18,215)
Change in accrued capital contribution to equity method investee	0	(26,660)
Capitalized asset retirement cost	124	107
Supplemental cash flow information:
Capitalized interest	$ 230	$ 39

Basis of presentation and sig46

Basis of presentation and significant accounting policies - Environmental (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Accounting Policies [Abstract]
Accrual for environmental loss contingencies	$ 0	$ 0

Divestiture (Details)

Divestiture (Details) - Midland Basin - Disposal Group, Disposed of by Sale, Not Discontinued Operations $ in Millions	Jan. 17, 2017USD ($)aproperty
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Area of land | a	2,900
Number of real estate properties | property	16
Sale price	$ 59.6
Consideration	$ 59.4

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($)	Jan. 23, 2014	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016	Mar. 18, 2015	Apr. 27, 2012
Senior Secured Credit Facility | Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 2,000,000,000
Current borrowing capacity		815,000,000
Aggregate elected commitment		815,000,000
Outstanding amount		$ 65,000,000
Credit facility, Interest rate in period (as a percent)		2.43%
Senior Secured Credit Facility | Line of Credit | Minimum
Debt Instrument [Line Items]
Line of credit facility, unused capacity, commitment fee percentage		0.375%
Senior Secured Credit Facility | Line of Credit | Maximum
Debt Instrument [Line Items]
Line of credit facility, unused capacity, commitment fee percentage		0.50%
Senior Secured Credit Facility | Letter of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 20,000,000
Letters of credit outstanding		0		$ 0
Senior Notes | March 2023 Notes
Debt Instrument [Line Items]
Face amount of debt					$ 350,000,000
Interest rate (as a percent)					6.25%
Senior Notes | January 2022 Notes
Debt Instrument [Line Items]
Face amount of debt	$ 450,000,000
Interest rate (as a percent)	5.625%
Senior Notes | May 2022 Notes
Debt Instrument [Line Items]
Face amount of debt						$ 500,000,000
Interest rate (as a percent)						7.375%
Other Assets | Senior Secured Credit Facility | Line of Credit
Debt Instrument [Line Items]
Debt issuance costs related to line of credit arrangements		$ 2,300,000	$ 2,700,000
From January 15, 2017 until January 15, 2020 | Senior Notes | January 2022 Notes
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage	104.219%
On or After January 15, 2020 | Senior Notes | January 2022 Notes
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage	100.00%
From May 1, 2017 until May 1, 2020 | Senior Notes | May 2022 Notes
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage	103.688%
On and After May 1, 2020 | Senior Notes | May 2022 Notes
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage	100.00%

Debt - Fair value of debt (Deta

Debt - Fair value of debt (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Long-term debt
Fair value of debt
Debt	$ 1,365,000	$ 1,370,000
Long-term debt | Senior Notes | January 2022 Notes
Fair value of debt
Debt	450,000	450,000
Long-term debt | Senior Notes | May 2022 Notes
Fair value of debt
Debt	500,000	500,000
Long-term debt | Senior Notes | March 2023 Notes
Fair value of debt
Debt	350,000	350,000
Long-term debt | Senior Secured Credit Facility | Line of Credit
Fair value of debt
Debt	65,000	70,000
Fair value
Fair value of debt
Debt	1,394,379	1,413,419
Fair value | Senior Notes | January 2022 Notes
Fair value of debt
Debt	450,516	456,382
Fair value | Senior Notes | May 2022 Notes
Fair value of debt
Debt	521,180	521,413
Fair value | Senior Notes | March 2023 Notes
Fair value of debt
Debt	357,688	365,649
Fair value | Senior Secured Credit Facility | Line of Credit
Fair value of debt
Debt	$ 64,995	$ 69,975

Debt - Debt issuance costs (Det

Debt - Debt issuance costs (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Long-term debt	$ 1,365,000	$ 1,370,000
Debt issuance costs, net	(15,409)	(16,091)
Long-term debt, net	1,349,591	1,353,909
Senior Notes | January 2022 Notes
Debt Instrument [Line Items]
Long-term debt	450,000	450,000
Debt issuance costs, net	(4,719)	(4,963)
Long-term debt, net	445,281	445,037
Senior Notes | May 2022 Notes
Debt Instrument [Line Items]
Long-term debt	500,000	500,000
Debt issuance costs, net	(5,928)	(6,164)
Long-term debt, net	494,072	493,836
Senior Notes | March 2023 Notes
Debt Instrument [Line Items]
Long-term debt	350,000	350,000
Debt issuance costs, net	(4,762)	(4,964)
Long-term debt, net	345,238	345,036
Senior Secured Credit Facility | Line of Credit
Debt Instrument [Line Items]
Long-term debt	65,000	70,000
Debt issuance costs, net	0	0
Long-term debt, net	$ 65,000	$ 70,000

Employee compensation - Restric

Employee compensation - Restricted Stock Awards - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2017USD ($)shares
Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity instruments other than options, aggregate intrinsic value, vested	$ 20.7
Stock-based compensation not yet recognized	$ 36.9
Stock-based compensation not yet recognized, period for recognition (in years)	2 years 1 month 21 days
Restricted Stock Awards | One Year From Grant Date
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	33.00%
Restricted Stock Awards | Two Years From Grant Date
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	33.00%
Restricted Stock Awards | Three Years From Grant Date
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	100.00%
Restricted Stock Awards | One Year From Grant Date
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	100.00%
Restricted Stock Awards | Three Years From Grant Date
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	34.00%
Long-Term Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for issuance (in shares) | shares	24,350,000
Non-employee Director | Restricted Stock Awards | One Year From Grant Date
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	100.00%

Employee compensation - Restr52

Employee compensation - Restricted Stock Awards - outstanding restricted stock awards (Details) - Restricted Stock Awards shares in Thousands	3 Months Ended
	Mar. 31, 2017$ / sharesshares
Restricted stock awards
Outstanding at the beginning of the period (in shares) | shares	3,878
Granted (in shares) | shares	1,082
Forfeited (in shares) | shares	(97)
Vested (in shares) | shares	(1,473)
Outstanding at the end of the period (in shares) | shares	3,390
Weighted-average grant date fair value (per award)
Outstanding at the beginning of the period (in dollars per share) | $ / shares	$ 12.88
Granted (in dollars per share) | $ / shares	14.12
Forfeited (in dollars per share) | $ / shares	12.76
Vested (in dollars per share) | $ / shares	13.80
Outstanding at the end of the period (in dollars per share) | $ / shares	$ 12.88

Employee compensation - Restr53

Employee compensation - Restricted Stock Option Awards - Narrative (Details) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2017USD ($)anniversaryinstallmentshares
Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation not yet recognized, period for recognition (in years)	2 years 1 month 21 days
Stock Option Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercises in period, intrinsic value	$ 0.3
Aggregate intrinsic value of vested and exercisable options	2.7
Aggregate intrinsic value of expected to vest options	$ 8.1
Requisite service period of the awards	4 years
Share-based compensation, not yet recognized, stock options	$ 11.7
Stock-based compensation not yet recognized, period for recognition (in years)	2 years 11 months 5 days
Granted (in shares) | shares	391,000
Share-based compensation, expiration period	10 years
Expiration period, termination caused by death or disability	1 year
Expiration period, termination without cause	90 days
Long-Term Incentive Plan | Stock Option Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of installments over which awards vest and are exercisable | installment	4
Number of anniversaries over which awards vest and are exercisable | anniversary	4
Three Months Ended March 31 2017 [Member] | Stock Option Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares) | shares	390,733

Employee compensation - Restr54

Employee compensation - Restricted Stock Option Awards - stock option award activity (Details) - Stock Option Awards - $ / shares shares in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Stock option awards
Outstanding at the beginning of the period (in shares)	2,370
Granted (in shares)	391
Exercised (in shares)	(44)
Expired or canceled (in shares)	(13)
Outstanding at the end of the period (in shares)	2,704	2,370
Vested and exercisable at end of period (in shares)	1,312
Expected to vest at end of period (in shares)	1,392
Weighted-average price (per option)
Outstanding at the beginning of the period (in dollars per share)	$ 12.54
Granted (in dollars per share)	14.12
Exercised (in dollars per share)	8.17
Expired or cancelled (in dollars per share)	21.92
Outstanding at end of the period (in dollars per share)	12.79	$ 12.54
Vested and exercisable at end of period (in dollars per share)	16.54
Expected to vest at end of period (in dollars per share)	$ 9.24
Weighted-average remaining contractual term (years)
Outstanding at the beginning of the period	7 years 10 months 2 days	7 years 8 months 16 days
Outstanding at the end of the period	7 years 10 months 2 days	7 years 8 months 16 days
Vested and exercisable at the end of the period	6 years 8 months 5 days
Expected to vest at end of period	8 years 11 months 1 day

Employee compensation - Restr55

Employee compensation - Restricted Stock Option Awards assumptions used to estimate the fair value (Details) - Stock Option Awards	Feb. 17, 2017$ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	2.14%
Expected option life	6 years 3 months
Expected volatility	60.84%
Fair value per stock option award (in dollars per share)	$ 8.22

Employee compensation - Restr56

Employee compensation - Restricted Stock Option Awards - percentage of options exercisable (Details) - Stock Option Awards	3 Months Ended
	Mar. 31, 2017
Less than one
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Incremental percentage of option exercisable	0.00%
Cumulative percentage of option exercisable	0.00%
One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Incremental percentage of option exercisable	25.00%
Cumulative percentage of option exercisable	25.00%
Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Incremental percentage of option exercisable	25.00%
Cumulative percentage of option exercisable	50.00%
Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Incremental percentage of option exercisable	25.00%
Cumulative percentage of option exercisable	75.00%
Four
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Incremental percentage of option exercisable	25.00%
Cumulative percentage of option exercisable	100.00%

Employee compensation - Perform

Employee compensation - Performance Share Awards - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2017USD ($)shares
Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation not yet recognized | $	$ 36.9
Stock-based compensation not yet recognized, period for recognition	2 years 1 month 21 days
Granted (in shares)	1,082,000
Performance Share Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Requisite service period of the awards	3 years
Stock-based compensation not yet recognized | $	$ 34
Stock-based compensation not yet recognized, period for recognition	2 years 2 months 16 days
Granted (in shares)	696,000
Performance Share Awards | Two Thousand Fourteen [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Conversion ratio	0.75
Equity issuances, net of offering costs (in shares)	150,388
Performance Share Awards | Three Months Ended March 31 2017 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	696,460

Employee compensation - Perfo58

Employee compensation - Performance Share Awards - award activity (Details) - Performance Share Awards - $ / shares shares in Thousands	Feb. 17, 2017	Mar. 31, 2017
Performance share awards
Outstanding at the beginning of the period (in shares)		2,325
Granted (in shares)		696
Forfeited (in shares)		(16)
Vested (in shares)		(200)
Outstanding at the end of the period (in shares)		2,805
Weighted-average grant date fair value (per award)
Outstanding at the beginning of the period (in dollars per share)		$ 18.35
Granted (in dollars per share)	$ 18.96	18.96
Forfeited (in dollars per share)		18.02
Vested (in dollars per share)		28.56
Outstanding at the end of the period (in dollars per share)		$ 17.77

Employee compensation - Perfo59

Employee compensation - Performance share awards assumptions used to estimate the fair value (Details) - Performance Share Awards - $ / shares	Feb. 17, 2017	Mar. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	1.44%
Dividend yield	0.00%
Expected volatility	74.00%
Laredo stock closing price on grant date (in dollars per share)	$ 14.12
Fair value per performance share (in dollars per share)	$ 18.96	$ 18.96

Employee compensation - Stock-b

Employee compensation - Stock-based compensation expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation, gross	$ 11,204	$ 4,620
Less amounts capitalized in oil and natural gas properties	(1,980)	(782)
Total stock-based compensation, net of amounts capitalized	9,224	3,838
Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation, gross	6,167	3,768
Stock Option Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation, gross	1,297	624
Restricted Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation, gross	$ 3,740	$ 228

Employee compensation - Perfo61

Employee compensation - Performance unit awards - Narrative (Details) - February 15, 2013 - Performance Unit Awards	3 Months Ended
	Mar. 31, 2016$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested (in shares) | shares	44,481
Equity instruments other than options, cash paid per unit (in dollars per share) | $ / shares	$ 143.75

Income taxes - Additional Infor

Income taxes - Additional Information (Details) $ in Millions	Mar. 31, 2017USD ($)
Operating loss carry-forward
Deferred tax assets, valuation allowance	$ 738.4
Internal Revenue Service (IRS) | Federal
Operating loss carry-forward
Operating loss carryforwards	1,700
State of Oklahoma | State
Operating loss carry-forward
Operating loss carryforwards	$ 38.9

Derivatives - Commodity Derivat

Derivatives - Commodity Derivatives (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)contract	Mar. 31, 2016USD ($)derivative
Derivative [Line Items]
Cash settlements received for early terminations of derivatives, net	$ 0	$ 80,000
Derivatives not designated as hedges
Derivative [Line Items]
Number of open derivative contracts | contract	23
Commodity derivatives | Derivatives not designated as hedges
Derivative [Line Items]
Cash settlements received for early terminations of derivatives, net	$ 0	$ 80,000
Number of restructuring derivatives | derivative		2

Derivatives - Commodity deriv64

Derivatives - Commodity derivative contracts' collar floors entered into (Details) - Crude Oil $ in Millions	Mar. 31, 2017USD ($)bbl$ / bbl
Put January 2018 - December 2018
Derivative [Line Items]
Aggregate volumes (Bbl and MMBtu) | bbl	730,000
Floor Price (dollars per Bbl and MMBtu)	50
Derivative, deferred premium | $	$ 6.3
Collar January 2018 - December 2018
Derivative [Line Items]
Aggregate volumes (Bbl and MMBtu) | bbl	584,000
Floor Price (dollars per Bbl and MMBtu)	50
Ceiling price (dollars per MMBtu)	60

Derivatives - Gain (loss) on de

Derivatives - Gain (loss) on derivatives (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Derivative financial instruments
Cash settlements received for early terminations of derivatives, net	$ 0	$ 80,000
Derivatives not designated as hedges | Commodity derivatives
Derivative financial instruments
Cash settlements received for matured derivatives, net(1)	7,451	65,937
Cash settlements received for early terminations of derivatives, net	0	80,000
Cash settlements received for derivatives, net	$ 7,451	145,937
Deferred premium		$ 4,000

Derivatives - Derivative positi

Derivatives - Derivative positions (Details) - Derivatives not designated as hedges	3 Months Ended
	Mar. 31, 2017MMBTU$ / bbl$ / MMBTUbbl
Puts 2017 | Crude Oil
Derivative [Line Items]
Hedged Volume (Bbl)	790,625
Weighted-average price (Bbl/MMbtu) | $ / bbl	60
Puts 2017 | Natural Gas
Derivative [Line Items]
Weighted-average price (Bbl/MMbtu) | $ / MMBTU	2.50
Hedged Volume (MMbtu) | MMBTU	6,030,000
Puts 2018 | Crude Oil
Derivative [Line Items]
Hedged Volume (Bbl)	1,779,375
Weighted-average price (Bbl/MMbtu) | $ / bbl	55.90
Puts 2018 | Natural Gas
Derivative [Line Items]
Weighted-average price (Bbl/MMbtu) | $ / MMBTU	2.50
Hedged Volume (MMbtu) | MMBTU	8,220,000
Swaps 2017 | Crude Oil
Derivative [Line Items]
Hedged Volume (Bbl)	1,512,500
Weighted-average price (Bbl/MMbtu) | $ / bbl	51.54
Swaps 2017 | Ethane
Derivative [Line Items]
Hedged Volume (Bbl)	333,000
Weighted-average price (Bbl/MMbtu) | $ / bbl	11.24
Swaps 2017 | Propane
Derivative [Line Items]
Hedged Volume (Bbl)	281,250
Weighted-average price (Bbl/MMbtu) | $ / bbl	22.26
Swaps 2018 | Crude Oil
Derivative [Line Items]
Hedged Volume (Bbl)	1,095,000
Weighted-average price (Bbl/MMbtu) | $ / bbl	52.12
Collars 2017 | Crude Oil
Derivative [Line Items]
Hedged Volume (Bbl)	2,860,000
Collars 2017 | Natural Gas
Derivative [Line Items]
Hedged Volume (MMbtu) | MMBTU	14,327,500
Collars 2017 | Floor | Crude Oil
Derivative [Line Items]
Weighted-average price (Bbl/MMbtu) | $ / bbl	56.92
Collars 2017 | Floor | Natural Gas
Derivative [Line Items]
Weighted-average price (Bbl/MMbtu) | $ / MMBTU	2.86
Collars 2017 | Ceiling | Crude Oil
Derivative [Line Items]
Weighted-average price (Bbl/MMbtu) | $ / bbl	86
Collars 2017 | Ceiling | Natural Gas
Derivative [Line Items]
Weighted-average price (Bbl/MMbtu) | $ / MMBTU	3.54
Collars 2018 | Crude Oil
Derivative [Line Items]
Hedged Volume (Bbl)	584,000
Collars 2018 | Natural Gas
Derivative [Line Items]
Hedged Volume (MMbtu) | MMBTU	4,635,500
Collars 2018 | Floor | Crude Oil
Derivative [Line Items]
Weighted-average price (Bbl/MMbtu) | $ / bbl	50
Collars 2018 | Floor | Natural Gas
Derivative [Line Items]
Weighted-average price (Bbl/MMbtu) | $ / MMBTU	2.50
Collars 2018 | Ceiling | Crude Oil
Derivative [Line Items]
Weighted-average price (Bbl/MMbtu) | $ / bbl	60
Collars 2018 | Ceiling | Natural Gas
Derivative [Line Items]
Weighted-average price (Bbl/MMbtu) | $ / MMBTU	3.60
Total Commodity Derivatives 2017 | Floor | Crude Oil
Derivative [Line Items]
Hedged Volume (Bbl)	5,163,125
Weighted-average price (Bbl/MMbtu) | $ / bbl	55.82
Total Commodity Derivatives 2017 | Floor | Natural Gas Liquids
Derivative [Line Items]
Hedged Volume (Bbl)	614,250
Total Commodity Derivatives 2017 | Floor | Natural Gas
Derivative [Line Items]
Weighted-average price (Bbl/MMbtu) | $ / MMBTU	2.75
Hedged Volume (MMbtu) | MMBTU	20,357,500
Total Commodity Derivatives 2017 | Ceiling | Crude Oil
Derivative [Line Items]
Hedged Volume (Bbl)	4,372,500
Weighted-average price (Bbl/MMbtu) | $ / bbl	74.08
Total Commodity Derivatives 2017 | Ceiling | Natural Gas Liquids
Derivative [Line Items]
Hedged Volume (Bbl)	614,250
Total Commodity Derivatives 2017 | Ceiling | Natural Gas
Derivative [Line Items]
Weighted-average price (Bbl/MMbtu) | $ / MMBTU	3.54
Hedged Volume (MMbtu) | MMBTU	14,327,500
Total Commodity Derivatives 2018 | Floor | Crude Oil
Derivative [Line Items]
Hedged Volume (Bbl)	3,458,375
Weighted-average price (Bbl/MMbtu) | $ / bbl	53.71
Total Commodity Derivatives 2018 | Floor | Natural Gas Liquids
Derivative [Line Items]
Hedged Volume (Bbl)	0
Total Commodity Derivatives 2018 | Floor | Natural Gas
Derivative [Line Items]
Weighted-average price (Bbl/MMbtu) | $ / MMBTU	2.50
Hedged Volume (MMbtu) | MMBTU	12,855,500
Total Commodity Derivatives 2018 | Ceiling | Crude Oil
Derivative [Line Items]
Hedged Volume (Bbl)	1,679,000
Weighted-average price (Bbl/MMbtu) | $ / bbl	54.86
Total Commodity Derivatives 2018 | Ceiling | Natural Gas Liquids
Derivative [Line Items]
Hedged Volume (Bbl)	0
Total Commodity Derivatives 2018 | Ceiling | Natural Gas
Derivative [Line Items]
Weighted-average price (Bbl/MMbtu) | $ / MMBTU	3.60
Hedged Volume (MMbtu) | MMBTU	4,635,500

Fair value measurements - Fair

Fair value measurements - Fair value hierarchy (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Assets, Fair Value Disclosure [Abstract]
Derivative asset, current	$ 27,575	$ 20,947
Derivative asset, noncurrent	9,847	8,718
Liabilities, Fair Value Disclosure [Abstract]
Derivative liability, current	(3,132)	(20,993)
Derivative liability, noncurrent	(25)	(5,694)
Recurring
Liabilities, Fair Value Disclosure [Abstract]
Net derivative position	34,265	2,978
Recurring | Crude Oil | Oil derivatives
Assets, Fair Value Disclosure [Abstract]
Derivative asset, current	29,624	22,527
Derivative asset, noncurrent	10,067	8,718
Liabilities, Fair Value Disclosure [Abstract]
Derivative liability, current	384	(9,789)
Derivative liability, noncurrent	2,904	(4,552)
Recurring | Crude Oil | Oil deferred premiums
Assets, Fair Value Disclosure [Abstract]
Derivative asset, current	(3,216)	(1,580)
Derivative asset, noncurrent	(1,644)	0
Liabilities, Fair Value Disclosure [Abstract]
Derivative liability, current	(548)	(1,989)
Derivative liability, noncurrent	(2,929)	0
Recurring | Natural Gas Liquids | NGL Derivatives
Assets, Fair Value Disclosure [Abstract]
Derivative asset, current	0	0
Derivative asset, noncurrent	0	0
Liabilities, Fair Value Disclosure [Abstract]
Derivative liability, current	(931)	(2,803)
Derivative liability, noncurrent	0	0
Recurring | Natural Gas | Natural gas derivatives
Assets, Fair Value Disclosure [Abstract]
Derivative asset, current	1,167	0
Derivative asset, noncurrent	3,222	0
Liabilities, Fair Value Disclosure [Abstract]
Derivative liability, current	853	(3,369)
Derivative liability, noncurrent	0	1,244
Recurring | Natural Gas | Natural gas deferred premiums
Assets, Fair Value Disclosure [Abstract]
Derivative asset, current	0	0
Derivative asset, noncurrent	(1,798)	0
Liabilities, Fair Value Disclosure [Abstract]
Derivative liability, current	(2,890)	(3,043)
Derivative liability, noncurrent	0	(2,386)
Recurring | Current Assets | Crude Oil | Oil derivatives
Assets, Fair Value Disclosure [Abstract]
Amounts offset	(777)	0
Recurring | Current Assets | Crude Oil | Oil deferred premiums
Assets, Fair Value Disclosure [Abstract]
Amounts offset	(3,216)	(1,580)
Recurring | Current Assets | Natural Gas Liquids | NGL Derivatives
Assets, Fair Value Disclosure [Abstract]
Amounts offset	(93)	0
Recurring | Current Assets | Natural Gas | Natural gas derivatives
Assets, Fair Value Disclosure [Abstract]
Amounts offset	(1,372)	(270)
Recurring | Current Assets | Natural Gas | Natural gas deferred premiums
Assets, Fair Value Disclosure [Abstract]
Amounts offset	0	0
Recurring | Noncurrent Assets | Crude Oil | Oil derivatives
Assets, Fair Value Disclosure [Abstract]
Amounts offset	(2,904)	0
Recurring | Noncurrent Assets | Crude Oil | Oil deferred premiums
Assets, Fair Value Disclosure [Abstract]
Amounts offset	(1,644)	0
Recurring | Noncurrent Assets | Natural Gas Liquids | NGL Derivatives
Assets, Fair Value Disclosure [Abstract]
Amounts offset	0	0
Recurring | Noncurrent Assets | Natural Gas | Natural gas derivatives
Assets, Fair Value Disclosure [Abstract]
Amounts offset	0	(1,377)
Recurring | Noncurrent Assets | Natural Gas | Natural gas deferred premiums
Assets, Fair Value Disclosure [Abstract]
Amounts offset	(1,798)	0
Recurring | Current Liabilities | Crude Oil | Oil derivatives
Liabilities, Fair Value Disclosure [Abstract]
Amounts offset	777	0
Recurring | Current Liabilities | Crude Oil | Oil deferred premiums
Liabilities, Fair Value Disclosure [Abstract]
Amounts offset	3,216	1,580
Recurring | Current Liabilities | Natural Gas Liquids | NGL Derivatives
Liabilities, Fair Value Disclosure [Abstract]
Amounts offset	93	0
Recurring | Current Liabilities | Natural Gas | Natural gas derivatives
Liabilities, Fair Value Disclosure [Abstract]
Amounts offset	1,372	270
Recurring | Current Liabilities | Natural Gas | Natural gas deferred premiums
Liabilities, Fair Value Disclosure [Abstract]
Amounts offset	0	0
Recurring | Noncurrent Liabilities | Crude Oil | Oil derivatives
Liabilities, Fair Value Disclosure [Abstract]
Amounts offset	2,904	0
Recurring | Noncurrent Liabilities | Crude Oil | Oil deferred premiums
Liabilities, Fair Value Disclosure [Abstract]
Amounts offset	1,644	0
Recurring | Noncurrent Liabilities | Natural Gas Liquids | NGL Derivatives
Liabilities, Fair Value Disclosure [Abstract]
Amounts offset	0	0
Recurring | Noncurrent Liabilities | Natural Gas | Natural gas derivatives
Liabilities, Fair Value Disclosure [Abstract]
Amounts offset	0	1,377
Recurring | Noncurrent Liabilities | Natural Gas | Natural gas deferred premiums
Liabilities, Fair Value Disclosure [Abstract]
Amounts offset	1,798	0
Recurring | Fair value
Liabilities, Fair Value Disclosure [Abstract]
Net derivative position	34,265	2,978
Recurring | Fair value | Current Assets | Crude Oil | Oil derivatives
Assets, Fair Value Disclosure [Abstract]
Derivative assets before netting	30,401	22,527
Recurring | Fair value | Current Assets | Crude Oil | Oil deferred premiums
Assets, Fair Value Disclosure [Abstract]
Derivative assets before netting	0	0
Recurring | Fair value | Current Assets | Natural Gas Liquids | NGL Derivatives
Assets, Fair Value Disclosure [Abstract]
Derivative assets before netting	93	0
Recurring | Fair value | Current Assets | Natural Gas | Natural gas derivatives
Assets, Fair Value Disclosure [Abstract]
Derivative assets before netting	2,539	270
Recurring | Fair value | Current Assets | Natural Gas | Natural gas deferred premiums
Assets, Fair Value Disclosure [Abstract]
Derivative assets before netting	0	0
Recurring | Fair value | Noncurrent Assets | Crude Oil | Oil derivatives
Assets, Fair Value Disclosure [Abstract]
Derivative assets before netting	12,971	8,718
Recurring | Fair value | Noncurrent Assets | Crude Oil | Oil deferred premiums
Assets, Fair Value Disclosure [Abstract]
Derivative assets before netting	0	0
Recurring | Fair value | Noncurrent Assets | Natural Gas Liquids | NGL Derivatives
Assets, Fair Value Disclosure [Abstract]
Derivative assets before netting	0	0
Recurring | Fair value | Noncurrent Assets | Natural Gas | Natural gas derivatives
Assets, Fair Value Disclosure [Abstract]
Derivative assets before netting	3,222	1,377
Recurring | Fair value | Noncurrent Assets | Natural Gas | Natural gas deferred premiums
Assets, Fair Value Disclosure [Abstract]
Derivative assets before netting	0	0
Recurring | Fair value | Current Liabilities | Crude Oil | Oil derivatives
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities before netting	(393)	(9,789)
Recurring | Fair value | Current Liabilities | Crude Oil | Oil deferred premiums
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities before netting	(3,764)	(3,569)
Recurring | Fair value | Current Liabilities | Natural Gas Liquids | NGL Derivatives
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities before netting	(1,024)	(2,803)
Recurring | Fair value | Current Liabilities | Natural Gas | Natural gas derivatives
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities before netting	(519)	(3,639)
Recurring | Fair value | Current Liabilities | Natural Gas | Natural gas deferred premiums
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities before netting	(2,890)	(3,043)
Recurring | Fair value | Noncurrent Liabilities | Crude Oil | Oil derivatives
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities before netting	0	(4,552)
Recurring | Fair value | Noncurrent Liabilities | Crude Oil | Oil deferred premiums
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities before netting	(4,573)	0
Recurring | Fair value | Noncurrent Liabilities | Natural Gas Liquids | NGL Derivatives
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities before netting	0	0
Recurring | Fair value | Noncurrent Liabilities | Natural Gas | Natural gas derivatives
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities before netting	0	(133)
Recurring | Fair value | Noncurrent Liabilities | Natural Gas | Natural gas deferred premiums
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities before netting	(1,798)	(2,386)
Recurring | Level 1
Liabilities, Fair Value Disclosure [Abstract]
Net derivative position	0	0
Recurring | Level 1 | Current Assets | Crude Oil | Oil derivatives
Assets, Fair Value Disclosure [Abstract]
Derivative assets before netting	0	0
Recurring | Level 1 | Current Assets | Crude Oil | Oil deferred premiums
Assets, Fair Value Disclosure [Abstract]
Derivative assets before netting	0	0
Recurring | Level 1 | Current Assets | Natural Gas Liquids | NGL Derivatives
Assets, Fair Value Disclosure [Abstract]
Derivative assets before netting	0	0
Recurring | Level 1 | Current Assets | Natural Gas | Natural gas derivatives
Assets, Fair Value Disclosure [Abstract]
Derivative assets before netting	0	0
Recurring | Level 1 | Current Assets | Natural Gas | Natural gas deferred premiums
Assets, Fair Value Disclosure [Abstract]
Derivative assets before netting	0	0
Recurring | Level 1 | Noncurrent Assets | Crude Oil | Oil derivatives
Assets, Fair Value Disclosure [Abstract]
Derivative assets before netting	0	0
Recurring | Level 1 | Noncurrent Assets | Crude Oil | Oil deferred premiums
Assets, Fair Value Disclosure [Abstract]
Derivative assets before netting	0	0
Recurring | Level 1 | Noncurrent Assets | Natural Gas Liquids | NGL Derivatives
Assets, Fair Value Disclosure [Abstract]
Derivative assets before netting	0	0
Recurring | Level 1 | Noncurrent Assets | Natural Gas | Natural gas derivatives
Assets, Fair Value Disclosure [Abstract]
Derivative assets before netting	0	0
Recurring | Level 1 | Noncurrent Assets | Natural Gas | Natural gas deferred premiums
Assets, Fair Value Disclosure [Abstract]
Derivative assets before netting	0	0
Recurring | Level 1 | Current Liabilities | Crude Oil | Oil derivatives
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities before netting	0	0
Recurring | Level 1 | Current Liabilities | Crude Oil | Oil deferred premiums
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities before netting	0	0
Recurring | Level 1 | Current Liabilities | Natural Gas Liquids | NGL Derivatives
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities before netting	0	0
Recurring | Level 1 | Current Liabilities | Natural Gas | Natural gas derivatives
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities before netting	0	0
Recurring | Level 1 | Current Liabilities | Natural Gas | Natural gas deferred premiums
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities before netting	0	0
Recurring | Level 1 | Noncurrent Liabilities | Crude Oil | Oil derivatives
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities before netting	0	0
Recurring | Level 1 | Noncurrent Liabilities | Crude Oil | Oil deferred premiums
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities before netting	0	0
Recurring | Level 1 | Noncurrent Liabilities | Natural Gas Liquids | NGL Derivatives
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities before netting	0	0
Recurring | Level 1 | Noncurrent Liabilities | Natural Gas | Natural gas derivatives
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities before netting	0	0
Recurring | Level 1 | Noncurrent Liabilities | Natural Gas | Natural gas deferred premiums
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities before netting	0	0
Recurring | Level 2
Liabilities, Fair Value Disclosure [Abstract]
Net derivative position	47,290	11,976
Recurring | Level 2 | Current Assets | Crude Oil | Oil derivatives
Assets, Fair Value Disclosure [Abstract]
Derivative assets before netting	30,401	22,527
Recurring | Level 2 | Current Assets | Crude Oil | Oil deferred premiums
Assets, Fair Value Disclosure [Abstract]
Derivative assets before netting	0	0
Recurring | Level 2 | Current Assets | Natural Gas Liquids | NGL Derivatives
Assets, Fair Value Disclosure [Abstract]
Derivative assets before netting	93	0
Recurring | Level 2 | Current Assets | Natural Gas | Natural gas derivatives
Assets, Fair Value Disclosure [Abstract]
Derivative assets before netting	2,539	270
Recurring | Level 2 | Current Assets | Natural Gas | Natural gas deferred premiums
Assets, Fair Value Disclosure [Abstract]
Derivative assets before netting	0	0
Recurring | Level 2 | Noncurrent Assets | Crude Oil | Oil derivatives
Assets, Fair Value Disclosure [Abstract]
Derivative assets before netting	12,971	8,718
Recurring | Level 2 | Noncurrent Assets | Crude Oil | Oil deferred premiums
Assets, Fair Value Disclosure [Abstract]
Derivative assets before netting	0	0
Recurring | Level 2 | Noncurrent Assets | Natural Gas Liquids | NGL Derivatives
Assets, Fair Value Disclosure [Abstract]
Derivative assets before netting	0	0
Recurring | Level 2 | Noncurrent Assets | Natural Gas | Natural gas derivatives
Assets, Fair Value Disclosure [Abstract]
Derivative assets before netting	3,222	1,377
Recurring | Level 2 | Noncurrent Assets | Natural Gas | Natural gas deferred premiums
Assets, Fair Value Disclosure [Abstract]
Derivative assets before netting	0	0
Recurring | Level 2 | Current Liabilities | Crude Oil | Oil derivatives
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities before netting	(393)	(9,789)
Recurring | Level 2 | Current Liabilities | Crude Oil | Oil deferred premiums
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities before netting	0	0
Recurring | Level 2 | Current Liabilities | Natural Gas Liquids | NGL Derivatives
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities before netting	(1,024)	(2,803)
Recurring | Level 2 | Current Liabilities | Natural Gas | Natural gas derivatives
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities before netting	(519)	(3,639)
Recurring | Level 2 | Current Liabilities | Natural Gas | Natural gas deferred premiums
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities before netting	0	0
Recurring | Level 2 | Noncurrent Liabilities | Crude Oil | Oil derivatives
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities before netting	0	(4,552)
Recurring | Level 2 | Noncurrent Liabilities | Crude Oil | Oil deferred premiums
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities before netting	0	0
Recurring | Level 2 | Noncurrent Liabilities | Natural Gas Liquids | NGL Derivatives
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities before netting	0	0
Recurring | Level 2 | Noncurrent Liabilities | Natural Gas | Natural gas derivatives
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities before netting	0	(133)
Recurring | Level 2 | Noncurrent Liabilities | Natural Gas | Natural gas deferred premiums
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities before netting	0	0
Recurring | Level 3
Liabilities, Fair Value Disclosure [Abstract]
Net derivative position	(13,025)	(8,998)
Recurring | Level 3 | Current Assets | Crude Oil | Oil derivatives
Assets, Fair Value Disclosure [Abstract]
Derivative assets before netting	0	0
Recurring | Level 3 | Current Assets | Crude Oil | Oil deferred premiums
Assets, Fair Value Disclosure [Abstract]
Derivative assets before netting	0	0
Recurring | Level 3 | Current Assets | Natural Gas Liquids | NGL Derivatives
Assets, Fair Value Disclosure [Abstract]
Derivative assets before netting	0	0
Recurring | Level 3 | Current Assets | Natural Gas | Natural gas derivatives
Assets, Fair Value Disclosure [Abstract]
Derivative assets before netting	0	0
Recurring | Level 3 | Current Assets | Natural Gas | Natural gas deferred premiums
Assets, Fair Value Disclosure [Abstract]
Derivative assets before netting	0	0
Recurring | Level 3 | Noncurrent Assets | Crude Oil | Oil derivatives
Assets, Fair Value Disclosure [Abstract]
Derivative assets before netting	0	0
Recurring | Level 3 | Noncurrent Assets | Crude Oil | Oil deferred premiums
Assets, Fair Value Disclosure [Abstract]
Derivative assets before netting	0	0
Recurring | Level 3 | Noncurrent Assets | Natural Gas Liquids | NGL Derivatives
Assets, Fair Value Disclosure [Abstract]
Derivative assets before netting	0	0
Recurring | Level 3 | Noncurrent Assets | Natural Gas | Natural gas derivatives
Assets, Fair Value Disclosure [Abstract]
Derivative assets before netting	0	0
Recurring | Level 3 | Noncurrent Assets | Natural Gas | Natural gas deferred premiums
Assets, Fair Value Disclosure [Abstract]
Derivative assets before netting	0	0
Recurring | Level 3 | Current Liabilities | Crude Oil | Oil derivatives
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities before netting	0	0
Recurring | Level 3 | Current Liabilities | Crude Oil | Oil deferred premiums
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities before netting	(3,764)	(3,569)
Recurring | Level 3 | Current Liabilities | Natural Gas Liquids | NGL Derivatives
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities before netting	0	0
Recurring | Level 3 | Current Liabilities | Natural Gas | Natural gas derivatives
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities before netting	0	0
Recurring | Level 3 | Current Liabilities | Natural Gas | Natural gas deferred premiums
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities before netting	(2,890)	(3,043)
Recurring | Level 3 | Noncurrent Liabilities | Crude Oil | Oil derivatives
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities before netting	0	0
Recurring | Level 3 | Noncurrent Liabilities | Crude Oil | Oil deferred premiums
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities before netting	(4,573)	0
Recurring | Level 3 | Noncurrent Liabilities | Natural Gas Liquids | NGL Derivatives
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities before netting	0	0
Recurring | Level 3 | Noncurrent Liabilities | Natural Gas | Natural gas derivatives
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities before netting	0	0
Recurring | Level 3 | Noncurrent Liabilities | Natural Gas | Natural gas deferred premiums
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities before netting	$ (1,798)	$ (2,386)

Fair value measurements - Narra

Fair value measurements - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Payments to acquire oil and gas property	$ 0	$ 0
Fair Value, Measurements, Nonrecurring [Member] | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of long-lived assets held-for-use	0	0
Unamortized costs capitalized before related deferred income taxes exceed ceiling limitations, expense	0	161,100,000
Fair Value, Measurements, Nonrecurring [Member] | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Inventory write-down	$ 0	$ 0
Recurring | Level 3 | Commodity derivatives | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate (as a percent)	1.69%
Recurring | Level 3 | Commodity derivatives | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate (as a percent)	3.56%

Fair value measurements - Cash

Fair value measurements - Cash payments required for deferred premium contracts (Details) $ in Thousands	Mar. 31, 2017USD ($)
Fair Value Disclosures [Abstract]
Remaining 2,017	$ 4,334
2,018	8,444
2,019	535
Total	$ 13,313

Fair value measurements - Summa

Fair value measurements - Summary of changes in assets (liabilities) classified as Level 3 (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Changes in assets classified as Level 3 measurements
Change in net present value of derivative deferred premiums	$ 41	$ 72
Deferred Premiums
Changes in assets classified as Level 3 measurements
Balance of Level 3 at beginning of period	(8,998)	(14,619)
Change in net present value of derivative deferred premiums	(41)	(72)
Purchases	(6,093)	(4,112)
Settlements	2,107	5,749
Balance of Level 3 at end of period	$ (13,025)	(13,054)
Restructuring Upon Early Termination | Deferred Premiums
Changes in assets classified as Level 3 measurements
Settlements		$ 3,900

Net income (loss) per common 71

Net income (loss) per common share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Net income (loss) (numerator):
Net income (loss)—basic and diluted	$ 68,276	$ (180,371)
Weighted-average common shares outstanding (denominator):
Basic (in shares)	238,505	211,560
Diluted (in shares)	244,379	211,560
Net income (loss) per common share:
Basic (in dollars per share)	$ 0.29	$ (0.85)
Diluted (in dollars per share)	$ 0.28	$ (0.85)
Non-vested performance share awards
Weighted-average common shares outstanding (denominator):
Incremental common shares (in shares)	4,466	0
Non-vested restricted stock awards
Weighted-average common shares outstanding (denominator):
Incremental common shares (in shares)	1,245	0
Outstanding stock option awards
Weighted-average common shares outstanding (denominator):
Incremental common shares (in shares)	163	0

Credit risk - Narrative (Detail

Credit risk - Narrative (Details)	3 Months Ended
	Mar. 31, 2017customer
Purchased Oil Sales | Customer Concentration Risk
Concentration Risk [Line Items]
Number of major customers	1

Commitments and contingencies (

Commitments and contingencies (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Unrecorded Unconditional Purchase Obligation [Line Items]
Drilling rig fees	$ 0	$ 0
Minimum volume commitments	100,000	$ 0
Drilling Contracts
Unrecorded Unconditional Purchase Obligation [Line Items]
Future commitments	5,000,000
Firm Sale And Transportation Commitments
Unrecorded Unconditional Purchase Obligation [Line Items]
Future commitments	$ 396,300,000

Related parties - Balance Sheet

Related parties - Balance Sheet related to Medallion (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Related Party Transaction [Line Items]
Accounts receivable, net	$ 78,871	$ 86,867
Equity Method Investee | Medallion Gathering And Processing LLC | Accounts receivable, net
Related Party Transaction [Line Items]
Accounts receivable, net	124	0
Equity Method Investee | Medallion Gathering And Processing LLC | Accrued capital expenditures
Related Party Transaction [Line Items]
Accrued capital expenditures	379	586
Equity Method Investee | Medallion Gathering And Processing LLC | Other current liabilities
Related Party Transaction [Line Items]
Related party assets and liabilities	$ 102	$ 118

Related parties - Archrock Part

Related parties - Archrock Partners, L.P. (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Related Party Transaction [Line Items]
Midstream service assets	$ 1,731,000	$ 1,937,000
Archrock Partners, L.P. | Affiliated Entity | Lease operating expenses
Related Party Transaction [Line Items]
Lease operating expenses	424,000	$ 475,000
Archrock Partners, L.P. | Affiliated Entity | Midstream Service Assets Capital Expenditures
Related Party Transaction [Line Items]
Midstream service assets	$ 0		$ 200,000

Segments - Additional Informati

Segments - Additional Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)segment	Dec. 31, 2016USD ($)	Mar. 31, 2016USD ($)
Segment Reporting Information [Line Items]
Number of operating segments | segment	2
Investment in equity method investee	$ 247,021	$ 243,953
Midstream and marketing
Segment Reporting Information [Line Items]
Investment in equity method investee	$ 247,000		$ 194,800

Segments - Selected financial i

Segments - Selected financial information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Revenues:
Oil, NGL and natural gas sales	$ 138,736	$ 73,142
Midstream service revenues	2,999	1,801
Sales of purchased oil	47,271	31,614
Total revenues	189,006	106,557
Costs and expenses:
Lease operating expenses, including production and ad valorem taxes	25,773	26,953
Midstream service expenses	916	609
Costs of purchased oil	50,256	32,946
General and administrative	25,597	19,451
Depletion, depreciation and amortization	34,112	41,478
Impairment expense	0	161,064
Other operating expenses	1,026	844
Operating income (loss)	51,326	(176,788)
Other financial information:
Income from equity method investee	3,068	2,298
Interest expense	(22,720)	(23,705)
Capital expenditures	(113,476)	(107,722)
Gross property and equipment	6,242,814	5,737,679
Operating Segments | Exploration and production
Revenues:
Oil, NGL and natural gas sales	139,208	73,142
Midstream service revenues	0	0
Sales of purchased oil	0	0
Total revenues	139,208	73,142
Costs and expenses:
Lease operating expenses, including production and ad valorem taxes	29,570	29,364
Midstream service expenses	0	0
Costs of purchased oil	0	0
General and administrative	23,443	17,679
Depletion, depreciation and amortization	31,797	39,292
Impairment expense		161,064
Other operating expenses	973	792
Operating income (loss)	53,425	(175,049)
Other financial information:
Income from equity method investee	0	0
Interest expense	(21,314)	(22,303)
Capital expenditures	(111,745)	(105,785)
Gross property and equipment	5,848,991	5,392,865
Operating Segments | Midstream and marketing
Revenues:
Oil, NGL and natural gas sales	816	0
Midstream service revenues	17,634	11,267
Sales of purchased oil	47,271	31,614
Total revenues	65,721	42,881
Costs and expenses:
Lease operating expenses, including production and ad valorem taxes	0	0
Midstream service expenses	10,234	6,509
Costs of purchased oil	50,256	32,946
General and administrative	2,154	1,772
Depletion, depreciation and amortization	2,315	2,186
Impairment expense		0
Other operating expenses	53	52
Operating income (loss)	709	(584)
Other financial information:
Income from equity method investee	3,068	2,298
Interest expense	(1,406)	(1,402)
Capital expenditures	(1,731)	(1,937)
Gross property and equipment	404,871	347,892
Eliminations
Revenues:
Oil, NGL and natural gas sales	(1,288)	0
Midstream service revenues	(14,635)	(9,466)
Sales of purchased oil	0	0
Total revenues	(15,923)	(9,466)
Costs and expenses:
Lease operating expenses, including production and ad valorem taxes	(3,797)	(2,411)
Midstream service expenses	(9,318)	(5,900)
Costs of purchased oil	0	0
General and administrative	0	0
Depletion, depreciation and amortization	0	0
Impairment expense		0
Other operating expenses	0	0
Operating income (loss)	(2,808)	(1,155)
Other financial information:
Income from equity method investee	0	0
Interest expense	0	0
Capital expenditures	0	0
Gross property and equipment	$ (11,048)	$ (3,078)

Subsidiary guarantors - Condens

Subsidiary guarantors - Condensed consolidating balance sheet (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Subsidiary guarantees
Accounts receivable, net	$ 78,871	$ 86,867
Other current assets	73,758	67,910
Oil and natural gas properties, net	1,231,818	1,195,854
Midstream service assets, net	125,287	126,240
Other fixed assets, net	44,379	44,773
Investment in subsidiaries and equity method investee	247,021	243,953
Other long-term assets	17,462	16,749
Total assets	1,818,596	1,782,346
Accounts payable	24,738	15,054
Other current liabilities	137,597	172,891
Long-term debt, net	1,349,591	1,353,909
Other long-term liabilities	53,760	59,919
Stockholders' equity	252,910	180,573
Total liabilities and stockholders' equity	1,818,596	1,782,346
Intercompany eliminations
Subsidiary guarantees
Accounts receivable, net	0	0
Other current assets	0	0
Oil and natural gas properties, net	(11,048)	(8,240)
Midstream service assets, net	0	0
Other fixed assets, net	0	0
Investment in subsidiaries and equity method investee	(379,320)	(376,028)
Other long-term assets	0	0
Total assets	(390,368)	(384,268)
Accounts payable	0	0
Other current liabilities	0	0
Long-term debt, net	0	0
Other long-term liabilities	0	0
Stockholders' equity	(390,368)	(384,268)
Total liabilities and stockholders' equity	(390,368)	(384,268)
Laredo | Reportable Legal Entities
Subsidiary guarantees
Accounts receivable, net	63,068	70,570
Other current assets	71,732	65,884
Oil and natural gas properties, net	1,233,589	1,194,801
Midstream service assets, net	0	0
Other fixed assets, net	43,879	44,221
Investment in subsidiaries and equity method investee	379,320	376,028
Other long-term assets	13,773	13,065
Total assets	1,805,361	1,764,569
Accounts payable	23,535	14,427
Other current liabilities	117,625	150,531
Long-term debt, net	1,349,591	1,353,909
Other long-term liabilities	50,652	56,889
Stockholders' equity	263,958	188,813
Total liabilities and stockholders' equity	1,805,361	1,764,569
Subsidiary Guarantors | Reportable Legal Entities
Subsidiary guarantees
Accounts receivable, net	15,803	16,297
Other current assets	2,026	2,026
Oil and natural gas properties, net	9,277	9,293
Midstream service assets, net	125,287	126,240
Other fixed assets, net	500	552
Investment in subsidiaries and equity method investee	247,021	243,953
Other long-term assets	3,689	3,684
Total assets	403,603	402,045
Accounts payable	1,203	627
Other current liabilities	19,972	22,360
Long-term debt, net	0	0
Other long-term liabilities	3,108	3,030
Stockholders' equity	379,320	376,028
Total liabilities and stockholders' equity	$ 403,603	$ 402,045

Subsidiary guarantors - Conde79

Subsidiary guarantors - Condensed consolidating statement of operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Subsidiary guarantees
Total revenues	$ 189,006	$ 106,557
Total costs and expenses	137,680	283,345
Operating income (loss)	51,326	(176,788)
Interest expense	(22,720)	(23,705)
Other non-operating income	39,670	20,122
Income (loss) before income taxes	68,276	(180,371)
Income tax	0	0
Net income (loss)	68,276	(180,371)
Intercompany eliminations
Subsidiary guarantees
Total revenues	(15,923)	(9,466)
Total costs and expenses	(13,115)	(8,311)
Operating income (loss)	(2,808)	(1,155)
Interest expense	0	0
Other non-operating income	(5,938)	(3,600)
Income (loss) before income taxes	(8,746)	(4,755)
Income tax	0	0
Net income (loss)	(8,746)	(4,755)
Laredo | Reportable Legal Entities
Subsidiary guarantees
Total revenues	139,143	73,122
Total costs and expenses	88,029	250,064
Operating income (loss)	51,114	(176,942)
Interest expense	(22,720)	(23,705)
Other non-operating income	42,690	21,431
Income (loss) before income taxes	71,084	(179,216)
Income tax	0	0
Net income (loss)	71,084	(179,216)
Subsidiary Guarantors | Reportable Legal Entities
Subsidiary guarantees
Total revenues	65,786	42,901
Total costs and expenses	62,766	41,592
Operating income (loss)	3,020	1,309
Interest expense	0	0
Other non-operating income	2,918	2,291
Income (loss) before income taxes	5,938	3,600
Income tax	0	0
Net income (loss)	$ 5,938	$ 3,600

Subsidiary guarantors - Conde80

Subsidiary guarantors - Condensed consolidating statement of cash flows (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Subsidiary guarantees
Net cash flows provided by operating activities	$ 63,784	$ 56,517
Change in investment between affiliates	0	0
Capital expenditures and other	(53,961)	(134,164)
Net cash flows used in financing activities	(12,143)	58,588
Net decrease in cash and cash equivalents	(2,320)	(19,059)
Cash and cash equivalents, beginning of period	32,672	31,154
Cash and cash equivalents, end of period	30,352	12,095
Intercompany eliminations
Subsidiary guarantees
Net cash flows provided by operating activities	(5,938)	(3,600)
Change in investment between affiliates	5,938	3,600
Capital expenditures and other	0	0
Net cash flows used in financing activities	0	0
Net decrease in cash and cash equivalents	0	0
Cash and cash equivalents, beginning of period	0	0
Cash and cash equivalents, end of period	0	0
Laredo | Reportable Legal Entities
Subsidiary guarantees
Net cash flows provided by operating activities	65,344	58,163
Change in investment between affiliates	(3,291)	(30,235)
Capital expenditures and other	(52,230)	(105,575)
Net cash flows used in financing activities	(12,143)	58,588
Net decrease in cash and cash equivalents	(2,320)	(19,059)
Cash and cash equivalents, beginning of period	32,671	31,153
Cash and cash equivalents, end of period	30,351	12,094
Subsidiary Guarantors | Reportable Legal Entities
Subsidiary guarantees
Net cash flows provided by operating activities	4,378	1,954
Change in investment between affiliates	(2,647)	26,635
Capital expenditures and other	(1,731)	(28,589)
Net cash flows used in financing activities	0	0
Net decrease in cash and cash equivalents	0	0
Cash and cash equivalents, beginning of period	1	1
Cash and cash equivalents, end of period	$ 1	$ 1

Subsequent events - Senior Secu

Subsequent events - Senior Secured Credit Facility (Details) - Senior Secured Credit Facility - Line of Credit - USD ($)	May 02, 2017	Apr. 10, 2017	Mar. 31, 2017
Subsequent Event [Line Items]
Outstanding amount			$ 65,000,000
Aggregate elected commitment			815,000,000
Current borrowing capacity			$ 815,000,000
Subsequent Event
Subsequent Event [Line Items]
Proceeds from lines of credit		$ 10,000,000
Outstanding amount	$ 75,000,000
Aggregate elected commitment	1,000,000,000
Current borrowing capacity	$ 1,000,000,000
Cut off refinancing period before maturity date	90 days

Subsequent events - New Commodi

Subsequent events - New Commodity Derivatives Contract (Details) - Subsequent Event - January 2018 - December 2018 - Natural Gas $ in Millions	May 04, 2017USD ($)bbl$ / bbl
Subsequent Event [Line Items]
Aggregate volumes (Bbl and MMBtu) | bbl	10,950,000
Floor Price (dollars per Bbl and MMBtu)	2.50
Ceiling price (dollars per Bbl and MMBtu)	3.25
Derivative, deferred premium | $	$ 0.9

Supplementary information (Deta

Supplementary information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Property acquisition costs:
Evaluated	$ 0	$ 0
Unevaluated	0	0
Exploration costs	15,543	7,263
Development costs	111,158	81,886
Total costs incurred	126,701	89,149
Asset Retirement Obligations
Property acquisition costs:
Development costs	$ 100	$ 100