Vital Energy (VTLE) 10-Q 2 May 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2019	Apr. 29, 2019
Document and Entity Information [Abstract]
Trading symbol	LPI
Entity Registrant Name	Laredo Petroleum, Inc.
Entity Central Index Key	0001528129
Document Type	10-Q
Document Period End Date	Mar. 31, 2019
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		236,555,114
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Entity Emerging Growth Company	false
Entity Small Business	false

Consolidated balance sheets

Consolidated balance sheets - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 44,544	$ 45,151
Accounts receivable, net	107,520	94,321
Derivatives	7,610	39,835
Other current assets	13,056	13,445
Total current assets	172,730	192,752
Oil and natural gas properties, full cost method:
Evaluated properties	6,951,343	6,752,631
Unevaluated properties not being depleted	92,467	130,957
Less accumulated depletion and impairment	(4,913,384)	(4,854,017)
Oil and natural gas properties, net	2,130,426	2,029,571
Midstream service assets, net	131,118	130,245
Other fixed assets, net	39,098	39,819
Property and equipment, net	2,300,642	2,199,635
Derivatives	5,970	11,030
Operating lease right-of-use assets	19,035	0
Other noncurrent assets, net	16,412	16,888
Total assets	2,514,789	2,420,305
Current liabilities:
Accounts payable and accrued liabilities	76,644	69,504
Accrued capital expenditures	36,418	29,975
Undistributed revenue and royalties	51,730	48,841
Derivatives	11,057	7,359
Operating lease liabilities	10,896	0
Other current liabilities	16,877	44,786
Total current liabilities	203,622	200,465
Long-term debt, net	1,064,081	983,636
Derivatives	3,563	0
Asset retirement obligations	54,555	53,387
Operating lease liabilities	11,301	0
Other noncurrent liabilities	6,235	8,587
Total liabilities	1,343,357	1,246,075
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.01 par value, 50,000,000 shares authorized and zero issued as of March 31, 2019 and December 31, 2018	0	0
Common stock, $0.01 par value, 450,000,000 shares authorized and 239,191,487 and 233,936,358 issued and outstanding as of March 31, 2019 and December 31, 2018, respectively	2,392	2,339
Additional paid-in capital	2,381,926	2,375,286
Accumulated deficit	(1,212,886)	(1,203,395)
Total stockholders' equity	1,171,432	1,174,230
Total liabilities and stockholders' equity	$ 2,514,789	$ 2,420,305

Consolidated balance sheets (Pa

Consolidated balance sheets (Parenthetical) - $ / shares	Mar. 31, 2019	Dec. 31, 2018
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)	239,191,487	233,936,358
Common stock outstanding (in shares)	239,191,487	233,936,358

Consolidated statements of oper

Consolidated statements of operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Revenues:
Total revenues	$ 208,947	$ 259,696
Costs and expenses:
Lease operating expenses	22,609	21,951
Production and ad valorem taxes	7,219	11,812
General and administrative	21,519	24,725
Depletion, depreciation and amortization	63,098	45,553
Other operating expenses	1,052	1,106
Total costs and expenses	154,550	166,504
Operating income	54,397	93,192
Non-operating income (expense):
Gain (loss) on derivatives, net	(48,365)	9,010
Interest expense	(15,547)	(13,518)
Loss on disposal of assets, net	(939)	(2,617)
Other income, net	867	453
Non-operating expense, net	(63,984)	(6,672)
Income (loss) before income taxes	(9,587)	86,520
Income tax benefit:
Deferred	96	0
Total income tax benefit	96	0
Net income (loss)	$ (9,491)	$ 86,520
Net income (loss) per common share:
Basic (in dollars per share)	$ (0.04)	$ 0.36
Diluted (in dollars per share)	$ (0.04)	$ 0.36
Weighted-average common shares outstanding:
Basic (in shares)	230,476	238,228
Diluted (in shares)	230,476	239,319
Oil sales
Revenues:
Total revenues	$ 129,171	$ 150,914
NGL sales
Revenues:
Total revenues	32,235	28,360
Natural gas sales
Revenues:
Total revenues	11,970	18,160
Transportation and marketing expenses
Costs and expenses:
Cost of goods and services sold	4,759	0
Midstream service revenues
Revenues:
Total revenues	2,883	2,359
Costs and expenses:
Cost of goods and services sold	1,603	693
Sales of purchased oil
Revenues:
Total revenues	32,688	59,903
Costs and expenses:
Cost of goods and services sold	$ 32,691	$ 60,664

Consolidated statement of stock

Consolidated statement of stockholders' equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional paid-in capital	Treasury Stock (at cost)	Accumulated deficit
Balance, beginning of period (in shares) at Dec. 31, 2017		242,521		0
Balance, beginning of period at Dec. 31, 2017	$ 765,579	$ 2,425	$ 2,432,262	$ 0	$ (1,669,108)
Increase (Decrease) in Stockholders' Equity
Restricted stock awards (in shares)		3,052
Restricted stock awards		$ 30	(30)
Restricted stock forfeitures (in shares)		(13)
Share repurchases (in shares)				6,728
Share repurchases	(58,475)			$ (58,475)
Stock exchanged for tax withholding (in shares)				512
Stock exchanged for tax withholding	(4,353)			$ (4,353)
Retirement of treasury stock (in shares)		(7,240)		(7,240)
Retirement of treasury stock		$ (72)	(62,756)	$ 62,828
Stock-based compensation	11,441		11,441
Net income (loss)	86,520				86,520
Balance, end of period (in shares) at Mar. 31, 2018		238,320		0
Balance, end of period at Mar. 31, 2018	941,830	$ 2,383	2,380,917	$ 0	(1,441,470)
Balance, beginning of period (in shares) at Dec. 31, 2018		233,936		0
Balance, beginning of period at Dec. 31, 2018	1,174,230	$ 2,339	2,375,286	$ 0	(1,203,395)
Increase (Decrease) in Stockholders' Equity
Restricted stock awards (in shares)		5,986
Restricted stock awards		$ 60	(60)
Restricted stock forfeitures (in shares)		(48)
Stock exchanged for tax withholding (in shares)				683
Stock exchanged for tax withholding	(2,612)			$ (2,612)
Stock exchanged for cost of exercise of stock options (in shares)				18
Stock exchanged for cost of exercise of stock options	(76)			$ (76)
Retirement of treasury stock (in shares)		(701)		(701)
Retirement of treasury stock		$ (7)	(2,681)	$ 2,688
Exercise of stock options (in shares)		18
Exercise of stock options	76		76
Stock-based compensation	9,305		9,305
Net income (loss)	(9,491)				(9,491)
Balance, end of period (in shares) at Mar. 31, 2019		239,191		0
Balance, end of period at Mar. 31, 2019	$ 1,171,432	$ 2,392	$ 2,381,926	$ 0	$ (1,212,886)

Consolidated statements of cash

Consolidated statements of cash flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Cash flows from operating activities:
Net income (loss)	$ (9,491)	$ 86,520
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Deferred income tax benefit	(96)	0
Depletion, depreciation and amortization	63,098	45,553
Non-cash stock-based compensation, net	7,406	9,339
Mark-to-market on derivatives:
(Gain) loss on derivatives, net	48,365	(9,010)
Settlements received (paid) for matured derivatives, net	102	(2,236)
Change in net present value of derivative deferred premiums	95	211
Premiums paid for derivatives	(4,016)	(4,024)
Amortization of debt issuance costs	846	793
Amortization of operating lease right-of-use assets	3,056	0
Other, net	3,779	4,304
(Increase) decrease in accounts receivable	(13,373)	1,147
Increase in other current assets	(2,769)	(2,483)
Decrease (increase) in other noncurrent assets	57	(100)
Increase in accounts payable and accrued liabilities	7,140	30,516
Increase in undistributed revenue and royalties	2,889	2,541
Decrease in other current liabilities	(30,637)	(16,226)
Increase (decrease) in other noncurrent liabilities	1,007	(374)
Net cash provided by operating activities	77,458	146,471
Capital expenditures:
Oil and natural gas properties	(152,729)	(195,025)
Midstream service assets	(2,262)	(3,362)
Other fixed assets	(505)	(3,963)
Proceeds from disposition of equity method investee, net of selling costs	0	1,655
Proceeds from dispositions of capital assets, net of selling costs	43	1,021
Net cash used in investing activities	(155,453)	(199,674)
Cash flows from financing activities:
Borrowings on Senior Secured Credit Facility	80,000	55,000
Share repurchases	0	(53,714)
Stock exchanged for tax withholding	(2,612)	(4,353)
Net cash provided by (used in) financing activities	77,388	(3,067)
Net decrease in cash and cash equivalents	(607)	(56,270)
Cash and cash equivalents, beginning of period	45,151	112,159
Cash and cash equivalents, end of period	$ 44,544	$ 55,889

Organization and basis of prese

Organization and basis of presentation	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Organization and basis of presentation	Organization and basis of presentation a. 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 midstream and marketing services, primarily in the Permian Basin of 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. b. Basis of presentation The 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 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 unaudited 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, 2018 is derived from audited consolidated financial statements. In the opinion of management, the unaudited consolidated financial statements reflect all necessary adjustments to present fairly the Company's financial position as of March 31, 2019 and results of operations and cash flows for each of the three months ended March 31, 2019 and 2018 . Certain disclosures have been condensed or omitted from the unaudited consolidated financial statements. Accordingly, the unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the 2018 Annual Report. Significant accounting policies See Note 2 in the 2018 Annual Report for discussion of significant accounting policies and Note 3 for those related to the adoption of Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 842, Leases ("ASC 842"). Use of estimates in the preparation of interim unaudited consolidated financial statements The preparation of the 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. For further information regarding the use of estimates and assumptions, see Note 2.b in the 2018 Annual Report, Note 3 pertaining to the Company's leases and Note 6.c

Recently issued or adopted acco

Recently issued or adopted accounting pronouncements	3 Months Ended
	Mar. 31, 2019
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Recently issued or adopted accounting pronouncements	Note 2—Recently issued or adopted accounting pronouncements The Company considers the applicability and impact of all accounting standard updates ("ASU") issued by the FASB. The discussion of the ASU listed below was determined to be meaningful to the Company's unaudited consolidated financial statements and footnotes during the three months ended March 31, 2019 . a. Leases On January 1, 2019, the Company adopted ASC 842 using the modified retrospective approach and applying the optional transition method as of the beginning of the period of adoption. Results for the period beginning after January 1, 2019 are presented under ASC 842, while prior periods are not adjusted and continue to be reported under ASC 840. The Company utilized the transition package of expedients to leases that commenced before the effective date. ASC 842 supersedes previous lease guidance in ASC 840, Leases ("ASC 840"). The core principle of the new guidance is that a lessee should recognize in the statement of financial position a liability to make lease payments and a right-of-use asset representing its right to use the underlying asset for the lease term related to its leases. 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. See Note 3

Leases

Leases	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Leases	Leases a. Impact of ASC 842 adoption Prior to January 1, 2019, the Company accounted for leases under ASC 840 and did not record any right-of-use assets or corresponding lease liabilities. Upon the adoption of ASC 842 on January 1, 2019, the Company recognized $22.1 million in operating lease right-of-use assets and $25.3 million in operating lease liabilities on the unaudited consolidated balance sheets for operating leases with a term greater than 12 months. The difference between the two balances of $3.2 million is mainly due to free rent and lease build-out incentives that were recorded as deferred lease liabilities under ASC 840. These deferred lease liabilities are subtracted from the right-of-use asset opening balance under ASC 842. The transition did not result in a material impact to the unaudited consolidated statements of operations nor was there a related impact to the unaudited consolidated statements of stockholders' equity. The Company utilized the modified retrospective approach in adopting the new standard and applied the optional transition method as of the beginning of the period of adoption, along with the transition package of practical expedients, and implemented certain accounting policy decisions which include: (i) short-term lease recognition exemption, (ii) establishing a balance sheet recognition capitalization threshold, (iii) not evaluating existing or expired land easements that were not previously accounted for as leases under ASC 840 and (iv) accounting for certain asset classes at a portfolio level by not separating the lease and non-lease components and accounting for the agreement as a single lease component. The Company determines whether a contract is or contains a lease at inception of the contract, based on answers to a series of questions that address whether an identified asset exists and whether the Company has the right to obtain substantially all of the benefit of the asset and to control its use over the full term of the agreement. When available, the Company uses the rate implicit in the lease to discount lease payments to present value; however, most of the Company's leases do not provide a readily determinable implicit rate, In such cases, the Company is required to use its incremental borrowing rate ("IBR"). The Company determines its IBR using both a "credit notching" approach and a "recovery method" approach. The results of these approaches are then weighted equally and averaged in order to determine the concluded IBR. This concluded IBR is utilized to discount the lease payments based on information available at lease commencement. There are no material residual value guarantees, nor any restrictions or covenants included in the Company's lease agreements. Mineral leases, including oil and natural gas leases granting the right to explore for those natural resources and rights to use the land in which those natural resources are contained, are not included in the scope of ASC 842. The Company has recognized in the unaudited consolidated balance sheets leases of commercial real estate with lease terms extending through 2027 and drilling, completion, production and other equipment leases with lease terms extending through 2020. We have various other drilling, completion and production equipment leases on a short-term basis reflected in our short-term lease costs. Certain of the Company's leases include provisions for variable payments. These variable payments are typically determined based on a measure of throughput, actual days or another measure of usage and are not included in the calculation of lease liabilities and right-of-use assets. For our drilling rigs, the variable lease costs include the payments that depend on the performance or usage of the underlying asset, the costs to move and the costs to repair the drilling rigs. For certain of our commercial office buildings, utilities and common area maintenance charges are variable and are included as an operating lease expense. For our equipment leases, the variable lease cost is the amount incurred under our contracts that are beyond the minimum rental fee, inclusive of maintenance. The Company's short-term lease costs include those that are recognized in net income (loss) during the period and capitalized as part of the cost of another asset in accordance with other GAAP. The costs related to drilling, completion and production activities are reflected at the Company's net ownership, which is consistent with the principals of proportional consolidation, and lease commitments are reflected on a gross basis. As of March 31, 2019, the Company had an average working interest of 97% in all Laredo-operated currently producing wells in its core operating area. The Company does not have any significant finance leases. Certain of the Company's lease asset classes include options to renew on a month-to-month basis. The Company considers contract-based, asset-based, market-based, and entity-based factors to determine the term over which it is reasonably certain to extend the lease in determining its right-of-use assets and liabilities. The Company's material leases do not include options to purchase the leased property. Of the Company's commercial leases, the Company subleases certain office space to third parties where it is the primary obligor under the head lease. The lease terms on those subleases each contain renewal options that do not extend past the term of the head lease. The subleases do not contain residual value guarantees. Sublease income is recognized based on the contract terms and, upon the adoption of ASC 842, is included as a reduction of lease expense under our head lease. Lease costs The table below presents certain information related to the lease costs for the Company's operating leases for the period presented: (in thousands) Three months ended March 31, 2019 Components of total lease cost: Operating lease cost $ 3,528 Short-term lease cost 46,326 Variable lease cost 518 Sublease income (247 ) Total lease cost $ 50,125 Other information See Note 11 for disclosure of cash paid for amounts included in the measurement of lease liabilities and supplemental non-cash adjustments. See Note 15 for disclosure of related-party lease amounts. Lease terms and discount rates The table below presents certain information related to the weighted-average remaining lease term and weighted-average discount rate for the Company's operating leases as of the date presented: March 31, 2019 Operating leases: Weighted-average remaining lease term 4.00 years Weighted-average discount rate 8.28 % Maturities of operating lease liabilities The table below reconciles the undiscounted cash flows for each of the first five years and the total remaining years to the operating lease liabilities recorded on the unaudited consolidated balance sheet as of the date presented: (in thousands) March 31, 2019 Operating leases: Remaining 2019 $ 12,260 2020 3,331 2021 3,029 2022 2,360 2023 1,252 Thereafter 4,243 Total minimum lease payments 26,475 Less: lease liability expense (4,278 ) Present value of future minimum lease payments 22,197 Less: current obligations under leases (10,896 ) Long-term lease obligations $ 11,301 Disclosure for the period prior to adoption of ASC 842 The Company leases office space under operating leases expiring on various dates through 2027. The following table presents future minimum rental payments required: (in thousands) December 31, 2018 2019 $ 3,092 2020 3,179 2021 3,128 2022 2,560 2023 1,358 Thereafter 4,556 Total future minimum rental payments required $ 17,873 The Company subleases office space with $5.9 million

Property and equipment

Property and equipment	3 Months Ended
	Mar. 31, 2019
Property, Plant and Equipment [Abstract]
Property and equipment	Property and equipment The following table presents the Company's property and equipment as of the dates presented: (in thousands) March 31, 2019 December 31, 2018 Evaluated oil and natural gas properties $ 6,951,343 $ 6,752,631 Less accumulated depletion and impairment (4,913,384 ) (4,854,017 ) Evaluated oil and natural gas properties, net 2,037,959 1,898,614 Unevaluated oil and natural gas properties not being depleted 92,467 130,957 Midstream service assets 175,681 172,308 Less accumulated depreciation and impairment (44,563 ) (42,063 ) Midstream service assets, net 131,118 130,245 Depreciable other fixed assets 45,591 45,431 Less accumulated depreciation and amortization (24,752 ) (23,871 ) Depreciable other fixed assets, net 20,839 21,560 Land 18,259 18,259 Total property and equipment, net $ 2,300,642 $ 2,199,635 For the three months ended March 31, 2019 and 2018 , depletion expense for the Company's evaluated oil and natural gas properties was $8.76 per barrel of oil equivalent ("BOE") sold and $7.34 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 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 related employee costs incurred for the purpose of exploring for or developing oil and natural gas properties for the periods presented: Three months ended March 31, (in thousands) 2019 2018 Capitalized related employee costs $ 6,682 $ 6,529 The Company excludes the costs directly associated with the 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 following table presents costs incurred in the acquisition, exploration and development of oil and natural gas properties, with asset retirement obligations included in development costs, for the periods presented: Three months ended March 31, (in thousands) 2019 2018 Property acquisition costs: Evaluated $ — $ — Unevaluated — — Exploration costs 7,505 6,137 Development costs 152,717 149,038 Total costs incurred $ 160,222 $ 155,175

Debt

Debt	3 Months Ended
	Mar. 31, 2019
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"). The Company may redeem, at its option, all or part of the March 2023 Notes at any time at a price of 103.125% of face value with call premiums declining annually to 100% 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 Company may redeem, at its option, all or part of the January 2022 Notes at any time at a price of 101.406% of face value with call premiums declining to 100% c. Senior Secured Credit Facility The Senior Secured Credit Facility matures on April 19, 2023, provided that if either the January 2022 Notes or March 2023 Notes have not been refinanced on or prior to the date (as applicable, the "Early Maturity Date") that is 90 days before their respective stated maturity dates, the Senior Secured Credit Facility will mature on such Early Maturity Date. As of March 31, 2019 , the Senior Secured Credit Facility had a maximum credit amount of $2.0 billion , a borrowing base of $1.3 billion and an aggregate elected commitment of $1.2 billion , with $270.0 million outstanding and was subject to an interest rate of 3.75% . The Senior Secured Credit Facility contains both financial and non-financial covenants, all of which the Company was in compliance with for all periods presented. Additionally, the Senior Secured Credit Facility provides for the issuance of letters of credit, limited to the lesser of total capacity or $80.0 million . As of March 31, 2019 and December 31, 2018 , the Company had one letter of credit outstanding of $14.7 million under the Senior Secured Credit Facility. For additional information see Note 7.d in the 2018 Annual Report. See Note 17.a for discussion of the regular semi-annual borrowing base redetermination of the Senior Secured Credit Facility subsequent to March 31, 2019 d. 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, 2019 December 31, 2018 (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 $ (2,766 ) $ 447,234 $ 450,000 $ (3,010 ) $ 446,990 March 2023 Notes 350,000 (3,153 ) 346,847 350,000 (3,354 ) 346,646 Senior Secured Credit Facility (1) 270,000 — 270,000 190,000 — 190,000 Total $ 1,070,000 $ (5,919 ) $ 1,064,081 $ 990,000 $ (6,364 ) $ 983,636 ______________________________________________________________________________ (1) Debt issuance costs, net related to our Senior Secured Credit Facility of $6.6 million and $7.0 million as of March 31, 2019 and December 31, 2018

Stockholders' equity and Equity

Stockholders' equity and Equity Incentive Plan	3 Months Ended
	Mar. 31, 2019
Equity [Abstract]
Stockholders' equity and Equity Incentive Plan	Stockholders' equity and Equity Incentive Plan a. Share repurchase program In February 2018, the Company's board of directors authorized a $ 200 million share repurchase program commencing in February 2018. The repurchase program expires in February 2020. Share repurchases under the share repurchase program may be made through a variety of methods, which may include open market purchases, privately negotiated transactions and block trades. The timing and actual number of share repurchases will depend upon several factors, including market conditions, business conditions, the trading price of the Company's common stock and the nature of other investment opportunities available to the Company. During the year ended December 31, 2018, the Company repurchased 11,048,742 shares of common stock at a weighted-average price of $8.78 per common share for a total of $97.1 million under this program. All shares were retired upon repurchase. There were no share repurchases under this program during the three months ended March 31, 2019. b. Treasury stock Treasury stock is recorded at cost, which includes incremental direct transaction costs, and is retired upon acquisition as a result (i) from share repurchases under the share repurchase program, (ii) from the withholding of shares of stock to satisfy tax withholding obligations that arise upon the lapse of restrictions on restricted stock awards and the exercise of stock options at the awardee's election and (iii) share repurchases to cover the cost of the exercise of stock options at the awardee's election. c. Equity Incentive Plan The Laredo Petroleum, Inc. Omnibus Equity Incentive Plan (the "Equity Incentive Plan") 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 Equity Incentive Plan provides for the issuance of up to 24,350,000 shares of Laredo's common stock. On March 20, 2019, the Company's compensation committee recommended, and the Company's board of directors adopted, subject to stockholder approval, an amendment (the "Second Amendment") to the Equity Incentive Plan to, among other things, increase the number of shares of common stock available for issuance under the Equity Incentive Plan by 5,500,000 shares, which would bring the total available shares to issue to 29,850,000 . The Company is seeking stockholder approval of the Second Amendment at its 2019 Annual Meeting of Stockholders on May 16, 2019. The Company recognizes the fair value of stock-based compensation awards and performance unit 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 awards and are included in "General and administrative" on the unaudited consolidated statements of operations. The Company's performance unit awards are accounted for as liability awards and are included in "General and administrative" on the unaudited consolidated statements of operations and the corresponding liabilities are included in "Other noncurrent liabilities" on the unaudited consolidated balance sheets. The Company capitalizes a portion of stock-based compensation and performance unit award compensation for employees who are directly involved in the acquisition, exploration or development of oil and natural gas properties into the full cost pool. Capitalized stock-based compensation and performance unit award compensation is included in "Evaluated properties" on the unaudited consolidated balance sheets. Restricted stock awards All service vesting restricted stock awards are treated as issued and outstanding in the 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. Restricted stock awards granted to officers and employees vest in a variety of vesting schedules that mainly include (i) 33% , 33% and 34% per year beginning on the first anniversary of the grant date and (ii) fully on the first anniversary of the grant date. Stock awards granted to non-employee directors vest immediately on the grant date. The following table reflects the restricted stock award activity for the three months ended March 31, 2019 : (in thousands, except for weighted-average grant-date fair value) Restricted stock awards Weighted-average (per award) Outstanding as of December 31, 2018 4,196 $ 9.91 Granted 5,986 $ 3.43 Forfeited (48 ) $ 6.25 Vested (1) (2,261 ) $ 10.05 Outstanding as of March 31, 2019 7,873 $ 4.96 _____________________________________________________________________________ (1) The total intrinsic value of vested restricted stock awards for the three months ended March 31, 2019 was $8.6 million . The Company utilizes the closing stock price on the grant date to determine the fair value of restricted stock awards. As of March 31, 2019 , unrecognized stock-based compensation related to the restricted stock awards expected to vest was $34.3 million . Such cost is expected to be recognized over a weighted-average period of 2.34 years Stock option awards Stock option awards granted under the Equity Incentive Plan vest and become exercisable in four equal installments on each of the four anniversaries of the grant date. As of March 31, 2019 , the 2,466,022 outstanding stock option awards have a weighted-average exercise price of $ 12.64 per award and a weighted-average remaining contractual term of 3.05 years . There were de minimis exercises and expirations or cancellations of stock option awards during the three months ended March 31, 2019 . There were no grants or forfeits of stock option awards during the three months ended March 31, 2019 . 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 expected volatility. As of March 31, 2019 , unrecognized stock-based compensation related to stock option awards expected to vest was $3.0 million . Such cost is expected to be recognized over a weighted-average period of 1.35 years Performance share awards Performance share awards, which the Company has determined are equity awards, are subject to a combination of market, performance and service vesting criteria. For awards with market criteria or portions of awards with market criteria, which include: (i) the relative three-year total shareholder return comparing the Company's shareholder return to the shareholder return of the peer group specified in the award agreement ("RTSR Performance Percentage"), (ii) the Company's absolute three-year total shareholder return ("ATSR Appreciation") and (iii) the Company's total shareholder return ("TSR"), a Monte Carlo simulation prepared by an independent third party is utilized to determine the grant-date fair value and the associated expense is recognized on a straight-line basis over the three -year requisite service period of the awards. For portions of awards with performance criteria, which is the Company's three-year return on average capital employed ("ROACE Percentage"), the grant-date fair value is equal to the Company's closing stock price on the grant date, and for each reporting period, the associated expense fluctuates and is adjusted based on an estimated probability of how many shares are to be awarded for the three -year performance period. Such estimated shares, if earned, are expected to be issued in the first quarter following the completion of the requisite service period based on the achievement of certain market and performance criteria. The following table reflects the performance share award activity for the three months ended March 31, 2019: (in thousands, except for weighted-average grant-date fair value) Performance share awards Weighted-average (per award) Outstanding as of December 31, 2018 3,436 $ 13.74 Vested (1) (1,503 ) $ 17.68 Outstanding as of March 31, 2019 1,933 $ 10.68 ______________________________________________________________________________ (1) The performance share awards granted on May 25, 2016 had a performance period of January 1, 2016 to December 31, 2018 and, as their market criteria were not satisfied, resulted in a TSR modifier of 0 % based on the Company finishing in the ninth percentile of its peer group for relative TSR. As such, the granted units lapsed and were not converted into the Company's common stock during the first quarter of 2019. As of March 31, 2019 , unrecognized stock-based compensation related to the performance share awards expected to vest was $9.1 million . Such cost is expected to be recognized over a weighted-average period of 1.56 years 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) 2019 2018 Restricted stock award compensation $ 5,323 $ 6,045 Stock option award compensation 818 1,069 Performance share award compensation 3,164 4,327 Total stock-based compensation, gross 9,305 11,441 Less amounts capitalized in evaluated oil and natural gas properties (1,899 ) (2,102 ) Total stock-based compensation, net $ 7,406 $ 9,339 See Note 17.d for discussion of the Company's workforce reduction subsequent to March 31, 2019 Performance unit awards Performance unit awards, which the Company has determined are liability awards, are subject to a combination of market, performance and service vesting criteria and can be settled in cash, stock or a combination of cash and stock at the election of the Company's board of directors. For portions of awards with market criteria, which include the RTSR Performance Percentage (as defined above) and the ATSR Appreciation (as defined above), a Monte Carlo simulation prepared by an independent third party is utilized to determine the grant-date fair value and is re-measured on the last day of each reporting period until settlement, with the associated expense adjusted, in accordance with GAAP. For portions of awards with performance criteria, which is the ROACE Percentage (as defined above), the grant-date fair value is equal to the Company's closing stock price on the grant date, and subsequently the fair value is equal to the Company's closing stock price on the last day of each reporting period until settlement, with the associated expense adjusted, in accordance with GAAP. Additionally, the associated expense related to awards with performance criteria fluctuates and is adjusted based on an estimated probability of payout that will be awarded for the three -year performance period as of the last day of each reporting period until settlement. The performance unit award compensation expense is recognized on a straight-line basis over the three -year requisite service period of the awards. These awards are accounted for as liability awards as the current election by the Company's board of directors is to settle the awards in cash, and if earned, are expected to be paid in the first quarter following the completion of the requisite service period, based on the achievement of certain market and performance criteria. The following table reflects the performance unit award activity for the three months ended March 31, 2019 : (in thousands) Performance unit awards Outstanding as of December 31, 2018 — Granted (1) 2,813 Outstanding as of March 31, 2019 2,813 ______________________________________________________________________________ (1) The amount potentially payable in cash at the end of the requisite service period for the performance unit awards granted on February 28, 2019 will be determined based on three criteria: (i) RTSR Performance Percentage, (ii) ATSR Appreciation and (iii) ROACE Percentage. The RTSR Performance Percentage, ATSR Appreciation and ROACE Percentage will be used to identify the "RTSR Factor," the "ATSR Factor" and the "ROACE Factor," respectively, which are used to compute the "Performance Multiple" and ultimately to determine the final value of each performance unit granted at the maturity date. In computing the Performance Multiple, the RTSR Factor is given a 25% weight, the ATSR Factor a 25% weight and the ROACE Factor a 50% weight. These awards have a performance period of January 1, 2019 to December 31, 2021. As of March 31, 2019 , unrecognized performance unit award compensation related to the performance unit awards expected to vest was $8.2 million . Such cost is expected to be recognized over a weighted-average period of 2.92 years. The assumptions used to estimate the fair value of the performance unit awards as of the date presented are as follows: March 31, 2019 (1) (.25) RTSR Factor + (.25) ATSR Factor fair value assumptions: Remaining performance period 2.76 years Risk-free interest rate (2) 2.20 % Dividend yield — % Expected volatility (3) 55.13 % Closing stock price on March 29, 2019 $ 3.09 Fair value per performance unit award (market criteria) $ 3.18 (.50) ROACE Factor fair value assumption: Closing stock price on March 29, 2019 $ 3.09 Fair value per performance unit award (performance criteria) $ 3.09 Combined fair value per performance unit award $ 3.14 ______________________________________________________________________________ (1) The $3.14 per unit fair value consists of a (i) $3.18 per unit fair value, determined utilizing a Monte Carlo simulation on March 31, 2019 , for the combined (.25) RTSR Factor and (.25) ATSR Factor and (ii) $3.09 per unit fair value for the (.50) ROACE Factor determined based on the closing price of the Company's common stock on the New York Stock Exchange on March 29, 2019 and based on a 100% estimated probability of payout to be awarded for the three-year performance period as of March 31, 2019 . (2) The risk-free interest rate was derived using a term-matched zero-coupon yield derived from the U.S. Treasury constant maturities yield curve on March 29, 2019. (3) The Company utilized its own historical volatility in order to develop the expected volatility. Performance unit award compensation expense The following has been recorded to performance unit award compensation expense for the periods presented: Three months ended March 31, (in thousands) 2019 2018 Performance unit award compensation, gross $ 238 $ — Less amounts capitalized in evaluated oil and natural gas properties (46 ) — Total performance unit award compensation, net $ 192 $ —

Derivatives

Derivatives	3 Months Ended
	Mar. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	Derivatives Due to the inherent volatility in oil, NGL and natural gas prices, commodity transportation costs and differences in the prices of oil, NGL and natural gas between where the Company produces and where the Company sells such commodities, the Company engages in derivative transactions, such as puts, swaps, collars and basis swaps to hedge price risk associated with a portion of the Company's anticipated production. By removing a 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. See Notes 2.f and 9 in the 2018 Annual Report for discussion of the Company's accounting policies for derivatives and information on the transaction types and settlement indexes, respectively. The following table summarizes open derivative positions as of March 31, 2019, for derivatives that were entered into through March 31, 2019, for the settlement periods presented: Remaining year 2019 Year 2020 Year 2021 Oil: Puts: Volume (Bbl) 6,050,000 366,000 — Weighted-average floor price ($/Bbl) $ 47.45 $ 45.00 $ — Volume with deferred premium (Bbl) 3,575,000 — — Weighted-average deferred premium price ($/Bbl) $ 3.21 $ — $ — Swaps: Volume (Bbl) 495,000 695,400 — Weighted-average price ($/Bbl) $ 53.45 $ 52.18 $ — Collars: Volume (Bbl) — 1,134,600 912,500 Weighted-average floor price ($/Bbl) $ — $ 45.00 $ 45.00 Weighted-average ceiling price ($/Bbl) $ — $ 76.13 $ 71.00 Totals: Total volume with floor price (Bbl) 6,545,000 2,196,000 912,500 Weighted-average floor price ($/Bbl) $ 47.91 $ 47.27 $ 45.00 Total volume with ceiling price (Bbl) 495,000 1,830,000 912,500 Weighted-average ceiling price ($/Bbl) $ 53.45 $ 67.03 $ 71.00 Basis Swaps: WTI Midland to WTI NYMEX: Volume (Bbl) 1,840,000 — — Weighted-average price ($/Bbl) $ (2.89 ) $ — $ — WTI Midland to WTI formula basis: Volume (Bbl) 552,000 — — Weighted-average price ($/Bbl) $ (4.37 ) $ — $ — WTI Houston to WTI Midland: Volume (Bbl) 910,000 — — Weighted-average price ($/Bbl) $ 7.30 $ — $ — NGL: Swaps - Purity Ethane: Volume (Bbl) 1,787,500 366,000 912,500 Weighted-average price ($/Bbl) $ 14.22 $ 13.60 $ 12.01 Swaps - Non-TET Propane: Volume (Bbl) 1,430,000 1,244,400 730,000 Weighted-average price ($/Bbl) $ 27.97 $ 26.58 $ 25.52 Swaps - Non-TET Normal Butane: Volume (Bbl) 550,000 439,200 255,500 Weighted-average price ($/Bbl) $ 30.73 $ 28.69 $ 27.72 Swaps - Non-TET Isobutane: Volume (Bbl) 137,500 109,800 67,525 Weighted-average price ($/Bbl) $ 31.08 $ 29.99 $ 28.79 Swaps - Non-TET Natural Gasoline: Volume (Bbl) 467,500 402,600 237,250 Weighted-average price ($/Bbl) $ 45.80 $ 45.15 $ 44.31 TABLE CONTINUES ON NEXT PAGE Remaining year 2019 Year 2020 Year 2021 Total NGL volume (Bbl) 4,372,500 2,562,000 2,202,775 Natural gas: Henry Hub NYMEX Swaps: Volume (MMBtu) 29,425,000 23,790,000 14,052,500 Weighted-average price ($/MMBtu) $ 3.09 $ 2.72 $ 2.63 Basis Swaps: Volume (MMBtu) 29,425,000 32,574,000 23,360,000 Weighted-average price ($/MMBtu) $ (1.51 ) $ (0.76 ) $ (0.47 ) See Note 8.a for the fair value measurement of derivatives. See Note 17.c for the Company's subsequent hedge restructuring and corresponding summary of open derivative positions as of March 31, 2019 for derivative terminations and trade activity through May 1, 2019

Fair value measurements

Fair value measurements	3 Months Ended
	Mar. 31, 2019
Fair Value Disclosures [Abstract]
Fair value measurements	Fair value measurements See Note 10 in the 2018 Annual Report for discussion of the Company's accounting policies for fair value measurements. a. Fair value measurement on a recurring basis The following tables summarize the Company's derivatives' fair value hierarchy by commodity and current and noncurrent assets and liabilities on a gross basis and the net presentation included in "Derivatives" on the unaudited consolidated balance sheets as of the dates 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, 2019: Assets: Current: Oil derivatives $ — $ 4,911 $ — $ 4,911 $ (5,242 ) $ (331 ) NGL derivatives — 7,541 — 7,541 (6,210 ) 1,331 Natural gas derivatives — 19,694 — 19,694 (5,943 ) 13,751 Oil derivative deferred premiums — — — — (7,141 ) (7,141 ) Noncurrent: Oil derivatives $ — $ 2,432 $ — $ 2,432 $ (646 ) $ 1,786 NGL derivatives — 2,518 — 2,518 (1,506 ) 1,012 Natural gas derivatives — 3,446 — 3,446 (274 ) 3,172 Oil derivative deferred premiums — — — — — — Liabilities: Current: Oil derivatives $ — $ (11,996 ) $ — $ (11,996 ) $ 5,242 $ (6,754 ) NGL derivatives — (5,871 ) — (5,871 ) 6,210 339 Natural gas derivatives — (5,082 ) — (5,082 ) 5,943 861 Oil derivative deferred premiums — — (12,644 ) (12,644 ) 7,141 (5,503 ) Noncurrent: Oil derivatives $ — $ (2,991 ) $ — $ (2,991 ) $ 646 $ (2,345 ) NGL derivatives — (3,916 ) — (3,916 ) 1,506 (2,410 ) Natural gas derivatives — 918 — 918 274 1,192 Oil derivative deferred premiums — — — — — — Net derivative asset (liability) positions $ — $ 11,604 $ (12,644 ) $ (1,040 ) $ — $ (1,040 ) (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, 2018: Assets: Current: Oil derivatives $ — $ 44,425 $ — $ 44,425 $ (7,907 ) $ 36,518 NGL derivatives — 1,974 — 1,974 — 1,974 Natural gas derivatives — 18,991 — 18,991 (3,267 ) 15,724 Oil derivative deferred premiums — — — — (14,381 ) (14,381 ) Noncurrent: Oil derivatives $ — $ 10,626 $ — $ 10,626 $ — $ 10,626 NGL derivatives — 1,024 — 1,024 — 1,024 Natural gas derivatives — 108 — 108 (728 ) (620 ) Oil derivative deferred premiums — — — — — — Liabilities: Current: Oil derivatives $ — $ (9,059 ) $ — $ (9,059 ) $ 7,907 $ (1,152 ) NGL derivatives — — — — — — Natural gas derivatives — (7,290 ) — (7,290 ) 3,267 (4,023 ) Oil derivative deferred premiums — — (16,565 ) (16,565 ) 14,381 (2,184 ) Noncurrent: Oil derivatives $ — $ — $ — $ — $ — $ — NGL derivatives — — — — — — Natural gas derivatives — (728 ) — (728 ) 728 — Oil derivative deferred premiums — — — — — — Net derivative asset (liability) positions $ — $ 60,071 $ (16,565 ) $ 43,506 $ — $ 43,506 Significant Level 2 inputs associated with the calculation of discounted cash flows used in the fair value mark-to-market analysis of derivatives include each derivative contract's corresponding commodity index price(s), appropriate risk-adjusted discount rates and forward price curve models for substantially similar instruments generated from a compilation of data gathered from third parties. 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 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. The deferred premiums are included in "Derivatives" on the unaudited consolidated balance sheets, and as of March 31, 2019 , their input rates range from 2.31% to 3.32% with a net fair value weighted-average rate of 2.74% . The following table presents payments required for derivative deferred premiums as of March 31, 2019 for the periods presented: (in thousands) March 31, 2019 Remaining 2019 $ 11,486 2020 1,295 Total $ 12,781 A summary of the changes in net assets and liabilities classified as Level 3 measurements for the periods presented are as follows: Three months ended March 31, (in thousands) 2019 2018 Balance of Level 3 at beginning of period $ (16,565 ) $ (28,683 ) Change in net present value of derivative deferred premiums (1) (95 ) (211 ) Total purchases and settlements of derivative deferred premiums: Purchases — (5,422 ) Settlements 4,016 4,024 Balance of Level 3 at end of period $ (12,644 ) $ (30,292 ) ____________________________________________________________________________ (1) These amounts are included in "Interest expense" in the unaudited consolidated statements of operations. See Note 2.f in the 2018 Items not accounted for at fair value The carrying amounts reported in the unaudited consolidated balance sheets for cash and cash equivalents, accounts receivable, accounts payable, accrued capital expenditures, undistributed revenue and royalties and other accrued assets and liabilities approximate their fair values. 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, 2019 December 31, 2018 (in thousands) Long-term Fair value (1) Long-term Fair value (1) January 2022 Notes $ 450,000 $ 412,313 $ 450,000 $ 402,885 March 2023 Notes 350,000 312,375 350,000 316,624 Senior Secured Credit Facility 270,000 270,112 190,000 190,054 Total $ 1,070,000 $ 994,800 $ 990,000 $ 909,563 ______________________________________________________________________________ (1) The fair values of the debt outstanding on the January 2022 Notes and the March 2023 Notes were determined using the March 31, 2019 and December 31, 2018 Level 1 fair value hierarchy quoted market price for each respective instrument. The fair value of the outstanding debt on the Senior Secured Credit Facility as of March 31, 2019 and December 31, 2018 was estimated utilizing the Level 2 fair value hierarchy pricing model for similar instruments. See Note 10 in the 2018

Net income (loss) per common sh

Net income (loss) per common share	3 Months Ended
	Mar. 31, 2019
Earnings Per Share [Abstract]
Net income 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 common shares outstanding for the period. Diluted net income (loss) per common share reflects the potential dilution of non-vested restricted stock awards, outstanding stock option awards and non-vested performance share awards. See Note 6.c for additional discussion of these awards. For the three months ended March 31, 2019, 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 income (loss) per common share. For the three months ended March 31, 2018, the dilutive effects of these awards were calculated utilizing the treasury stock method. For additional discussion of these dilutive effects, see Note 10 in the first-quarter 2018 Quarterly Report. The following table reflects 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) 2019 2018 Net income (loss) (numerator): Net income (loss)—basic and diluted $ (9,491 ) $ 86,520 Weighted-average common shares outstanding (denominator): Basic (1) 230,476 238,228 Dilutive non-vested restricted stock awards — 1,064 Dilutive outstanding stock option awards — 27 Diluted 230,476 239,319 Net income (loss) per common share: Basic $ (0.04 ) $ 0.36 Diluted $ (0.04 ) $ 0.36 _____________________________________________________________________________ (1) Weighted-average common shares outstanding used in the computation of basic and diluted net income (loss) per common share was computed taking into account share repurchases that occurred during the three months ended March 31, 2018. See Note 6.a

Commitments and contingencies

Commitments and contingencies	3 Months Ended
	Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	Commitments and contingencies a. Litigation From time to time, the Company is subject to various legal proceedings arising in the ordinary course of business, including proceedings for which the Company may not have insurance coverage. While many of these matters involve inherent uncertainty, as of the date hereof, the Company does not currently believe that any such legal proceedings will have a material adverse effect on the Company's business, financial position, results of operations or liquidity. See Note 17.b for discussion of a favorable settlement received by the Company, which occurred subsequent to March 31, 2019 , in connection with the Company's damage claims asserted in a previously disclosed litigation matter relating to a breach and wrongful termination of a crude oil purchase agreement. b. Drilling contracts The Company has committed to several drilling rig contracts with third parties to facilitate the Company's drilling plans. Certain of these contracts are for terms of multiple months and 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, 2019 or 2018 . As the Company's current drilling rig contracts are considered leases under the scope of ASC 842, the present value of the future commitment as of March 31, 2019 related to drilling contracts with an initial term greater than 12 months is included in "Operating lease liabilities" under "Current liabilities" on the unaudited consolidated balance sheet as of March 31, 2019. The future commitment of $2.2 million as of March 31, 2019 related to drilling contracts with a term less than 12 months is not recorded in the unaudited consolidated balance sheets. See Note 3.a for further discussion of the impact of the ASC 842 adoption. Management does not currently anticipate the early termination of these contracts in 2019. 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 firm transportation payments on excess pipeline capacity and other contractual penalties. 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. The Company incurred firm transportation payments on excess pipeline capacity and other contractual penalties of $0.5 million and $0.1 million during the three months ended March 31, 2019 and 2018 , respectively. These firm transportation payments on excess pipeline capacity and other contractual penalties are netted with the respective revenue stream in the unaudited consolidated statements of operations. Future commitments of $358.5 million as of March 31, 2019 are not recorded in the unaudited consolidated balance sheets. d. Sand purchase and supply agreement During the second quarter of 2018, the Company entered into a sand purchase and supply agreement, for a term of one year , whereby it has committed to buy a certain volume of in-basin sand, utilized in the Company's completion activities, for a fixed price. As of March 31, 2019 , under the terms of this agreement, the Company is required to purchase a certain percentage of the volume commitment or it would incur a shortfall payment of $1.1 million at the end of the contract period. e. 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. f. 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, 2019 or December 31, 2018

Supplemental cash flow and non-

Supplemental cash flow and non-cash information	3 Months Ended
	Mar. 31, 2019
Supplemental Cash Flow Elements [Abstract]
Supplemental cash flow and non-cash information	Supplemental cash flow and non-cash information The following table presents supplemental cash flow and non-cash information: Three months ended March 31, (in thousands) 2019 2018 Supplemental cash flow information: Capitalized interest $ 242 $ 255 Supplemental non-cash investing information: Increase (decrease) in accrued capital expenditures $ 6,443 $ (43,336 ) Capitalized stock-based compensation in evaluated oil and natural gas properties $ 1,899 $ 2,102 Capitalized asset retirement costs $ 271 $ 130 Supplemental non-cash financing information: Increase in accrued stock repurchases $ — $ 4,761 The following table presents supplemental cash flow and non-cash information related to leases: (in thousands) Three months ended March 31, 2019 Supplemental cash paid for amounts included in the measurement of lease liabilities information: Operating cash flows for operating leases $ 3,564 Supplemental non-cash adjustments information: Right-of-use assets obtained in exchange for operating lease liabilities $ 22,090 See Note 3

Asset retirement obligations

Asset retirement obligations	3 Months Ended
	Mar. 31, 2019
Asset Retirement Obligation Disclosure [Abstract]
Asset retirement obligations	Asset retirement obligations See Note 2.k in the 2018 Annual Report for discussion of the Company's accounting policies for asset retirement obligations. The following table reconciles the Company's asset retirement obligation liability associated with tangible long-lived assets for the periods presented: Three months ended March 31, (in thousands) 2019 2018 Liability at beginning of period $ 56,882 $ 55,506 Liabilities added due to acquisitions, drilling, midstream service asset construction and other 271 130 Accretion expense 1,052 1,106 Liabilities settled due to plugging and abandonment or removed due to sale (447 ) (440 ) Liability at end of period $ 57,758 $ 56,302

Revenue recognition

Revenue recognition	3 Months Ended
	Mar. 31, 2019
Revenue from Contract with Customer [Abstract]
Revenue recognition	Revenue recognition a. Impact of ASC 606 adoption on the Medallion Sale Medallion Gathering & Processing, LLC, a Texas limited liability company formed on October 12, 2012, which, together with its wholly-owned subsidiaries (collectively, "Medallion"), was established for the purpose of developing midstream solutions and providing midstream infrastructure to bring oil to market in the Midland Basin. Prior to the Medallion Sale (defined below), LMS held 49% of Medallion's ownership units. On October 30, 2017, LMS, together with Medallion Midstream Holdings, LLC, which is owned and controlled by an affiliate of the third-party interest-holder, The Energy & Minerals Group, completed the sale of 100% of the ownership interests in Medallion to an affiliate of Global Infrastructure Partners ("GIP"), for cash consideration of $1.825 billion (the "Medallion Sale"). LMS' total net cash proceeds before taxes for its 49% ownership interest in Medallion were $831.3 million . LMS has a Transportation Services Agreement (the "TA") with a wholly-owned subsidiary of Medallion under which LMS receives firm transportation of the Company's crude oil production from Reagan County and Glasscock County in Texas to Colorado City, Texas that continues to be in effect after the Medallion Sale. Historically, the Company's crude oil purchasers have fulfilled the commitment by transporting crude oil, purchased from the Company, under the TA, as agent. As a result of the Company's continuing involvement with Medallion by guaranteeing cash flows under the TA, the Company recorded a deferred gain in the amount of its maximum exposure to loss related to such guarantees that would have been amortized over the TA's firm commitment transportation term through 2024 had the Company not adopted new revenue recognition guidance on January 1, 2018. At December 31, 2017, the Medallion Sale was accounted for under the real estate guidance in ASC 360-20, Property, Plant, and Equipment ("ASC 360-20"), and the Company's maximum exposure to loss associated with future commitments under the TA was $141.1 million that was not recorded in the Company's unaudited consolidated balance sheets. Under ASC 360-20, as a result of the Company's continuing involvement with Medallion by guaranteeing cash flows under the TA, the Company recorded a deferred gain in the amount of its maximum exposure to loss related to such guarantees. This deferred gain would have been amortized over the TA's firm commitment transportation term through 2024 had the Company not adopted ASC 606 on January 1, 2018. In adopting ASC 606, the guidance in ASC 360-20 was superseded by ASC 860, Transfers and Servicing ("ASC 860"). The Medallion Sale is within the scope of ASC 860 and qualifies for sale accounting and recognition of the previously deferred gain because as of the date of the Medallion Sale (i) the Company transferred and legally isolated its full interests in Medallion to Global Infrastructure Partners ("GIP"), (ii) GIP received the right to pledge or exchange Medallion ownership interests at its full discretion and (iii) the Company did not have effective control over Medallion. Therefore, the deferred gain of $141.1 million was recognized as an adjustment to the 2018 beginning balance of accumulated deficit, presented on the unaudited consolidated statements of stockholders' equity, in accordance with the modified retrospective approach of adoption. See Notes 4.c and 5.a in the 2018 Annual Report for further discussion of the Medallion Sale, the TA and the adoption of ASC 606. b. Revenue recognition Oil, NGL and natural gas revenues are generally recognized at the point in time that control of the product is transferred to the customer. Midstream service revenues are generated through fees for 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

Income taxes

Income taxes	3 Months Ended
	Mar. 31, 2019
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 carryforwards totaling $1.9 billion and state of Oklahoma net operating loss carryforwards totaling $36.0 million as of March 31, 2019 , which begin expiring in 2026 and 2032, respectively. Due to the enactment of Public Law No. 115-97, a comprehensive tax reform bill commonly referred to as the Tax Cuts and Jobs Act (the "Tax Act"), $157.2 million of the federal net operating loss carryforward will not expire but may be limited in future periods. As of March 31, 2019 , the Company believes it is more likely than not that a portion of the net operating loss carryforwards are not fully realizable. The Company continues to consider new evidence, both positive and negative, in determining whether, based on the weight of that evidence, a valuation allowance is needed. Such consideration includes 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, 2019 , the Company's ability to capitalize intangible drilling costs, rather than expensing these costs in order to prevent an operating loss carryforward from expiring unused and future projections of Oklahoma sourced income. As of March 31, 2019 , a total valuation allowance of $239.0 million has been recorded against the net deferred tax asset, resulting in a net Texas deferred tax liability of $5.0 million , which is included in "Other noncurrent liabilities" on the unaudited consolidated balance sheets. The Company paid Alternative Minimum Tax ("AMT") related to the Medallion Sale in 2017. The payment of AMT creates an AMT credit carryforward. Due to changes in the Tax Act, AMT credit carryforwards do not expire and are now refundable over a five-year period. Therefore, as of March 31, 2019 , a receivable has been recorded in the amount of $4.1 million , of which $2.1 million is included in "Accounts receivable, net" and $2.0 million

Related party

Related party	3 Months Ended
	Mar. 31, 2019
Related Party Transactions [Abstract]
Related party	Related party The Company has a drilling contract with Helmerich & Payne, Inc. ("H&P"). Laredo's Chairman and Chief Executive Officer is on the board of directors of H&P. The drilling contract with H&P is considered a lease under the scope of ASC 842 and, as the initial term is greater than 12 months, it is capitalized as an operating lease and is included in "Operating lease right-of-use-assets." The present value of the future commitment is included in "Operating lease liabilities" under "Current liabilities" on the unaudited consolidated balance sheet as of March 31, 2019. The following table presents the operating lease liability related to H&P included in the unaudited consolidated balance sheet: (in thousands) March 31, 2019 Operating lease liabilities $ 7,900 The following table presents the capital expenditures for oil and natural gas properties paid to H&P included in the unaudited consolidated statements of cash flows: Three months ended March 31, (in thousands) 2019 2018 Capital expenditures for oil and natural gas properties $ 2,982 $ —

Subsidiary guarantors

Subsidiary guarantors	3 Months Ended
	Mar. 31, 2019
Condensed Financial Information Disclosure [Abstract]
Subsidiary guarantors	Subsidiary guarantors The Guarantors have fully and unconditionally guaranteed the January 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 (i) balance sheets as of March 31, 2019 and December 31, 2018 , (ii) statements of operations for the three months ended March 31, 2019 and 2018 and (iii) statements of cash flows for the three months ended March 31, 2019 and 2018 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 and the consolidation and elimination entries necessary to arrive at the information for the Company on a condensed consolidated basis. 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. Condensed consolidating balance sheet March 31, 2019 (in thousands) Laredo Subsidiary Intercompany Consolidated Accounts receivable, net $ 94,635 $ 12,885 $ — $ 107,520 Other current assets 63,836 1,374 — 65,210 Oil and natural gas properties, net 2,145,399 9,076 (24,049 ) 2,130,426 Midstream service assets, net — 131,118 — 131,118 Other fixed assets, net 39,061 37 — 39,098 Investment in subsidiaries 135,199 — (135,199 ) — Other noncurrent assets, net 37,245 4,172 — 41,417 Total assets $ 2,515,375 $ 158,662 $ (159,248 ) $ 2,514,789 Accounts payable and accrued liabilities $ 57,291 $ 19,353 $ — $ 76,644 Other current liabilities 125,377 1,601 — 126,978 Long-term debt, net 1,064,081 — — 1,064,081 Other noncurrent liabilities 73,145 2,509 — 75,654 Total stockholders' equity 1,195,481 135,199 (159,248 ) 1,171,432 Total liabilities and stockholders' equity $ 2,515,375 $ 158,662 $ (159,248 ) $ 2,514,789 Condensed consolidating balance sheet December 31, 2018 (in thousands) Laredo Subsidiary Intercompany Consolidated Accounts receivable, net $ 83,424 $ 10,897 $ — $ 94,321 Other current assets 97,045 1,386 — 98,431 Oil and natural gas properties, net 2,043,009 9,113 (22,551 ) 2,029,571 Midstream service assets, net — 130,245 — 130,245 Other fixed assets, net 39,751 68 — 39,819 Investment in subsidiaries 128,380 — (128,380 ) — Other noncurrent assets, net 23,783 4,135 — 27,918 Total assets $ 2,415,392 $ 155,844 $ (150,931 ) $ 2,420,305 Accounts payable and accrued liabilities $ 54,167 $ 15,337 $ — $ 69,504 Other current liabilities 121,297 9,664 — 130,961 Long-term debt, net 983,636 — — 983,636 Other noncurrent liabilities 59,511 2,463 — 61,974 Total stockholders' equity 1,196,781 128,380 (150,931 ) 1,174,230 Total liabilities and stockholders' equity $ 2,415,392 $ 155,844 $ (150,931 ) $ 2,420,305 Condensed consolidating statement of operations For the three months ended March 31, 2019 (in thousands) Laredo Subsidiary Intercompany Consolidated Total revenues $ 173,521 $ 54,332 $ (18,906 ) $ 208,947 Total costs and expenses 119,735 52,223 (17,408 ) 154,550 Operating income 53,786 2,109 (1,498 ) 54,397 Interest expense (15,547 ) — — (15,547 ) Other non-operating income (expense), net (46,328 ) 93 (2,202 ) (48,437 ) Income (loss) before income taxes (8,089 ) 2,202 (3,700 ) (9,587 ) Total income tax benefit 96 — — 96 Net income (loss) $ (7,993 ) $ 2,202 $ (3,700 ) $ (9,491 ) Condensed consolidating statement of operations For the three months ended March 31, 2018 (in thousands) Laredo Subsidiary Intercompany Consolidated Total revenues $ 197,825 $ 76,300 $ (14,429 ) $ 259,696 Total costs and expenses 105,688 74,564 (13,748 ) 166,504 Operating income 92,137 1,736 (681 ) 93,192 Interest expense (13,518 ) — — (13,518 ) Other non-operating income (expense), net 8,582 (256 ) (1,480 ) 6,846 Income before income taxes 87,201 1,480 (2,161 ) 86,520 Total income tax — — — — Net income $ 87,201 $ 1,480 $ (2,161 ) $ 86,520 Condensed consolidating statement of cash flows For the three months ended March 31, 2019 (in thousands) Laredo Subsidiary Intercompany Consolidated Net cash provided by (used in) operating activities $ 82,020 $ (2,360 ) $ (2,202 ) $ 77,458 Capital expenditures and other, net (160,015 ) 2,360 2,202 (155,453 ) Net cash provided by financing activities 77,388 — — 77,388 Net decrease in cash and cash equivalents (607 ) — — (607 ) Cash and cash equivalents, beginning of period 45,150 1 — 45,151 Cash and cash equivalents, end of period $ 44,543 $ 1 $ — $ 44,544 Condensed consolidating statement of cash flows For the three months ended March 31, 2018 (in thousands) Laredo Subsidiary Intercompany Consolidated Net cash provided by operating activities $ 140,247 $ 7,704 $ (1,480 ) $ 146,471 Capital expenditures and other, net (193,450 ) (7,704 ) 1,480 (199,674 ) Net cash used in financing activities (3,067 ) — — (3,067 ) Net decrease in cash and cash equivalents (56,270 ) — — (56,270 ) Cash and cash equivalents, beginning of period 112,158 1 — 112,159 Cash and cash equivalents, end of period $ 55,888 $ 1 $ — $ 55,889

Subsequent events

Subsequent events	3 Months Ended
	Mar. 31, 2019
Subsequent Events [Abstract]
Subsequent events	Subsequent events a. Senior Secured Credit Facility On April 30, 2019, pursuant to the regular semi-annual redetermination, the lenders decreased the borrowing base and aggregate elected commitment under the Senior Secured Credit Facility to $1.1 billion each. b. Litigation settlement On April 12, 2019, the Company finalized and received a favorable settlement of $42.5 million in connection with its damage claims asserted in a previously disclosed litigation matter relating to a breach and wrongful termination of a crude oil purchase agreement. The Company does not anticipate the receipt of further payments in connection with this matter as this settlement constituted a full and final satisfaction of the Company's claims. Given that this amount is considered a gain contingency, it was not recorded as income during the period ending March 31, 2019, or in any prior period. The Company intends to recognize this settlement amount as other non-operating income in its unaudited consolidated statement of operations for the quarter ending June 30, 2019. c. Derivatives Subsequent to March 31, 2019 , the Company completed a hedge restructuring by early terminating puts and collars and entered into new swaps. The Company paid a net termination amount of $5.4 million , that included both the full settlement of the deferred premiums associated with the early-terminated puts, partially offset by the value at the time of termination of the early-terminated puts and collars. The present value of these deferred premium liabilities, classified under Level 3 of the fair value hierarchy, upon their early termination was $7.2 million . See Note 10 in the 2018 Annual Report for information about the fair value hierarchy levels. The following table details the derivatives that were terminated: Aggregate volumes (Bbl) Weighted-average floor price ($/Bbl) Weighted-average ceiling price ($/Bbl) Contract period Oil puts 5,087,500 $ 46.03 $ — April 2019 - December 2019 Oil collars 1,134,600 $ 45.00 $ 76.13 January 2020 - December 2020 The following table summarizes open derivative positions as of March 31, 2019, for derivative terminations and trade activity through May 1, 2019, for the settlement periods presented: Remaining year 2019 Year 2020 Year 2021 Oil: Puts: Volume (Bbl) 962,500 366,000 — Weighted-average floor price ($/Bbl) $ 55.00 $ 45.00 $ — Volume with deferred premium (Bbl) 962,500 — — Weighted-average deferred premium price ($/Bbl) $ 4.39 $ — $ — Swaps: Volume (Bbl) 5,912,500 7,173,600 — Weighted-average price ($/Bbl) $ 61.31 $ 59.50 $ — Collars: Volume (Bbl) — — 912,500 Weighted-average floor price ($/Bbl) $ — $ — $ 45.00 Weighted-average ceiling price ($/Bbl) $ — $ — $ 71.00 Totals: Total volume with floor price (Bbl) 6,875,000 7,539,600 912,500 Weighted-average floor price ($/Bbl) $ 60.42 $ 58.79 $ 45.00 Total volume with ceiling price (Bbl) 5,912,500 7,173,600 912,500 Weighted-average ceiling price ($/Bbl) $ 61.31 $ 59.50 $ 71.00 TABLE CONTINUES ON NEXT PAGE Remaining year 2019 Year 2020 Year 2021 Basis Swaps: WTI Midland to WTI NYMEX: Volume (Bbl) 1,840,000 — — Weighted-average price ($/Bbl) $ (2.89 ) $ — $ — WTI Midland to WTI formula basis: Volume (Bbl) 552,000 — — Weighted-average price ($/Bbl) $ (4.37 ) $ — $ — WTI Houston to WTI Midland: Volume (Bbl) 910,000 — — Weighted-average price ($/Bbl) $ 7.30 $ — $ — NGL: Swaps - Purity Ethane: Volume (Bbl) 1,787,500 366,000 912,500 Weighted-average price ($/Bbl) $ 14.22 $ 13.60 $ 12.01 Swaps - Non-TET Propane: Volume (Bbl) 1,430,000 1,244,400 730,000 Weighted-average price ($/Bbl) $ 27.97 $ 26.58 $ 25.52 Swaps - Non-TET Normal Butane: Volume (Bbl) 550,000 439,200 255,500 Weighted-average price ($/Bbl) $ 30.73 $ 28.69 $ 27.72 Swaps - Non-TET Isobutane: Volume (Bbl) 137,500 109,800 67,525 Weighted-average price ($/Bbl) $ 31.08 $ 29.99 $ 28.79 Swaps - Non-TET Natural Gasoline: Volume (Bbl) 467,500 402,600 237,250 Weighted-average price ($/Bbl) $ 45.80 $ 45.15 $ 44.31 Total NGL volume (Bbl) 4,372,500 2,562,000 2,202,775 Natural gas: Henry Hub NYMEX Swaps: Volume (MMBtu) 29,425,000 23,790,000 14,052,500 Weighted-average price ($/MMBtu) $ 3.09 $ 2.72 $ 2.63 Basis Swaps: Volume (MMBtu) 29,425,000 32,574,000 23,360,000 Weighted-average price ($/MMBtu) $ (1.51 ) $ (0.76 ) $ (0.47 ) d. Workforce reduction On April 2, 2019, the Company announced the retirement of two of its Senior Officers. Additionally, on April 8, 2019 (the "Effective Date"), the Company committed to a company-wide reorganization effort (the "Plan") that includes a workforce reduction of approximately 20% , which included an Executive Officer. The reduction in workforce was communicated to employees on the Effective Date and implemented immediately, subject to certain administrative procedures. The Company's board of directors approved the Plan in response to recent market conditions and to reduce costs and better position the Company for the future. In connection with the retirements on April 2, 2019 and with the Plan, the Company estimates that it will incur an aggregate of approximately $12.0 million

Organization and basis of pre_2

Organization and basis of presentation (Policies)	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Basis of presentation	b. Basis of presentation The 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 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 unaudited 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, 2018 is derived from audited consolidated financial statements. In the opinion of management, the unaudited consolidated financial statements reflect all necessary adjustments to present fairly the Company's financial position as of March 31, 2019 and results of operations and cash flows for each of the three months ended March 31, 2019 and 2018 . Certain disclosures have been condensed or omitted from the unaudited consolidated financial statements. Accordingly, the unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the 2018 Annual Report. Significant accounting policies See Note 2 in the 2018 Annual Report for discussion of significant accounting policies and Note 3
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 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. For further information regarding the use of estimates and assumptions, see Note 2.b in the 2018 Annual Report, Note 3 pertaining to the Company's leases and Note 6.c
Recently issued or adopted accounting pronouncements	Note 2—Recently issued or adopted accounting pronouncements The Company considers the applicability and impact of all accounting standard updates ("ASU") issued by the FASB. The discussion of the ASU listed below was determined to be meaningful to the Company's unaudited consolidated financial statements and footnotes during the three months ended March 31, 2019 . a. Leases On January 1, 2019, the Company adopted ASC 842 using the modified retrospective approach and applying the optional transition method as of the beginning of the period of adoption. Results for the period beginning after January 1, 2019 are presented under ASC 842, while prior periods are not adjusted and continue to be reported under ASC 840. The Company utilized the transition package of expedients to leases that commenced before the effective date. ASC 842 supersedes previous lease guidance in ASC 840, Leases ("ASC 840"). The core principle of the new guidance is that a lessee should recognize in the statement of financial position a liability to make lease payments and a right-of-use asset representing its right to use the underlying asset for the lease term related to its leases. 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. See Note 3
Full cost	The Company excludes the costs directly associated with the 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 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 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.
Treasury stock	Treasury stock is recorded at cost, which includes incremental direct transaction costs, and is retired upon acquisition as a result (i) from share repurchases under the share repurchase program, (ii) from the withholding of shares of stock to satisfy tax withholding obligations that arise upon the lapse of restrictions on restricted stock awards and the exercise of stock options at the awardee's election and (iii) share repurchases to cover the cost of the exercise of stock options at the awardee's election.
Stock-based compensation	The Laredo Petroleum, Inc. Omnibus Equity Incentive Plan (the "Equity Incentive Plan") 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 Equity Incentive Plan provides for the issuance of up to 24,350,000 shares of Laredo's common stock. On March 20, 2019, the Company's compensation committee recommended, and the Company's board of directors adopted, subject to stockholder approval, an amendment (the "Second Amendment") to the Equity Incentive Plan to, among other things, increase the number of shares of common stock available for issuance under the Equity Incentive Plan by 5,500,000 shares, which would bring the total available shares to issue to 29,850,000 . The Company is seeking stockholder approval of the Second Amendment at its 2019 Annual Meeting of Stockholders on May 16, 2019.
Net income 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 common shares outstanding for the period. Diluted net income (loss) per common share reflects the potential dilution of non-vested restricted stock awards, outstanding stock option awards and non-vested performance share awards. See Note 6.c
Revenue recognition	Oil, NGL and natural gas revenues are generally recognized at the point in time that control of the product is transferred to the customer. Midstream service revenues are generated through fees for 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

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Lease costs, terms and discount rates	Lease terms and discount rates The table below presents certain information related to the weighted-average remaining lease term and weighted-average discount rate for the Company's operating leases as of the date presented: March 31, 2019 Operating leases: Weighted-average remaining lease term 4.00 years Weighted-average discount rate 8.28 % The table below presents certain information related to the lease costs for the Company's operating leases for the period presented: (in thousands) Three months ended March 31, 2019 Components of total lease cost: Operating lease cost $ 3,528 Short-term lease cost 46,326 Variable lease cost 518 Sublease income (247 ) Total lease cost $ 50,125
Maturities of operating lease liabilities	Maturities of operating lease liabilities The table below reconciles the undiscounted cash flows for each of the first five years and the total remaining years to the operating lease liabilities recorded on the unaudited consolidated balance sheet as of the date presented: (in thousands) March 31, 2019 Operating leases: Remaining 2019 $ 12,260 2020 3,331 2021 3,029 2022 2,360 2023 1,252 Thereafter 4,243 Total minimum lease payments 26,475 Less: lease liability expense (4,278 ) Present value of future minimum lease payments 22,197 Less: current obligations under leases (10,896 ) Long-term lease obligations $ 11,301
Operating leases, future minimum rental payments	Disclosure for the period prior to adoption of ASC 842 The Company leases office space under operating leases expiring on various dates through 2027. The following table presents future minimum rental payments required: (in thousands) December 31, 2018 2019 $ 3,092 2020 3,179 2021 3,128 2022 2,560 2023 1,358 Thereafter 4,556 Total future minimum rental payments required $ 17,873

Property and equipment (Tables)

Property and equipment (Tables)	3 Months Ended
	Mar. 31, 2019
Property, Plant and Equipment [Abstract]
Schedule of property and equipment	The following table presents the Company's property and equipment as of the dates presented: (in thousands) March 31, 2019 December 31, 2018 Evaluated oil and natural gas properties $ 6,951,343 $ 6,752,631 Less accumulated depletion and impairment (4,913,384 ) (4,854,017 ) Evaluated oil and natural gas properties, net 2,037,959 1,898,614 Unevaluated oil and natural gas properties not being depleted 92,467 130,957 Midstream service assets 175,681 172,308 Less accumulated depreciation and impairment (44,563 ) (42,063 ) Midstream service assets, net 131,118 130,245 Depreciable other fixed assets 45,591 45,431 Less accumulated depreciation and amortization (24,752 ) (23,871 ) Depreciable other fixed assets, net 20,839 21,560 Land 18,259 18,259 Total property and equipment, net $ 2,300,642 $ 2,199,635
Capitalized related employee costs incurred for the purpose of exploring for or developing oil and natural gas properties	The following table presents capitalized related employee costs incurred for the purpose of exploring for or developing oil and natural gas properties for the periods presented: Three months ended March 31, (in thousands) 2019 2018 Capitalized related employee costs $ 6,682 $ 6,529
Costs incurred in the acquisition, exploration and development of oil and natural gas properties	The following table presents costs incurred in the acquisition, exploration and development of oil and natural gas properties, with asset retirement obligations included in development costs, for the periods presented: Three months ended March 31, (in thousands) 2019 2018 Property acquisition costs: Evaluated $ — $ — Unevaluated — — Exploration costs 7,505 6,137 Development costs 152,717 149,038 Total costs incurred $ 160,222 $ 155,175

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
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, 2019 December 31, 2018 (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 $ (2,766 ) $ 447,234 $ 450,000 $ (3,010 ) $ 446,990 March 2023 Notes 350,000 (3,153 ) 346,847 350,000 (3,354 ) 346,646 Senior Secured Credit Facility (1) 270,000 — 270,000 190,000 — 190,000 Total $ 1,070,000 $ (5,919 ) $ 1,064,081 $ 990,000 $ (6,364 ) $ 983,636 ______________________________________________________________________________ (1) Debt issuance costs, net related to our Senior Secured Credit Facility of $6.6 million and $7.0 million as of March 31, 2019 and December 31, 2018

Stockholders' equity and Equi_2

Stockholders' equity and Equity Incentive Plan (Tables)	3 Months Ended
	Mar. 31, 2019
Equity [Abstract]
Schedule of restricted stock award activity	The following table reflects the restricted stock award activity for the three months ended March 31, 2019 : (in thousands, except for weighted-average grant-date fair value) Restricted stock awards Weighted-average (per award) Outstanding as of December 31, 2018 4,196 $ 9.91 Granted 5,986 $ 3.43 Forfeited (48 ) $ 6.25 Vested (1) (2,261 ) $ 10.05 Outstanding as of March 31, 2019 7,873 $ 4.96 _____________________________________________________________________________ (1) The total intrinsic value of vested restricted stock awards for the three months ended March 31, 2019 was $8.6 million
Schedule of performance share and unit award activity	The following table reflects the performance share award activity for the three months ended March 31, 2019: (in thousands, except for weighted-average grant-date fair value) Performance share awards Weighted-average (per award) Outstanding as of December 31, 2018 3,436 $ 13.74 Vested (1) (1,503 ) $ 17.68 Outstanding as of March 31, 2019 1,933 $ 10.68 ______________________________________________________________________________ (1) The performance share awards granted on May 25, 2016 had a performance period of January 1, 2016 to December 31, 2018 and, as their market criteria were not satisfied, resulted in a TSR modifier of 0 three months ended March 31, 2019 : (in thousands) Performance unit awards Outstanding as of December 31, 2018 — Granted (1) 2,813 Outstanding as of March 31, 2019 2,813 ______________________________________________________________________________ (1) The amount potentially payable in cash at the end of the requisite service period for the performance unit awards granted on February 28, 2019 will be determined based on three criteria: (i) RTSR Performance Percentage, (ii) ATSR Appreciation and (iii) ROACE Percentage. The RTSR Performance Percentage, ATSR Appreciation and ROACE Percentage will be used to identify the "RTSR Factor," the "ATSR Factor" and the "ROACE Factor," respectively, which are used to compute the "Performance Multiple" and ultimately to determine the final value of each performance unit granted at the maturity date. In computing the Performance Multiple, the RTSR Factor is given a 25% weight, the ATSR Factor a 25% weight and the ROACE Factor a 50%
Schedule of allocated share-based compensation costs	The following has been recorded to stock-based compensation expense for the periods presented: Three months ended March 31, (in thousands) 2019 2018 Restricted stock award compensation $ 5,323 $ 6,045 Stock option award compensation 818 1,069 Performance share award compensation 3,164 4,327 Total stock-based compensation, gross 9,305 11,441 Less amounts capitalized in evaluated oil and natural gas properties (1,899 ) (2,102 ) Total stock-based compensation, net $ 7,406 $ 9,339 Three months ended March 31, (in thousands) 2019 2018 Performance unit award compensation, gross $ 238 $ — Less amounts capitalized in evaluated oil and natural gas properties (46 ) — Total performance unit award compensation, net $ 192 $ —
Schedule of assumptions used to estimate fair value	The assumptions used to estimate the fair value of the performance unit awards as of the date presented are as follows: March 31, 2019 (1) (.25) RTSR Factor + (.25) ATSR Factor fair value assumptions: Remaining performance period 2.76 years Risk-free interest rate (2) 2.20 % Dividend yield — % Expected volatility (3) 55.13 % Closing stock price on March 29, 2019 $ 3.09 Fair value per performance unit award (market criteria) $ 3.18 (.50) ROACE Factor fair value assumption: Closing stock price on March 29, 2019 $ 3.09 Fair value per performance unit award (performance criteria) $ 3.09 Combined fair value per performance unit award $ 3.14 ______________________________________________________________________________ (1) The $3.14 per unit fair value consists of a (i) $3.18 per unit fair value, determined utilizing a Monte Carlo simulation on March 31, 2019 , for the combined (.25) RTSR Factor and (.25) ATSR Factor and (ii) $3.09 per unit fair value for the (.50) ROACE Factor determined based on the closing price of the Company's common stock on the New York Stock Exchange on March 29, 2019 and based on a 100% estimated probability of payout to be awarded for the three-year performance period as of March 31, 2019 . (2) The risk-free interest rate was derived using a term-matched zero-coupon yield derived from the U.S. Treasury constant maturities yield curve on March 29, 2019. (3)

Derivatives (Tables)

Derivatives (Tables)	3 Months Ended
	Mar. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of open positions and derivatives in place	The following table summarizes open derivative positions as of March 31, 2019, for derivatives that were entered into through March 31, 2019, for the settlement periods presented: Remaining year 2019 Year 2020 Year 2021 Oil: Puts: Volume (Bbl) 6,050,000 366,000 — Weighted-average floor price ($/Bbl) $ 47.45 $ 45.00 $ — Volume with deferred premium (Bbl) 3,575,000 — — Weighted-average deferred premium price ($/Bbl) $ 3.21 $ — $ — Swaps: Volume (Bbl) 495,000 695,400 — Weighted-average price ($/Bbl) $ 53.45 $ 52.18 $ — Collars: Volume (Bbl) — 1,134,600 912,500 Weighted-average floor price ($/Bbl) $ — $ 45.00 $ 45.00 Weighted-average ceiling price ($/Bbl) $ — $ 76.13 $ 71.00 Totals: Total volume with floor price (Bbl) 6,545,000 2,196,000 912,500 Weighted-average floor price ($/Bbl) $ 47.91 $ 47.27 $ 45.00 Total volume with ceiling price (Bbl) 495,000 1,830,000 912,500 Weighted-average ceiling price ($/Bbl) $ 53.45 $ 67.03 $ 71.00 Basis Swaps: WTI Midland to WTI NYMEX: Volume (Bbl) 1,840,000 — — Weighted-average price ($/Bbl) $ (2.89 ) $ — $ — WTI Midland to WTI formula basis: Volume (Bbl) 552,000 — — Weighted-average price ($/Bbl) $ (4.37 ) $ — $ — WTI Houston to WTI Midland: Volume (Bbl) 910,000 — — Weighted-average price ($/Bbl) $ 7.30 $ — $ — NGL: Swaps - Purity Ethane: Volume (Bbl) 1,787,500 366,000 912,500 Weighted-average price ($/Bbl) $ 14.22 $ 13.60 $ 12.01 Swaps - Non-TET Propane: Volume (Bbl) 1,430,000 1,244,400 730,000 Weighted-average price ($/Bbl) $ 27.97 $ 26.58 $ 25.52 Swaps - Non-TET Normal Butane: Volume (Bbl) 550,000 439,200 255,500 Weighted-average price ($/Bbl) $ 30.73 $ 28.69 $ 27.72 Swaps - Non-TET Isobutane: Volume (Bbl) 137,500 109,800 67,525 Weighted-average price ($/Bbl) $ 31.08 $ 29.99 $ 28.79 Swaps - Non-TET Natural Gasoline: Volume (Bbl) 467,500 402,600 237,250 Weighted-average price ($/Bbl) $ 45.80 $ 45.15 $ 44.31 TABLE CONTINUES ON NEXT PAGE Remaining year 2019 Year 2020 Year 2021 Total NGL volume (Bbl) 4,372,500 2,562,000 2,202,775 Natural gas: Henry Hub NYMEX Swaps: Volume (MMBtu) 29,425,000 23,790,000 14,052,500 Weighted-average price ($/MMBtu) $ 3.09 $ 2.72 $ 2.63 Basis Swaps: Volume (MMBtu) 29,425,000 32,574,000 23,360,000 Weighted-average price ($/MMBtu) $ (1.51 ) $ (0.76 ) $ (0.47 )

Fair value measurements (Tables

Fair value measurements (Tables)	3 Months Ended
	Mar. 31, 2019
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 derivatives' fair value hierarchy by commodity and current and noncurrent assets and liabilities on a gross basis and the net presentation included in "Derivatives" on the unaudited consolidated balance sheets as of the dates 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, 2019: Assets: Current: Oil derivatives $ — $ 4,911 $ — $ 4,911 $ (5,242 ) $ (331 ) NGL derivatives — 7,541 — 7,541 (6,210 ) 1,331 Natural gas derivatives — 19,694 — 19,694 (5,943 ) 13,751 Oil derivative deferred premiums — — — — (7,141 ) (7,141 ) Noncurrent: Oil derivatives $ — $ 2,432 $ — $ 2,432 $ (646 ) $ 1,786 NGL derivatives — 2,518 — 2,518 (1,506 ) 1,012 Natural gas derivatives — 3,446 — 3,446 (274 ) 3,172 Oil derivative deferred premiums — — — — — — Liabilities: Current: Oil derivatives $ — $ (11,996 ) $ — $ (11,996 ) $ 5,242 $ (6,754 ) NGL derivatives — (5,871 ) — (5,871 ) 6,210 339 Natural gas derivatives — (5,082 ) — (5,082 ) 5,943 861 Oil derivative deferred premiums — — (12,644 ) (12,644 ) 7,141 (5,503 ) Noncurrent: Oil derivatives $ — $ (2,991 ) $ — $ (2,991 ) $ 646 $ (2,345 ) NGL derivatives — (3,916 ) — (3,916 ) 1,506 (2,410 ) Natural gas derivatives — 918 — 918 274 1,192 Oil derivative deferred premiums — — — — — — Net derivative asset (liability) positions $ — $ 11,604 $ (12,644 ) $ (1,040 ) $ — $ (1,040 ) (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, 2018: Assets: Current: Oil derivatives $ — $ 44,425 $ — $ 44,425 $ (7,907 ) $ 36,518 NGL derivatives — 1,974 — 1,974 — 1,974 Natural gas derivatives — 18,991 — 18,991 (3,267 ) 15,724 Oil derivative deferred premiums — — — — (14,381 ) (14,381 ) Noncurrent: Oil derivatives $ — $ 10,626 $ — $ 10,626 $ — $ 10,626 NGL derivatives — 1,024 — 1,024 — 1,024 Natural gas derivatives — 108 — 108 (728 ) (620 ) Oil derivative deferred premiums — — — — — — Liabilities: Current: Oil derivatives $ — $ (9,059 ) $ — $ (9,059 ) $ 7,907 $ (1,152 ) NGL derivatives — — — — — — Natural gas derivatives — (7,290 ) — (7,290 ) 3,267 (4,023 ) Oil derivative deferred premiums — — (16,565 ) (16,565 ) 14,381 (2,184 ) Noncurrent: Oil derivatives $ — $ — $ — $ — $ — $ — NGL derivatives — — — — — — Natural gas derivatives — (728 ) — (728 ) 728 — Oil derivative deferred premiums — — — — — — Net derivative asset (liability) positions $ — $ 60,071 $ (16,565 ) $ 43,506 $ — $ 43,506
Actual cash payments required for deferred premium contracts	The following table presents payments required for derivative deferred premiums as of March 31, 2019 for the periods presented: (in thousands) March 31, 2019 Remaining 2019 $ 11,486 2020 1,295 Total $ 12,781
Summary of changes in net assets classified as Level 3 measurements	A summary of the changes in net assets and liabilities classified as Level 3 measurements for the periods presented are as follows: Three months ended March 31, (in thousands) 2019 2018 Balance of Level 3 at beginning of period $ (16,565 ) $ (28,683 ) Change in net present value of derivative deferred premiums (1) (95 ) (211 ) Total purchases and settlements of derivative deferred premiums: Purchases — (5,422 ) Settlements 4,016 4,024 Balance of Level 3 at end of period $ (12,644 ) $ (30,292 ) ____________________________________________________________________________ (1)
Schedule of carrying amount and fair value of debt instruments	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, 2019 December 31, 2018 (in thousands) Long-term Fair value (1) Long-term Fair value (1) January 2022 Notes $ 450,000 $ 412,313 $ 450,000 $ 402,885 March 2023 Notes 350,000 312,375 350,000 316,624 Senior Secured Credit Facility 270,000 270,112 190,000 190,054 Total $ 1,070,000 $ 994,800 $ 990,000 $ 909,563 ______________________________________________________________________________ (1) The fair values of the debt outstanding on the January 2022 Notes and the March 2023 Notes were determined using the March 31, 2019 and December 31, 2018 Level 1 fair value hierarchy quoted market price for each respective instrument. The fair value of the outstanding debt on the Senior Secured Credit Facility as of March 31, 2019 and December 31, 2018 was estimated utilizing the Level 2 fair value hierarchy pricing model for similar instruments. See Note 10 in the 2018

Net income (loss) per common _2

Net income (loss) per common share (Tables)	3 Months Ended
	Mar. 31, 2019
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 table reflects 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) 2019 2018 Net income (loss) (numerator): Net income (loss)—basic and diluted $ (9,491 ) $ 86,520 Weighted-average common shares outstanding (denominator): Basic (1) 230,476 238,228 Dilutive non-vested restricted stock awards — 1,064 Dilutive outstanding stock option awards — 27 Diluted 230,476 239,319 Net income (loss) per common share: Basic $ (0.04 ) $ 0.36 Diluted $ (0.04 ) $ 0.36 _____________________________________________________________________________ (1) Weighted-average common shares outstanding used in the computation of basic and diluted net income (loss) per common share was computed taking into account share repurchases that occurred during the three months ended March 31, 2018. See Note 6.a

Supplemental cash flow and no_2

Supplemental cash flow and non-cash information (Tables)	3 Months Ended
	Mar. 31, 2019
Supplemental Cash Flow Elements [Abstract]
Schedule of non-cash investing & financing and supplemental cash flow information	The following table presents supplemental cash flow and non-cash information: Three months ended March 31, (in thousands) 2019 2018 Supplemental cash flow information: Capitalized interest $ 242 $ 255 Supplemental non-cash investing information: Increase (decrease) in accrued capital expenditures $ 6,443 $ (43,336 ) Capitalized stock-based compensation in evaluated oil and natural gas properties $ 1,899 $ 2,102 Capitalized asset retirement costs $ 271 $ 130 Supplemental non-cash financing information: Increase in accrued stock repurchases $ — $ 4,761 The following table presents supplemental cash flow and non-cash information related to leases: (in thousands) Three months ended March 31, 2019 Supplemental cash paid for amounts included in the measurement of lease liabilities information: Operating cash flows for operating leases $ 3,564 Supplemental non-cash adjustments information: Right-of-use assets obtained in exchange for operating lease liabilities $ 22,090

Asset retirement obligations (T

Asset retirement obligations (Tables)	3 Months Ended
	Mar. 31, 2019
Asset Retirement Obligation Disclosure [Abstract]
Schedule of asset retirement obligation liability	The following table reconciles the Company's asset retirement obligation liability associated with tangible long-lived assets for the periods presented: Three months ended March 31, (in thousands) 2019 2018 Liability at beginning of period $ 56,882 $ 55,506 Liabilities added due to acquisitions, drilling, midstream service asset construction and other 271 130 Accretion expense 1,052 1,106 Liabilities settled due to plugging and abandonment or removed due to sale (447 ) (440 ) Liability at end of period $ 57,758 $ 56,302

Related party (Tables)

Related party (Tables)	3 Months Ended
	Mar. 31, 2019
Related Party Transactions [Abstract]
Schedule of related party transactions	The following table presents the operating lease liability related to H&P included in the unaudited consolidated balance sheet: (in thousands) March 31, 2019 Operating lease liabilities $ 7,900 The following table presents the capital expenditures for oil and natural gas properties paid to H&P included in the unaudited consolidated statements of cash flows: Three months ended March 31, (in thousands) 2019 2018 Capital expenditures for oil and natural gas properties $ 2,982 $ —

Subsidiary guarantors (Tables)

Subsidiary guarantors (Tables)	3 Months Ended
	Mar. 31, 2019
Condensed Financial Information Disclosure [Abstract]
Schedule of condensed consolidating balance sheet	Condensed consolidating balance sheet March 31, 2019 (in thousands) Laredo Subsidiary Intercompany Consolidated Accounts receivable, net $ 94,635 $ 12,885 $ — $ 107,520 Other current assets 63,836 1,374 — 65,210 Oil and natural gas properties, net 2,145,399 9,076 (24,049 ) 2,130,426 Midstream service assets, net — 131,118 — 131,118 Other fixed assets, net 39,061 37 — 39,098 Investment in subsidiaries 135,199 — (135,199 ) — Other noncurrent assets, net 37,245 4,172 — 41,417 Total assets $ 2,515,375 $ 158,662 $ (159,248 ) $ 2,514,789 Accounts payable and accrued liabilities $ 57,291 $ 19,353 $ — $ 76,644 Other current liabilities 125,377 1,601 — 126,978 Long-term debt, net 1,064,081 — — 1,064,081 Other noncurrent liabilities 73,145 2,509 — 75,654 Total stockholders' equity 1,195,481 135,199 (159,248 ) 1,171,432 Total liabilities and stockholders' equity $ 2,515,375 $ 158,662 $ (159,248 ) $ 2,514,789 Condensed consolidating balance sheet December 31, 2018 (in thousands) Laredo Subsidiary Intercompany Consolidated Accounts receivable, net $ 83,424 $ 10,897 $ — $ 94,321 Other current assets 97,045 1,386 — 98,431 Oil and natural gas properties, net 2,043,009 9,113 (22,551 ) 2,029,571 Midstream service assets, net — 130,245 — 130,245 Other fixed assets, net 39,751 68 — 39,819 Investment in subsidiaries 128,380 — (128,380 ) — Other noncurrent assets, net 23,783 4,135 — 27,918 Total assets $ 2,415,392 $ 155,844 $ (150,931 ) $ 2,420,305 Accounts payable and accrued liabilities $ 54,167 $ 15,337 $ — $ 69,504 Other current liabilities 121,297 9,664 — 130,961 Long-term debt, net 983,636 — — 983,636 Other noncurrent liabilities 59,511 2,463 — 61,974 Total stockholders' equity 1,196,781 128,380 (150,931 ) 1,174,230 Total liabilities and stockholders' equity $ 2,415,392 $ 155,844 $ (150,931 ) $ 2,420,305
Schedule of condensed consolidating statement of operations	Condensed consolidating statement of operations For the three months ended March 31, 2019 (in thousands) Laredo Subsidiary Intercompany Consolidated Total revenues $ 173,521 $ 54,332 $ (18,906 ) $ 208,947 Total costs and expenses 119,735 52,223 (17,408 ) 154,550 Operating income 53,786 2,109 (1,498 ) 54,397 Interest expense (15,547 ) — — (15,547 ) Other non-operating income (expense), net (46,328 ) 93 (2,202 ) (48,437 ) Income (loss) before income taxes (8,089 ) 2,202 (3,700 ) (9,587 ) Total income tax benefit 96 — — 96 Net income (loss) $ (7,993 ) $ 2,202 $ (3,700 ) $ (9,491 ) Condensed consolidating statement of operations For the three months ended March 31, 2018 (in thousands) Laredo Subsidiary Intercompany Consolidated Total revenues $ 197,825 $ 76,300 $ (14,429 ) $ 259,696 Total costs and expenses 105,688 74,564 (13,748 ) 166,504 Operating income 92,137 1,736 (681 ) 93,192 Interest expense (13,518 ) — — (13,518 ) Other non-operating income (expense), net 8,582 (256 ) (1,480 ) 6,846 Income before income taxes 87,201 1,480 (2,161 ) 86,520 Total income tax — — — — Net income $ 87,201 $ 1,480 $ (2,161 ) $ 86,520
Schedule of condensed consolidating statement of cash flows	Condensed consolidating statement of cash flows For the three months ended March 31, 2019 (in thousands) Laredo Subsidiary Intercompany Consolidated Net cash provided by (used in) operating activities $ 82,020 $ (2,360 ) $ (2,202 ) $ 77,458 Capital expenditures and other, net (160,015 ) 2,360 2,202 (155,453 ) Net cash provided by financing activities 77,388 — — 77,388 Net decrease in cash and cash equivalents (607 ) — — (607 ) Cash and cash equivalents, beginning of period 45,150 1 — 45,151 Cash and cash equivalents, end of period $ 44,543 $ 1 $ — $ 44,544 Condensed consolidating statement of cash flows For the three months ended March 31, 2018 (in thousands) Laredo Subsidiary Intercompany Consolidated Net cash provided by operating activities $ 140,247 $ 7,704 $ (1,480 ) $ 146,471 Capital expenditures and other, net (193,450 ) (7,704 ) 1,480 (199,674 ) Net cash used in financing activities (3,067 ) — — (3,067 ) Net decrease in cash and cash equivalents (56,270 ) — — (56,270 ) Cash and cash equivalents, beginning of period 112,158 1 — 112,159 Cash and cash equivalents, end of period $ 55,888 $ 1 $ — $ 55,889

Subsequent events (Tables)

Subsequent events (Tables)	3 Months Ended
	Mar. 31, 2019
Subsequent Events [Abstract]
Derivatives terminated	The following table details the derivatives that were terminated: Aggregate volumes (Bbl) Weighted-average floor price ($/Bbl) Weighted-average ceiling price ($/Bbl) Contract period Oil puts 5,087,500 $ 46.03 $ — April 2019 - December 2019 Oil collars 1,134,600 $ 45.00 $ 76.13 January 2020 - December 2020
Schedule of derivative instruments	The following table summarizes open derivative positions as of March 31, 2019, for derivative terminations and trade activity through May 1, 2019, for the settlement periods presented: Remaining year 2019 Year 2020 Year 2021 Oil: Puts: Volume (Bbl) 962,500 366,000 — Weighted-average floor price ($/Bbl) $ 55.00 $ 45.00 $ — Volume with deferred premium (Bbl) 962,500 — — Weighted-average deferred premium price ($/Bbl) $ 4.39 $ — $ — Swaps: Volume (Bbl) 5,912,500 7,173,600 — Weighted-average price ($/Bbl) $ 61.31 $ 59.50 $ — Collars: Volume (Bbl) — — 912,500 Weighted-average floor price ($/Bbl) $ — $ — $ 45.00 Weighted-average ceiling price ($/Bbl) $ — $ — $ 71.00 Totals: Total volume with floor price (Bbl) 6,875,000 7,539,600 912,500 Weighted-average floor price ($/Bbl) $ 60.42 $ 58.79 $ 45.00 Total volume with ceiling price (Bbl) 5,912,500 7,173,600 912,500 Weighted-average ceiling price ($/Bbl) $ 61.31 $ 59.50 $ 71.00 TABLE CONTINUES ON NEXT PAGE Remaining year 2019 Year 2020 Year 2021 Basis Swaps: WTI Midland to WTI NYMEX: Volume (Bbl) 1,840,000 — — Weighted-average price ($/Bbl) $ (2.89 ) $ — $ — WTI Midland to WTI formula basis: Volume (Bbl) 552,000 — — Weighted-average price ($/Bbl) $ (4.37 ) $ — $ — WTI Houston to WTI Midland: Volume (Bbl) 910,000 — — Weighted-average price ($/Bbl) $ 7.30 $ — $ — NGL: Swaps - Purity Ethane: Volume (Bbl) 1,787,500 366,000 912,500 Weighted-average price ($/Bbl) $ 14.22 $ 13.60 $ 12.01 Swaps - Non-TET Propane: Volume (Bbl) 1,430,000 1,244,400 730,000 Weighted-average price ($/Bbl) $ 27.97 $ 26.58 $ 25.52 Swaps - Non-TET Normal Butane: Volume (Bbl) 550,000 439,200 255,500 Weighted-average price ($/Bbl) $ 30.73 $ 28.69 $ 27.72 Swaps - Non-TET Isobutane: Volume (Bbl) 137,500 109,800 67,525 Weighted-average price ($/Bbl) $ 31.08 $ 29.99 $ 28.79 Swaps - Non-TET Natural Gasoline: Volume (Bbl) 467,500 402,600 237,250 Weighted-average price ($/Bbl) $ 45.80 $ 45.15 $ 44.31 Total NGL volume (Bbl) 4,372,500 2,562,000 2,202,775 Natural gas: Henry Hub NYMEX Swaps: Volume (MMBtu) 29,425,000 23,790,000 14,052,500 Weighted-average price ($/MMBtu) $ 3.09 $ 2.72 $ 2.63 Basis Swaps: Volume (MMBtu) 29,425,000 32,574,000 23,360,000 Weighted-average price ($/MMBtu) $ (1.51 ) $ (0.76 ) $ (0.47 )

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Jan. 01, 2019	Dec. 31, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease right-of-use assets	$ 19,035		$ 0
Operating lease liabilities	$ 22,197
Average working interest	97.00%
Total future minimum rental payments required			5,900
Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease right-of-use assets		$ 22,100
Operating lease liabilities		$ 25,300
Deferred lease liabilities			$ 3,200

Leases - Lease costs (Details)

Leases - Lease costs (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Leases [Abstract]
Amortization of operating lease right-of-use assets	$ 3,528
Short-term lease cost	46,326
Variable lease cost	518
Sublease income	(247)
Total lease cost	$ 50,125

Leases - Lease terms and discou

Leases - Lease terms and discount rates (Details)	Mar. 31, 2019
Operating leases:
Weighted-average remaining lease term	4 years
Weighted-average discount rate	8.28%

Leases - Maturities of operatin

Leases - Maturities of operating lease liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Operating leases:
Remaining 2019	$ 12,260
2020	3,331
2021	3,029
2022	2,360
2023	1,252
Thereafter	4,243
Total minimum lease payments	26,475
Less: lease liability expense	(4,278)
Operating lease liabilities	22,197
Less: current obligations under leases	10,896	$ 0
Long-term lease obligations	$ 11,301	$ 0

Leases - Disclosure for the per

Leases - Disclosure for the period prior to adoption of ASC 842 (Details) $ in Thousands	Dec. 31, 2018USD ($)
Leases [Abstract]
2019	$ 3,092
2020	3,179
2021	3,128
2022	2,560
2023	1,358
Thereafter	4,556
Total future minimum rental payments required	$ 17,873

Property and equipment - Compan

Property and equipment - Company property and equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Evaluated oil and natural gas properties	$ 6,951,343	$ 6,752,631
Less accumulated depletion and impairment	(4,913,384)	(4,854,017)
Evaluated oil and natural gas properties, net	2,037,959	1,898,614
Unevaluated oil and natural gas properties not being depleted	92,467	130,957
Property and equipment, net	2,300,642	2,199,635
Midstream service assets
Property, Plant and Equipment [Line Items]
Midstream service assets	175,681	172,308
Less accumulated depreciation and impairment	(44,563)	(42,063)
Property and equipment, net	131,118	130,245
Depreciable other fixed assets
Property, Plant and Equipment [Line Items]
Depreciable other fixed assets	45,591	45,431
Less accumulated depreciation and impairment	(24,752)	(23,871)
Property and equipment, net	20,839	21,560
Land
Property, Plant and Equipment [Line Items]
Depreciable other fixed assets	$ 18,259	$ 18,259

Property and equipment - Other

Property and equipment - Other property and equipment information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)$ / Boe	Mar. 31, 2018USD ($)$ / Boe
Property, Plant and Equipment [Abstract]
Depletion expense (in dollars per BOE) | $ / Boe	8.76	7.34
Capitalized related employee costs | $	$ 6,682	$ 6,529

Property and equipment - Costs

Property and equipment - Costs incurred in the acquisition, exploration and development of oil and natural gas properties (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Property acquisition costs:
Evaluated	$ 0	$ 0
Unevaluated	0	0
Exploration costs	7,505	6,137
Development costs	152,717	149,038
Total costs incurred	$ 160,222	$ 155,175

Debt - March 2023 Notes (Detail

Debt - March 2023 Notes (Details) - Senior Notes - March 2023 Notes	Mar. 18, 2015USD ($)
Debt Instrument [Line Items]
Face amount of debt	$ 350,000,000
Interest rate (as a percent)	6.25%
From March 15, 2018 until March 15, 2021
Debt Instrument [Line Items]
Debt call price percentage	103.125%
On or After March 15, 2021
Debt Instrument [Line Items]
Debt call price percentage	100.00%

Debt - January 2022 Notes (Deta

Debt - January 2022 Notes (Details) - Senior Notes - January 2022 Notes	Jan. 23, 2014USD ($)
Debt Instrument [Line Items]
Face amount of debt	$ 450,000,000
Interest rate (as a percent)	5.625%
From January 15, 2017 until January 15, 2020
Debt Instrument [Line Items]
Debt call price percentage	101.406%
On or After January 15, 2020
Debt Instrument [Line Items]
Debt call price percentage	100.00%

Debt - Senior Secured Credit Fa

Debt - Senior Secured Credit Facility (Details) - Secured debt - USD ($)	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Senior Secured Credit Facility
Debt Instrument [Line Items]
Early maturity date description	90 years
Maximum borrowing capacity	$ 2,000,000,000
Current borrowing capacity	1,300,000,000
Aggregate elected commitment	1,200,000,000
Amount outstanding	$ 270,000,000
Credit facility, interest rate at period end (as a percent)	3.75%
Letter of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 80,000,000
Letters of credit outstanding	$ 14,700,000	$ 14,700,000

Debt - Long-term debt, net (Det

Debt - Long-term debt, net (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Long-term debt	$ 1,070,000	$ 990,000
Debt issuance costs, net	(5,919)	(6,364)
Long-term debt, net	1,064,081	983,636
Senior Notes | January 2022 Notes
Debt Instrument [Line Items]
Long-term debt	450,000	450,000
Debt issuance costs, net	(2,766)	(3,010)
Long-term debt, net	447,234	446,990
Senior Notes | March 2023 Notes
Debt Instrument [Line Items]
Long-term debt	350,000	350,000
Debt issuance costs, net	(3,153)	(3,354)
Long-term debt, net	346,847	346,646
Secured debt | Senior Secured Credit Facility
Debt Instrument [Line Items]
Long-term debt	270,000	190,000
Debt issuance costs, net	0	0
Long-term debt, net	270,000	190,000
Secured debt | Senior Secured Credit Facility | Other noncurrent assets, net
Debt Instrument [Line Items]
Debt issuance costs related to line of credit arrangements	$ 6,600	$ 7,000

Stockholders' equity and Equi_3

Stockholders' equity and Equity Incentive Plan - Share repurchase program (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018	Feb. 28, 2018
Equity [Abstract]
Share repurchase program, authorized amount			$ 200,000,000
Shares repurchased (in shares)	0	11,048,742
Weighted-average price per repurchased share (in dollars per share)		$ 8.78
Shares repurchased and retired, value		$ 97,100,000

Stockholders' equity and Equi_4

Stockholders' equity and Equity Incentive Plan - Equity Incentive Plan (Details) - Equity Incentive Plan - shares	May 16, 2019	Mar. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized for issuance		24,350,000
Scenario, Forecast
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized for issuance	29,850,000
Increase to number of shares authorized for issuance	5,500,000

Stockholders' equity and Equi_5

Stockholders' equity and Equity Incentive Plan - Restricted stock awards (Details) - Restricted stock awards $ in Millions	3 Months Ended
	Mar. 31, 2019USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation not yet recognized	$ 34.3
Stock-based compensation not yet recognized, period for recognition (in years)	2 years 4 months 2 days
Vesting Alternative One, One Year From Grant Date
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	33.00%
Vesting Alternative One, Two Years From Grant Date
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	33.00%
Vesting Alternative One, Three Years From Grant Date
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	34.00%

Stockholders' equity and Equi_6

Stockholders' equity and Equity Incentive Plan - Schedule of restricted stock award activity (Details) - Restricted stock awards $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2019USD ($)$ / sharesshares
Restricted stock awards
Outstanding at the beginning of the period (in shares) | shares	4,196
Granted (in shares) | shares	5,986
Forfeited (in shares) | shares	(48)
Vested (in shares) | shares	(2,261)
Outstanding at the end of the period (in shares) | shares	7,873
Weighted-average grant-date fair value (per award)
Outstanding at the beginning of the period (in dollars per share) | $ / shares	$ 9.91
Granted (in dollars per share) | $ / shares	3.43
Forfeited (in dollars per share) | $ / shares	6.25
Vested (in dollars per share) | $ / shares	10.05
Outstanding at the end of the period (in dollars per share) | $ / shares	$ 4.96
Equity instruments other than options, aggregate intrinsic value, vested | $	$ 8.6

Stockholders' equity and Equi_7

Stockholders' equity and Equity Incentive Plan - Stock option awards (Details) - Stock option awards $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2019USD ($)anniversaryinstallment$ / sharesshares
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
Number of options outstanding (in shares) | shares	2,466,022
Options outstanding, weighted-average exercise price (in dollars per share) | $ / shares	$ 12.64
Options outstanding, weighted-average remaining contractual term	3 years 18 days
Requisite service period of the awards	4 years
Stock-based compensation, not yet recognized, stock options | $	$ 3
Stock-based compensation not yet recognized, period for recognition (in years)	1 year 4 months 6 days

Stockholders' equity and Equi_8

Stockholders' equity and Equity Incentive Plan - Performance share awards (Details) - Performance share awards $ in Millions	3 Months Ended
	Mar. 31, 2019USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation not yet recognized	$ 9.1
Stock-based compensation not yet recognized, period for recognition (in years)	1 year 6 months 21 days
February 17, 2017 and February 16, 2018 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Requisite service period of the awards	3 years
May 25, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
TSR Modifier	0

Stockholders' equity and Equi_9

Stockholders' equity and Equity Incentive Plan - Performance share award activity (Details) - Performance share awards shares in Thousands	3 Months Ended
	Mar. 31, 2019$ / sharesshares
Performance unit awards
Outstanding at the beginning of the period (in shares) | shares	3,436
Vested (in shares) | shares	(1,503)
Outstanding at the end of the period (in shares) | shares	1,933
Weighted-average grant-date fair value (per award)
Outstanding at the beginning of the period (in dollars per share) | $ / shares	$ 13.74
Vested (in dollars per share) | $ / shares	17.68
Outstanding at the end of the period (in dollars per share) | $ / shares	$ 10.68

Stockholders' equity and Equ_10

Stockholders' equity and Equity Incentive Plan - Stock-based compensation expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation, gross	$ 9,305	$ 11,441
Less amounts capitalized in evaluated oil and natural gas properties	(1,899)	(2,102)
Total stock-based compensation, net	7,406	9,339
Restricted stock award compensation
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation, gross	5,323	6,045
Stock option award compensation
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation, gross	818	1,069
Performance share award compensation
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation, gross	$ 3,164	$ 4,327

Stockholders' equity and Equ_11

Stockholders' equity and Equity Incentive Plan - Performance unit awards (Details) $ in Millions	3 Months Ended
	Mar. 31, 2019USD ($)
Performance share awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance unit award compensation not yet recognized	$ 9.1
Performance unit award compensation not yet recognized, period for recognition (in years)	1 year 6 months 21 days
February 28, 2019 | Performance Unit Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Requisite service period of the awards	3 years
Performance unit award compensation not yet recognized	$ 8.2
Performance unit award compensation not yet recognized, period for recognition (in years)	2 years 11 months 1 day

Stockholders' equity and Equ_12

Stockholders' equity and Equity Incentive Plan - Performance unit award activity (Details) - Performance Unit Awards shares in Thousands	3 Months Ended
	Mar. 31, 2019shares
Performance unit awards
Outstanding at the end of the period (in shares)	2,813
Granted (in shares)	2,813
Outstanding at the beginning of the period (in shares)	0
February 28, 2019
Performance unit awards
RTSR Factor weight	25.00%
ATSR Factor weight	25.00%
ROACE Factor weight	50.00%

Stockholders' equity and Equ_13

Stockholders' equity and Equity Incentive Plan - Assumptions used to estimate fair value of performance unit awards (Details) - February 28, 2019	3 Months Ended
	Mar. 31, 2019$ / shares
Performance Unit Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in dollars per share)	$ 3.14
Performance unit awards with market criteria
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Remaining performance period	2 years 9 months 3 days
Risk-free interest rate	2.20%
Dividend yield	0.00%
Expected volatility	55.13%
Closing stock price on March 29, 2019	$ 3.09
Granted (in dollars per share)	3.18
Performance unit awards with performance criteria
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Closing stock price on March 29, 2019	3.09
Granted (in dollars per share)	$ 3.09
Estimated probability of payout to be awarded	100.00%

Stockholders' equity and Equ_14

Stockholders' equity and Equity Incentive Plan - Performance unit award compensation expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation, gross	$ 9,305	$ 11,441
Less amounts capitalized in evaluated oil and natural gas properties	(1,899)	(2,102)
Total stock-based compensation, net	7,406	9,339
Performance Unit Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation, gross	238	0
Less amounts capitalized in evaluated oil and natural gas properties	(46)	0
Total stock-based compensation, net	$ 192	$ 0

Derivatives (Details)

Derivatives (Details) - Scenario, Forecast - Not designated as hedges	9 Months Ended	12 Months Ended
	Dec. 31, 2019BoeMMBTU$ / MMBTU$ / bbl	Dec. 31, 2021BoeMMBTU$ / MMBTU$ / bbl	Dec. 31, 2020BoeMMBTU$ / MMBTU$ / bbl
Put Instrument 1 | Oil derivatives
Derivative [Line Items]
Volume (Bbl) | Boe	6,050,000	0	366,000
Weighted-average ($/Bbl) | $ / bbl	47.45	0	45
Put Instrument 2 | Oil derivatives
Derivative [Line Items]
Volume (Bbl) | Boe	3,575,000	0	0
Weighted-average ($/Bbl) | $ / bbl	3.21	0	0
Swap | Oil derivatives
Derivative [Line Items]
Volume (Bbl) | Boe	495,000		695,400
Weighted-average ($/Bbl) | $ / bbl	53.45		52.18
Swap | Natural gas derivatives
Derivative [Line Items]
Volume (Bbl) | MMBTU	29,425,000	14,052,500	23,790,000
Weighted-average ($/Bbl) | $ / MMBTU	3.09	2.63	2.72
Swap | Ethane | NGL derivatives
Derivative [Line Items]
Volume (Bbl) | Boe	1,787,500	912,500	366,000
Weighted-average ($/Bbl) | $ / bbl	14.22	12.01	13.60
Swap | Propane | NGL derivatives
Derivative [Line Items]
Volume (Bbl) | Boe	1,430,000	730,000	1,244,400
Weighted-average ($/Bbl) | $ / bbl	27.97	25.52	26.58
Swap | Normal Butane | NGL derivatives
Derivative [Line Items]
Volume (Bbl) | Boe	550,000	255,500	439,200
Weighted-average ($/Bbl) | $ / bbl	30.73	27.72	28.69
Swap | Isobutane | NGL derivatives
Derivative [Line Items]
Volume (Bbl) | Boe	137,500	67,525	109,800
Weighted-average ($/Bbl) | $ / bbl	31.08	28.79	29.99
Swap | Natural Gasoline | NGL derivatives
Derivative [Line Items]
Volume (Bbl) | Boe	467,500	237,250	402,600
Weighted-average ($/Bbl) | $ / bbl	45.80	44.31	45.15
Collar | Oil derivatives
Derivative [Line Items]
Volume (Bbl) | Boe	0	912,500	1,134,600
Collar | Floor | Oil derivatives
Derivative [Line Items]
Weighted-average ($/Bbl) | $ / bbl	0	45	45
Collar | Ceiling | Oil derivatives
Derivative [Line Items]
Weighted-average ($/Bbl) | $ / bbl	0	71	76.13
Commodity | NGL derivatives
Derivative [Line Items]
Volume (Bbl) | Boe	4,372,500	2,202,775	2,562,000
Commodity | Floor | Oil derivatives
Derivative [Line Items]
Volume (Bbl) | Boe	6,545,000	912,500	2,196,000
Weighted-average ($/Bbl) | $ / bbl	47.91	45	47.27
Commodity | Ceiling | Oil derivatives
Derivative [Line Items]
Volume (Bbl) | Boe	495,000	912,500	1,830,000
Weighted-average ($/Bbl) | $ / bbl	53.45	71	67.03
Basis Swap | Oil derivatives
Derivative [Line Items]
Volume (Bbl) | Boe	1,840,000	0	0
Weighted-average ($/Bbl) | $ / bbl	(2.89)	0	0
Basis Swap 2 | Oil derivatives
Derivative [Line Items]
Volume (Bbl) | Boe	552,000	0	0
Weighted-average ($/Bbl) | $ / bbl	(4.37)	0	0
Basis Swap 3 | Oil derivatives
Derivative [Line Items]
Volume (Bbl) | Boe	910,000	0	0
Weighted-average ($/Bbl) | $ / bbl	7.30	0	0
Basis Swap 4 | Natural gas derivatives
Derivative [Line Items]
Volume (Bbl) | MMBTU	29,425,000	23,360,000	32,574,000
Weighted-average ($/Bbl) | $ / MMBTU	(1.51)	(0.47)	(0.76)

Fair value measurements - Fair

Fair value measurements - Fair value hierarchy (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Assets:
Derivative asset, current	$ 7,610	$ 39,835
Derivative asset, noncurrent	5,970	11,030
Liabilities:
Derivative liability, current	(11,057)	(7,359)
Derivative liability, noncurrent	(3,563)	0
Net derivative asset (liability) positions	(1,040)	43,506
Oil derivatives | Commodity derivatives
Assets:
Derivative asset, current	(331)	36,518
Derivative asset, noncurrent	1,786	10,626
Liabilities:
Derivative liability, current	(6,754)	(1,152)
Derivative liability, noncurrent	(2,345)	0
Oil derivatives | Deferred premiums
Assets:
Derivative asset, current	(7,141)	(14,381)
Derivative asset, noncurrent	0	0
Liabilities:
Derivative liability, current	(5,503)	(2,184)
Derivative liability, noncurrent	0	0
NGL derivatives | Commodity derivatives
Assets:
Derivative asset, current	1,331	1,974
Derivative asset, noncurrent	1,012	1,024
Liabilities:
Derivative liability, current	339	0
Derivative liability, noncurrent	(2,410)	0
Natural gas derivatives | Commodity derivatives
Assets:
Derivative asset, current	13,751	15,724
Derivative asset, noncurrent	3,172	(620)
Liabilities:
Derivative liability, current	861	(4,023)
Derivative liability, noncurrent	1,192	0
Current Assets | Oil derivatives | Commodity derivatives
Assets:
Derivative assets before netting	4,911	44,425
Amounts offset	(5,242)	(7,907)
Current Assets | Oil derivatives | Deferred premiums
Assets:
Derivative assets before netting	0	0
Amounts offset	(7,141)	(14,381)
Current Assets | NGL derivatives | Commodity derivatives
Assets:
Derivative assets before netting	7,541	1,974
Amounts offset	(6,210)	0
Current Assets | Natural gas derivatives | Commodity derivatives
Assets:
Derivative assets before netting	19,694	18,991
Amounts offset	(5,943)	(3,267)
Noncurrent Assets | Oil derivatives | Commodity derivatives
Assets:
Derivative assets before netting	2,432	10,626
Amounts offset	(646)	0
Noncurrent Assets | Oil derivatives | Deferred premiums
Assets:
Derivative assets before netting	0	0
Amounts offset	0	0
Noncurrent Assets | NGL derivatives | Commodity derivatives
Assets:
Derivative assets before netting	2,518	1,024
Amounts offset	(1,506)	0
Noncurrent Assets | Natural gas derivatives | Commodity derivatives
Assets:
Derivative assets before netting	3,446	108
Amounts offset	(274)	(728)
Current Liabilities | Oil derivatives | Commodity derivatives
Liabilities:
Derivative liabilities before netting	(11,996)	(9,059)
Amounts offset	5,242	7,907
Current Liabilities | Oil derivatives | Deferred premiums
Liabilities:
Derivative liabilities before netting	(12,644)	(16,565)
Amounts offset	7,141	14,381
Current Liabilities | NGL derivatives | Commodity derivatives
Liabilities:
Derivative liabilities before netting	(5,871)	0
Amounts offset	6,210	0
Current Liabilities | Natural gas derivatives | Commodity derivatives
Liabilities:
Derivative liabilities before netting	(5,082)	(7,290)
Amounts offset	5,943	3,267
Noncurrent Liabilities | Oil derivatives | Commodity derivatives
Liabilities:
Derivative liabilities before netting	(2,991)	0
Amounts offset	646	0
Noncurrent Liabilities | Oil derivatives | Deferred premiums
Liabilities:
Derivative liabilities before netting	0	0
Amounts offset	0	0
Noncurrent Liabilities | NGL derivatives | Commodity derivatives
Liabilities:
Derivative liabilities before netting	(3,916)	0
Amounts offset	1,506	0
Noncurrent Liabilities | Natural gas derivatives | Commodity derivatives
Liabilities:
Derivative liabilities before netting	918	(728)
Amounts offset	274	728
Level 1
Liabilities:
Net derivative asset (liability) positions	0	0
Level 1 | Current Assets | Oil derivatives | Commodity derivatives
Assets:
Derivative assets before netting	0	0
Level 1 | Current Assets | Oil derivatives | Deferred premiums
Assets:
Derivative assets before netting	0	0
Level 1 | Current Assets | NGL derivatives | Commodity derivatives
Assets:
Derivative assets before netting	0	0
Level 1 | Current Assets | Natural gas derivatives | Commodity derivatives
Assets:
Derivative assets before netting	0	0
Level 1 | Noncurrent Assets | Oil derivatives | Commodity derivatives
Assets:
Derivative assets before netting	0	0
Level 1 | Noncurrent Assets | Oil derivatives | Deferred premiums
Assets:
Derivative assets before netting	0	0
Level 1 | Noncurrent Assets | NGL derivatives | Commodity derivatives
Assets:
Derivative assets before netting	0	0
Level 1 | Noncurrent Assets | Natural gas derivatives | Commodity derivatives
Assets:
Derivative assets before netting	0	0
Level 1 | Current Liabilities | Oil derivatives | Commodity derivatives
Liabilities:
Derivative liabilities before netting	0	0
Level 1 | Current Liabilities | Oil derivatives | Deferred premiums
Liabilities:
Derivative liabilities before netting	0	0
Level 1 | Current Liabilities | NGL derivatives | Commodity derivatives
Liabilities:
Derivative liabilities before netting	0	0
Level 1 | Current Liabilities | Natural gas derivatives | Commodity derivatives
Liabilities:
Derivative liabilities before netting	0	0
Level 1 | Noncurrent Liabilities | Oil derivatives | Commodity derivatives
Liabilities:
Derivative liabilities before netting	0	0
Level 1 | Noncurrent Liabilities | Oil derivatives | Deferred premiums
Liabilities:
Derivative liabilities before netting	0	0
Level 1 | Noncurrent Liabilities | NGL derivatives | Commodity derivatives
Liabilities:
Derivative liabilities before netting	0	0
Level 1 | Noncurrent Liabilities | Natural gas derivatives | Commodity derivatives
Liabilities:
Derivative liabilities before netting	0	0
Level 2
Liabilities:
Net derivative asset (liability) positions	11,604	60,071
Level 2 | Current Assets | Oil derivatives | Commodity derivatives
Assets:
Derivative assets before netting	4,911	44,425
Level 2 | Current Assets | Oil derivatives | Deferred premiums
Assets:
Derivative assets before netting	0	0
Level 2 | Current Assets | NGL derivatives | Commodity derivatives
Assets:
Derivative assets before netting	7,541	1,974
Level 2 | Current Assets | Natural gas derivatives | Commodity derivatives
Assets:
Derivative assets before netting	19,694	18,991
Level 2 | Noncurrent Assets | Oil derivatives | Commodity derivatives
Assets:
Derivative assets before netting	2,432	10,626
Level 2 | Noncurrent Assets | Oil derivatives | Deferred premiums
Assets:
Derivative assets before netting	0	0
Level 2 | Noncurrent Assets | NGL derivatives | Commodity derivatives
Assets:
Derivative assets before netting	2,518	1,024
Level 2 | Noncurrent Assets | Natural gas derivatives | Commodity derivatives
Assets:
Derivative assets before netting	3,446	108
Level 2 | Current Liabilities | Oil derivatives | Commodity derivatives
Liabilities:
Derivative liabilities before netting	(11,996)	(9,059)
Level 2 | Current Liabilities | Oil derivatives | Deferred premiums
Liabilities:
Derivative liabilities before netting	0	0
Level 2 | Current Liabilities | NGL derivatives | Commodity derivatives
Liabilities:
Derivative liabilities before netting	(5,871)	0
Level 2 | Current Liabilities | Natural gas derivatives | Commodity derivatives
Liabilities:
Derivative liabilities before netting	(5,082)	(7,290)
Level 2 | Noncurrent Liabilities | Oil derivatives | Commodity derivatives
Liabilities:
Derivative liabilities before netting	(2,991)	0
Level 2 | Noncurrent Liabilities | Oil derivatives | Deferred premiums
Liabilities:
Derivative liabilities before netting	0	0
Level 2 | Noncurrent Liabilities | NGL derivatives | Commodity derivatives
Liabilities:
Derivative liabilities before netting	(3,916)	0
Level 2 | Noncurrent Liabilities | Natural gas derivatives | Commodity derivatives
Liabilities:
Derivative liabilities before netting	918	(728)
Level 3
Liabilities:
Net derivative asset (liability) positions	(12,644)	(16,565)
Level 3 | Current Assets | Oil derivatives | Commodity derivatives
Assets:
Derivative assets before netting	0	0
Level 3 | Current Assets | Oil derivatives | Deferred premiums
Assets:
Derivative assets before netting	0	0
Level 3 | Current Assets | NGL derivatives | Commodity derivatives
Assets:
Derivative assets before netting	0	0
Level 3 | Current Assets | Natural gas derivatives | Commodity derivatives
Assets:
Derivative assets before netting	0	0
Level 3 | Noncurrent Assets | Oil derivatives | Commodity derivatives
Assets:
Derivative assets before netting	0	0
Level 3 | Noncurrent Assets | Oil derivatives | Deferred premiums
Assets:
Derivative assets before netting	0	0
Level 3 | Noncurrent Assets | NGL derivatives | Commodity derivatives
Assets:
Derivative assets before netting	0	0
Level 3 | Noncurrent Assets | Natural gas derivatives | Commodity derivatives
Assets:
Derivative assets before netting	0	0
Level 3 | Current Liabilities | Oil derivatives | Commodity derivatives
Liabilities:
Derivative liabilities before netting	0	0
Level 3 | Current Liabilities | Oil derivatives | Deferred premiums
Liabilities:
Derivative liabilities before netting	(12,644)	(16,565)
Level 3 | Current Liabilities | NGL derivatives | Commodity derivatives
Liabilities:
Derivative liabilities before netting	0	0
Level 3 | Current Liabilities | Natural gas derivatives | Commodity derivatives
Liabilities:
Derivative liabilities before netting	0	0
Level 3 | Noncurrent Liabilities | Oil derivatives | Commodity derivatives
Liabilities:
Derivative liabilities before netting	0	0
Level 3 | Noncurrent Liabilities | Oil derivatives | Deferred premiums
Liabilities:
Derivative liabilities before netting	0	0
Level 3 | Noncurrent Liabilities | NGL derivatives | Commodity derivatives
Liabilities:
Derivative liabilities before netting	0	0
Level 3 | Noncurrent Liabilities | Natural gas derivatives | Commodity derivatives
Liabilities:
Derivative liabilities before netting	$ 0	$ 0

Fair value measurements - Narra

Fair value measurements - Narrative (Details)	3 Months Ended
	Mar. 31, 2018USD ($)	Mar. 31, 2019
Nonrecurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Acquisitions of oil and natural gas properties	$ 0
Measurement input, discount rate | Recurring | Level 3 | Deferred premiums | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, measurement input		0.0231
Measurement input, discount rate | Recurring | Level 3 | Deferred premiums | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, measurement input		0.0332
Measurement input, discount rate | Recurring | Level 3 | Deferred premiums | Weighted Average
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, measurement input		0.0274
Materials and Supplies | Nonrecurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment expense	0
Long-Lived Assets | Nonrecurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment expense	$ 0

Fair value measurements - Cash

Fair value measurements - Cash payments required for deferred premium contracts (Details) $ in Thousands	Mar. 31, 2019USD ($)
Fair Value Disclosures [Abstract]
Remaining 2019	$ 11,486
2020	1,295
Total	$ 12,781

Fair value measurements - Summa

Fair value measurements - Summary of changes in net assets classified as Level 3 (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Changes in assets classified as Level 3 measurements
Change in net present value of derivative deferred premiums	$ 95	$ 211
Deferred premiums
Changes in assets classified as Level 3 measurements
Balance of Level 3 at beginning of period	(16,565)	(28,683)
Change in net present value of derivative deferred premiums	(95)	(211)
Total purchases and settlements of derivative deferred premiums:
Purchases	0	(5,422)
Settlements	4,016	4,024
Balance of Level 3 at end of period	$ (12,644)	$ (30,292)

Fair value measurements - Carry

Fair value measurements - Carrying amount of debt instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Long-term debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	$ 1,070,000	$ 990,000
Long-term debt | January 2022 Notes | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	450,000	450,000
Long-term debt | March 2023 Notes | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	350,000	350,000
Long-term debt | Senior Secured Credit Facility | Secured debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	270,000	190,000
Fair value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	994,800	909,563
Fair value | January 2022 Notes | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	412,313	402,885
Fair value | March 2023 Notes | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	312,375	316,624
Fair value | Senior Secured Credit Facility | Secured debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	$ 270,112	$ 190,054

Net income (loss) per common _3

Net income (loss) per common share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Net income (loss) (numerator):
Net income (loss)—basic and diluted	$ (9,491)	$ 86,520
Weighted-average common shares outstanding (denominator):
Basic (in shares)	230,476	238,228
Diluted (in shares)	230,476	239,319
Net income (loss) per common share:
Basic (in dollars per share)	$ (0.04)	$ 0.36
Diluted (in dollars per share)	$ (0.04)	$ 0.36
Dilutive non-vested restricted stock awards
Weighted-average common shares outstanding (denominator):
Incremental common shares (in shares)	0	1,064
Dilutive outstanding stock option awards
Weighted-average common shares outstanding (denominator):
Incremental common shares (in shares)	0	27

Commitments and contingencies -

Commitments and contingencies - Drilling contracts (Details) - Drilling contracts - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Cost of Goods and Services Sold [Abstract]
Penalties incurred for early contract termination	$ 0	$ 0
Future drilling contracts commitments	$ 2,200,000

Commitments and contingencies_2

Commitments and contingencies - Firm sale and transportation commitments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Supply Commitment [Line Items]
Minimum volume commitments deficiency payments	$ 0.5	$ 0.1
Firm sale and transportation commitments
Cost of Goods and Services Sold [Abstract]
Future drilling contracts commitments	$ 358.5

Commitments and contingencies_3

Commitments and contingencies - Purchase commitment (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2018	Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Purchase agreement term	1 year
Aggregate purchase commitment		$ 1.1

Commitments and contingencies_4

Commitments and contingencies - Environmental (Details) - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Accrual for environmental loss contingencies	$ 0	$ 0

Supplemental cash flow and no_3

Supplemental cash flow and non-cash information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Supplemental cash flow information:
Capitalized interest	$ 242	$ 255
Supplemental non-cash investing information:
Increase (decrease) in accrued capital expenditures	6,443	(43,336)
Capitalized stock-based compensation in evaluated oil and natural gas properties	1,899	2,102
Capitalized asset retirement costs	271	130
Supplemental non-cash financing information:
Increase in accrued stock repurchases	0	$ 4,761
Supplemental cash paid for amounts included in the measurement of lease liabilities information:
Operating cash flows for operating leases	3,564
Supplemental non-cash adjustments information:
Right-of-use assets obtained in exchange for operating lease liabilities	$ 22,090

Asset retirement obligations (D

Asset retirement obligations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Liability at beginning of period	$ 56,882	$ 55,506
Liabilities added due to acquisitions, drilling, midstream service asset construction and other	271	130
Accretion expense	1,052	1,106
Liabilities settled due to plugging and abandonment or removed due to sale	(447)	(440)
Liability at end of period	$ 57,758	$ 56,302

Revenue recognition (Details)

Revenue recognition (Details) - USD ($) $ in Thousands	Oct. 30, 2017	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Dec. 31, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cash consideration		$ 0	$ 1,655
Accumulated deficit		$ (1,212,886)		$ (1,203,395)
Variable interest entity, not primary beneficiary | Medallion Gathering And Processing LLC
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Ownership percentage by noncontrolling owners	49.00%
Percent of ownership interests sold	100.00%
Ownership interest	49.00%
Cash consideration	$ 831,300
Maximum exposure to loss					$ 141,100
Global infrastructure partners | Variable interest entity, not primary beneficiary | Medallion Gathering And Processing LLC
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cash consideration for sale	$ 1,825,000
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Accounting Standards Update 2014-09
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Accumulated deficit					$ 141,100

Income taxes (Details)

Income taxes (Details) $ in Millions	Mar. 31, 2019USD ($)
Operating loss carry-forward
Net operating loss carry-forward that will not expire due to TCJA	$ 157.2
Deferred tax assets, valuation allowance	239
AMT credit carryforward	4.1
Internal Revenue Service (IRS) | Federal
Operating loss carry-forward
Operating loss carryforwards	1,900
State of Oklahoma | State
Operating loss carry-forward
Operating loss carryforwards	36
Texas | State
Operating loss carry-forward
Deferred tax liability	5
Accounts receivable
Operating loss carry-forward
AMT credit carryforward	2.1
Other noncurrent assets, net
Operating loss carry-forward
AMT credit carryforward	$ 2

Related party (Details)

Related party (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Related Party Transaction [Line Items]
Operating lease liabilities	$ 22,197
Capital expenditures for oil and natural gas properties	152,729	$ 195,025
Helmerich & Payne, Inc. | Affiliated entity
Related Party Transaction [Line Items]
Operating lease liabilities	7,900
Capital expenditures for oil and natural gas properties	$ 2,982	$ 0

Subsidiary guarantors - Balance

Subsidiary guarantors - Balance sheet (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017
Subsidiary guarantees
Accounts receivable, net	$ 107,520	$ 94,321
Other current assets	65,210	98,431
Oil and natural gas properties, net	2,130,426	2,029,571
Midstream service assets, net	131,118	130,245
Other fixed assets, net	39,098	39,819
Investment in subsidiaries	0	0
Other noncurrent assets, net	41,417	27,918
Total assets	2,514,789	2,420,305
Accounts payable and accrued liabilities	76,644	69,504
Other current liabilities	126,978	130,961
Long-term debt, net	1,064,081	983,636
Other noncurrent liabilities	75,654	61,974
Total stockholders' equity	1,171,432	1,174,230	$ 941,830	$ 765,579
Total liabilities and stockholders' equity	2,514,789	2,420,305
Intercompany eliminations
Subsidiary guarantees
Accounts receivable, net	0	0
Other current assets	0	0
Oil and natural gas properties, net	(24,049)	(22,551)
Midstream service assets, net	0	0
Other fixed assets, net	0	0
Investment in subsidiaries	(135,199)	(128,380)
Other noncurrent assets, net	0	0
Total assets	(159,248)	(150,931)
Accounts payable and accrued liabilities	0	0
Other current liabilities	0	0
Long-term debt, net	0	0
Other noncurrent liabilities	0	0
Total stockholders' equity	(159,248)	(150,931)
Total liabilities and stockholders' equity	(159,248)	(150,931)
Laredo | Reportable Legal Entities
Subsidiary guarantees
Accounts receivable, net	94,635	83,424
Other current assets	63,836	97,045
Oil and natural gas properties, net	2,145,399	2,043,009
Midstream service assets, net	0	0
Other fixed assets, net	39,061	39,751
Investment in subsidiaries	135,199	128,380
Other noncurrent assets, net	37,245	23,783
Total assets	2,515,375	2,415,392
Accounts payable and accrued liabilities	57,291	54,167
Other current liabilities	125,377	121,297
Long-term debt, net	1,064,081	983,636
Other noncurrent liabilities	73,145	59,511
Total stockholders' equity	1,195,481	1,196,781
Total liabilities and stockholders' equity	2,515,375	2,415,392
Subsidiary Guarantors | Reportable Legal Entities
Subsidiary guarantees
Accounts receivable, net	12,885	10,897
Other current assets	1,374	1,386
Oil and natural gas properties, net	9,076	9,113
Midstream service assets, net	131,118	130,245
Other fixed assets, net	37	68
Investment in subsidiaries	0	0
Other noncurrent assets, net	4,172	4,135
Total assets	158,662	155,844
Accounts payable and accrued liabilities	19,353	15,337
Other current liabilities	1,601	9,664
Long-term debt, net	0	0
Other noncurrent liabilities	2,509	2,463
Total stockholders' equity	135,199	128,380
Total liabilities and stockholders' equity	$ 158,662	$ 155,844

Subsidiary guarantors - Stateme

Subsidiary guarantors - Statement of operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Subsidiary guarantees
Total revenues	$ 208,947	$ 259,696
Total costs and expenses	154,550	166,504
Operating income	54,397	93,192
Interest expense	(15,547)	(13,518)
Other (expense) income	(48,437)	6,846
Income (loss) before income taxes	(9,587)	86,520
Total income tax benefit	96	0
Net income (loss)	(9,491)	86,520
Intercompany eliminations
Subsidiary guarantees
Total revenues	(18,906)	(14,429)
Total costs and expenses	(17,408)	(13,748)
Operating income	(1,498)	(681)
Interest expense	0	0
Other (expense) income	(2,202)	(1,480)
Income (loss) before income taxes	(3,700)	(2,161)
Total income tax benefit	0	0
Net income (loss)	(3,700)	(2,161)
Laredo | Reportable Legal Entities
Subsidiary guarantees
Total revenues	173,521	197,825
Total costs and expenses	119,735	105,688
Operating income	53,786	92,137
Interest expense	(15,547)	(13,518)
Other (expense) income	(46,328)	8,582
Income (loss) before income taxes	(8,089)	87,201
Total income tax benefit	96	0
Net income (loss)	(7,993)	87,201
Subsidiary Guarantors | Reportable Legal Entities
Subsidiary guarantees
Total revenues	54,332	76,300
Total costs and expenses	52,223	74,564
Operating income	2,109	1,736
Interest expense	0	0
Other (expense) income	93	(256)
Income (loss) before income taxes	2,202	1,480
Total income tax benefit	0	0
Net income (loss)	$ 2,202	$ 1,480

Subsidiary guarantors - Cash fl

Subsidiary guarantors - Cash flows (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Subsidiary guarantees
Net cash provided by (used in) operating activities	$ 77,458	$ 146,471
Capital expenditures and other, net	(155,453)	(199,674)
Net cash provided by financing activities	77,388	(3,067)
Net decrease in cash and cash equivalents	(607)	(56,270)
Cash and cash equivalents, beginning of period	45,151	112,159
Cash and cash equivalents, end of period	44,544	55,889
Intercompany eliminations
Subsidiary guarantees
Net cash provided by (used in) operating activities	(2,202)	(1,480)
Capital expenditures and other, net	2,202	1,480
Net cash provided by 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 provided by (used in) operating activities	82,020	140,247
Capital expenditures and other, net	(160,015)	(193,450)
Net cash provided by financing activities	77,388	(3,067)
Net decrease in cash and cash equivalents	(607)	(56,270)
Cash and cash equivalents, beginning of period	45,150	112,158
Cash and cash equivalents, end of period	44,543	55,888
Subsidiary Guarantors | Reportable Legal Entities
Subsidiary guarantees
Net cash provided by (used in) operating activities	(2,360)	7,704
Capital expenditures and other, net	2,360	(7,704)
Net cash provided by 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 - Narrative (

Subsequent events - Narrative (Details) - USD ($)	Apr. 12, 2019	Apr. 08, 2019	May 02, 2019	Jun. 30, 2019	Apr. 30, 2019	Apr. 01, 2019	Mar. 31, 2019	Dec. 31, 2018
Subsequent Event [Line Items]
Present value of deferred premiums							$ (1,040,000)	$ 43,506,000
Senior Secured Credit Facility | Secured debt
Subsequent Event [Line Items]
Current borrowing capacity							1,300,000,000
Aggregate elected commitment							1,200,000,000
Level 3
Subsequent Event [Line Items]
Present value of deferred premiums							$ (12,644,000)	$ (16,565,000)
Subsequent events
Subsequent Event [Line Items]
Favorable settlement received	$ 42,500,000
Approximate reduction in workforce		20.00%
Subsequent events | Senior Secured Credit Facility | Secured debt
Subsequent Event [Line Items]
Current borrowing capacity					$ 1,100,000,000
Aggregate elected commitment					$ 1,100,000,000
Subsequent events | Scenario, Forecast
Subsequent Event [Line Items]
One-time charges				$ 12,000,000
Subsequent events | Commodity derivatives | Not designated as hedges
Subsequent Event [Line Items]
Net termination amount			$ 5,400,000
Subsequent events | Level 3 | Commodity derivatives | Not designated as hedges
Subsequent Event [Line Items]
Present value of deferred premiums						$ 7,200,000

Subsequent events - Terminated

Subsequent events - Terminated derivatives (Details) - Oil derivatives - Early Contract Termination	3 Months Ended
	Mar. 31, 2019$ / bblbbl
Oil puts, April 2019 - December 2019
Subsequent Event [Line Items]
Aggregate volumes (Bbl) | bbl	5,087,500
Weighted-average floor price ($/Bbl)	46.03
Weighted-average ceiling price ($/Bbl)	0
Oil collars, January 2020 - December 2020
Subsequent Event [Line Items]
Aggregate volumes (Bbl) | bbl	1,134,600
Weighted-average floor price ($/Bbl)	45
Weighted-average ceiling price ($/Bbl)	76.13

Subsequent events - Open deriva

Subsequent events - Open derivative positions (Details) - Scenario, Forecast - Derivatives not designated as hedges	9 Months Ended	12 Months Ended
	Dec. 31, 2019BoeMMBTU$ / MMBTU$ / bbl	Dec. 31, 2021BoeMMBTU$ / MMBTU$ / bbl	Dec. 31, 2020BoeMMBTU$ / MMBTU$ / bbl
Put Instrument 1 | Oil derivatives
Subsequent Event [Line Items]
Volume (Bbl) | Boe	6,050,000	0	366,000
Weighted-average ($/Bbl) | $ / bbl	47.45	0	45
Put Instrument 2 | Oil derivatives
Subsequent Event [Line Items]
Volume (Bbl) | Boe	3,575,000	0	0
Weighted-average ($/Bbl) | $ / bbl	3.21	0	0
Swap | Oil derivatives
Subsequent Event [Line Items]
Volume (Bbl) | Boe	495,000		695,400
Weighted-average ($/Bbl) | $ / bbl	53.45		52.18
Swap | Natural gas derivatives
Subsequent Event [Line Items]
Volume (Bbl) | MMBTU	29,425,000	14,052,500	23,790,000
Weighted-average ($/Bbl) | $ / MMBTU	3.09	2.63	2.72
Collar | Oil derivatives
Subsequent Event [Line Items]
Volume (Bbl) | Boe	0	912,500	1,134,600
Collar | Floor | Oil derivatives
Subsequent Event [Line Items]
Weighted-average ($/Bbl) | $ / bbl	0	45	45
Collar | Ceiling | Oil derivatives
Subsequent Event [Line Items]
Weighted-average ($/Bbl) | $ / bbl	0	71	76.13
Commodity | NGL derivatives
Subsequent Event [Line Items]
Volume (Bbl) | Boe	4,372,500	2,202,775	2,562,000
Commodity | Floor | Oil derivatives
Subsequent Event [Line Items]
Volume (Bbl) | Boe	6,545,000	912,500	2,196,000
Weighted-average ($/Bbl) | $ / bbl	47.91	45	47.27
Commodity | Ceiling | Oil derivatives
Subsequent Event [Line Items]
Volume (Bbl) | Boe	495,000	912,500	1,830,000
Weighted-average ($/Bbl) | $ / bbl	53.45	71	67.03
Basis Swap | Oil derivatives
Subsequent Event [Line Items]
Volume (Bbl) | Boe	1,840,000	0	0
Weighted-average ($/Bbl) | $ / bbl	(2.89)	0	0
Basis Swap 2 | Oil derivatives
Subsequent Event [Line Items]
Volume (Bbl) | Boe	552,000	0	0
Weighted-average ($/Bbl) | $ / bbl	(4.37)	0	0
Basis Swap 3 | Oil derivatives
Subsequent Event [Line Items]
Volume (Bbl) | Boe	910,000	0	0
Weighted-average ($/Bbl) | $ / bbl	7.30	0	0
Basis Swap 4 | Natural gas derivatives
Subsequent Event [Line Items]
Volume (Bbl) | MMBTU	29,425,000	23,360,000	32,574,000
Weighted-average ($/Bbl) | $ / MMBTU	(1.51)	(0.47)	(0.76)
Ethane | Swap | NGL derivatives
Subsequent Event [Line Items]
Volume (Bbl) | Boe	1,787,500	912,500	366,000
Weighted-average ($/Bbl) | $ / bbl	14.22	12.01	13.60
Propane | Swap | NGL derivatives
Subsequent Event [Line Items]
Volume (Bbl) | Boe	1,430,000	730,000	1,244,400
Weighted-average ($/Bbl) | $ / bbl	27.97	25.52	26.58
Butane | Swap | NGL derivatives
Subsequent Event [Line Items]
Volume (Bbl) | Boe	550,000	255,500	439,200
Weighted-average ($/Bbl) | $ / bbl	30.73	27.72	28.69
Isobutane | Swap | NGL derivatives
Subsequent Event [Line Items]
Volume (Bbl) | Boe	137,500	67,525	109,800
Weighted-average ($/Bbl) | $ / bbl	31.08	28.79	29.99
Natural Gasoline | Swap | NGL derivatives
Subsequent Event [Line Items]
Volume (Bbl) | Boe	467,500	237,250	402,600
Weighted-average ($/Bbl) | $ / bbl	45.80	44.31	45.15
Subsequent events | Put Instrument 1 | Oil derivatives
Subsequent Event [Line Items]
Volume (Bbl) | Boe	962,500	0	366,000
Weighted-average ($/Bbl) | $ / bbl	55	0	45
Subsequent events | Put Instrument 2 | Oil derivatives
Subsequent Event [Line Items]
Volume (Bbl) | Boe	962,500	0	0
Weighted-average ($/Bbl) | $ / bbl	4.39	0	0
Subsequent events | Swap | Oil derivatives
Subsequent Event [Line Items]
Volume (Bbl) | Boe	5,912,500	0	7,173,600
Weighted-average ($/Bbl) | $ / bbl	61.31	0	59.50
Subsequent events | Swap | Natural gas derivatives
Subsequent Event [Line Items]
Volume (Bbl) | MMBTU	29,425,000	14,052,500	23,790,000
Weighted-average ($/Bbl) | $ / MMBTU	3.09	2.63	2.72
Subsequent events | Collar | Oil derivatives
Subsequent Event [Line Items]
Volume (Bbl) | Boe	0	912,500	0
Subsequent events | Collar | Floor | Oil derivatives
Subsequent Event [Line Items]
Weighted-average ($/Bbl) | $ / bbl	0	45	0
Subsequent events | Collar | Ceiling | Oil derivatives
Subsequent Event [Line Items]
Weighted-average ($/Bbl) | $ / bbl	0	71	0
Subsequent events | Commodity | NGL derivatives
Subsequent Event [Line Items]
Volume (Bbl) | Boe	4,372,500	2,202,775	2,562,000
Subsequent events | Commodity | Floor | Oil derivatives
Subsequent Event [Line Items]
Volume (Bbl) | Boe	6,875,000	912,500	7,539,600
Weighted-average ($/Bbl) | $ / bbl	60.42	45	58.79
Subsequent events | Commodity | Ceiling | Oil derivatives
Subsequent Event [Line Items]
Volume (Bbl) | Boe	5,912,500	912,500	7,173,600
Weighted-average ($/Bbl) | $ / bbl	61.31	71	59.50
Subsequent events | Basis Swap | Oil derivatives
Subsequent Event [Line Items]
Volume (Bbl) | Boe	1,840,000	0	0
Weighted-average ($/Bbl) | $ / bbl	(2.89)	0	0
Subsequent events | Basis Swap 2 | Oil derivatives
Subsequent Event [Line Items]
Volume (Bbl) | Boe	552,000	0	0
Weighted-average ($/Bbl) | $ / bbl	(4.37)	0	0
Subsequent events | Basis Swap 3 | Oil derivatives
Subsequent Event [Line Items]
Volume (Bbl) | Boe	910,000	0	0
Weighted-average ($/Bbl) | $ / bbl	7.30	0	0
Subsequent events | Basis Swap 4 | Natural gas derivatives
Subsequent Event [Line Items]
Volume (Bbl) | MMBTU	29,425,000	23,360,000	32,574,000
Weighted-average ($/Bbl) | $ / MMBTU	(1.51)	(0.47)	(0.76)
Subsequent events | Ethane | Swap | NGL derivatives
Subsequent Event [Line Items]
Volume (Bbl) | Boe	1,787,500	912,500	366,000
Weighted-average ($/Bbl) | $ / bbl	14.22	12.01	13.60
Subsequent events | Propane | Swap 2 | NGL derivatives
Subsequent Event [Line Items]
Volume (Bbl) | Boe	1,430,000	730,000	1,244,400
Weighted-average ($/Bbl) | $ / bbl	27.97	25.52	26.58
Subsequent events | Butane | Swap 3 | NGL derivatives
Subsequent Event [Line Items]
Volume (Bbl) | Boe	550,000	255,500	439,200
Weighted-average ($/Bbl) | $ / bbl	30.73	27.72	28.69
Subsequent events | Isobutane | Swap 4 | NGL derivatives
Subsequent Event [Line Items]
Volume (Bbl) | Boe	137,500	67,525	109,800
Weighted-average ($/Bbl) | $ / bbl	31.08	28.79	29.99
Subsequent events | Natural Gasoline | Swap 5 | NGL derivatives
Subsequent Event [Line Items]
Volume (Bbl) | Boe	467,500	237,250	402,600
Weighted-average ($/Bbl) | $ / bbl	45.80	44.31	45.15

Uncategorized Items - a1q19lpi1

Label	Element	Value
Accounting Standards Update 2014-09 [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ 141,118,000
Accounting Standards Update 2014-09 [Member] | Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ 141,118,000