Vital Energy (VTLE) 10-Q 1 Aug 19 2019 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2019	Jul. 29, 2019
Cover page.
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2019
Document Transition Report	false
Entity File Number	001-35380
Entity Registrant Name	Laredo Petroleum, Inc.
Entity Central Index Key	0001528129
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	45-3007926
Entity Address, Address Line One	15 W. Sixth Street
Entity Address, Address Line Two	Suite 900
Entity Address, City or Town	Tulsa
Entity Address, State or Province	OK
Entity Address, Postal Zip Code	74119
City Area Code	918
Local Phone Number	513-4570
Title of 12(b) Security	Common stock, $0.01 par value
Trading Symbol	LPI
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		237,469,613

Consolidated balance sheets

Consolidated balance sheets - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 55,800	$ 45,151
Accounts receivable, net	76,610	94,321
Derivatives	47,167	39,835
Other current assets	12,938	13,445
Total current assets	192,515	192,752
Oil and natural gas properties, full cost method:
Evaluated properties	7,080,332	6,752,631
Unevaluated properties not being depleted	95,138	130,957
Less accumulated depletion and impairment	(4,975,302)	(4,854,017)
Oil and natural gas properties, net	2,200,168	2,029,571
Midstream service assets, net	131,633	130,245
Other fixed assets, net	37,933	39,819
Property and equipment, net	2,369,734	2,199,635
Derivatives	25,798	11,030
Operating lease right-of-use assets	18,903
Other noncurrent assets, net	12,972	16,888
Total assets	2,619,922	2,420,305
Current liabilities:
Accounts payable and accrued liabilities	51,289	69,504
Accrued capital expenditures	32,310	29,975
Undistributed revenue and royalties	44,731	48,841
Derivatives	1,473	7,359
Operating lease liabilities	9,948
Other current liabilities	30,927	44,786
Total current liabilities	170,678	200,465
Long-term debt, net	1,029,526	983,636
Asset retirement obligations	55,645	53,387
Operating lease liabilities	12,055
Other noncurrent liabilities	7,697	8,587
Total liabilities	1,275,601	1,246,075
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.01 par value, 50,000,000 shares authorized and zero issued as of June 30, 2019 and December 31, 2018	0	0
Common stock, $0.01 par value, 450,000,000 shares authorized and 237,479,812 and 233,936,358 issued and outstanding as of June 30, 2019 and December 31, 2018, respectively	2,375	2,339
Additional paid-in capital	2,381,450	2,375,286
Accumulated deficit	(1,039,504)	(1,203,395)
Total stockholders' equity	1,344,321	1,174,230
Total liabilities and stockholders' equity	$ 2,619,922	$ 2,420,305

Consolidated balance sheets (Pa

Consolidated balance sheets (Parenthetical) - $ / shares	Jun. 30, 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)	237,479,812	233,936,358
Common stock outstanding (in shares)	237,479,812	233,936,358

Consolidated statements of oper

Consolidated statements of operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Revenues:
Total revenues	$ 216,643	$ 351,046	$ 425,590	$ 610,742
Costs and expenses:
Lease operating expenses	23,632	22,642	46,241	44,593
Production and ad valorem taxes	11,328	12,405	18,547	24,217
General and administrative	11,056	26,834	32,575	51,559
Restructuring expenses	10,406	0	10,406	0
Depletion, depreciation and amortization	65,703	50,762	128,801	96,315
Other operating expenses	1,020	1,121	2,072	2,227
Total costs and expenses	158,815	256,279	313,365	422,783
Operating income	57,828	94,767	112,225	187,959
Non-operating income (expense):
Gain (loss) on derivatives, net	88,394	(45,976)	40,029	(36,966)
Interest expense	(15,765)	(14,424)	(31,312)	(27,942)
Litigation settlement	42,500	0	42,500	0
Loss on disposal of assets, net	(670)	(1,358)	(1,609)	(3,975)
Other income, net	2,846	443	3,713	896
Non-operating income (expense), net	117,305	(61,315)	53,321	(67,987)
Income before income taxes	175,133	33,452	165,546	119,972
Income tax expense:
Deferred	(1,751)	0	(1,655)	0
Total income tax expense	(1,751)	0	(1,655)	0
Net income	$ 173,382	$ 33,452	$ 163,891	$ 119,972
Net income per common share:
Basic (in dollars per share)	$ 0.75	$ 0.14	$ 0.71	$ 0.51
Diluted (in dollars per share)	$ 0.75	$ 0.14	$ 0.71	$ 0.51
Weighted-average common shares outstanding:
Basic (in shares)	231,406	230,933	230,943	234,561
Diluted (in shares)	231,557	231,706	231,725	235,501
Oil sales
Revenues:
Total revenues	$ 160,030	$ 159,051	$ 289,201	$ 309,965
NGL sales
Revenues:
Total revenues	22,197	36,805	54,432	65,165
Natural gas sales
Revenues:
Total revenues	1,636	12,705	13,606	30,865
Midstream service revenues
Revenues:
Total revenues	2,610	1,976	5,493	4,335
Costs and expenses:
Cost of goods and services sold	607	403	2,210	1,096
Sales of purchased oil
Revenues:
Total revenues	30,170	140,509	62,858	200,412
Costs and expenses:
Cost of goods and services sold	30,172	140,578	62,863	201,242
Transportation and marketing expenses
Costs and expenses:
Cost of goods and services sold	$ 4,891	$ 1,534	$ 9,650	$ 1,534

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 (See Note 6.c)	11,441		11,441
Net income	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, 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
Net income	119,972
Balance, end of period (in shares) at Jun. 30, 2018		235,194		0
Balance, end of period at Jun. 30, 2018	959,167	$ 2,352	2,364,833	$ 0	(1,408,018)
Balance, beginning of period (in shares) at Mar. 31, 2018		238,320		0
Balance, beginning of period at Mar. 31, 2018	941,830	$ 2,383	2,380,917	$ 0	(1,441,470)
Increase (Decrease) in Stockholders' Equity
Restricted stock awards (in shares)		141
Restricted stock awards		$ 2	(2)
Restricted stock forfeitures (in shares)		(113)
Restricted stock forfeitures		$ (1)	1
Share repurchases (in shares)				3,151
Share repurchases	(28,743)			$ (28,743)
Stock exchanged for tax withholding (in shares)				3
Stock exchanged for tax withholding	(44)			$ (44)
Retirement of treasury stock (in shares)		(3,154)		(3,154)
Retirement of treasury stock		$ (32)	(28,755)	$ 28,787
Stock-based compensation (See Note 6.c)	12,672		12,672
Net income	33,452				33,452
Balance, end of period (in shares) at Jun. 30, 2018		235,194		0
Balance, end of period at Jun. 30, 2018	959,167	$ 2,352	2,364,833	$ 0	(1,408,018)
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 (See Note 6.c)	9,305		9,305
Net income	(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)
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
Net income	163,891
Balance, end of period (in shares) at Jun. 30, 2019		237,480		0
Balance, end of period at Jun. 30, 2019	1,344,321	$ 2,375	2,381,450	$ 0	(1,039,504)
Balance, beginning of period (in shares) at Mar. 31, 2019		239,191		0
Balance, beginning of period at Mar. 31, 2019	1,171,432	$ 2,392	2,381,926	$ 0	(1,212,886)
Increase (Decrease) in Stockholders' Equity
Restricted stock awards (in shares)		1,064
Restricted stock awards		$ 11	(11)
Restricted stock forfeitures (in shares)		(2,763)
Restricted stock forfeitures		$ (28)	28
Stock exchanged for tax withholding (in shares)				12
Stock exchanged for tax withholding	(34)			$ (34)
Retirement of treasury stock (in shares)		(12)		(12)
Retirement of treasury stock		$ 0	(34)	$ 34
Stock-based compensation (See Note 6.c)	(459)		(459)
Net income	173,382				173,382
Balance, end of period (in shares) at Jun. 30, 2019		237,480		0
Balance, end of period at Jun. 30, 2019	$ 1,344,321	$ 2,375	$ 2,381,450	$ 0	$ (1,039,504)

Consolidated statements of cash

Consolidated statements of cash flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Cash flows from operating activities:
Net income	$ 163,891	$ 119,972
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred income tax expense	1,655	0
Depletion, depreciation and amortization	128,801	96,315
Non-cash stock-based compensation, net	6,983	20,015
Mark-to-market on derivatives:
(Gain) loss on derivatives, net	(40,029)	36,966
Settlements received (paid) for matured derivatives, net	23,582	(2,055)
Settlements paid for early terminations of derivatives, net	(5,409)	0
Change in net present value of derivative deferred premiums	119	396
Premiums paid for derivatives	(6,249)	(9,475)
Amortization of debt issuance costs	1,693	1,638
Amortization of operating lease right-of-use assets	6,309	0
Other, net	4,068	6,910
Decrease (increase) in accounts receivable	17,537	(2,331)
Increase in other current assets	(4,200)	(10,974)
Decrease in other noncurrent assets	3,077	1,835
(Decrease) increase in accounts payable and accrued liabilities	(18,215)	15,911
(Decrease) increase in undistributed revenue and royalties	(4,110)	8,146
Decrease in other current liabilities	(18,134)	(20,124)
Decrease in other noncurrent liabilities	(100)	(544)
Net cash provided by operating activities	261,269	262,601
Cash flows from investing activities:
Acquisitions of oil and natural gas properties	2,880	16,340
Capital expenditures:
Oil and natural gas properties	(284,616)	(341,534)
Midstream service assets	(5,449)	(5,205)
Other fixed assets	(965)	(4,965)
Proceeds from disposition of equity method investee, net of selling costs	0	1,655
Proceeds from disposition of capital assets, net of selling costs	936	12,317
Net cash used in investing activities	(292,974)	(354,072)
Cash flows from financing activities:
Borrowings on Senior Secured Credit Facility	80,000	110,000
Payments on Senior Secured Credit Facility	(35,000)	0
Share repurchases	0	(87,218)
Stock exchanged for tax withholding	(2,646)	(4,397)
Payments for debt issuance costs	0	(2,469)
Net cash provided by financing activities	42,354	15,916
Net increase (decrease) in cash and cash equivalents	10,649	(75,555)
Cash and cash equivalents, beginning of period	45,151	112,159
Cash and cash equivalents, end of period	$ 55,800	$ 36,604

Organization and basis of prese

Organization and basis of presentation	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Organization and basis of presentation	Note 1 — 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 June 30, 2019 , results of operations for the three and six months ended June 30, 2019 and 2018 and cash flows for the six months ended June 30, 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 pertaining to the Company's 2019 performance share awards and outperformance share award.

Recently issued or adopted acco

Recently issued or adopted accounting pronouncements	6 Months Ended
	Jun. 30, 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 six months ended June 30, 2019 . 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 for 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 for further discussion of the ASC 842 adoption impact on the Company's unaudited consolidated financial statements.

Leases

Leases	6 Months Ended
	Jun. 30, 2019
Leases [Abstract]
Leases	Note 3 — 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 operating lease assets and operating lease liabilities on the unaudited consolidated balance sheets for leases of commercial real estate with lease terms extending into 2027 and drilling, completion, production and other equipment leases with lease terms extending through 2020. The Company has various other drilling, completion and production equipment leases on a short-term basis which are reflected in short-term lease costs. The Company's 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 June 30, 2019 , the Company had an average working interest of 97% in all Laredo-operated currently producing wells in its core operating area. The Company's short-term lease costs are not included in the calculation of lease liabilities and right-of-use assets. 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. 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. 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 the head lease. 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. Lease costs The table below presents components of total lease costs and supplemental cash flow information for the Company's operating leases for the periods presented: (in thousands) Three months ended June 30, 2019 Six months ended June 30, 2019 Operating lease costs (1) $ 3,713 $ 7,241 Short-term lease costs (2) 49,108 95,434 Variable lease costs (3) 1,254 1,772 Sublease income (247 ) (494 ) Total lease costs $ 53,828 $ 103,953 Supplemental cash paid for amounts included in the measurement of lease liabilities information (4) : Operating cash flows from operating leases $ 1,294 $ 2,824 Investing cash flows from operating leases (5) $ 2,270 $ 4,516 _____________________________________________________________________________ (1) Amounts represent straight-line costs associated with the Company's operating lease right-of-use assets. (2) Amounts represent costs associated with short-term leases that are not recorded on the unaudited consolidated balance sheets. (3) Variable lease costs are primarily comprised of the non-lease service component of drilling rig commitments above the minimum required payments. Both the minimum required payments and the non-lease service component of the drilling rig commitments are capitalized as additions to oil and natural gas properties. (4) Cash paid for amounts included in the measurement of lease liabilities may not agree to operating lease costs due to timing of cash payments and costs incurred. (5) Amounts associated with drilling operations are capitalized as additions to oil and natural gas properties. Other information See Note 11 for disclosure of supplemental 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 the weighted-average remaining lease term and weighted-average discount rate for the Company's operating leases as of the date presented: June 30, 2019 Weighted-average remaining lease term 3.85 years Weighted-average discount rate 8.27 % Maturities of operating lease liabilities The table below reconciles the undiscounted cash flows for recognized operating lease liabilities 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) June 30, 2019 Remaining 2019 $ 11,279 2020 4,729 2021 2,833 2022 2,027 2023 1,259 Thereafter 3,925 Total minimum lease payments 26,052 Less: lease liability expense (4,049 ) Present value of future minimum lease payments 22,003 Less: current operating lease liabilities (9,948 ) Noncurrent operating lease liabilities $ 12,055 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 as of the date presented: (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 of total future minimum rentals to be received as of December 31, 2018. For the period prior to the adoption of ASC 842, rent income is included in "Other income, net" on the consolidated statements of operations.

Property and equipment

Property and equipment	6 Months Ended
	Jun. 30, 2019
Property, Plant and Equipment [Abstract]
Property and equipment	The following table presents the Company's property and equipment as of the dates presented: (in thousands) June 30, 2019 December 31, 2018 Evaluated oil and natural gas properties $ 7,080,332 $ 6,752,631 Less accumulated depletion and impairment (4,975,302 ) (4,854,017 ) Evaluated oil and natural gas properties, net 2,105,030 1,898,614 Unevaluated oil and natural gas properties not being depleted 95,138 130,957 Midstream service assets 178,735 172,308 Less accumulated depreciation and impairment (47,102 ) (42,063 ) Midstream service assets, net 131,633 130,245 Depreciable other fixed assets 44,654 45,431 Less accumulated depreciation and amortization (24,980 ) (23,871 ) Depreciable other fixed assets, net 19,674 21,560 Land 18,259 18,259 Total property and equipment, net $ 2,369,734 $ 2,199,635 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 June 30, Six months ended June 30, (in thousands) 2019 2018 2019 2018 Capitalized related employee costs $ 3,430 $ 6,735 $ 10,112 $ 13,264 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 full cost ceiling is based principally on the estimated future net revenues from proved oil and natural gas properties discounted at 10%. The SEC guidelines require companies to use the unweighted arithmetic average first-day-of-the-month price for each month within the 12-month period prior to the end of the reporting period before differentials ("Benchmark Prices"). The Benchmark Prices are then adjusted for quality, transportation fees, geographical differentials, marketing bonuses or deductions and other factors affecting the price received at the wellhead ("Realized Prices"). The Realized Prices are utilized to calculate the discounted future net revenues in the full cost ceiling calculation. Significant inputs included in the calculation of discounted cash flows used in the impairment analysis include the Company's estimate of operating and development costs, anticipated production of proved reserves and other relevant data. In the event the unamortized cost of evaluated oil and natural gas properties being depleted exceeds the full cost ceiling, as defined by the SEC, the excess is charged to expense in the period such excess occurs. Once incurred, a write-down of oil and natural gas properties is not reversible. As the Company's Realized Prices decrease, it is reasonably possible that a material full cost ceiling impairment could occur. The unamortized cost of evaluated oil and natural gas properties did not exceed the full cost ceiling amount as of June 30, 2019 or December 31, 2018. There were no full cost ceiling impairments recorded during the six months ended June 30, 2019 or 2018. The following table presents the Benchmark Prices and Realized Prices as of the dates presented: June 30, 2019 December 31, 2018 Benchmark Prices: Oil ($/Bbl) $ 57.90 $ 62.04 NGL ($/Bbl) (1) $ 28.21 $ 31.46 Natural gas ($/MMBtu) $ 1.14 $ 1.76 Realized Prices: Oil ($/Bbl) $ 55.69 $ 59.29 NGL ($/Bbl) $ 18.64 $ 21.42 Natural gas ($/Mcf) $ 0.70 $ 1.38 _____________________________________________________________________________ (1) Based on the Company's average composite NGL barrel. The Company computes the provision for depletion of oil and natural gas properties using the unit-of-production method based upon production and estimates of proved reserve quantities. For the three months ended June 30, 2019 and 2018 , depletion expense for the Company's evaluated oil and natural gas properties was $8.27 per barrel of oil equivalent ("BOE") sold and $7.68 per BOE sold, respectively. For the six months ended June 30, 2019 and 2018 , depletion expense for the Company's evaluated oil and natural gas properties was $8.51 per BOE sold and $7.52 per BOE sold, respectively. The following table presents costs incurred in the acquisition, exploration and development of oil and natural gas properties, with asset retirement obligations included in evaluated property acquisition costs and development costs, for the periods presented: Three months ended June 30, Six months ended June 30, (in thousands) 2019 2018 2019 2018 Property acquisition costs (1) : — Evaluated $ — $ 13,847 $ — $ 13,847 Unevaluated 2,880 2,790 2,880 2,790 Exploration costs 5,116 5,108 12,621 11,245 Development costs 123,664 178,796 276,381 327,834 Total costs incurred $ 131,660 $ 200,541 $ 291,882 $ 355,716 _____________________________________________________________________________ (1) See Note 3.a in the second-quarter 2018 Quarterly Report for discussion of the Company's acquisitions of evaluated and unevaluated oil and natural gas properties during the three months ended June 30, 2018.

Debt

Debt	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
Debt	Note 5 — 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% of face value on March 15, 2021 and thereafter plus accrued and unpaid interest to, but not including, the date of redemption. 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% of face value on January 15, 2020 and thereafter plus accrued and unpaid interest to, but not including, the date of redemption. 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 June 30, 2019 , the Senior Secured Credit Facility had a maximum credit amount of $2.0 billion , a borrowing base and an aggregate elected commitment of $1.1 billion each, with $235.0 million outstanding and was subject to an interest rate of 3.69% . 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 June 30, 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 18.a for discussion of an additional payment on the Senior Secured Credit Facility subsequent to June 30, 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: June 30, 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 $ (2,522 ) $ 447,478 $ 450,000 $ (3,010 ) $ 446,990 March 2023 Notes 350,000 (2,952 ) 347,048 350,000 (3,354 ) 346,646 Senior Secured Credit Facility (1) 235,000 — 235,000 190,000 — 190,000 Total $ 1,035,000 $ (5,474 ) $ 1,029,526 $ 990,000 $ (6,364 ) $ 983,636 ______________________________________________________________________________ (1) Debt issuance costs, net related to our Senior Secured Credit Facility of $6.1 million and $7.0 million as of June 30, 2019 and December 31, 2018 , respectively, are reported in "Other noncurrent assets, net" on the unaudited consolidated balance sheets.

Stockholders' equity and Equity

Stockholders' equity and Equity Incentive Plan	6 Months Ended
	Jun. 30, 2019
Equity [Abstract]
Stockholders' equity and Equity Incentive Plan	Note 6 — 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 six months ended June 30, 2019 . b. Treasury stock Treasury stock is recorded at cost, which includes incremental direct transaction costs, and is retired upon acquisition as a result from (i) share repurchases under the share repurchase program, (ii) stock exchanged to satisfy tax withholding that arises upon the lapse of restrictions on restricted stock awards and the exercise of stock options at the awardee's election and (iii) stock exchanged for cost of exercise of stock options at the awardee's election. c. Equity Incentive Plan The Laredo Petroleum, Inc. Omnibus Equity Incentive Plan, as amended and restated as of May 16, 2019 (the "Equity Incentive Plan"), provides for the granting of incentive awards in the form of restricted stock awards, stock option awards, performance share awards, outperformance share awards, performance unit awards and other awards. During the second quarter of 2019, the Company's stockholders approved an amendment to the Equity Incentive Plan, among other items, to increase the maximum number of shares of the Company's common stock issuable under the Equity Incentive Plan from 24,350,000 shares to 29,850,000 shares. The Company recognizes the fair value of stock-based compensation awards, expected to vest over the requisite service period, as a charge against earnings, net of amounts capitalized. The Company's stock-based compensation awards are accounted for as equity awards and are included in "General and administrative" on the unaudited consolidated statements of operations. The Company capitalizes a portion of stock-based compensation for employees who are directly involved in the acquisition, exploration or development of oil and natural gas properties into the full cost pool. Capitalized stock-based compensation is included in "Evaluated properties" on the unaudited consolidated balance sheets. The Company's performance unit awards, granted in 2019, were accounted for as liability awards and included in "General and administrative", net of amounts capitalized, in the unaudited consolidated statements of operations for the three months ended March 31, 2019, and the corresponding liabilities were included in "Other noncurrent liabilities" on the unaudited consolidated balance sheet as of March 31, 2019. Upon their modification during second quarter of 2019, the performance unit awards were converted to performance share awards and the performance unit award compensation was reversed. See "Performance share awards" and "Performance unit awards" below for additional discussion of the modification. 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 employment is terminated prior to the restriction lapse date for reasons other than death or disability, the restricted stock awards are forfeited and canceled and are no longer considered issued and outstanding. If the 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 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. See Note 17 for discussion of the Company's organizational restructuring during the three months ended June 30, 2019 . The following table reflects the restricted stock award activity for the six months ended June 30, 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 7,050 $ 3.32 Forfeited (2,811 ) $ 4.99 Vested (1) (2,445 ) $ 9.70 Outstanding as of June 30, 2019 5,990 $ 4.55 _____________________________________________________________________________ (1) The total intrinsic value of vested restricted stock awards for the six months ended June 30, 2019 was $9.2 million . The Company utilizes the closing stock price on the grant date to determine the fair value of restricted stock awards. As of June 30, 2019 , unrecognized stock-based compensation related to the restricted stock awards expected to vest was $21.8 million . Such cost is expected to be recognized over a weighted-average period of 2.23 years . Stock option awards The following table reflects the stock option award activity for the six months ended June 30, 2019: (in thousands, except for weighted-average exercise price and weighted-average remaining contractual term) Stock option awards Weighted-average exercise price (per award) Weighted-average remaining contractual term (years) Outstanding as of December 31, 2018 2,533 $ 12.69 5.99 Exercised (1) (18 ) $ 4.10 Expired or canceled (49 ) $ 18.45 Forfeited (196 ) $ 8.71 Outstanding as of June 30, 2019 2,270 $ 12.98 3.04 Vested and exercisable as of June 30, 2019 (2) 2,096 $ 13.34 2.70 Expected to vest as of June 30, 2019 (3) 174 $ 8.72 7.11 _____________________________________________________________________________ (1) The exercised stock option awards for the six months ended June 30, 2019 had de minimis intrinsic value. (2) The vested and exercisable stock option awards as of June 30, 2019 had no aggregate intrinsic value. (3) The expected to vest stock option awards as of June 30, 2019 had no aggregate intrinsic value. As of June 30, 2019 , unrecognized stock-based compensation related to stock option awards expected to vest was $1.1 million . Such cost is expected to be recognized over a weighted-average period of 1.15 years . See Note 17 for discussion of the Company's organizational restructuring during the three months ended June 30, 2019 . See Note 8.c in the 2018 Annual Report for additional information on the stock option awards. 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 performance share 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 each 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 (or modification 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 fair value is equal to the Company's closing stock price on the grant date (or modification date), and for each reporting period, the associated expense fluctuates and is adjusted based on an estimated payout of the number of shares of common stock to be delivered on the payment date for the three -year performance period. Any shares earned under performance share awards are expected to be issued in the first quarter following the completion of the respective requisite service periods based on the achievement of certain market and performance criteria, and the payout can range from 0% to 200% . Per the award agreement terms, if employment is terminated prior to the restriction lapse date for reasons other than death or disability, the performance share awards are forfeited and canceled. If the termination of employment is by reason of death or disability, and the market and performance criteria are satisfied, then the holder of the earned performance share awards will receive a prorated number of shares based on the number of days the participant was employed with the Company during the performance period. See Note 17 for discussion of the Company's organizational restructuring during the three months ended June 30, 2019 . The following table reflects the performance share award activity for the six months ended June 30, 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 Granted (1) 588 $ 2.52 Converted from performance unit awards (1)(2) 1,558 $ 3.74 Forfeited (860 ) $ 12.26 Vested (3) (1,545 ) $ 17.31 Outstanding as of June 30, 2019 3,177 $ 6.28 ______________________________________________________________________________ (1) The amounts potentially payable in the Company's common stock at the end of the requisite service period for the performance share awards granted on February 28, 2019 and June 3, 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 number of shares to be delivered on the payment 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. (2) On May 16, 2019, the board of directors elected to change the form of payment from cash to common stock for the awards granted on February 28, 2019. This change in election triggered modification accounting, and the awards, formerly accounted for as liability awards, were converted to equity awards and, accordingly, new fair values were determined based on the May 16, 2019 modification date. (3) 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. The fair values per performance share award and the assumptions used to estimate these fair values per performance share award granted on February 28, 2019 and June 3, 2019 are as follows: February 28, 2019 (1) June 3, 2019 Market criteria: (.25) RTSR Factor + (.25) ATSR Factor fair value assumptions: Remaining performance period 2.63 years 2.58 years Risk-free interest rate (2) 2.14 % 1.78 % Dividend yield — % — % Expected volatility (3) 55.01 % 55.45 % Closing stock price on May 16, 2019 and June 3, 2019 for the respective awards $ 3.49 $ 2.59 Fair value per performance share award $ 3.98 $ 2.45 Performance criteria: (.50) ROACE Factor fair value assumption: Closing stock price on May 16, 2019 and June 3, 2019 for the respective awards $ 3.49 $ 2.59 Fair value per performance share award $ 3.49 $ 2.59 Combined fair value per performance share award (4) $ 3.74 $ 2.52 ______________________________________________________________________________ (1) The fair values of the performance share awards granted on February 28, 2019 are based on the May 16, 2019 modification date. The total incremental compensation expense resulting from the modification of $ 1.0 million , which will be recognized over the life of the awards, is calculated utilizing (i) the difference between the March 31, 2019 fair value and the May 16, 2019 fair value and (ii) the outstanding quantity of the converted performance share awards as of June 30, 2019. Such expense excludes the estimated payout component for expense for the (.50) ROACE Factor as this is redetermined at each reporting period and the expense will fluctuate accordingly. (2) The remaining performance period matched zero-coupon risk-free interest rate was derived from the U.S. Treasury constant maturities yield curve on May 16, 2019 and June 3, 2019 for the respective awards. (3) The Company utilized its own remaining performance period matched historical volatility in order to develop the expected volatility. (4) The combined fair value per performance share award is the combination of the fair value per performance share award for weighted for the market and performance criteria for the respective awards. The expense per performance share award for the outstanding performance share awards as of June 30, 2019 and granted as of the dates presented are as follows: February 17, 2017 February 16, 2018 February 28, 2019 June 3, 2019 Market Criteria: (.25) RTSR Factor + (.25) ATSR Factor: Fair value per performance share award Not applicable $ 10.08 $ 3.98 $ 2.45 Expense per performance share award as of June 30, 2019 Not applicable $ 10.08 $ 3.98 $ 2.45 TSR: Fair value per performance share award $ 18.96 Expense per performance share award as of June 30, 2019 $ 18.96 Performance Criteria: (.50) ROACE Factor: Fair value per performance share award Not applicable $ 8.36 $ 3.49 $ 2.59 Estimated payout for expense as of June 30, 2019 (1) Not applicable 60 % 195 % 195 % Expense per performance share award as of June 30, 2019 Not applicable $ 5.02 $ 6.81 $ 5.05 Combined expense per performance share award as of June 30, 2019 (2) $ 18.96 $ 7.55 $ 5.40 $ 3.75 ______________________________________________________________________________ (1) As the (.50) ROACE Factor is based on performance criteria, the expense fluctuates based on the estimated payout and is redetermined each reporting period and the life-to-date recognized expense for the respective awards is adjusted accordingly. (2) The combined expense per performance share award is the combination of the expense per performance share award for market and performance criteria for the respective awards. As of June 30, 2019 , unrecognized stock-based compensation related to the performance share awards expected to vest was $13.3 million . Such cost is expected to be recognized over a weighted-average period of 2.26 years Outperformance share award An outperformance share award was granted during the three months ending June 30, 2019, in conjunction with the appointment of the Company's President, and is accounted for as an equity award. If earned, the payout ranges from 0 to 1,000,000 shares in the Company's common stock per the vesting schedule. This award is subject to a combination of market and service vesting criteria, therefore, a Monte Carlo simulation prepared by an independent third party was utilized to determine the grant-date fair value with the associated expense recognized over the requisite service period. The payout of this award is based on the highest 50 consecutive trading day average closing stock price of the Company that occurs during the performance period that commenced on June 3, 2019 and ends on June 3, 2022 ("Final Date"). Of the earned outperformance shares, one-third of the award will vest on the Final Date, one-third will vest on the first anniversary of the Final Date and one-third will vest on the second anniversary of the Final Date, provided that the participant has been continuously employed with the Company through the applicable vesting date. Per the award agreement terms, if employment is terminated prior to any vesting date for reasons other than death or disability, then any outperformance shares that have not vested as of such date shall be forfeited and canceled. If the participant's employment is terminated prior to any vesting date by reason of death or disability, and the market criteria is satisfied, then the participant will receive a pro-rated number of shares based on the number of days the employee was employed with the Company during the performance period. The total fair value of the outperformance share award and the assumptions used to estimate the fair value of the outperformance share award as of the grant date presented are as follows: June 3, 2019 Performance period 3.00 years Risk-free interest rate (1) 1.77 % Dividend yield — % Expected volatility (2) 55.77 % Closing stock price on grant date $ 2.59 Total fair value of outperformance share award (in thousands) $ 670 _____________________________________________________________________________ (1) The performance period matched zero-coupon risk-free interest rate was derived from the U.S. Treasury constant maturities yield curve on the grant date. (2) The Company utilized its own performance period matched historical volatility in order to develop the expected volatility. As of June 30, 2019, unrecognized stock-based compensation related to the outperformance share award expected to vest was $0.7 million . Such cost is expected to be recognized over a weighted-average period of 5.00 years Stock-based compensation expense The following has been recorded to stock-based compensation expense for the periods presented: Three months ended June 30, Six months ended June 30, (in thousands) 2019 2018 2019 2018 Restricted stock award compensation $ 2,559 $ 7,286 $ 7,882 $ 13,331 Stock option award compensation 160 971 978 2,040 Performance share award compensation (3,191 ) 4,415 (27 ) 8,742 Outperformance share award compensation 13 — 13 — Total stock-based compensation, gross (459 ) 12,672 8,846 24,113 Less amounts capitalized in evaluated oil and natural gas properties 36 (1,996 ) (1,863 ) (4,098 ) Total stock-based compensation, net $ (423 ) $ 10,676 $ 6,983 $ 20,015 See Note 17 for discussion of the Company's organizational restructuring and the related stock-based compensation reversal during the three months ended June 30, 2019 . Performance unit awards The performance unit awards, granted on February 28, 2019, were determined to be liability awards due to the board of directors election to settle the awards in cash. On May 16, 2019, the board of directors elected to change the form of payment from cash to common stock and, as a result, the performance unit awards were converted to performance share awards, which the Company determined were now equity awards. This change in election triggered modification accounting, and the performance unit award compensation for the three months ended March 31, 2019 was reversed and a new fair value was determined for the converted performance share awards and adjusted in stock-based compensation based on the May 16, 2019 modification date. For additional discussion of the modification, see "Performance share awards." The following table reflects the performance unit award activity for the six months ended June 30, 2019: (in thousands) Performance unit awards Outstanding as of December 31, 2018 — Granted 2,813 Forfeited (1,255 ) Converted to performance share awards (1,558 ) Outstanding as of June 30, 2019 —

Derivatives

Derivatives	6 Months Ended
	Jun. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	Note 7 — Derivatives Due to the inherent volatility in oil, NGL and natural gas prices 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. During the three months ended June 30, 2019 , the Company completed a hedge restructuring by early terminating puts and collars and entering into new swaps. The Company paid a net termination amount of $5.4 million that included the full settlement of the deferred premiums associated with these early-terminated puts and collars. The present value of these deferred premiums, 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 June 30, 2019 , for derivatives that were entered into through June 30, 2019 , for the settlement periods presented: Remaining year 2019 Year 2020 Year 2021 Oil: Puts: Volume (Bbl) 644,000 366,000 — Weighted-average floor price ($/Bbl) $ 55.00 $ 45.00 $ — Volume with deferred premium (Bbl) 644,000 — — Weighted-average deferred premium price ($/Bbl) $ 4.39 $ — $ — Swaps: Volume (Bbl) 3,956,000 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) 4,600,000 7,539,600 912,500 Weighted-average floor price ($/Bbl) $ 60.42 $ 58.79 $ 45.00 Total volume with ceiling price (Bbl) 3,956,000 7,173,600 912,500 Weighted-average ceiling price ($/Bbl) $ 61.31 $ 59.50 $ 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 ) $ — $ — NGL: Swaps - Purity Ethane: Volume (Bbl) 1,196,000 366,000 912,500 Weighted-average price ($/Bbl) $ 14.22 $ 13.60 $ 12.01 Swaps - Non-TET Propane: Volume (Bbl) 956,800 1,244,400 730,000 Weighted-average price ($/Bbl) $ 27.97 $ 26.58 $ 25.52 Swaps - Non-TET Normal Butane: Volume (Bbl) 368,000 439,200 255,500 Weighted-average price ($/Bbl) $ 30.73 $ 28.69 $ 27.72 Swaps - Non-TET Isobutane: Volume (Bbl) 92,000 109,800 67,525 Weighted-average price ($/Bbl) $ 31.08 $ 29.99 $ 28.79 Swaps - Non-TET Natural Gasoline: Volume (Bbl) 312,800 402,600 237,250 Weighted-average price ($/Bbl) $ 45.80 $ 45.15 $ 44.31 Total NGL volume (Bbl) 2,925,600 2,562,000 2,202,775 Natural gas: Henry Hub NYMEX Swaps: Volume (MMBtu) 19,688,000 23,790,000 14,052,500 TABLE CONTINUES ON NEXT PAGE Remaining year 2019 Year 2020 Year 2021 Weighted-average price ($/MMBtu) $ 3.09 $ 2.72 $ 2.63 Basis Swaps: Volume (MMBtu) 19,688,000 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.

Fair value measurements

Fair value measurements	6 Months Ended
	Jun. 30, 2019
Fair Value Disclosures [Abstract]
Fair value measurements	Note 8 — 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 June 30, 2019: Assets: Current: Oil derivatives $ — $ 27,192 $ — $ 27,192 $ (9,821 ) $ 17,371 NGL derivatives — 17,134 — 17,134 (1,019 ) 16,115 Natural gas derivatives — 26,229 — 26,229 (9,278 ) 16,951 Oil derivative deferred premiums — — — — (3,270 ) (3,270 ) Noncurrent: Oil derivatives $ — $ 18,217 $ — $ 18,217 $ (1,036 ) $ 17,181 NGL derivatives — 4,050 — 4,050 (566 ) 3,484 Natural gas derivatives — 6,049 — 6,049 (916 ) 5,133 Liabilities: Current: Oil derivatives $ — $ (11,618 ) $ — $ (11,618 ) $ 9,821 $ (1,797 ) NGL derivatives — (1,019 ) — (1,019 ) 1,019 — Natural gas derivatives — (8,954 ) — (8,954 ) 9,278 324 Oil derivative deferred premiums — — (3,270 ) (3,270 ) 3,270 — Noncurrent: Oil derivatives $ — $ (1,036 ) $ — $ (1,036 ) $ 1,036 $ — NGL derivatives — (566 ) — (566 ) 566 — Natural gas derivatives — (916 ) — (916 ) 916 — Net derivative asset (liability) positions $ — $ 74,762 $ (3,270 ) $ 71,492 $ — $ 71,492 (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 ) 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 — 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 (input rate), 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 input rate 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 initial 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 June 30, 2019 , each of their input rates is 2.31% . The following table presents payments required for derivative deferred premiums as of June 30, 2019 for the periods presented: (in thousands) June 30, 2019 Remaining 2019 $ 2,813 2020 477 Total $ 3,290 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 June 30, Six months ended June 30, (in thousands) 2019 2018 2019 2018 Balance of Level 3 at beginning of period $ (12,644 ) $ (30,292 ) $ (16,565 ) $ (28,683 ) Change in net present value of derivative deferred premiums (1) (24 ) (185 ) (119 ) (396 ) Total purchases and settlements of derivative deferred premiums: Purchases — — — (5,422 ) Settlements (2) 9,398 5,451 13,414 9,475 Balance of Level 3 at end of period $ (3,270 ) $ (25,026 ) $ (3,270 ) $ (25,026 ) ____________________________________________________________________________ (1) These amounts are included in "Interest expense" in the unaudited consolidated statements of operations. (2) The amounts for the three and six months ended June 30, 2019 include $7.2 million that represents the present value of deferred premiums settled upon their early termination. See Note 2.f in the 2018 Annual Report for discussion of the Company's accounting policies for derivatives. b. 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: June 30, 2019 December 31, 2018 (in thousands) Long-term Fair value (1) Long-term Fair value (1) January 2022 Notes $ 450,000 $ 420,750 $ 450,000 $ 402,885 March 2023 Notes 350,000 327,355 350,000 316,624 Senior Secured Credit Facility 235,000 235,004 190,000 190,054 Total $ 1,035,000 $ 983,109 $ 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 June 30, 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 June 30, 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 Annual Report for information about the fair value hierarchy levels.

Net income per common share

Net income per common share	6 Months Ended
	Jun. 30, 2019
Earnings Per Share [Abstract]
Net income per common share	Note 9 — Net income per common share Basic net income per common share is computed by dividing net income by the weighted-average common shares outstanding for the period. Diluted net income per common share reflects the potential dilution of non-vested restricted stock awards, outstanding stock option awards, non-vested performance share awards and the non-vested outperformance share award. See Note 6.c for additional discussion of these awards. The dilutive effects of these awards were calculated utilizing the treasury stock method. The following table reflects the calculations of diluted weighted-average common shares outstanding and basic and diluted net income per common share for the periods presented: Three months ended June 30, Six months ended June 30, (in thousands, except for per share data) 2019 2018 2019 2018 Net income (numerator): Net income—basic and diluted $ 173,382 $ 33,452 $ 163,891 $ 119,972 Weighted-average common shares outstanding (denominator): Basic (1) 231,406 230,933 230,943 234,561 Dilutive non-vested restricted stock awards (2) 151 683 782 885 Dilutive outstanding stock option awards (3) — 90 — 55 Diluted 231,557 231,706 231,725 235,501 Net income per common share: Basic $ 0.75 $ 0.14 $ 0.71 $ 0.51 Diluted $ 0.75 $ 0.14 $ 0.71 $ 0.51 _____________________________________________________________________________ (1) Weighted-average common shares outstanding used in the calculation of basic and diluted net income per common share was computed taking into account share repurchases that occurred during the three and six months ended June 30, 2018. See Note 6.a for additional discussion of the Company's share repurchase program. (2) The effect of a significant portion of the non-vested restricted stock awards was excluded from the calculation of diluted net income per common share for the three and six months ended June 30, 2019. The inclusion of these non-vested restricted stock awards would be anti-dilutive mainly due to the grant-date fair value per common share for the awards being greater than the average closing stock price during the period. (3) The effect of the outstanding stock option awards was excluded from the calculation of diluted net income per common share for the three and six months ended June 30, 2019. The inclusion of these stock option awards would be anti-dilutive as their exercise prices were greater than the average closing stock price during the period. By assuming June 30, 2019 was the end of the respective performance periods of the non-vested performance share awards and the non-vested outperformance share award, the effects of these awards were excluded from the calculation of diluted net income per common share for the three and six months ended June 30, 2019, as the awards were below the respective agreements' payout thresholds, with the exception of the RTSR Performance Percentage-portion of the 2019 performance share awards, which was ultimately anti-dilutive due to the grant-date fair value per unit being greater than the average closing stock price during the periods. See Note 6.c for discussion of the performance and market criteria of these awards. See Note 10 in the second-quarter 2018 Quarterly Report for discussion of the awards excluded from the calculation of diluted net income per common share for the three and six months ended June 30, 2018.

Commitments and contingencies

Commitments and contingencies	6 Months Ended
	Jun. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	Note 10 — 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. During the three months ended June 30, 2019 , the Company finalized and received a favorable settlement of $42.5 million 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. This settlement is included in "Litigation settlement" on the unaudited consolidated statements of operations. 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. b. Drilling contracts The Company has committed to 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 six months ended June 30, 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 June 30, 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 June 30, 2019 . See Note 3.a for further discussion of the impact of 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 $2.2 million during the three months ended June 30, 2019 and 2018 , respectively, and $1.0 million and $2.3 million during the six months ended June 30, 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 $341.5 million as of June 30, 2019 are not recorded in the unaudited consolidated balance sheets. d. Federal and state regulations Oil and natural gas exploration, production and related operations are subject to extensive federal and state laws, rules and regulations. Failure to comply with these laws, rules and regulations can result in substantial penalties. The regulatory burden on the oil and natural gas industry increases the cost of doing business and affects profitability. The Company believes that it is in compliance with currently applicable federal and state regulations related to oil and natural gas exploration and production, and that compliance with the current regulations will not have a material adverse impact on the financial position or results of operations of the Company. These rules and regulations are frequently amended or reinterpreted; therefore, the Company is unable to predict the future cost or impact of complying with these regulations. e. 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 June 30, 2019 or December 31, 2018 .

Supplemental cash flow and non-

Supplemental cash flow and non-cash information	6 Months Ended
	Jun. 30, 2019
Supplemental Cash Flow Elements [Abstract]
Supplemental cash flow and non-cash information	Note 11 — Supplemental cash flow and non-cash information The following table presents supplemental cash flow and non-cash information: Six months ended June 30, (in thousands) 2019 2018 Supplemental cash flow information: Capitalized interest $ (420 ) $ (498 ) Cash received (paid) for income taxes (1) $ 691 $ (1,136 ) Supplemental non-cash investing information: Increase (decrease) in accrued capital expenditures $ 2,335 $ (8,878 ) Capitalized stock-based compensation in evaluated oil and natural gas properties $ 1,863 $ 4,098 Capitalized asset retirement costs $ 356 $ 577 ______________________________________________________________________________ (1) See Note 14 for additional discussion of the Company's income taxes. The following table presents supplemental non-cash adjustments information related to leases: (in thousands) Six months ended June 30, 2019 Right-of-use assets obtained in exchange for operating lease liabilities (1) $ 25,212 ______________________________________________________________________________ (1) See Note 3 for additional discussion of the Company's leases.

Asset retirement obligations

Asset retirement obligations	6 Months Ended
	Jun. 30, 2019
Asset Retirement Obligation Disclosure [Abstract]
Asset retirement obligations	Note 12 — 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: Six months ended June 30, (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 356 577 Accretion expense 2,072 2,227 Liabilities settled due to plugging and abandonment or removed due to sale (1,362 ) (1,815 ) Liability at end of period $ 57,948 $ 56,495

Revenue recognition

Revenue recognition	6 Months Ended
	Jun. 30, 2019
Revenue from Contract with Customer [Abstract]
Revenue recognition	Note 13 — 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. 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, Revenue from Contracts with Customers ("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 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 water delivery, recycling and takeaway and are recognized over time as the customer benefits from these services when provided. A more detailed summary of the underlying contracts that give rise to the Company's revenue and method of recognition can be found in Note 5.b in the 2018 Annual Report.

Income taxes

Income taxes	6 Months Ended
	Jun. 30, 2019
Income Tax Disclosure [Abstract]
Income taxes	Note 14 — 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 $35.4 million as of June 30, 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"), $180.7 million of the federal net operating loss carryforward will not expire but may be limited in future periods. As of June 30, 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 June 30, 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 June 30, 2019 , a total valuation allowance of $202.1 million has been recorded against the net deferred tax asset, resulting in a net Texas deferred tax liability of $6.7 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 June 30, 2019 , a receivable has been recorded in the amount of $4.1 million , of which $3.1 million is included in "Accounts receivable, net" and $1.0 million is included in "Other noncurrent assets, net" on the unaudited consolidated balance sheets.

Related party

Related party	6 Months Ended
	Jun. 30, 2019
Related Party Transactions [Abstract]
Related party	Note 15 — Related party Laredo's Chairman and Chief Executive Officer is on the board of directors of Helmerich & Payne, Inc. ("H&P"). The Company has drilling contracts with H&P that are long-term and short-term operating leases. The drilling contract, which is accounted for as a long-term operating lease under the scope of ASC 842 due to its initial term that was greater than 12 months, is capitalized and is included in "Operating lease right-of-use-assets" on the unaudited consolidated balance sheet. The present value of the future commitment is included in "Operating lease liabilities" under "Current liabilities" on the unaudited consolidated balance sheet. See Note 3 for additional discussion of the Company's adoption of ASC 842. The following table presents the operating lease liability related to H&P included in the unaudited consolidated balance sheet: (in thousands) June 30, 2019 Operating lease liabilities $ 5,762 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: Six months ended June 30, (in thousands) 2019 2018 Capital expenditures for oil and natural gas properties $ 6,293 $ —

Subsidiary Guarantors

Subsidiary Guarantors	6 Months Ended
	Jun. 30, 2019
Condensed Financial Information Disclosure [Abstract]
Subsidiary Guarantors	Note 16 — 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 June 30, 2019 and December 31, 2018 , (ii) statements of operations for the three and six months ended June 30, 2019 and 2018 and (iii) statements of cash flows for the six months ended June 30, 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 financial 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 June 30, 2019 (in thousands) Laredo Subsidiary Intercompany Consolidated Accounts receivable, net $ 66,348 $ 10,262 $ — $ 76,610 Other current assets 114,653 1,252 — 115,905 Oil and natural gas properties, net 2,217,151 9,041 (26,024 ) 2,200,168 Midstream service assets, net — 131,633 — 131,633 Other fixed assets, net 37,910 23 — 37,933 Investment in subsidiaries 139,071 — (139,071 ) — Other noncurrent assets, net 54,172 3,501 — 57,673 Total assets $ 2,629,305 $ 155,712 $ (165,095 ) $ 2,619,922 Accounts payable and accrued liabilities $ 37,841 $ 13,448 $ — $ 51,289 Other current liabilities 118,739 650 — 119,389 Long-term debt, net 1,029,526 — — 1,029,526 Other noncurrent liabilities 72,854 2,543 — 75,397 Total stockholders' equity 1,370,345 139,071 (165,095 ) 1,344,321 Total liabilities and stockholders' equity $ 2,629,305 $ 155,712 $ (165,095 ) $ 2,619,922 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 June 30, 2019 (in thousands) Laredo Subsidiary Intercompany Consolidated Total revenues $ 184,037 $ 49,251 $ (16,645 ) $ 216,643 Total costs and expenses 127,310 46,175 (14,670 ) 158,815 Operating income 56,727 3,076 (1,975 ) 57,828 Interest expense (15,765 ) — — (15,765 ) Other non-operating income, net 136,146 292 (3,368 ) 133,070 Income before income taxes 177,108 3,368 (5,343 ) 175,133 Total income tax expense (1,751 ) — — (1,751 ) Net income $ 175,357 $ 3,368 $ (5,343 ) $ 173,382 Condensed consolidating statement of operations For the three months ended June 30, 2018 (in thousands) Laredo Subsidiary Intercompany Consolidated Total revenues $ 208,624 $ 163,021 $ (20,599 ) $ 351,046 Total costs and expenses 115,602 158,433 (17,756 ) 256,279 Operating income 93,022 4,588 (2,843 ) 94,767 Interest expense (14,424 ) — — (14,424 ) Other non-operating expense, net (42,303 ) (1,025 ) (3,563 ) (46,891 ) Income before income taxes 36,295 3,563 (6,406 ) 33,452 Total income tax — — — — Net income $ 36,295 $ 3,563 $ (6,406 ) $ 33,452 Condensed consolidating statement of operations For the six months ended June 30, 2019 (in thousands) Laredo Subsidiary Intercompany Consolidated Total revenues $ 357,558 $ 103,583 $ (35,551 ) $ 425,590 Total costs and expenses 247,045 98,398 (32,078 ) 313,365 Operating income 110,513 5,185 (3,473 ) 112,225 Interest expense (31,312 ) — — (31,312 ) Other non-operating income, net 89,818 385 (5,570 ) 84,633 Income before income taxes 169,019 5,570 (9,043 ) 165,546 Total income tax expense (1,655 ) — — (1,655 ) Net income $ 167,364 $ 5,570 $ (9,043 ) $ 163,891 Condensed consolidating statement of operations For the six months ended June 30, 2018 (in thousands) Laredo Subsidiary Intercompany Consolidated Total revenues $ 406,449 $ 239,321 $ (35,028 ) $ 610,742 Total costs and expenses 221,290 232,997 (31,504 ) 422,783 Operating income 185,159 6,324 (3,524 ) 187,959 Interest expense (27,942 ) — — (27,942 ) Other non-operating expense, net (33,721 ) (1,281 ) (5,043 ) (40,045 ) Income before income taxes 123,496 5,043 (8,567 ) 119,972 Total income tax — — — — Net income $ 123,496 $ 5,043 $ (8,567 ) $ 119,972 Condensed consolidating statement of cash flows For the six months ended June 30, 2019 (in thousands) Laredo Subsidiary Intercompany Consolidated Net cash provided by operating activities $ 266,522 $ 317 $ (5,570 ) $ 261,269 Capital expenditures and other, net (298,227 ) (317 ) 5,570 (292,974 ) Net cash provided by financing activities 42,354 — — 42,354 Net increase in cash and cash equivalents 10,649 — — 10,649 Cash and cash equivalents, beginning of period 45,150 1 — 45,151 Cash and cash equivalents, end of period $ 55,799 $ 1 $ — $ 55,800 Condensed consolidating statement of cash flows For the six months ended June 30, 2018 (in thousands) Laredo Subsidiary Intercompany Consolidated Net cash provided by operating activities $ 254,991 $ 12,653 $ (5,043 ) $ 262,601 Capital expenditures and other, net (346,462 ) (12,653 ) 5,043 (354,072 ) Net cash provided by financing activities 15,916 — — 15,916 Net decrease in cash and cash equivalents (75,555 ) — — (75,555 ) Cash and cash equivalents, beginning of period 112,158 1 — 112,159 Cash and cash equivalents, end of period $ 36,603 $ 1 $ — $ 36,604

Organizational restructuring

Organizational restructuring	6 Months Ended
	Jun. 30, 2019
Restructuring and Related Activities [Abstract]
Organizational restructuring	Note 17 — Organizational restructuring 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 included 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 incurred $10.4 million of one-time charges during the three months ended June 30, 2019 comprising of compensation, taxes, professional fees, outplacement and insurance-related expenses. All stock-based compensation awards held by the two Senior Officers, the Executive Officer and the employees who were affected by the Plan were forfeited and the corresponding stock-based compensation totaling $ 6.1 million was reversed. See Note 6.c for additional information on the associated forfeiture activity.

Subsequent events

Subsequent events	6 Months Ended
	Jun. 30, 2019
Subsequent Events [Abstract]
Subsequent events	Note 18 — Subsequent events On July 31, 2019, the Company paid $20.0 million on the Senior Secured Credit Facility. As a result, the outstanding balance under the Senior Secured Credit Facility was $215.0 million as of July 31, 2019.

Organization and basis of pre_2

Organization and basis of presentation (Policies)	6 Months Ended
	Jun. 30, 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 June 30, 2019 , results of operations for the three and six months ended June 30, 2019 and 2018 and cash flows for the six months ended June 30, 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	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 pertaining to the Company's 2019 performance share awards and outperformance share award.
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 six months ended June 30, 2019 . 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 for 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 for further discussion of the ASC 842 adoption impact on the Company's unaudited consolidated financial statements.
Full cost	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 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 full cost ceiling is based principally on the estimated future net revenues from proved oil and natural gas properties discounted at 10%. The SEC guidelines require companies to use the unweighted arithmetic average first-day-of-the-month price for each month within the 12-month period prior to the end of the reporting period before differentials ("Benchmark Prices"). The Benchmark Prices are then adjusted for quality, transportation fees, geographical differentials, marketing bonuses or deductions and other factors affecting the price received at the wellhead ("Realized Prices"). The Realized Prices are utilized to calculate the discounted future net revenues in the full cost ceiling calculation. Significant inputs included in the calculation of discounted cash flows used in the impairment analysis include the Company's estimate of operating and development costs, anticipated production of proved reserves and other relevant data.
Treasury stock	b. Treasury stock Treasury stock is recorded at cost, which includes incremental direct transaction costs, and is retired upon acquisition as a result from (i) share repurchases under the share repurchase program, (ii) stock exchanged to satisfy tax withholding that arises upon the lapse of restrictions on restricted stock awards and the exercise of stock options at the awardee's election and (iii) stock exchanged for cost of exercise of stock options at the awardee's election.
Equity Incentive Plan	c. Equity Incentive Plan The Laredo Petroleum, Inc. Omnibus Equity Incentive Plan, as amended and restated as of May 16, 2019 (the "Equity Incentive Plan"), provides for the granting of incentive awards in the form of restricted stock awards, stock option awards, performance share awards, outperformance share awards, performance unit awards and other awards. During the second quarter of 2019, the Company's stockholders approved an amendment to the Equity Incentive Plan, among other items, to increase the maximum number of shares of the Company's common stock issuable under the Equity Incentive Plan from 24,350,000 shares to 29,850,000 shares.
Net income per common share	Net income per common share Basic net income per common share is computed by dividing net income by the weighted-average common shares outstanding for the period. Diluted net income per common share reflects the potential dilution of non-vested restricted stock awards, outstanding stock option awards, non-vested performance share awards and the non-vested outperformance share award. See Note 6.c for additional discussion of these awards. The dilutive effects of these awards were calculated utilizing the treasury stock method.
Revenue recognition	b. Revenue recognition

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2019
Leases [Abstract]
Lease costs, terms and discount rates	Lease costs The table below presents components of total lease costs and supplemental cash flow information for the Company's operating leases for the periods presented: (in thousands) Three months ended June 30, 2019 Six months ended June 30, 2019 Operating lease costs (1) $ 3,713 $ 7,241 Short-term lease costs (2) 49,108 95,434 Variable lease costs (3) 1,254 1,772 Sublease income (247 ) (494 ) Total lease costs $ 53,828 $ 103,953 Supplemental cash paid for amounts included in the measurement of lease liabilities information (4) : Operating cash flows from operating leases $ 1,294 $ 2,824 Investing cash flows from operating leases (5) $ 2,270 $ 4,516 _____________________________________________________________________________ (1) Amounts represent straight-line costs associated with the Company's operating lease right-of-use assets. (2) Amounts represent costs associated with short-term leases that are not recorded on the unaudited consolidated balance sheets. (3) Variable lease costs are primarily comprised of the non-lease service component of drilling rig commitments above the minimum required payments. Both the minimum required payments and the non-lease service component of the drilling rig commitments are capitalized as additions to oil and natural gas properties. (4) Cash paid for amounts included in the measurement of lease liabilities may not agree to operating lease costs due to timing of cash payments and costs incurred. (5) Amounts associated with drilling operations are capitalized as additions to oil and natural gas properties. Lease terms and discount rates The table below presents the weighted-average remaining lease term and weighted-average discount rate for the Company's operating leases as of the date presented: June 30, 2019 Weighted-average remaining lease term 3.85 years Weighted-average discount rate 8.27 %
Maturities of operating lease liabilities	Maturities of operating lease liabilities The table below reconciles the undiscounted cash flows for recognized operating lease liabilities 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) June 30, 2019 Remaining 2019 $ 11,279 2020 4,729 2021 2,833 2022 2,027 2023 1,259 Thereafter 3,925 Total minimum lease payments 26,052 Less: lease liability expense (4,049 ) Present value of future minimum lease payments 22,003 Less: current operating lease liabilities (9,948 ) Noncurrent operating lease liabilities $ 12,055
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 as of the date presented: (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)	6 Months Ended
	Jun. 30, 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) June 30, 2019 December 31, 2018 Evaluated oil and natural gas properties $ 7,080,332 $ 6,752,631 Less accumulated depletion and impairment (4,975,302 ) (4,854,017 ) Evaluated oil and natural gas properties, net 2,105,030 1,898,614 Unevaluated oil and natural gas properties not being depleted 95,138 130,957 Midstream service assets 178,735 172,308 Less accumulated depreciation and impairment (47,102 ) (42,063 ) Midstream service assets, net 131,633 130,245 Depreciable other fixed assets 44,654 45,431 Less accumulated depreciation and amortization (24,980 ) (23,871 ) Depreciable other fixed assets, net 19,674 21,560 Land 18,259 18,259 Total property and equipment, net $ 2,369,734 $ 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 June 30, Six months ended June 30, (in thousands) 2019 2018 2019 2018 Capitalized related employee costs $ 3,430 $ 6,735 $ 10,112 $ 13,264
Schedule of Benchmark Prices and Realized Prices	The following table presents the Benchmark Prices and Realized Prices as of the dates presented: June 30, 2019 December 31, 2018 Benchmark Prices: Oil ($/Bbl) $ 57.90 $ 62.04 NGL ($/Bbl) (1) $ 28.21 $ 31.46 Natural gas ($/MMBtu) $ 1.14 $ 1.76 Realized Prices: Oil ($/Bbl) $ 55.69 $ 59.29 NGL ($/Bbl) $ 18.64 $ 21.42 Natural gas ($/Mcf) $ 0.70 $ 1.38 _____________________________________________________________________________ (1) Based on the Company's average composite NGL barrel.
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 evaluated property acquisition costs and development costs, for the periods presented: Three months ended June 30, Six months ended June 30, (in thousands) 2019 2018 2019 2018 Property acquisition costs (1) : — Evaluated $ — $ 13,847 $ — $ 13,847 Unevaluated 2,880 2,790 2,880 2,790 Exploration costs 5,116 5,108 12,621 11,245 Development costs 123,664 178,796 276,381 327,834 Total costs incurred $ 131,660 $ 200,541 $ 291,882 $ 355,716 _____________________________________________________________________________ (1) See Note 3.a in the second-quarter 2018 Quarterly Report for discussion of the Company's acquisitions of evaluated and unevaluated oil and natural gas properties during the three months ended June 30, 2018.

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 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: June 30, 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 $ (2,522 ) $ 447,478 $ 450,000 $ (3,010 ) $ 446,990 March 2023 Notes 350,000 (2,952 ) 347,048 350,000 (3,354 ) 346,646 Senior Secured Credit Facility (1) 235,000 — 235,000 190,000 — 190,000 Total $ 1,035,000 $ (5,474 ) $ 1,029,526 $ 990,000 $ (6,364 ) $ 983,636 ______________________________________________________________________________ (1) Debt issuance costs, net related to our Senior Secured Credit Facility of $6.1 million and $7.0 million as of June 30, 2019 and December 31, 2018 , respectively, are reported in "Other noncurrent assets, net" on the unaudited consolidated balance sheets.

Stockholders' equity and Equi_2

Stockholders' equity and Equity Incentive Plan (Tables)	6 Months Ended
	Jun. 30, 2019
Equity [Abstract]
Schedule of restricted stock award activity	The following table reflects the restricted stock award activity for the six months ended June 30, 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 7,050 $ 3.32 Forfeited (2,811 ) $ 4.99 Vested (1) (2,445 ) $ 9.70 Outstanding as of June 30, 2019 5,990 $ 4.55 _____________________________________________________________________________ (1) The total intrinsic value of vested restricted stock awards for the six months ended June 30, 2019 was $9.2 million
Schedule of stock option award activity	The following table reflects the stock option award activity for the six months ended June 30, 2019: (in thousands, except for weighted-average exercise price and weighted-average remaining contractual term) Stock option awards Weighted-average exercise price (per award) Weighted-average remaining contractual term (years) Outstanding as of December 31, 2018 2,533 $ 12.69 5.99 Exercised (1) (18 ) $ 4.10 Expired or canceled (49 ) $ 18.45 Forfeited (196 ) $ 8.71 Outstanding as of June 30, 2019 2,270 $ 12.98 3.04 Vested and exercisable as of June 30, 2019 (2) 2,096 $ 13.34 2.70 Expected to vest as of June 30, 2019 (3) 174 $ 8.72 7.11 _____________________________________________________________________________ (1) The exercised stock option awards for the six months ended June 30, 2019 had de minimis intrinsic value. (2) The vested and exercisable stock option awards as of June 30, 2019 had no aggregate intrinsic value. (3) The expected to vest stock option awards as of June 30, 2019 had no aggregate intrinsic value.
Schedule of performance share and unit award activity	The following table reflects the performance share award activity for the six months ended June 30, 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 Granted (1) 588 $ 2.52 Converted from performance unit awards (1)(2) 1,558 $ 3.74 Forfeited (860 ) $ 12.26 Vested (3) (1,545 ) $ 17.31 Outstanding as of June 30, 2019 3,177 $ 6.28 ______________________________________________________________________________ (1) The amounts potentially payable in the Company's common stock at the end of the requisite service period for the performance share awards granted on February 28, 2019 and June 3, 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 number of shares to be delivered on the payment 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. (2) On May 16, 2019, the board of directors elected to change the form of payment from cash to common stock for the awards granted on February 28, 2019. This change in election triggered modification accounting, and the awards, formerly accounted for as liability awards, were converted to equity awards and, accordingly, new fair values were determined based on the May 16, 2019 modification date. (3) 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. The following table reflects the performance unit award activity for the six months ended June 30, 2019: (in thousands) Performance unit awards Outstanding as of December 31, 2018 — Granted 2,813 Forfeited (1,255 ) Converted to performance share awards (1,558 ) Outstanding as of June 30, 2019 —
Schedule of allocated share-based compensation costs	The following has been recorded to stock-based compensation expense for the periods presented: Three months ended June 30, Six months ended June 30, (in thousands) 2019 2018 2019 2018 Restricted stock award compensation $ 2,559 $ 7,286 $ 7,882 $ 13,331 Stock option award compensation 160 971 978 2,040 Performance share award compensation (3,191 ) 4,415 (27 ) 8,742 Outperformance share award compensation 13 — 13 — Total stock-based compensation, gross (459 ) 12,672 8,846 24,113 Less amounts capitalized in evaluated oil and natural gas properties 36 (1,996 ) (1,863 ) (4,098 ) Total stock-based compensation, net $ (423 ) $ 10,676 $ 6,983 $ 20,015 See Note 17 for discussion of the Company's organizational restructuring and the related stock-based compensation reversal during the three months ended June 30, 2019 .
Schedule of assumptions used to estimate fair value	The fair values per performance share award and the assumptions used to estimate these fair values per performance share award granted on February 28, 2019 and June 3, 2019 are as follows: February 28, 2019 (1) June 3, 2019 Market criteria: (.25) RTSR Factor + (.25) ATSR Factor fair value assumptions: Remaining performance period 2.63 years 2.58 years Risk-free interest rate (2) 2.14 % 1.78 % Dividend yield — % — % Expected volatility (3) 55.01 % 55.45 % Closing stock price on May 16, 2019 and June 3, 2019 for the respective awards $ 3.49 $ 2.59 Fair value per performance share award $ 3.98 $ 2.45 Performance criteria: (.50) ROACE Factor fair value assumption: Closing stock price on May 16, 2019 and June 3, 2019 for the respective awards $ 3.49 $ 2.59 Fair value per performance share award $ 3.49 $ 2.59 Combined fair value per performance share award (4) $ 3.74 $ 2.52 ______________________________________________________________________________ (1) The fair values of the performance share awards granted on February 28, 2019 are based on the May 16, 2019 modification date. The total incremental compensation expense resulting from the modification of $ 1.0 million , which will be recognized over the life of the awards, is calculated utilizing (i) the difference between the March 31, 2019 fair value and the May 16, 2019 fair value and (ii) the outstanding quantity of the converted performance share awards as of June 30, 2019. Such expense excludes the estimated payout component for expense for the (.50) ROACE Factor as this is redetermined at each reporting period and the expense will fluctuate accordingly. (2) The remaining performance period matched zero-coupon risk-free interest rate was derived from the U.S. Treasury constant maturities yield curve on May 16, 2019 and June 3, 2019 for the respective awards. (3) The Company utilized its own remaining performance period matched historical volatility in order to develop the expected volatility. (4) The combined fair value per performance share award is the combination of the fair value per performance share award for weighted for the market and performance criteria for the respective awards. The expense per performance share award for the outstanding performance share awards as of June 30, 2019 and granted as of the dates presented are as follows: February 17, 2017 February 16, 2018 February 28, 2019 June 3, 2019 Market Criteria: (.25) RTSR Factor + (.25) ATSR Factor: Fair value per performance share award Not applicable $ 10.08 $ 3.98 $ 2.45 Expense per performance share award as of June 30, 2019 Not applicable $ 10.08 $ 3.98 $ 2.45 TSR: Fair value per performance share award $ 18.96 Expense per performance share award as of June 30, 2019 $ 18.96 Performance Criteria: (.50) ROACE Factor: Fair value per performance share award Not applicable $ 8.36 $ 3.49 $ 2.59 Estimated payout for expense as of June 30, 2019 (1) Not applicable 60 % 195 % 195 % Expense per performance share award as of June 30, 2019 Not applicable $ 5.02 $ 6.81 $ 5.05 Combined expense per performance share award as of June 30, 2019 (2) $ 18.96 $ 7.55 $ 5.40 $ 3.75 The total fair value of the outperformance share award and the assumptions used to estimate the fair value of the outperformance share award as of the grant date presented are as follows: June 3, 2019 Performance period 3.00 years Risk-free interest rate (1) 1.77 % Dividend yield — % Expected volatility (2) 55.77 % Closing stock price on grant date $ 2.59 Total fair value of outperformance share award (in thousands) $ 670 _____________________________________________________________________________ (1) The performance period matched zero-coupon risk-free interest rate was derived from the U.S. Treasury constant maturities yield curve on the grant date. (2) The Company utilized its own performance period matched historical volatility in order to develop the expected volatility.

Derivatives (Tables)

Derivatives (Tables)	6 Months Ended
	Jun. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [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
Summary of open positions and derivatives in place	The following table summarizes open derivative positions as of June 30, 2019 , for derivatives that were entered into through June 30, 2019 , for the settlement periods presented: Remaining year 2019 Year 2020 Year 2021 Oil: Puts: Volume (Bbl) 644,000 366,000 — Weighted-average floor price ($/Bbl) $ 55.00 $ 45.00 $ — Volume with deferred premium (Bbl) 644,000 — — Weighted-average deferred premium price ($/Bbl) $ 4.39 $ — $ — Swaps: Volume (Bbl) 3,956,000 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) 4,600,000 7,539,600 912,500 Weighted-average floor price ($/Bbl) $ 60.42 $ 58.79 $ 45.00 Total volume with ceiling price (Bbl) 3,956,000 7,173,600 912,500 Weighted-average ceiling price ($/Bbl) $ 61.31 $ 59.50 $ 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 ) $ — $ — NGL: Swaps - Purity Ethane: Volume (Bbl) 1,196,000 366,000 912,500 Weighted-average price ($/Bbl) $ 14.22 $ 13.60 $ 12.01 Swaps - Non-TET Propane: Volume (Bbl) 956,800 1,244,400 730,000 Weighted-average price ($/Bbl) $ 27.97 $ 26.58 $ 25.52 Swaps - Non-TET Normal Butane: Volume (Bbl) 368,000 439,200 255,500 Weighted-average price ($/Bbl) $ 30.73 $ 28.69 $ 27.72 Swaps - Non-TET Isobutane: Volume (Bbl) 92,000 109,800 67,525 Weighted-average price ($/Bbl) $ 31.08 $ 29.99 $ 28.79 Swaps - Non-TET Natural Gasoline: Volume (Bbl) 312,800 402,600 237,250 Weighted-average price ($/Bbl) $ 45.80 $ 45.15 $ 44.31 Total NGL volume (Bbl) 2,925,600 2,562,000 2,202,775 Natural gas: Henry Hub NYMEX Swaps: Volume (MMBtu) 19,688,000 23,790,000 14,052,500 TABLE CONTINUES ON NEXT PAGE Remaining year 2019 Year 2020 Year 2021 Weighted-average price ($/MMBtu) $ 3.09 $ 2.72 $ 2.63 Basis Swaps: Volume (MMBtu) 19,688,000 32,574,000 23,360,000 Weighted-average price ($/MMBtu) $ (1.51 ) $ (0.76 ) $ (0.47 )

Fair value measurements (Tables

Fair value measurements (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2019: Assets: Current: Oil derivatives $ — $ 27,192 $ — $ 27,192 $ (9,821 ) $ 17,371 NGL derivatives — 17,134 — 17,134 (1,019 ) 16,115 Natural gas derivatives — 26,229 — 26,229 (9,278 ) 16,951 Oil derivative deferred premiums — — — — (3,270 ) (3,270 ) Noncurrent: Oil derivatives $ — $ 18,217 $ — $ 18,217 $ (1,036 ) $ 17,181 NGL derivatives — 4,050 — 4,050 (566 ) 3,484 Natural gas derivatives — 6,049 — 6,049 (916 ) 5,133 Liabilities: Current: Oil derivatives $ — $ (11,618 ) $ — $ (11,618 ) $ 9,821 $ (1,797 ) NGL derivatives — (1,019 ) — (1,019 ) 1,019 — Natural gas derivatives — (8,954 ) — (8,954 ) 9,278 324 Oil derivative deferred premiums — — (3,270 ) (3,270 ) 3,270 — Noncurrent: Oil derivatives $ — $ (1,036 ) $ — $ (1,036 ) $ 1,036 $ — NGL derivatives — (566 ) — (566 ) 566 — Natural gas derivatives — (916 ) — (916 ) 916 — Net derivative asset (liability) positions $ — $ 74,762 $ (3,270 ) $ 71,492 $ — $ 71,492 (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 ) 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 — 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 June 30, 2019 for the periods presented: (in thousands) June 30, 2019 Remaining 2019 $ 2,813 2020 477 Total $ 3,290
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 June 30, Six months ended June 30, (in thousands) 2019 2018 2019 2018 Balance of Level 3 at beginning of period $ (12,644 ) $ (30,292 ) $ (16,565 ) $ (28,683 ) Change in net present value of derivative deferred premiums (1) (24 ) (185 ) (119 ) (396 ) Total purchases and settlements of derivative deferred premiums: Purchases — — — (5,422 ) Settlements (2) 9,398 5,451 13,414 9,475 Balance of Level 3 at end of period $ (3,270 ) $ (25,026 ) $ (3,270 ) $ (25,026 ) ____________________________________________________________________________ (1) These amounts are included in "Interest expense" in the unaudited consolidated statements of operations. (2) The amounts for the three and six months ended June 30, 2019 include $7.2 million that represents the present value of deferred premiums settled upon their early termination.
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: June 30, 2019 December 31, 2018 (in thousands) Long-term Fair value (1) Long-term Fair value (1) January 2022 Notes $ 450,000 $ 420,750 $ 450,000 $ 402,885 March 2023 Notes 350,000 327,355 350,000 316,624 Senior Secured Credit Facility 235,000 235,004 190,000 190,054 Total $ 1,035,000 $ 983,109 $ 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 June 30, 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 June 30, 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 Annual Report for information about the fair value hierarchy levels.

Net income per common share (T

Net income per common share (Tables)	6 Months Ended
	Jun. 30, 2019
Earnings Per Share [Abstract]
Schedule of calculation of basic and diluted weighted-average common shares outstanding and net income per common share	The following table reflects the calculations of diluted weighted-average common shares outstanding and basic and diluted net income per common share for the periods presented: Three months ended June 30, Six months ended June 30, (in thousands, except for per share data) 2019 2018 2019 2018 Net income (numerator): Net income—basic and diluted $ 173,382 $ 33,452 $ 163,891 $ 119,972 Weighted-average common shares outstanding (denominator): Basic (1) 231,406 230,933 230,943 234,561 Dilutive non-vested restricted stock awards (2) 151 683 782 885 Dilutive outstanding stock option awards (3) — 90 — 55 Diluted 231,557 231,706 231,725 235,501 Net income per common share: Basic $ 0.75 $ 0.14 $ 0.71 $ 0.51 Diluted $ 0.75 $ 0.14 $ 0.71 $ 0.51 _____________________________________________________________________________ (1) Weighted-average common shares outstanding used in the calculation of basic and diluted net income per common share was computed taking into account share repurchases that occurred during the three and six months ended June 30, 2018. See Note 6.a for additional discussion of the Company's share repurchase program. (2) The effect of a significant portion of the non-vested restricted stock awards was excluded from the calculation of diluted net income per common share for the three and six months ended June 30, 2019. The inclusion of these non-vested restricted stock awards would be anti-dilutive mainly due to the grant-date fair value per common share for the awards being greater than the average closing stock price during the period. (3) The effect of the outstanding stock option awards was excluded from the calculation of diluted net income per common share for the three and six months ended June 30, 2019. The inclusion of these stock option awards would be anti-dilutive as their exercise prices were greater than the average closing stock price during the period.

Supplemental cash flow and no_2

Supplemental cash flow and non-cash information (Tables)	6 Months Ended
	Jun. 30, 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: Six months ended June 30, (in thousands) 2019 2018 Supplemental cash flow information: Capitalized interest $ (420 ) $ (498 ) Cash received (paid) for income taxes (1) $ 691 $ (1,136 ) Supplemental non-cash investing information: Increase (decrease) in accrued capital expenditures $ 2,335 $ (8,878 ) Capitalized stock-based compensation in evaluated oil and natural gas properties $ 1,863 $ 4,098 Capitalized asset retirement costs $ 356 $ 577 ______________________________________________________________________________ (1) See Note 14 for additional discussion of the Company's income taxes. The following table presents supplemental non-cash adjustments information related to leases: (in thousands) Six months ended June 30, 2019 Right-of-use assets obtained in exchange for operating lease liabilities (1) $ 25,212 ______________________________________________________________________________ (1) See Note 3 for additional discussion of the Company's leases.

Asset retirement obligations (T

Asset retirement obligations (Tables)	6 Months Ended
	Jun. 30, 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: Six months ended June 30, (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 356 577 Accretion expense 2,072 2,227 Liabilities settled due to plugging and abandonment or removed due to sale (1,362 ) (1,815 ) Liability at end of period $ 57,948 $ 56,495

Related party (Tables)

Related party (Tables)	6 Months Ended
	Jun. 30, 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) June 30, 2019 Operating lease liabilities $ 5,762 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: Six months ended June 30, (in thousands) 2019 2018 Capital expenditures for oil and natural gas properties $ 6,293 $ —

Subsidiary Guarantors (Tables)

Subsidiary Guarantors (Tables)	6 Months Ended
	Jun. 30, 2019
Condensed Financial Information Disclosure [Abstract]
Schedule of condensed consolidating balance sheet	Condensed consolidating balance sheet June 30, 2019 (in thousands) Laredo Subsidiary Intercompany Consolidated Accounts receivable, net $ 66,348 $ 10,262 $ — $ 76,610 Other current assets 114,653 1,252 — 115,905 Oil and natural gas properties, net 2,217,151 9,041 (26,024 ) 2,200,168 Midstream service assets, net — 131,633 — 131,633 Other fixed assets, net 37,910 23 — 37,933 Investment in subsidiaries 139,071 — (139,071 ) — Other noncurrent assets, net 54,172 3,501 — 57,673 Total assets $ 2,629,305 $ 155,712 $ (165,095 ) $ 2,619,922 Accounts payable and accrued liabilities $ 37,841 $ 13,448 $ — $ 51,289 Other current liabilities 118,739 650 — 119,389 Long-term debt, net 1,029,526 — — 1,029,526 Other noncurrent liabilities 72,854 2,543 — 75,397 Total stockholders' equity 1,370,345 139,071 (165,095 ) 1,344,321 Total liabilities and stockholders' equity $ 2,629,305 $ 155,712 $ (165,095 ) $ 2,619,922 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 June 30, 2019 (in thousands) Laredo Subsidiary Intercompany Consolidated Total revenues $ 184,037 $ 49,251 $ (16,645 ) $ 216,643 Total costs and expenses 127,310 46,175 (14,670 ) 158,815 Operating income 56,727 3,076 (1,975 ) 57,828 Interest expense (15,765 ) — — (15,765 ) Other non-operating income, net 136,146 292 (3,368 ) 133,070 Income before income taxes 177,108 3,368 (5,343 ) 175,133 Total income tax expense (1,751 ) — — (1,751 ) Net income $ 175,357 $ 3,368 $ (5,343 ) $ 173,382 Condensed consolidating statement of operations For the three months ended June 30, 2018 (in thousands) Laredo Subsidiary Intercompany Consolidated Total revenues $ 208,624 $ 163,021 $ (20,599 ) $ 351,046 Total costs and expenses 115,602 158,433 (17,756 ) 256,279 Operating income 93,022 4,588 (2,843 ) 94,767 Interest expense (14,424 ) — — (14,424 ) Other non-operating expense, net (42,303 ) (1,025 ) (3,563 ) (46,891 ) Income before income taxes 36,295 3,563 (6,406 ) 33,452 Total income tax — — — — Net income $ 36,295 $ 3,563 $ (6,406 ) $ 33,452 Condensed consolidating statement of operations For the six months ended June 30, 2019 (in thousands) Laredo Subsidiary Intercompany Consolidated Total revenues $ 357,558 $ 103,583 $ (35,551 ) $ 425,590 Total costs and expenses 247,045 98,398 (32,078 ) 313,365 Operating income 110,513 5,185 (3,473 ) 112,225 Interest expense (31,312 ) — — (31,312 ) Other non-operating income, net 89,818 385 (5,570 ) 84,633 Income before income taxes 169,019 5,570 (9,043 ) 165,546 Total income tax expense (1,655 ) — — (1,655 ) Net income $ 167,364 $ 5,570 $ (9,043 ) $ 163,891 Condensed consolidating statement of operations For the six months ended June 30, 2018 (in thousands) Laredo Subsidiary Intercompany Consolidated Total revenues $ 406,449 $ 239,321 $ (35,028 ) $ 610,742 Total costs and expenses 221,290 232,997 (31,504 ) 422,783 Operating income 185,159 6,324 (3,524 ) 187,959 Interest expense (27,942 ) — — (27,942 ) Other non-operating expense, net (33,721 ) (1,281 ) (5,043 ) (40,045 ) Income before income taxes 123,496 5,043 (8,567 ) 119,972 Total income tax — — — — Net income $ 123,496 $ 5,043 $ (8,567 ) $ 119,972
Schedule of condensed consolidating statement of cash flows	Condensed consolidating statement of cash flows For the six months ended June 30, 2019 (in thousands) Laredo Subsidiary Intercompany Consolidated Net cash provided by operating activities $ 266,522 $ 317 $ (5,570 ) $ 261,269 Capital expenditures and other, net (298,227 ) (317 ) 5,570 (292,974 ) Net cash provided by financing activities 42,354 — — 42,354 Net increase in cash and cash equivalents 10,649 — — 10,649 Cash and cash equivalents, beginning of period 45,150 1 — 45,151 Cash and cash equivalents, end of period $ 55,799 $ 1 $ — $ 55,800 Condensed consolidating statement of cash flows For the six months ended June 30, 2018 (in thousands) Laredo Subsidiary Intercompany Consolidated Net cash provided by operating activities $ 254,991 $ 12,653 $ (5,043 ) $ 262,601 Capital expenditures and other, net (346,462 ) (12,653 ) 5,043 (354,072 ) Net cash provided by financing activities 15,916 — — 15,916 Net decrease in cash and cash equivalents (75,555 ) — — (75,555 ) Cash and cash equivalents, beginning of period 112,158 1 — 112,159 Cash and cash equivalents, end of period $ 36,603 $ 1 $ — $ 36,604

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Jan. 01, 2019	Dec. 31, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease right-of-use assets	$ 18,903
Operating lease liabilities	$ 22,003
Average working interest	97.00%
Total future minimum rental payments to be received			$ 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) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019
Leases [Abstract]
Operating lease costs	$ 3,713	$ 7,241
Short-term lease costs	49,108	95,434
Variable lease costs	1,254	1,772
Sublease income	(247)	(494)
Total lease costs	53,828	103,953
Operating cash flows from operating leases	1,294	2,824
Investing cash flows from operating leases	$ 2,270	$ 4,516

Leases - Lease terms and discou

Leases - Lease terms and discount rates (Details)	Jun. 30, 2019
Operating leases:
Weighted-average remaining lease term	3 years 10 months 6 days
Weighted-average discount rate	8.27%

Leases - Maturities of operatin

Leases - Maturities of operating lease liabilities (Details) $ in Thousands	Jun. 30, 2019USD ($)
Operating leases:
Remaining 2019	$ 11,279
2020	4,729
2021	2,833
2022	2,027
2023	1,259
Thereafter	3,925
Total minimum lease payments	26,052
Less: lease liability expense	(4,049)
Present value of future minimum lease payments	22,003
Less: current operating lease liabilities	(9,948)
Noncurrent operating lease liabilities	$ 12,055

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	Jun. 30, 2019	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Evaluated oil and natural gas properties	$ 7,080,332	$ 6,752,631
Less accumulated depletion and impairment	(4,975,302)	(4,854,017)
Evaluated oil and natural gas properties, net	2,105,030	1,898,614
Unevaluated oil and natural gas properties not being depleted	95,138	130,957
Midstream service assets, net	131,633	130,245
Property and equipment, net	2,369,734	2,199,635
Depreciable other fixed assets, net	37,933	39,819
Midstream service assets
Property, Plant and Equipment [Line Items]
Midstream service assets	178,735	172,308
Less accumulated depreciation and impairment	(47,102)	(42,063)
Depreciable other fixed assets
Property, Plant and Equipment [Line Items]
Less accumulated depreciation and impairment	(24,980)	(23,871)
Depreciable other fixed assets	44,654	45,431
Depreciable other fixed assets, net	19,674	21,560
Land
Property, Plant and Equipment [Line Items]
Depreciable other fixed assets, net	$ 18,259	$ 18,259

Property and equipment - Other

Property and equipment - Other property and equipment information (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019USD ($)$ / Boe	Jun. 30, 2018USD ($)$ / Boe	Jun. 30, 2019USD ($)$ / Boe	Jun. 30, 2018USD ($)$ / Boe
Property, Plant and Equipment [Abstract]
Depletion expense (in dollars per BOE) | $ / Boe	8.27	7.68	8.51	7.52
Capitalized related employee costs | $	$ 3,430	$ 6,735	$ 10,112	$ 13,264

Property and equipment - Benchm

Property and equipment - Benchmark Prices and Realized Prices (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Oil ($/Bbl)
Property, Plant and Equipment [Line Items]
Benchmark Prices	$ 57.90	$ 62.04
Realized Prices	55.69	59.29
NGL ($/Bbl)
Property, Plant and Equipment [Line Items]
Benchmark Prices	28.21	31.46
Realized Prices	18.64	21.42
Natural gas ($/MMBtu)
Property, Plant and Equipment [Line Items]
Benchmark Prices	1.14	1.76
Realized Prices	$ 0.70	$ 1.38

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		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Property acquisition costs(1):
Evaluated	$ 0	$ 13,847	$ 0	$ 13,847
Unevaluated	2,880	2,790	2,880	2,790
Exploration costs	5,116	5,108	12,621	11,245
Development costs	123,664	178,796	276,381	327,834
Total costs incurred	$ 131,660	$ 200,541	$ 291,882	$ 355,716

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 ($)	6 Months Ended
	Jun. 30, 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	1,100,000,000
Aggregate elected commitment	1,100,000,000
Amount outstanding	$ 235,000,000
Credit facility, interest rate at period end (as a percent)	3.69%
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	Jun. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Long-term debt	$ 1,035,000	$ 990,000
Debt issuance costs, net	(5,474)	(6,364)
Long-term debt, net	1,029,526	983,636
Senior Notes | January 2022 Notes
Debt Instrument [Line Items]
Long-term debt	450,000	450,000
Debt issuance costs, net	(2,522)	(3,010)
Long-term debt, net	447,478	446,990
Senior Notes | March 2023 Notes
Debt Instrument [Line Items]
Long-term debt	350,000	350,000
Debt issuance costs, net	(2,952)	(3,354)
Long-term debt, net	347,048	346,646
Secured debt | Senior Secured Credit Facility
Debt Instrument [Line Items]
Long-term debt	235,000	190,000
Debt issuance costs, net	0	0
Long-term debt, net	235,000	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	$ 6,100	$ 7,000

Stockholders' equity and Equi_3

Stockholders' equity and Equity Incentive Plan - Share repurchase program (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 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) - shares	May 16, 2019	Mar. 31, 2019
Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized for issuance	29,850,000	24,350,000

Stockholders' equity and Equi_5

Stockholders' equity and Equity Incentive Plan - Restricted stock awards (Details) - Restricted stock awards $ in Millions	6 Months Ended
	Jun. 30, 2019USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation not yet recognized	$ 21.8
Stock-based compensation not yet recognized, period for recognition (in years)	2 years 2 months 23 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) $ / shares in Units, shares in Thousands, $ in Millions	6 Months Ended
	Jun. 30, 2019USD ($)$ / sharesshares
Weighted-average grant-date fair value (per award)
Granted (in dollars per share)
Restricted stock awards
Restricted stock awards
Outstanding at the beginning of the period (in shares) | shares	4,196
Granted (in shares) | shares	7,050
Forfeited (in shares) | shares	(2,811)
Vested (in shares) | shares	(2,445)
Outstanding at the end of the period (in shares) | shares	5,990
Weighted-average grant-date fair value (per award)
Outstanding at the beginning of the period (in dollars per share)	$ 9.91
Granted (in dollars per share)	3.32
Forfeited (in dollars per share)	4.99
Vested (in dollars per share)	9.70
Outstanding at the end of the period (in dollars per share)	$ 4.55
Equity instruments other than options, aggregate intrinsic value, vested | $	$ 9.2

Stockholders' equity and Equi_7

Stockholders' equity and Equity Incentive Plan - Stock option awards (Details) - Stock option awards - USD ($) $ / shares in Units, shares in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Stock option awards
Outstanding as of the beginning of period (in shares)	2,533
Exercised (in shares)	(18)
Expired or canceled (in shares)	(49)
Forfeited (in shares)	(196)
Outstanding as of the end of period (in shares)	2,270	2,533
Vested and exercisable as of the end of period (in shares)	2,096
Expected to vest as of the end of period (in shares)	174
Weighted-average exercise price (per award)
Outstanding as of the beginning of period (in dollars per share)	$ 12.69
Exercised (in dollars per share)	4.10
Expired or canceled (in dollars per share)	18.45
Forfeited (in dollars per share)	8.71
Outstanding as of the end of period (in dollars per share)	12.98	$ 12.69
Vested and exercisable as of the end of period (in dollars per share)	13.34
Expected to vest as of the end of period (in dollars per share)	$ 8.72
Weighted-average remaining contractual term (years)
Outstanding, weighted-average remaining contractual term	3 years 14 days	5 years 11 months 26 days
Vested and exercisable as of the end of period	2 years 8 months 12 days
Expected to vest as of the end of period (in dollars per share)	7 years 1 month 9 days
Vested and exercisable, aggregate intrinsic value	$ 0
Expected to vest, aggregate intrinsic value	$ 0
Requisite service period of the awards	4 years
Stock-based compensation, not yet recognized, stock options	$ 1,100,000
Stock-based compensation not yet recognized, period for recognition (in years)	1 year 1 month 24 days

Stockholders' equity and Equi_8

Stockholders' equity and Equity Incentive Plan - Performance share awards (Details) - Performance share awards - USD ($) $ in Millions	Feb. 18, 2019	Jun. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Requisite service period of the awards	3 years
Stock-based compensation not yet recognized		$ 13.3
Stock-based compensation not yet recognized, period for recognition (in years)		2 years 3 months 3 days
May 25, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
TSR Modifier		0
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payout range		0.00%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payout range		200.00%

Stockholders' equity and Equi_9

Stockholders' equity and Equity Incentive Plan - Performance share award activity (Details) shares in Thousands	6 Months Ended
	Jun. 30, 2019$ / sharesshares
Weighted-average grant-date fair value (per award)
Granted (in dollars per share) | $ / shares
Performance share awards
Performance unit awards
Outstanding at the beginning of the period (in shares)	3,436
Granted (in shares)	588
Converted from performance unit awards (in shares)	1,558
Forfeited (in shares)	(860)
Vested (in shares)	(1,545)
Outstanding at the end of the period (in shares)	3,177
Weighted-average grant-date fair value (per award)
Outstanding at the beginning of the period (in dollars per share) | $ / shares	$ 13.74
Granted (in dollars per share) | $ / shares	2.52
Converted from performance unit awards (in dollars per share) | $ / shares	3.74
Forfeited (in dollars per share) | $ / shares	12.26
Vested (in dollars per share) | $ / shares	17.31
Outstanding at the end of the period (in dollars per share) | $ / shares	$ 6.28
Performance Unit Awards
Performance unit awards
Outstanding at the beginning of the period (in shares)	0
Granted (in shares)	2,813
Forfeited (in shares)	(1,255)
Outstanding at the end of the period (in shares)	0
February 28, 2019 and June 3, 2019 | Performance unit awards with market criteria
Weighted-average grant-date fair value (per award)
RTSR Factor weight	25.00%
ATSR Factor weight	25.00%
February 28, 2019 and June 3, 2019 | Performance unit awards with performance criteria
Weighted-average grant-date fair value (per award)
ROACE Factor weight	50.00%

Stockholders' equity and Equ_10

Stockholders' equity and Equity Incentive Plan - Assumptions used to estimate fair value of performance unit awards (Details) - USD ($) $ / shares in Units, $ in Millions	May 16, 2019	Jun. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value per performance share award (in dollars per share)
Performance share awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value per performance share award (in dollars per share)		$ 2.52
February 28, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Remaining performance period		2 years 7 months 17 days
Risk-free interest rate		2.14%
Dividend yield		0.00%
Expected volatility		55.01%
Closing stock price on May 16, 2019 and June 3, 2019 for the respective awards (in dollars per share)		$ 3.49
February 28, 2019 | Performance unit awards with market criteria
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value per performance share award (in dollars per share)		3.98
February 28, 2019 | Performance unit awards with performance criteria
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value per performance share award (in dollars per share)		$ 3.49
Estimated payout for expense as of June 30, 2019		195.00%
February 28, 2019 | Performance share awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value per performance share award (in dollars per share)		$ 3.74
Total incremental compensation expense	$ 1
June 3, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Remaining performance period		2 years 6 months 29 days
Risk-free interest rate		1.78%
Dividend yield		0.00%
Expected volatility		55.45%
Closing stock price on May 16, 2019 and June 3, 2019 for the respective awards (in dollars per share)		$ 2.59
June 3, 2019 | Performance unit awards with market criteria
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value per performance share award (in dollars per share)		2.45
June 3, 2019 | Performance unit awards with performance criteria
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value per performance share award (in dollars per share)		$ 2.59
Estimated payout for expense as of June 30, 2019		195.00%
June 3, 2019 | Performance share awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value per performance share award (in dollars per share)		$ 2.52

Stockholders' equity and Equ_11

Stockholders' equity and Equity Incentive Plan - Expense per performance share award (Details)	6 Months Ended
	Jun. 30, 2019$ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value per performance share award (in dollars per share)
Performance share awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value per performance share award (in dollars per share)	2.52
February 17, 2017 | Performance unit awards with market criteria
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value per performance share award (in dollars per share)	18.96
Expense per performance share award (in dollars per share)	18.96
February 17, 2017 | Performance share awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expense per performance share award (in dollars per share)	18.96
February 16, 2018 | Performance unit awards with market criteria
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value per performance share award (in dollars per share)	10.08
Expense per performance share award (in dollars per share)	10.08
February 16, 2018 | Performance unit awards with performance criteria
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value per performance share award (in dollars per share)	8.36
Expense per performance share award (in dollars per share)	$ 5.02
Estimated payout for expense as of June 30, 2019(1)	60.00%
February 16, 2018 | Performance share awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expense per performance share award (in dollars per share)	$ 7.55
February 28, 2019 | Performance unit awards with market criteria
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value per performance share award (in dollars per share)	3.98
Expense per performance share award (in dollars per share)	3.98
February 28, 2019 | Performance unit awards with performance criteria
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value per performance share award (in dollars per share)	3.49
Expense per performance share award (in dollars per share)	$ 6.81
Estimated payout for expense as of June 30, 2019(1)	195.00%
February 28, 2019 | Performance share awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value per performance share award (in dollars per share)	$ 3.74
Expense per performance share award (in dollars per share)	5.40
June 3, 2019 | Performance unit awards with market criteria
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value per performance share award (in dollars per share)	2.45
Expense per performance share award (in dollars per share)	2.45
June 3, 2019 | Performance unit awards with performance criteria
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value per performance share award (in dollars per share)	2.59
Expense per performance share award (in dollars per share)	$ 5.05
Estimated payout for expense as of June 30, 2019(1)	195.00%
June 3, 2019 | Performance share awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value per performance share award (in dollars per share)	$ 2.52
Expense per performance share award (in dollars per share)	$ 3.75

Stockholders' equity and Equ_12

Stockholders' equity and Equity Incentive Plan - Assumptions used to estimate fair value of outperformance share awards (Details) - USD ($)	Jun. 03, 2019	Jun. 30, 2019	Jun. 30, 2019
Outperformance share awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation not yet recognized		$ 700,000	$ 700,000
Stock-based compensation not yet recognized, period for recognition (in years)			5 years
June 3, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Remaining performance period			2 years 6 months 29 days
Risk-free interest rate			1.78%
Dividend yield			0.00%
Expected volatility			55.45%
Closing stock price on grant date (in dollars per share)		$ 2.59	$ 2.59
June 3, 2019 | Outperformance share awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Remaining performance period			3 years
Risk-free interest rate			1.77%
Dividend yield			0.00%
Expected volatility			55.77%
Closing stock price on grant date (in dollars per share)		$ 2.59	$ 2.59
Fair value per performance share award	$ 670,000
Minimum | Outperformance share awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outperformance payout range (in shares)			0
Maximum | Outperformance share awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outperformance payout range (in shares)			1,000,000
Share-based Payment Arrangement, Tranche One | Outperformance share awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		33.00%
Share-based Payment Arrangement, Tranche Two | Outperformance share awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		33.00%
Share-based Payment Arrangement, Tranche Three | Outperformance share awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		33.00%

Stockholders' equity and Equ_13

Stockholders' equity and Equity Incentive Plan - Stock-based compensation expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation, gross	$ (459)	$ 12,672	$ 8,846	$ 24,113
Less amounts capitalized in evaluated oil and natural gas properties	36	(1,996)	(1,863)	(4,098)
Total stock-based compensation, net	(423)	10,676	6,983	20,015
Restricted stock award compensation
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation, gross	2,559	7,286	7,882	13,331
Stock option award compensation
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation, gross	160	971	978	2,040
Performance share award compensation
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation, gross	(3,191)	4,415	(27)	8,742
Outperformance share awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation, gross	$ 13	$ 0	$ 13	$ 0

Stockholders' equity and Equ_14

Stockholders' equity and Equity Incentive Plan - Performance unit awards (Details) - Performance share awards - USD ($) $ in Millions	Feb. 18, 2019	Jun. 30, 2019
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		$ 13.3
Performance unit award compensation not yet recognized, period for recognition (in years)		2 years 3 months 3 days

Stockholders' equity and Equ_15

Stockholders' equity and Equity Incentive Plan - Performance unit award activity (Details) - Performance Unit Awards shares in Thousands	6 Months Ended
	Jun. 30, 2019shares
Performance unit awards
Outstanding at the end of the period (in shares)	0
Granted (in shares)	2,813
Forfeited (in shares)	(1,255)
Converted to performance share awards (in shares)	(1,558)
Outstanding at the beginning of the period (in shares)	0

Derivatives (Details)

Derivatives (Details) $ in Thousands	3 Months Ended	6 Months Ended			12 Months Ended
	Jun. 30, 2019USD ($)	Dec. 31, 2019BoeMMBTU$ / MMBTU$ / bbl	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)	Dec. 31, 2021BoeMMBTU$ / MMBTU$ / bbl	Dec. 31, 2020BoeMMBTU$ / MMBTU$ / bbl
Derivative [Line Items]
Settlements paid for early terminations of derivatives, net | $			$ (5,409)	$ 0
Commodity derivatives | Not designated as hedges
Derivative [Line Items]
Settlements paid for early terminations of derivatives, net | $	$ (5,400)
Scenario, Forecast | Put Instrument 1 | Not designated as hedges | Oil derivatives
Derivative [Line Items]
Volume (Bbl) | Boe		644,000			0	366,000
Weighted-average ($/Bbl) | $ / bbl		55			0	45
Scenario, Forecast | Put Instrument 2 | Not designated as hedges | Oil derivatives
Derivative [Line Items]
Volume (Bbl) | Boe		644,000			0	0
Weighted-average ($/Bbl) | $ / bbl		4.39			0	0
Scenario, Forecast | Swap | Not designated as hedges | Oil derivatives
Derivative [Line Items]
Volume (Bbl) | Boe		3,956,000				7,173,600
Weighted-average ($/Bbl) | $ / bbl		61.31				59.50
Scenario, Forecast | Swap | Not designated as hedges | Natural gas derivatives
Derivative [Line Items]
Volume (Bbl) | MMBTU		19,688,000			14,052,500	23,790,000
Weighted-average ($/Bbl) | $ / MMBTU		3.09			2.63	2.72
Scenario, Forecast | Swap | Not designated as hedges | Ethane | NGL derivatives
Derivative [Line Items]
Volume (Bbl) | Boe		1,196,000			912,500	366,000
Weighted-average ($/Bbl) | $ / bbl		14.22			12.01	13.60
Scenario, Forecast | Swap | Not designated as hedges | Propane | NGL derivatives
Derivative [Line Items]
Volume (Bbl) | Boe		956,800			730,000	1,244,400
Weighted-average ($/Bbl) | $ / bbl		27.97			25.52	26.58
Scenario, Forecast | Swap | Not designated as hedges | Normal Butane | NGL derivatives
Derivative [Line Items]
Volume (Bbl) | Boe		368,000			255,500	439,200
Weighted-average ($/Bbl) | $ / bbl		30.73			27.72	28.69
Scenario, Forecast | Swap | Not designated as hedges | Isobutane | NGL derivatives
Derivative [Line Items]
Volume (Bbl) | Boe		92,000			67,525	109,800
Weighted-average ($/Bbl) | $ / bbl		31.08			28.79	29.99
Scenario, Forecast | Swap | Not designated as hedges | Natural Gasoline | NGL derivatives
Derivative [Line Items]
Volume (Bbl) | Boe		312,800			237,250	402,600
Weighted-average ($/Bbl) | $ / bbl		45.80			44.31	45.15
Scenario, Forecast | Collar | Not designated as hedges | Oil derivatives
Derivative [Line Items]
Volume (Bbl) | Boe		0			912,500	0
Scenario, Forecast | Collar | Not designated as hedges | Floor | Oil derivatives
Derivative [Line Items]
Weighted-average ($/Bbl) | $ / bbl		0			45	0
Scenario, Forecast | Collar | Not designated as hedges | Ceiling | Oil derivatives
Derivative [Line Items]
Weighted-average ($/Bbl) | $ / bbl		0			71	0
Scenario, Forecast | Commodity | Not designated as hedges | NGL derivatives
Derivative [Line Items]
Volume (Bbl) | Boe		2,925,600			2,202,775	2,562,000
Scenario, Forecast | Commodity | Not designated as hedges | Floor | Oil derivatives
Derivative [Line Items]
Volume (Bbl) | Boe		4,600,000			912,500	7,539,600
Weighted-average ($/Bbl) | $ / bbl		60.42			45	58.79
Scenario, Forecast | Commodity | Not designated as hedges | Ceiling | Oil derivatives
Derivative [Line Items]
Volume (Bbl) | Boe		3,956,000			912,500	7,173,600
Weighted-average ($/Bbl) | $ / bbl		61.31			71	59.50
Scenario, Forecast | Basis Swap | Not designated as hedges | Oil derivatives
Derivative [Line Items]
Volume (Bbl) | Boe		1,840,000			0	0
Weighted-average ($/Bbl) | $ / bbl		(2.89)			0	0
Scenario, Forecast | Basis Swap 2 | Not designated as hedges | Oil derivatives
Derivative [Line Items]
Volume (Bbl) | Boe		552,000			0	0
Weighted-average ($/Bbl) | $ / bbl		(4.37)			0	0
Scenario, Forecast | Basis Swap 4 | Not designated as hedges | Natural gas derivatives
Derivative [Line Items]
Volume (Bbl) | MMBTU		19,688,000			23,360,000	32,574,000
Weighted-average ($/Bbl) | $ / MMBTU		(1.51)			(0.47)	(0.76)
Level 3 | Commodity derivatives | Not designated as hedges
Derivative [Line Items]
Present value of deferred premiums | $	$ 7,200		$ 7,200

Derivatives (Terminated derivat

Derivatives (Terminated derivatives) (Details) - Early Contract Termination - Oil derivatives	3 Months Ended
	Jun. 30, 2019$ / bblbbl
Oil puts, April 2019 - December 2019
Derivative [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
Derivative [Line Items]
Aggregate volumes (Bbl) | bbl	1,134,600
Weighted-average floor price ($/Bbl)	45
Weighted-average ceiling price ($/Bbl)	76.13

Fair value measurements - Fair

Fair value measurements - Fair value hierarchy (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Assets:
Derivative asset, current	$ 47,167	$ 39,835
Derivative asset, noncurrent	25,798	11,030
Liabilities:
Derivative liability, current	(1,473)	(7,359)
Net derivative asset (liability) positions	71,492	43,506
Oil derivatives | Commodity derivatives
Assets:
Derivative asset, current	17,371	36,518
Derivative asset, noncurrent	17,181	10,626
Liabilities:
Derivative liability, current	(1,797)	(1,152)
Derivative liability, noncurrent	0	0
Oil derivatives | Deferred premiums
Assets:
Derivative asset, current	(3,270)	(14,381)
Liabilities:
Derivative liability, current	0	(2,184)
NGL derivatives | Commodity derivatives
Assets:
Derivative asset, current	16,115	1,974
Derivative asset, noncurrent	3,484	1,024
Liabilities:
Derivative liability, current	0	0
Derivative liability, noncurrent	0	0
Natural gas derivatives | Commodity derivatives
Assets:
Derivative asset, current	16,951	15,724
Derivative asset, noncurrent	5,133	(620)
Liabilities:
Derivative liability, current	324	(4,023)
Derivative liability, noncurrent	0	0
Current Assets | Oil derivatives | Commodity derivatives
Assets:
Derivative assets before netting	27,192	44,425
Amounts offset	(9,821)	(7,907)
Current Assets | Oil derivatives | Deferred premiums
Assets:
Derivative assets before netting	0	0
Amounts offset	(3,270)	(14,381)
Current Assets | NGL derivatives | Commodity derivatives
Assets:
Derivative assets before netting	17,134	1,974
Amounts offset	(1,019)	0
Current Assets | Natural gas derivatives | Commodity derivatives
Assets:
Derivative assets before netting	26,229	18,991
Amounts offset	(9,278)	(3,267)
Noncurrent Assets | Oil derivatives | Commodity derivatives
Assets:
Derivative assets before netting	18,217	10,626
Amounts offset	(1,036)	0
Noncurrent Assets | NGL derivatives | Commodity derivatives
Assets:
Derivative assets before netting	4,050	1,024
Amounts offset	(566)	0
Noncurrent Assets | Natural gas derivatives | Commodity derivatives
Assets:
Derivative assets before netting	6,049	108
Amounts offset	(916)	(728)
Current Liabilities | Oil derivatives | Commodity derivatives
Liabilities:
Derivative liabilities before netting	(11,618)	(9,059)
Amounts offset	9,821	7,907
Current Liabilities | Oil derivatives | Deferred premiums
Liabilities:
Derivative liabilities before netting	(3,270)	(16,565)
Amounts offset	3,270	14,381
Current Liabilities | NGL derivatives | Commodity derivatives
Liabilities:
Derivative liabilities before netting	(1,019)	0
Amounts offset	1,019	0
Current Liabilities | Natural gas derivatives | Commodity derivatives
Liabilities:
Derivative liabilities before netting	(8,954)	(7,290)
Amounts offset	9,278	3,267
Noncurrent Liabilities | Oil derivatives | Commodity derivatives
Liabilities:
Derivative liabilities before netting	(1,036)	0
Amounts offset	1,036	0
Noncurrent Liabilities | NGL derivatives | Commodity derivatives
Liabilities:
Derivative liabilities before netting	(566)	0
Amounts offset	566	0
Noncurrent Liabilities | Natural gas derivatives | Commodity derivatives
Liabilities:
Derivative liabilities before netting	(916)	(728)
Amounts offset	916	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 | 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 | 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	74,762	60,071
Level 2 | Current Assets | Oil derivatives | Commodity derivatives
Assets:
Derivative assets before netting	27,192	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	17,134	1,974
Level 2 | Current Assets | Natural gas derivatives | Commodity derivatives
Assets:
Derivative assets before netting	26,229	18,991
Level 2 | Noncurrent Assets | Oil derivatives | Commodity derivatives
Assets:
Derivative assets before netting	18,217	10,626
Level 2 | Noncurrent Assets | NGL derivatives | Commodity derivatives
Assets:
Derivative assets before netting	4,050	1,024
Level 2 | Noncurrent Assets | Natural gas derivatives | Commodity derivatives
Assets:
Derivative assets before netting	6,049	108
Level 2 | Current Liabilities | Oil derivatives | Commodity derivatives
Liabilities:
Derivative liabilities before netting	(11,618)	(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	(1,019)	0
Level 2 | Current Liabilities | Natural gas derivatives | Commodity derivatives
Liabilities:
Derivative liabilities before netting	(8,954)	(7,290)
Level 2 | Noncurrent Liabilities | Oil derivatives | Commodity derivatives
Liabilities:
Derivative liabilities before netting	(1,036)	0
Level 2 | Noncurrent Liabilities | NGL derivatives | Commodity derivatives
Liabilities:
Derivative liabilities before netting	(566)	0
Level 2 | Noncurrent Liabilities | Natural gas derivatives | Commodity derivatives
Liabilities:
Derivative liabilities before netting	(916)	(728)
Level 3
Liabilities:
Net derivative asset (liability) positions	(3,270)	(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 | 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	(3,270)	(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 | 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)	6 Months Ended
	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Acquisitions of oil and natural gas properties	$ 2,880,000	$ 16,340,000
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 | Weighted Average
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, measurement input	0.0231
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	Jun. 30, 2019USD ($)
Fair Value Disclosures [Abstract]
Remaining 2019	$ 2,813
2020	477
Total	$ 3,290

Fair value measurements - Summa

Fair value measurements - Summary of changes in net assets classified as Level 3 (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Changes in assets classified as Level 3 measurements
Change in net present value of derivative deferred premiums			$ 119	$ 396
Total purchases and settlements of derivative deferred premiums:
Present value of deferred premiums settled upon early termination	$ 7,200		7,200
Deferred premiums
Changes in assets classified as Level 3 measurements
Balance of Level 3 at beginning of period	(12,644)	$ (30,292)	(16,565)	(28,683)
Change in net present value of derivative deferred premiums	(24)	(185)	(119)	(396)
Total purchases and settlements of derivative deferred premiums:
Purchases	0	0	0	(5,422)
Settlements	9,398	5,451	13,414	9,475
Balance of Level 3 at end of period	$ (3,270)	$ (25,026)	$ (3,270)	$ (25,026)

Fair value measurements - Carry

Fair value measurements - Carrying amount of debt instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Long-term debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	$ 1,035,000	$ 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	235,000	190,000
Fair value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	983,109	909,563
Fair value | January 2022 Notes | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	420,750	402,885
Fair value | March 2023 Notes | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	327,355	316,624
Fair value | Senior Secured Credit Facility | Secured debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	$ 235,004	$ 190,054

Net income per common share (D

Net income per common share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018
Net income (numerator):
Net income—basic and diluted	$ 173,382	$ (9,491)	$ 33,452	$ 86,520	$ 163,891	$ 119,972
Weighted-average common shares outstanding (denominator):
Basic (in shares)	231,406		230,933		230,943	234,561
Diluted (in shares)	231,557		231,706		231,725	235,501
Net income per common share:
Basic (in dollars per share)	$ 0.75		$ 0.14		$ 0.71	$ 0.51
Diluted (in dollars per share)	$ 0.75		$ 0.14		$ 0.71	$ 0.51
Dilutive non-vested restricted stock awards
Weighted-average common shares outstanding (denominator):
Incremental common shares (in shares)	151		683		782	885
Dilutive outstanding stock option awards
Weighted-average common shares outstanding (denominator):
Incremental common shares (in shares)	0		90		0	55

Commitments and contingencies -

Commitments and contingencies - Litigation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
Litigation settlement	$ 42,500	$ 0	$ 42,500	$ 0

Commitments and contingencies_2

Commitments and contingencies - Drilling contracts (Details) - USD ($)	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Drilling contracts
Cost of Goods and Services Sold [Abstract]
Penalties incurred for early contract termination	$ 0	$ 0

Commitments and contingencies_3

Commitments and contingencies - Firm sale and transportation commitments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Supply Commitment [Line Items]
Minimum volume commitments deficiency payments	$ 0.5	$ 2.2	$ 1	$ 2.3
Firm sale and transportation commitments
Cost of Goods and Services Sold [Abstract]
Future drilling contracts commitments	$ 341.5		$ 341.5

Commitments and contingencies_4

Commitments and contingencies - Environmental (Details) - USD ($)	Jun. 30, 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		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Supplemental cash flow information:
Capitalized interest			$ (420)	$ (498)
Cash received (paid) for income taxes			691	(1,136)
Supplemental non-cash investing information:
Increase (decrease) in accrued capital expenditures			2,335	(8,878)
Capitalized stock-based compensation in evaluated oil and natural gas properties	$ (36)	$ 1,996	1,863	4,098
Capitalized asset retirement costs			356	$ 577
Right-of-use assets obtained in exchange for operating lease liabilities(1)			$ 25,212

Asset retirement obligations (D

Asset retirement obligations (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 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	356	577
Accretion expense	2,072	2,227
Liabilities settled due to plugging and abandonment or removed due to sale	(1,362)	(1,815)
Liability at end of period	$ 57,948	$ 56,495

Revenue recognition (Details)

Revenue recognition (Details) - USD ($) $ in Thousands	Oct. 30, 2017	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018	Jan. 01, 2018	Dec. 31, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cash consideration		$ 0	$ 1,655
Accumulated deficit		$ (1,039,504)		$ (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	Jun. 30, 2019USD ($)
Operating loss carry-forward
Net operating loss carry-forward that will not expire due to TCJA	$ 180.7
Deferred tax assets, valuation allowance	202.1
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	35.4
Texas | State
Operating loss carry-forward
Deferred tax liability	6.7
Accounts receivable
Operating loss carry-forward
AMT credit carryforward	3.1
Other noncurrent assets, net
Operating loss carry-forward
AMT credit carryforward	$ 1

Related party (Details)

Related party (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Related Party Transaction [Line Items]
Operating lease liabilities	$ 22,003
Capital expenditures for oil and natural gas properties	284,616	$ 341,534
Helmerich & Payne, Inc. | Affiliated entity
Related Party Transaction [Line Items]
Operating lease liabilities	5,762
Capital expenditures for oil and natural gas properties	$ 6,293	$ 0

Subsidiary Guarantors - Balance

Subsidiary Guarantors - Balance sheet (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017
Subsidiary guarantees
Accounts receivable, net	$ 76,610		$ 94,321
Other current assets	115,905		98,431
Oil and natural gas properties, net	2,200,168		2,029,571
Midstream service assets, net	131,633		130,245
Other fixed assets, net	37,933		39,819
Investment in subsidiaries	0		0
Other noncurrent assets, net	57,673		27,918
Total assets	2,619,922		2,420,305
Accounts payable and accrued liabilities	51,289		69,504
Other current liabilities	119,389		130,961
Long-term debt, net	1,029,526		983,636
Other noncurrent liabilities	75,397		61,974
Total stockholders' equity	1,344,321	$ 1,171,432	1,174,230	$ 959,167	$ 941,830	$ 765,579
Total liabilities and stockholders' equity	2,619,922		2,420,305
Intercompany eliminations
Subsidiary guarantees
Accounts receivable, net	0		0
Other current assets	0		0
Oil and natural gas properties, net	(26,024)		(22,551)
Midstream service assets, net	0		0
Other fixed assets, net	0		0
Investment in subsidiaries	(139,071)		(128,380)
Other noncurrent assets, net	0		0
Total assets	(165,095)		(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	(165,095)		(150,931)
Total liabilities and stockholders' equity	(165,095)		(150,931)
Laredo | Reportable Legal Entities
Subsidiary guarantees
Accounts receivable, net	66,348		83,424
Other current assets	114,653		97,045
Oil and natural gas properties, net	2,217,151		2,043,009
Midstream service assets, net	0		0
Other fixed assets, net	37,910		39,751
Investment in subsidiaries	139,071		128,380
Other noncurrent assets, net	54,172		23,783
Total assets	2,629,305		2,415,392
Accounts payable and accrued liabilities	37,841		54,167
Other current liabilities	118,739		121,297
Long-term debt, net	1,029,526		983,636
Other noncurrent liabilities	72,854		59,511
Total stockholders' equity	1,370,345		1,196,781
Total liabilities and stockholders' equity	2,629,305		2,415,392
Subsidiary Guarantors | Reportable Legal Entities
Subsidiary guarantees
Accounts receivable, net	10,262		10,897
Other current assets	1,252		1,386
Oil and natural gas properties, net	9,041		9,113
Midstream service assets, net	131,633		130,245
Other fixed assets, net	23		68
Investment in subsidiaries	0		0
Other noncurrent assets, net	3,501		4,135
Total assets	155,712		155,844
Accounts payable and accrued liabilities	13,448		15,337
Other current liabilities	650		9,664
Long-term debt, net	0		0
Other noncurrent liabilities	2,543		2,463
Total stockholders' equity	139,071		128,380
Total liabilities and stockholders' equity	$ 155,712		$ 155,844

Subsidiary Guarantors - Stateme

Subsidiary Guarantors - Statement of operations (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018
Subsidiary guarantees
Total revenues	$ 216,643		$ 351,046		$ 425,590	$ 610,742
Total costs and expenses	158,815		256,279		313,365	422,783
Operating income	57,828		94,767		112,225	187,959
Interest expense	(15,765)		(14,424)		(31,312)	(27,942)
Other non-operating income, net	133,070		(46,891)		84,633	(40,045)
Income before income taxes	175,133		33,452		165,546	119,972
Total income tax expense	(1,751)		0		(1,655)	0
Net income	173,382	$ (9,491)	33,452	$ 86,520	163,891	119,972
Intercompany eliminations
Subsidiary guarantees
Total revenues	(16,645)		(20,599)		(35,551)	(35,028)
Total costs and expenses	(14,670)		(17,756)		(32,078)	(31,504)
Operating income	(1,975)		(2,843)		(3,473)	(3,524)
Interest expense	0		0		0	0
Other non-operating income, net	(3,368)		(3,563)		(5,570)	(5,043)
Income before income taxes	(5,343)		(6,406)		(9,043)	(8,567)
Total income tax expense	0		0		0	0
Net income	(5,343)		(6,406)		(9,043)	(8,567)
Laredo | Reportable Legal Entities
Subsidiary guarantees
Total revenues	184,037		208,624		357,558	406,449
Total costs and expenses	127,310		115,602		247,045	221,290
Operating income	56,727		93,022		110,513	185,159
Interest expense	(15,765)		(14,424)		(31,312)	(27,942)
Other non-operating income, net	136,146		(42,303)		89,818	(33,721)
Income before income taxes	177,108		36,295		169,019	123,496
Total income tax expense	(1,751)		0		(1,655)	0
Net income	175,357		36,295		167,364	123,496
Subsidiary Guarantors | Reportable Legal Entities
Subsidiary guarantees
Total revenues	49,251		163,021		103,583	239,321
Total costs and expenses	46,175		158,433		98,398	232,997
Operating income	3,076		4,588		5,185	6,324
Interest expense	0		0		0	0
Other non-operating income, net	292		(1,025)		385	(1,281)
Income before income taxes	3,368		3,563		5,570	5,043
Total income tax expense	0		0		0	0
Net income	$ 3,368		$ 3,563		$ 5,570	$ 5,043

Subsidiary Guarantors - Cash fl

Subsidiary Guarantors - Cash flows (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Subsidiary guarantees
Net cash provided by operating activities	$ 261,269	$ 262,601
Capital expenditures and other, net	(292,974)	(354,072)
Net cash provided by financing activities	42,354	15,916
Net increase (decrease) in cash and cash equivalents	10,649	(75,555)
Cash and cash equivalents, beginning of period	45,151	112,159
Cash and cash equivalents, end of period	55,800	36,604
Intercompany eliminations
Subsidiary guarantees
Net cash provided by operating activities	(5,570)	(5,043)
Capital expenditures and other, net	5,570	5,043
Net cash provided by financing activities	0	0
Net increase (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 operating activities	266,522	254,991
Capital expenditures and other, net	(298,227)	(346,462)
Net cash provided by financing activities	42,354	15,916
Net increase (decrease) in cash and cash equivalents	10,649	(75,555)
Cash and cash equivalents, beginning of period	45,150	112,158
Cash and cash equivalents, end of period	55,799	36,603
Subsidiary Guarantors | Reportable Legal Entities
Subsidiary guarantees
Net cash provided by operating activities	317	12,653
Capital expenditures and other, net	(317)	(12,653)
Net cash provided by financing activities	0	0
Net increase (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

Organizational restructuring (D

Organizational restructuring (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Restructuring Cost and Reserve [Line Items]
Workforce reduction percentage	20.00%
Restructuring expenses	$ 10,406	$ 0	$ 10,406	$ 0
One-time Termination Benefits
Restructuring Cost and Reserve [Line Items]
Restructuring expenses	10,400
Share-Based Compensation Awards Forfeited
Restructuring Cost and Reserve [Line Items]
Restructuring expenses	$ (6,100)

Subsequent events (Details)

Subsequent events (Details) - Secured debt - Senior Secured Credit Facility - USD ($) $ in Millions	Jul. 31, 2019	Jun. 30, 2019
Subsequent Event
Subsequent Event [Line Items]
Repayments of credit	$ 20
Outstanding balance under credit facility		$ 235
Subsequent Event
Subsequent Event [Line Items]
Outstanding balance under credit facility	$ 215

Uncategorized Items - a2q19lpi1

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