Vital Energy (VTLE) 10-Q/A 5 Aug 20 2020 Q1 Quarterly report (amended) Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2020	May 04, 2020
Cover [Abstract]
Entity Central Index Key	0001528129
Amendment Flag	true
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Amendment Description	Amendment for error in the PV-10 of our reserves; utilized to calcuate our full cost ceiling impairment
Document Type	10-Q/A
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2020
Document Transition Report	false
Entity File Number	001-35380
Entity Registrant Name	Laredo Petroleum, Inc.
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 per share
Trading Symbol	LPI
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		239,398,217

Consolidated balance sheets

Consolidated balance sheets - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 62,777	$ 40,857
Accounts receivable, net	75,588	85,223
Derivatives	270,686	51,929
Other current assets	18,245	22,470
Total current assets	427,296	200,479
Oil and natural gas properties, full cost method:
Evaluated properties	7,610,086	7,421,799
Unevaluated properties not being depleted	130,077	142,354
Less accumulated depletion and impairment	(5,960,152)	(5,725,114)
Oil and natural gas properties, net	1,780,011	1,839,039
Midstream service assets, net	118,539	128,678
Other fixed assets, net	32,148	32,504
Property and equipment, net	1,930,698	2,000,221
Derivatives	48,397	23,387
Operating lease right-of-use assets	24,381	28,343
Other noncurrent assets, net	12,871	12,007
Total assets	2,443,643	2,264,437
Current liabilities:
Accounts payable and accrued liabilities	65,580	40,521
Accrued capital expenditures	52,600	36,328
Undistributed revenue and royalties	28,186	33,123
Derivatives	875	7,698
Operating lease liabilities	12,891	14,042
Other current liabilities	25,552	39,184
Total current liabilities	185,684	170,896
Long-term debt, net	1,257,382	1,170,417
Asset retirement obligations	61,679	60,691
Operating lease liabilities	13,913	17,208
Other noncurrent liabilities	5,764	3,351
Total liabilities	1,524,422	1,422,563
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.01 par value, 50,000,000 shares authorized and zero issued as of March 31, 2020 and December 31, 2019	0	0
Common stock, $0.01 par value, 450,000,000 shares authorized and 239,400,163 and 237,292,086 issued and outstanding as of March 31, 2020 and December 31, 2019, respectively	2,394	2,373
Additional paid-in capital	2,388,035	2,385,355
Accumulated deficit	(1,471,208)	(1,545,854)
Total stockholders' equity	919,221	841,874
Total liabilities and stockholders' equity	$ 2,443,643	$ 2,264,437

Consolidated balance sheets (Pa

Consolidated balance sheets (Parenthetical) - $ / shares	Mar. 31, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Preferred stock par value (USD per share)	$ 0.01	$ 0.01
Preferred stock authorized (shares)	50,000,000	50,000,000
Preferred stock issued (shares)	0	0
Common stock par value (USD per share)	$ 0.01	$ 0.01
Common stock authorized (shares)	450,000,000	450,000,000
Common stock issued (shares)	239,400,163	237,292,086
Common stock outstanding (shares)	239,400,163	237,292,086

Consolidated statements of oper

Consolidated statements of operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenues:
Total revenues	$ 204,992	$ 208,947
Costs and expenses:
Lease operating expenses	22,040	22,609
Production and ad valorem taxes	9,244	7,219
General and administrative	12,562	21,519
Depletion, depreciation and amortization	61,302	63,098
Impairment expense	186,699	0
Other operating expenses	1,106	1,052
Total costs and expenses	386,964	154,550
Operating income (loss)	(181,972)	54,397
Non-operating income (expense):
Gain (loss) on derivatives, net	297,836	(48,365)
Interest expense	(24,970)	(15,547)
Loss on extinguishment of debt	(13,320)	0
Loss on disposal of assets, net	(602)	(939)
Other income, net	91	867
Total non-operating income (expense), net	259,035	(63,984)
Income (loss) before income taxes	77,063	(9,587)
Income tax (expense) benefit:
Deferred	(2,417)	96
Total income tax (expense) benefit	(2,417)	96
Net income (loss)	$ 74,646	$ (9,491)
Net income (loss) per common share:
Basic (USD per share)	$ 0.32	$ (0.04)
Diluted (USD per share)	$ 0.32	$ (0.04)
Weighted-average common shares outstanding:
Basic (shares)	232,351	230,476
Diluted (shares)	233,458	230,476
Oil sales
Revenues:
Total revenues	$ 119,978	$ 129,171
NGL sales
Revenues:
Total revenues	11,558	32,235
Natural gas sales
Revenues:
Total revenues	4,349	11,970
Midstream service revenues
Revenues:
Total revenues	2,683	2,883
Costs and expenses:
Cost of goods and services sold	1,170	1,603
Sales of purchased oil
Revenues:
Total revenues	66,424	32,688
Costs and expenses:
Cost of goods and services sold	79,297	32,691
Transportation and marketing expenses
Costs and expenses:
Cost of goods and services sold	$ 13,544	$ 4,759

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 at beginning of period (shares) at Dec. 31, 2018		233,936		0
Balance at 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 (shares)		5,986
Restricted stock awards		$ 60	(60)
Restricted stock forfeitures (shares)		(48)
Stock exchanged for tax withholding (shares)				683
Stock exchanged for tax withholding	(2,612)			$ (2,612)
Stock exchanged for cost of exercise of stock options (shares)				18
Stock exchanged for cost of exercise of stock options	$ (76)			$ (76)
Retirement of treasury stock (shares)		(701)		(701)
Retirement of treasury stock		$ (7)	(2,681)	$ 2,688
Exercise of stock options (shares)	18
Exercise of stock options	$ 76
Share-settled equity-based compensation	9,305		9,305
Net income (loss)	(9,491)				(9,491)
Balance at end of period (shares) at Mar. 31, 2019		239,191		0
Balance at end of period at Mar. 31, 2019	1,171,432	$ 2,392	2,381,926	$ 0	(1,212,886)
Balance at beginning of period (shares) at Dec. 31, 2019		237,292		0
Balance at beginning of period at Dec. 31, 2019	841,874	$ 2,373	2,385,355	$ 0	(1,545,854)
Increase (Decrease) in Stockholders' Equity
Restricted stock awards (shares)		2,771
Restricted stock awards		$ 28	(28)
Restricted stock forfeitures (shares)		(139)
Restricted stock forfeitures		$ (2)	2
Stock exchanged for tax withholding (shares)				524
Stock exchanged for tax withholding	(640)			$ (640)
Retirement of treasury stock (shares)		(524)		(524)
Retirement of treasury stock		$ (5)	(635)	$ 640
Share-settled equity-based compensation	3,341		3,341
Net income (loss)	74,646				74,646
Balance at end of period (shares) at Mar. 31, 2020		239,400		0
Balance at end of period at Mar. 31, 2020	$ 919,221	$ 2,394	$ 2,388,035	$ 0	$ (1,471,208)

Consolidated statements of cash

Consolidated statements of cash flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash flows from operating activities:
Net income (loss)	$ 74,646	$ (9,491)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Share-settled equity-based compensation, net	2,376	7,406
Depletion, depreciation and amortization	61,302	63,098
Impairment expense	186,699	0
Mark-to-market on derivatives:
(Gain) loss on derivatives, net	(297,836)	48,365
Settlements received for matured commodity derivatives, net	47,723	102
Premiums paid for commodity derivatives	(477)	(4,016)
Amortization of debt issuance costs	1,217	846
Amortization of operating lease right-of-use assets	4,377	3,056
Loss on extinguishment of debt	13,320	0
Deferred income tax expense (benefit)	2,417	(96)
Other, net	1,327	3,874
Decrease (increase) in accounts receivable, net	9,635	(13,373)
Decrease (increase) in other current assets	4,033	(2,769)
(Increase) decrease in other noncurrent assets, net	(2,964)	57
Increase in accounts payable and accrued liabilities	25,059	7,140
(Decrease) increase in undistributed revenue and royalties	(4,937)	2,889
Decrease in other current liabilities	(15,082)	(30,637)
(Decrease) increase in other noncurrent liabilities	(3,246)	1,007
Net cash provided by operating activities	109,589	77,458
Cash flows from investing activities:
Acquisitions of oil and natural gas properties, net	(22,876)	0
Capital expenditures:
Oil and natural gas properties	(135,376)	(152,729)
Midstream service assets	(761)	(2,262)
Other fixed assets	(829)	(505)
Proceeds from dispositions of capital assets, net of selling costs	51	43
Net cash used in investing activities	(159,791)	(155,453)
Cash flows from financing activities:
Borrowings on Senior Secured Credit Facility	0	80,000
Payments on Senior Secured Credit Facility	(100,000)	0
Issuance of January 2025 Notes and January 2028 Notes	1,000,000	0
Extinguishment of debt	(808,855)	0
Stock exchanged for tax withholding	(640)	(2,612)
Payments for debt issuance costs	(18,383)	0
Net cash provided by financing activities	72,122	77,388
Net increase (decrease) in cash and cash equivalents	21,920	(607)
Cash and cash equivalents, beginning of period	40,857	45,151
Cash and cash equivalents, end of period	$ 62,777	$ 44,544

Organization, basis of presenta

Organization, basis of presentation and restatement	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Organization, basis of presentation and restatement	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, primarily in the Permian Basin of West Texas . 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, 2019 is derived from audited consolidated financial statements. In the opinion of management, the unaudited consolidated financial statements reflect all necessary adjustments to present fairly the Company's financial position as of March 31, 2020 , results of operations for the three months ended March 31, 2020 and 2019 and cash flows for the three months ended March 31, 2020 and 2019 . 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 2019 Annual Report. Significant accounting policies See Note 2 in the 2019 Annual Report for discussion of significant accounting policies. 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 2019 Annual Report and Note 8 pertaining to the Company's 2020 performance unit awards and phantom unit awards. Reclassifications c. Restatement of previously issued financial statements The Company has restated its unaudited consolidated financial statements and related footnotes for the quarter ended March 31, 2020 to correct an error in a component of the estimated PV-10 of its reserves, which impacted the full cost ceiling impairment expense for the first quarter of 2020, and had related effects on the amount of net income for the first quarter of 2020 and balances of accumulated depletion and impairment, oil and natural gas properties and accumulated deficit as of March 31, 2020. This error was identified in the course of preparing the Company's unaudited consolidated financial statements for the quarter ended June 30, 2020. The following table presents the effects of the error correction on the unaudited consolidated balance sheet as of March 31, 2020: (In thousands) As Previously Reported Correction of Error As Restated Accumulated depletion and impairment $ (5,799,703 ) $ (160,449 ) $ (5,960,152 ) Oil and natural gas properties, net $ 1,940,460 $ (160,449 ) $ 1,780,011 Property and equipment, net $ 2,091,147 $ (160,449 ) $ 1,930,698 Total assets $ 2,604,092 $ (160,449 ) $ 2,443,643 Accumulated deficit $ (1,310,759 ) $ (160,449 ) $ (1,471,208 ) Total stockholders' equity $ 1,079,670 $ (160,449 ) $ 919,221 Total liabilities and stockholders' equity $ 2,604,092 $ (160,449 ) $ 2,443,643 The following table presents the effects of the error correction on the unaudited consolidated statement of operations for the three months ended March 31, 2020: (In thousands, except per share data) As Previously Reported Correction of Error As Restated Impairment expense $ 26,250 $ 160,449 $ 186,699 Total costs and expenses $ 226,515 $ 160,449 $ 386,964 Operating loss $ (21,523 ) $ (160,449 ) $ (181,972 ) Income before income taxes $ 237,512 $ (160,449 ) $ 77,063 Net income $ 235,095 $ (160,449 ) $ 74,646 Net income per common share: Basic $ 1.01 $ (0.69 ) $ 0.32 Diluted $ 1.01 $ (0.69 ) $ 0.32 The following table presents the effects of the error correction on the unaudited consolidated statement of stockholders' equity for the three months ended March 31, 2020: (In thousands) As Previously Reported Correction of Error As Restated Net income $ 235,095 $ (160,449 ) $ 74,646 Accumulated deficit $ (1,310,759 ) $ (160,449 ) $ (1,471,208 ) Total balance, March 31, 2020 $ 1,079,670 $ (160,449 ) $ 919,221 The following table presents the effects of the error correction on the unaudited consolidated statement of cash flows for the three months ended March 31, 2020: (In thousands) As Previously Reported Correction of Error As Restated Net income $ 235,095 $ (160,449 ) $ 74,646 Impairment expense $ 26,250 $ 160,449 $ 186,699

New accounting standards

New accounting standards	3 Months Ended
	Mar. 31, 2020
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
New accounting standards	New accounting standards The Company considers the applicability and impact of all accounting standard updates ("ASU") issued by the Financial Accounting Standards Board ("FASB") to the ASC and has determined there are no ASUs that are not yet adopted and meaningful to disclose as of March 31, 2020 . On January 1, 2020, the Company adopted ASU 2016-13 to Topic 326, Financial Instruments—Credit Losses

Acquisitions and divestiture of

Acquisitions and divestiture of evaluated and unevaluated oil and natural gas properties	3 Months Ended
	Mar. 31, 2020
Business Combinations [Abstract]
Acquisitions and divestiture of evaluated and unevaluated oil and natural gas properties	Acquisitions and divestiture of evaluated and unevaluated oil and natural gas properties a. 2020 Asset acquisition and divestiture On February 4, 2020, the Company closed a transaction for $22.5 million , subject to post-closing purchase price adjustments, acquiring 1,180 net acres and divesting 80 net acres in Howard County, Texas. All transaction costs were capitalized and were included in "Oil and natural gas properties" on the consolidated balance sheet. b. 2019 Acquisitions Asset acquisitions On December 12, 2019, the Company closed an acquisition of 7,360 net acres and 750 net royalty acres in Howard County, Texas for $131.7 million , net of customary closing purchase price adjustments and subject to customary post-closing purchase price adjustments. The acquisition also provides for a potential contingent payment, where the Company is required to pay $20 million if the arithmetic average of the monthly settlement West Texas Intermediate ("WTI") NYMEX prices for each consecutive calendar month for the one-year period beginning January 1, 2020 through December 31, 2020 exceeds $60.00 per barrel. The fair value of the contingent consideration was $6.2 million as of the acquisition date, which is recorded as part of the basis in the oil and natural gas properties acquired. See Note 10.a for the fair value of the contingent consideration as of March 31, 2020. All transaction costs were capitalized and were included in "Oil and natural gas properties" on the consolidated balance sheet. This acquisition was primarily financed through borrowings under the Senior Secured Credit Facility. Post-closing is expected to be finalized during the second quarter of 2020. On June 20, 2019, the Company acquired 640 net acres in Reagan County, Texas for $2.9 million . Business combination On December 6, 2019, the Company closed a bolt-on acquisition of 4,475 contiguous net acres and working interests in 49 producing wells in western Glasscock County, Texas, which included net production of 1,400 barrels of oil equivalent ("BOE") per day at the time of acquisition, for $64.6 million , net of customary closing purchase price adjustments and subject to customary post-closing purchase price adjustments. This acquisition was financed through borrowings under the Senior Secured Credit Facility. Post-closing is expected to be finalized during the second quarter of 2020. This acquisition was accounted for as a business combination. Accordingly, the Company conducted assessments of net assets acquired and recognized amounts for identifiable assets acquired and liabilities assumed at the estimated acquisition date fair values, while transaction costs associated with the acquisition were expensed. The Company makes various assumptions in estimating the fair values of assets acquired and liabilities assumed. The most significant assumptions relate to the estimated fair values of evaluated and unevaluated oil and natural gas properties. The fair values of these properties were measured using a discounted cash flow model that converts future cash flows to a single discounted amount. Significant inputs to the valuation include estimates of: (i) forecasted oil, NGL and natural gas reserve quantities; (ii) future commodity strip prices as of the closing dates adjusted for transportation and regional price differentials; (iii) forecasted ad valorem taxes, production taxes, income taxes, operating expenses and development costs; and (iv) a peer group weighted-average cost of capital rate subject to additional project-specific risk factors. To compensate for the inherent risk of estimating the value of the unevaluated properties, the discounted future net revenues of proved undeveloped and probable reserves are reduced by additional reserve adjustment factors. These assumptions represent Level 3 inputs under the fair value hierarchy, as described in Note 10 in the 2019 Annual Report. The following table reflects an aggregate of the final estimate of the fair values of the assets acquired and liabilities assumed in this business combination on December 6, 2019: (in thousands) Fair values of acquisition Fair values of net assets: Evaluated oil and natural gas properties $ 29,921 Unevaluated oil and natural gas properties 34,700 Asset retirement cost 2,728 Total assets acquired 67,349 Asset retirement obligations (2,728 ) Net assets acquired $ 64,621 Fair values of consideration paid for net assets: Cash consideration $ 64,621 c. Exchange of unevaluated oil and natural gas properties From time to time, the Company exchanges undeveloped acreage with third parties. The exchanges are recorded at fair value and the difference is accounted for as an adjustment of capitalized costs with no gain or loss recognized pursuant to the rules governing full cost accounting, unless such adjustment would significantly alter the relationship between capitalized costs and proved reserves of oil, NGL and natural gas.

Property and equipment

Property and equipment	3 Months Ended
	Mar. 31, 2020
Property, Plant and Equipment [Abstract]
Property and equipment	Property and equipment The following table presents the Company's property and equipment as of the dates presented: (in thousands) March 31, 2020 December 31, 2019 (As Restated) Evaluated oil and natural gas properties $ 7,610,086 $ 7,421,799 Less accumulated depletion and impairment (5,960,152 ) (5,725,114 ) Evaluated oil and natural gas properties, net 1,649,934 1,696,685 Unevaluated oil and natural gas properties not being depleted 130,077 142,354 Midstream service assets 180,992 180,932 Less accumulated depreciation and impairment (62,453 ) (52,254 ) Midstream service assets, net 118,539 128,678 Depreciable other fixed assets 37,515 37,894 Less accumulated depreciation and amortization (24,051 ) (23,649 ) Depreciable other fixed assets, net 13,464 14,245 Land 18,684 18,259 Total property and equipment, net $ 1,930,698 $ 2,000,221 See Note 10.b for discussion of impairments of long-lived assets during the three months ended March 31, 2020. See Note 6 in the 2019 Annual Report for additional discussion of the Company's property and equipment. 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 employee-related costs, incurred for the purpose of acquiring, exploring for or developing oil and natural gas properties, are capitalized and, once evaluated, depleted on a composite unit-of-production method based on estimates of proved oil, NGL and natural gas reserves. The depletion base includes estimated future development costs and dismantlement, restoration and abandonment costs, net of estimated salvage values. Capitalized costs 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 employee-related costs, associated with production and general corporate activities are expensed in the period incurred. The Company excludes unevaluated property acquisition costs and exploration costs 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 and such costs become 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 proved 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. 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 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 March 31, (in thousands) 2020 2019 Property acquisition costs: Evaluated $ 7,586 $ — Unevaluated 15,556 — Exploration costs 6,710 7,505 Development costs 146,158 152,717 Total oil and natural gas properties costs incurred $ 176,010 $ 160,222 The aforementioned total oil and natural gas properties costs incurred included certain employee-related costs as shown in the table below. The following table presents capitalized employee-related costs incurred in the acquisition, exploration and development of oil and natural gas properties for the periods presented: Three months ended March 31, (in thousands) 2020 2019 Capitalized employee-related costs $ 4,505 $ 6,682 The following table presents depletion expense, which is included in "Depletion, depreciation and amortization" on the unaudited consolidated statements of operations, and depletion expense per BOE sold of evaluated oil and natural gas properties for the periods presented: Three months ended March 31, 2020 2019 Depletion expense of evaluated oil and natural gas properties $ 57,752 $ 59,370 Depletion expense per BOE sold $ 7.33 $ 8.76 The full cost ceiling is based principally on the estimated future net revenues from proved oil, NGL and natural gas reserves, which exclude the effect of the Company's commodity derivative transactions, 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") without giving effect to the Company's commodity derivative transactions. 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 expensed in the period such excess occurs. Once incurred, a write-down of oil and natural gas properties is not reversible. The following table presents the Benchmark Prices and the Realized Prices as of the dates presented: March 31, 2020 December 31, 2019 September 30, 2019 June 30, 2019 March 31, 2019 Benchmark Prices: Oil ($/Bbl) $ 52.23 $ 52.19 $ 54.27 $ 57.90 $ 59.52 NGL ($/Bbl) (1) $ 19.36 $ 21.14 $ 23.93 $ 28.21 $ 30.34 Natural gas ($/MMBtu) $ 0.58 $ 0.87 $ 0.85 $ 1.14 $ 1.58 Realized Prices: Oil ($/Bbl) $ 52.47 $ 52.12 $ 52.86 $ 55.69 $ 56.72 NGL ($/Bbl) $ 10.47 $ 12.21 $ 14.78 $ 18.64 $ 20.46 Natural gas ($/Mcf) $ 0.28 $ 0.53 $ 0.52 $ 0.70 $ 1.09 _____________________________________________________________________________ (1) Based on the Company's average composite NGL barrel. The following table presents full cost ceiling impairment expense, which is included in "Impairment expense" on the unaudited consolidated statements of operations for the periods presented: Three months ended March 31, (in thousands) 2020 2019 (As Restated) Full cost ceiling impairment expense $ 177,182 $ —

Leases

Leases	3 Months Ended
	Mar. 31, 2020
Leases [Abstract]
Leases	Leases The Company has recognized operating lease right-of-use assets and operating lease liabilities on the unaudited consolidated balance sheet for leases of commercial real estate with lease terms extending into 2027 and drilling, completions, production and other equipment leases with lease terms extending through 2025. The Company's lease costs include those that are recognized in net income (loss) during the period as well as those that are capitalized as part of the cost of another asset in accordance with other GAAP. The lease costs related to drilling, completions and production activities are reflected at the Company's net ownership, which is consistent with the principals of proportional consolidation, and lease commitments are reflected on a gross basis. As of March 31, 2020 , the Company had an average working interest of 97% in Laredo-operated active productive wells in its core operating area. See Note 5 in the 2019 Annual Report for additional discussion of the Company's leases.

Debt

Debt	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Debt	Debt a. January 2025 Notes and January 2028 Notes On January 24, 2020, the Company completed an offer and sale (the "Offering") of $600.0 million in aggregate principal amount of 9 1/2% senior unsecured notes due 2025 (the "January 2025 Notes") and $400.0 million in aggregate principal amount of 10 1/8% senior unsecured notes due 2028 (the "January 2028 Notes"). Interest for both the January 2025 Notes and January 2028 Notes is payable semi-annually, in cash in arrears on January 15 and July 15 of each year. The first interest payment will be made on July 15, 2020, and will consist of interest from closing to that date. The terms of the January 2025 Notes and January 2028 Notes include covenants, which are in addition to but different than similar covenants in the Senior Secured Credit Facility, which limit the Company's ability to incur indebtedness, make restricted payments, grant liens and dispose of assets. The January 2025 Notes and January 2028 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 received net proceeds of approximately $982.0 million from the Offering, after deducting underwriting discounts and commissions and estimated offering expenses. The proceeds from the Offering were used (i) to fund Tender Offers (defined below) for the Company's January 2022 Notes and March 2023 Notes (defined below), (ii) to repay the Company's January 2022 Notes and March 2023 Notes that remained outstanding after settling the Tender Offers and (iii) for general corporate purposes, including repayment of a portion of the borrowings outstanding under the Company's Senior Secured Credit Facility. b. January 2022 Notes and March 2023 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 were due to mature on January 15, 2022 and bore 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 were 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. 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 were due to mature on March 15, 2023 and bore 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 were 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. On January 6, 2020, the Company commenced cash tender offers and consent solicitations for any or all of its outstanding January 2022 Notes and March 2023 Notes (collectively, the "Tender Offers"). On January 24, 2020 and February 6, 2020, the Company settled the Tender Offers for the principal outstanding amounts of $428.9 million and $299.4 million , respectively, for consideration for tender offers and early tender premiums of $431.6 million and $304.1 million for the January 2022 Notes and March 2023 Notes, respectively, plus accrued and unpaid interest. On January 29, 2020, the Company redeemed the remaining $21.1 million of January 2022 Notes not tendered under the Tender Offers at a redemption price of 100.000% of the principal amount thereof, plus accrued and unpaid interest. On March 15, 2020, the Company redeemed the remaining $50.6 million of March 2023 Notes not tendered under the Tender Offers at a redemption price of 101.563% of the principal amount thereof, plus accrued and unpaid interest. The Company recognized a loss on extinguishment of $13.3 million related to the difference between the consideration for tender offers, early tender premiums and redemption prices and the net carrying amounts of the extinguished January 2022 Notes and March 2023 Notes c. Senior Secured Credit Facility As of March 31, 2020 , the Senior Secured Credit Facility, which matures on April 19, 2023 , had a maximum credit amount of $2.0 billion , a borrowing base and an aggregate elected commitment of $950.0 million each, with $275.0 million outstanding and was subject to an interest rate of 2.43% . The Senior Secured Credit Facility contains both financial and non-financial covenants, all of which the Company was in compliance with for all periods presented. Additionally, the Senior Secured Credit Facility provides for the issuance of letters of credit, limited to the lesser of total capacity or $80.0 million . As of March 31, 2020 and December 31, 2019 , the Company had one letter of credit outstanding of $14.7 million under the Senior Secured Credit Facility. The Senior Secured Credit Facility is fully and unconditionally guaranteed by LMS and GCM. For additional information see Note 7.d in the 2019 Annual Report. See Note 18.a for discussion of the semi-annual borrowing base redetermination of the Senior Secured Credit Facility and an increase in the outstanding letter of credit subsequent to March 31, 2020 . The Company's measurements of Adjusted EBITDA (non-GAAP) for financial reporting as compared to compliance under its debt agreements differ. d. Long-term debt, net The following table summarizes the net presentation of the Company's long-term debt and debt issuance costs on the unaudited consolidated balance sheets as of the dates presented: March 31, 2020 December 31, 2019 (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 (1) $ — $ — $ — $ 450,000 $ (2,034 ) $ 447,966 March 2023 Notes (1) — — — 350,000 (2,549 ) 347,451 January 2025 Notes (2) 600,000 (10,532 ) 589,468 — — — January 2028 Notes (2) 400,000 (7,086 ) 392,914 — — — Senior Secured Credit Facility (3) 275,000 — 275,000 375,000 — 375,000 Total $ 1,275,000 $ (17,618 ) $ 1,257,382 $ 1,175,000 $ (4,583 ) $ 1,170,417 ______________________________________________________________________________ (1) During the three months ended March 31, 2020, the Company wrote off debt issuance costs in connection with the extinguishment of the January 2022 Notes and the March 2023 Notes, which are included in "Loss on extinguishment of debt" on the unaudited consolidated statements of operations. (2) Debt issuance costs for the January 2025 Notes and January 2028 Notes are amortized on a straight-line basis over the respective terms of the notes. (3) Debt issuance costs, net related to the Senior Secured Credit Facility of $4.1 million and $4.5 million as of March 31, 2020 and December 31, 2019 , respectively, are reported in "Other noncurrent assets, net" on the unaudited consolidated balance sheets.

Stockholders' equity

Stockholders' equity	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Stockholders' equity	Stockholders' equity a. Potential Reverse Stock Split and Authorized Share Reduction The Company is authorized by its amended and restated certificate of incorporation ("Certificate of Incorporation") to issue a total of 500,000,000 shares of capital stock, consisting of 450,000,000 shares of common stock, par value $0.01 per share ("Common Stock"), and 50,000,000 shares of preferred stock, par value $0.01 per share. On March 17, 2020, the board of directors authorized an amendment to the Certificate of Incorporation to effect, at the discretion of the board of directors (i) a reverse stock split ("Reverse Stock Split") that will reduce the number of shares of outstanding Common Stock in accordance with a ratio to be determined by the board of directors within a range of 1-for-5 and 1-for-20 currently outstanding and (ii) a reduction of the number of authorized shares of Common Stock by a corresponding proportion ("Authorized Share Reduction"). The amendments must be approved by stockholders for the board of directors to effect the Reverse Stock Split and the Authorized Share Reduction. If this proposal is approved by stockholders and the Reverse Stock Split is effected, between every 5 to 20 outstanding shares of Common Stock would be combined and reclassified into one share of Common Stock. Additionally, if this proposal is approved by stockholders and the Authorized Share Reduction is effected, the number of authorized shares of Common Stock would be proportionally reduced by the Reverse Stock Split ratio, resulting in a decrease from 450,000,000 authorized shares of Common Stock to between 22,500,000 and 90,000,000 authorized shares of Common Stock. The Company will pay cash in lieu of fractional shares resulting from the Reverse Stock Split. Notwithstanding approval of this proposal by stockholders, the board of directors will have the sole authority to elect whether or not and when to amend the Certificate of Incorporation to effect the Reverse Stock Split and the Authorized Share Reduction. As such, the actual timing for implementation of the Reverse Stock Split and the Authorized Share Reduction would be determined by the board of directors, in its sole discretion. The actual number of authorized shares of Common Stock after giving effect to the Reverse Stock Split, if and when effected, will depend on the Reverse Stock Split ratio that is ultimately determined by the board of directors. The Company expects the annual meeting of stockholders to be held on May 14, 2020. b. Treasury stock Treasury stock is recorded at cost, which includes incremental direct transaction costs, and is retired upon acquisition as a result of (i) stock exchanged to satisfy tax withholding that arises upon the lapse of restrictions on share-settled equity-based awards at the awardee's election or (ii) stock exchanged for the cost of exercise of stock options at the awardee's election.

Equity Incentive Plan

Equity Incentive Plan	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Equity Incentive Plan	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, phantom unit awards and other awards. The Equity Incentive Plan allows for the issuance of up to 29,850,000 shares. The Company recognizes the fair value of equity-based compensation awards, expected to vest over the requisite service period, as a charge against earnings, net of amounts capitalized. The Company's restricted stock awards, stock option awards, performance share awards and outperformance share award are accounted for as equity awards and the Company's performance unit awards and phantom unit awards are accounted for as liability awards. Equity-based compensation expense is included in "General and administrative" on the unaudited consolidated statements of operations. The Company capitalizes a portion of equity-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 equity-based compensation is included in "Evaluated properties" on the unaudited consolidated balance sheets. a. 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 schedules that mainly include (i) 33% , 33% and 34% vesting per year beginning on the first anniversary of the grant date and (ii) full vesting on the first anniversary of the grant date. Restricted stock awards granted to non-employee directors vest immediately on the grant date. The following table reflects the restricted stock award activity for the three months ended March 31, 2020 : (in thousands, except for weighted-average grant-date fair value) Restricted stock awards Weighted-average (per share) Outstanding as of December 31, 2019 5,498 $ 4.29 Granted 2,771 $ 0.92 Forfeited (139 ) $ 5.06 Vested (1) (1,867 ) $ 5.03 Outstanding as of March 31, 2020 6,263 $ 2.56 _____________________________________________________________________________ (1) The aggregate intrinsic value of vested restricted stock awards for the three months ended March 31, 2020 was $2.4 million . The Company utilizes the closing stock price on the grant date to determine the fair value of restricted stock awards. As of March 31, 2020 , unrecognized equity-based compensation related to the restricted stock awards expected to vest was $13.8 million . Such cost is expected to be recognized over a weighted-average period of 1.93 years . three months ended March 31, 2020 : (in thousands, except for weighted-average exercise price and weighted-average remaining contractual term) Stock option awards Weighted-average exercise price (per option) Weighted-average remaining contractual term (years) Outstanding as of December 31, 2019 340 $ 12.56 5.00 Exercised — $ — Expired or canceled — $ — Forfeited — $ — Outstanding as of March 31, 2020 340 $ 12.56 4.71 Vested and exercisable as of March 31, 2020 (1) 330 $ 12.51 4.64 Expected to vest as of March 31, 2020 (2) 10 $ 14.12 6.89 _____________________________________________________________________________ (1) The vested and exercisable stock option awards as of March 31, 2020 had no intrinsic value. (2) The expected to vest stock option awards as of March 31, 2020 had no intrinsic value. As of March 31, 2020 , unrecognized equity-based compensation related to stock option awards expected to vest was $0.1 million . Such cost is expected to be recognized over a weighted-average period of 0.92 years . See Note 8.b in the 2019 Annual Report for additional information on the Company's stock option 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 portions of awards with market criteria, which include: (i) the relative three-year total shareholder return ("TSR") comparing the Company's shareholder return to the shareholder return of the peer group specified in each award agreement ("RTSR Performance Percentage") and (ii) the Company's absolute three-year total shareholder return ("ATSR Appreciation"), 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% . The following table reflects the performance share award activity for the three months ended March 31, 2020 : (in thousands, except for weighted-average grant-date fair value) Performance share awards Weighted-average (per share) Outstanding as of December 31, 2019 2,300 $ 5.34 Forfeited (32 ) $ 6.66 Vested (1) (158 ) $ 18.96 Outstanding as of March 31, 2020 2,110 $ 4.30 ______________________________________________________________________________ (1) The performance share awards granted on February 17, 2017 had a performance period of January 1, 2017 to December 31, 2019 and, as their market criteria were not satisfied, resulted in a TSR modifier of 0 % based on the Company finishing in the 15th 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 2020. The following table presents the fair values per performance share and the expense per performance share, which is the fair value per performance share adjusted for the estimated payout of the performance criteria, for the outstanding performance share awards as of March 31, 2020 for the grant dates presented: June 3, 2019 February 28, 2019 (1) February 16, 2018 Market Criteria: (1/4) RTSR Factor + (1/4) ATSR Factor: Grant-date fair value per performance share $ 2.45 $ 3.98 $ 10.08 Expense per performance share as of March 31, 2020 $ 2.45 $ 3.98 $ 10.08 Performance Criteria: (1/2) ROACE Factor: Grant-date fair value per performance share $ 2.59 $ 3.49 $ 8.36 Estimated payout for expense as of March 31, 2020 175 % 175 % 75 % Expense per performance share as of March 31, 2020 (2) $ 4.53 $ 6.11 $ 6.27 Combined: Grant-date fair value per performance share (3) $ 2.52 $ 3.74 $ 9.22 Expense per performance share as of March 31, 2020 (4) $ 3.49 $ 5.05 $ 8.18 ______________________________________________________________________________ (1) The fair values of the performance shares granted on February 28, 2019 are based on the May 16, 2019 modification date. See Note 8.b in the 2019 Annual Report for additional information on the award conversion. (2) As the (1/2) 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. (3) The combined grant-date fair value per performance share is the combination of the fair value per performance share weighted for the market and performance criteria for the respective awards. (4) The combined expense per performance share is the combination of the expense per performance share for market and performance criteria for the respective awards. As of March 31, 2020 , unrecognized equity-based compensation related to the performance share awards expected to vest was $5.8 million . Such cost is expected to be recognized over a weighted-average period of 1.77 years 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. As of March 31, 2020 , unrecognized equity-based compensation related to the outperformance share award expected to vest was $0.5 million . Such cost is expected to be recognized over a weighted-average period of 4.25 years Performance unit awards, which the Company has determined are liability awards since they are settled in cash, are subject to a combination of market, performance and service vesting criteria. For portions of awards with market criteria, which include: (i) the RTSR Performance Percentage (as defined above) and (ii) the ATSR Appreciation (as defined above), a Monte Carlo simulation prepared by an independent third party is utilized to determine the fair value, and is re-measured at each reporting period until settlement. For portions of awards with performance criteria, which is the ROACE Percentage (as defined above), the Company's closing stock price is utilized to determine the fair value and is re-measured on the last trading day of each reporting period until settlement and, additionally, the associated expense fluctuates based on an estimated payout for the three -year performance period. The expense related to the performance unit awards is recognized on a straight-line basis over the three -year requisite service period of the awards, and the life-to-date recognized expense is adjusted accordingly at each reporting period based on the quarterly fair value re-measurements and redetermination of the estimated payout for the performance criteria. Any units earned, are expected to be paid in cash during the first quarter following the completion of the requisite service period, 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 unit 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 unit awards will receive a prorated payment based on the number of days the participant was employed with the Company during the performance period. The following table reflects the performance unit award activity for the three months ended March 31, 2020 : (in thousands) Performance units Outstanding as of December 31, 2019 (1) — Granted (2) 2,458 Outstanding as of March 31, 2020 2,458 ______________________________________________________________________________ (1) The performance unit awards granted on February 28, 2019 were originally determined to be liability awards due to the board of directors election to settle the awards in cash. These awards were converted to performance share awards during the second quarter of 2019. See Note 8.b in the 2019 Annual Report for additional information on the award conversion. (2) The amounts potentially payable in cash at the end of the requisite service period for the performance unit awards granted on March 5, 2020 will be determined based on three criteria: (i) RTSR Performance Percentage, (ii) ATSR Appreciation and (iii) ROACE Percentage. The RTSR Performance Percentage, ATSR Appreciation and ROACE Percentage will be used to identify the "RTSR Factor," the "ATSR Factor" and the "ROACE Factor," respectively, which are used to compute the "Performance Multiple" and ultimately to determine the final value of each performance unit to be paid in cash on the payment date per the award agreement, subject to withholding requirements. In computing the Performance Multiple, the RTSR Factor is given a 1/3 weight, the ATSR Factor a 1/3 weight and the ROACE Factor a 1/3 weight. These awards have a performance period of January 1, 2020 to December 31, 2022. The following table presents (i) the fair values per performance unit and the assumptions used to estimate these fair values per performance unit and (ii) the expense per performance unit, which is the fair value per performance unit adjusted for the estimated payout of the performance criteria, for the outstanding performance unit awards as of March 31, 2020 for the grant date presented: March 5, 2020 Market criteria: (1/3) RTSR Factor + (1/3) ATSR Factor: Fair value assumptions: Remaining performance period 2.75 years Risk-free interest rate (1) 0.27 % Dividend yield — % Expected volatility (2) 97.85 % Closing stock price on March 31, 2020 $ 0.38 Fair value per performance unit as of March 31, 2020 $ 0.43 Expense per performance unit as of March 31, 2020 $ 0.43 Performance criteria: (1/3) ROACE Factor: Fair value assumptions: Closing stock price on March 31, 2020 $ 0.38 Fair value per performance unit as of March 31, 2020 $ 0.38 Estimated payout for expense as of March 31, 2020 100.00 % Expense per performance unit as of March 31, 2020 (3) $ 0.38 Combined: Fair value per performance unit as of March 31, 2020 (4) $ 0.41 Expense per performance unit as of March 31, 2020 (5) $ 0.41 ______________________________________________________________________________ (1) The remaining performance period matched zero-coupon risk-free interest rate was derived from the United States ("U.S.") Treasury constant maturities yield curve on March 31, 2020. (2) The Company utilized its own remaining performance period matched historical volatility in order to develop the expected volatility. (3) As the (1/3) 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 award is adjusted accordingly. (4) The combined fair value per performance unit is the combination of the fair value per performance unit weighted for the market and performance criteria for the award. (5) The combined expense per performance unit is the combination of the expense per performance unit for market and performance criteria for the award. As of March 31, 2020 , unrecognized equity-based compensation related to the performance unit awards expected to vest was $1.0 million . Such cost is expected to be recognized over a weighted-average period of 3.00 years 33% , 33% and 34% per year beginning on the first anniversary of the grant date. Per the award agreement terms, if employment is terminated prior to the restriction lapse date for reasons other than death or disability, the phantom unit awards are forfeited and canceled. If the termination of employment is by reason of death or disability, all of the holder's phantom unit awards automatically vest. The following table reflects the phantom unit award activity for the three months ended March 31, 2020 : (in thousands, except for weighted-average grant-date fair value) Phantom units Fair value as of March 31, 2020 (per unit) Outstanding as of December 31, 2019 — $ — Granted 1,509 $ 0.38 Outstanding as of March 31, 2020 1,509 $ 0.38 The Company utilizes the closing stock price on the last day of each reporting period to determine the fair value of phantom unit awards and the life-to-date recognized expense is adjusted accordingly. As of March 31, 2020 , unrecognized equity-based compensation related to the phantom unit awards expected to vest was $0.5 million . Such cost is expected to be recognized over a weighted-average period of 3.00 years Three months ended March 31, (in thousands) 2020 2019 Equity awards: Restricted stock awards $ 2,498 $ 5,323 Performance share awards 756 3,164 Outperformance share award 44 — Stock option awards 43 818 Total share-settled equity-based compensation, gross 3,341 9,305 Less amounts capitalized (965 ) (1,899 ) Total share-settled equity-based compensation, net 2,376 7,406 Liability awards: Phantom unit awards 25 — Performance unit awards 24 238 Total cash-settled equity-based compensation, gross 49 238 Less amounts capitalized (10 ) (46 ) Total cash-settled equity-based compensation, net 39 192 Total equity-based compensation, net $ 2,415 $ 7,598

Derivatives

Derivatives	3 Months Ended
	Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	Derivatives The Company has two types of derivative instruments as of March 31, 2020 : (i) sales volumes commodity derivatives ("Commodity") and (ii) contingent consideration derivative ("Contingent consideration"). For further discussion, see Note 10.a for fair value measurement on a recurring basis. See Note 18.b for discussion of the derivatives entered into subsequent to March 31, 2020 . a. Commodity 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 commodity derivative transactions, such as puts, swaps, collars and basis swaps to hedge price risk associated with a portion of the Company's anticipated sales volumes. By removing a portion of the price volatility associated with future sales volumes, 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 2019 Annual Report for discussion of the Company's significant accounting policies for derivatives and information on the transaction types and settlement indexes , respectively. The Brent ICE to WTI NYMEX basis swaps, which the Company entered into in the first quarter of 2020, are settled based on the differential between the basis swaps' fixed differential as compared to the differential between the arithmetic average of each day's index prices for the first nearby month on the pricing dates in each calculation period, for only days when both indices settle, with the index prices being (i) the ICE Brent Crude Oil Futures Contract except for the last day of trading for the applicable expiring Brent Crude Oil Futures Contract whereby the second nearby month of the Brent Crude Oil Futures Contract settlement price will be used and (ii) the NYMEX West Texas Intermediate Light Sweet Crude Oil Futures Contract. In regards to the Company's basis swaps, when the settlement basis differential is below the fixed basis differential, the counterparty pays the Company an amount equal to the difference between the fixed basis differential and the settlement basis differential multiplied by the hedged contract volume. When the settlement basis differential is above the fixed basis differential, the Company pays the counterparty an amount equal to the difference between the settlement basis differential and the fixed basis differential multiplied by the hedged contract volume. During the three months ended March 31, 2020 , the Company completed a hedge restructuring by early terminating collars and entering into new swaps. The following table details the commodity derivatives that were terminated: Aggregate volumes (Bbl) Floor price ($/Bbl) Ceiling price ($/Bbl) Contract period WTI NYMEX - Collars 912,500 $ 45.00 $ 71.00 January 2021 - December 2021 b. Contingent consideration See Note 3.b for discussion of the circumstances surrounding the contingent consideration and Note 10.a for the associated fair value as of March 31, 2020 . At each quarterly reporting period, the Company remeasures the contingent consideration with the changes in fair value recognized in earnings. c. Open commodity derivative positions The following table summarizes open commodity derivative positions as of March 31, 2020 , for commodity derivatives that were entered into through March 31, 2020 , for the settlement periods presented: Remaining year 2020 Year 2021 Oil: WTI NYMEX - Swaps: Volume (Bbl) 5,390,000 — Weighted-average price ($/Bbl) $ 59.50 $ — Brent ICE: Swaps: Volume (Bbl) 1,787,500 1,825,000 Weighted-average price ($/Bbl) $ 63.07 $ 60.13 Collars: Volume (Bbl) — 584,000 Weighted-average floor price ($/Bbl) $ — $ 45.00 Weighted-average ceiling price ($/Bbl) $ — $ 59.50 Total Brent ICE: Total volume (Bbl) 1,787,500 2,409,000 Weighted-average floor price ($/Bbl) $ 63.07 $ 56.46 Weighted-average ceiling price ($/Bbl) $ 63.07 $ 59.98 Total oil volume (Bbl) 7,177,500 2,409,000 Brent ICE to WTI NYMEX - Basis Swaps Volume (Bbl) 2,695,000 — Weighted-average differential ($/Bbl) $ 5.09 $ — NGL - Mont Belvieu OPIS: Purity Ethane - Swaps: Volume (Bbl) 275,000 912,500 Weighted-average price ($/Bbl) $ 13.60 $ 12.01 Non-TET Propane - Swaps: Volume (Bbl) 935,000 730,000 Weighted-average price ($/Bbl) $ 26.58 $ 25.52 Non-TET Normal Butane - Swaps: Volume (Bbl) 330,000 255,500 Weighted-average price ($/Bbl) $ 28.69 $ 27.72 Non-TET Isobutane - Swaps: Volume (Bbl) 82,500 67,525 Weighted-average price ($/Bbl) $ 29.99 $ 28.79 Non-TET Natural Gasoline - Swaps: Volume (Bbl) 302,500 237,250 Weighted-average price ($/Bbl) $ 45.15 $ 44.31 Total NGL volume (Bbl) 1,925,000 2,202,775 Natural gas: Henry Hub NYMEX - Swaps: Volume (MMBtu) 17,875,000 27,922,500 Weighted-average price ($/MMBtu) $ 2.72 $ 2.53 Waha Inside FERC to Henry Hub NYMEX - Basis Swaps: Volume (MMBtu) 31,625,000 23,360,000 Weighted-average differential ($/MMBtu) $ (0.82 ) $ (0.47 )

Fair value measurements

Fair value measurements	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Fair value measurements	Fair value measurements See the beginning of Note 10 in the 2019 Annual Report for information about the fair value hierarchy levels. a. Fair value measurement on a recurring basis See Notes 9 and 18.b for further discussion of the Company's derivatives, and see Note 2.f in the 2019 Annual Report for the Company's significant accounting policies for derivatives. Balance sheet presentation The following tables summarize the Company's derivatives' three-level fair value hierarchy by (i) assets and liabilities, (ii) current and noncurrent, (iii) commodity derivatives and contingent consideration derivative and (iv) oil, NGL, natural gas and/or deferred premiums, on a gross basis and the net presentation included in "Derivatives" on the unaudited consolidated balance sheets as of the dates presented: March 31, 2020 (in thousands) Level 1 Level 2 Level 3 Total gross fair value Amounts offset Net fair value presented on the unaudited consolidated balance sheets Assets: Current: Commodity - Oil $ — $ 222,125 $ — $ 222,125 $ — $ 222,125 Commodity - NGL — 32,721 — 32,721 — 32,721 Commodity - Natural gas — 17,582 — 17,582 (1,742 ) 15,840 Commodity - Oil deferred premiums — — — — — — Noncurrent: Commodity - Oil $ — $ 29,220 $ — $ 29,220 $ — $ 29,220 Commodity - NGL — 14,600 — 14,600 — 14,600 Commodity - Natural gas — 4,382 — 4,382 195 4,577 Liabilities: Current: Commodity - Oil $ — $ — $ — $ — $ — $ — Commodity - NGL — — — — — — Commodity - Natural gas — (1,742 ) — (1,742 ) 1,742 — Commodity - Oil deferred premiums — — — — — — Contingent consideration - Oil — (875 ) — (875 ) — (875 ) Noncurrent: Commodity - Natural gas — 195 — 195 (195 ) — Net derivative asset (liability) positions $ — $ 318,208 $ — $ 318,208 $ — $ 318,208 December 31, 2019 (in thousands) Level 1 Level 2 Level 3 Total gross fair value Amounts offset Net fair value presented on the consolidated balance sheets Assets: Current: Commodity - Oil $ — $ 11,723 $ — $ 11,723 $ (5,301 ) $ 6,422 Commodity - NGL — 13,787 — 13,787 (1,297 ) 12,490 Commodity - Natural gas — 33,494 — 33,494 — 33,494 Commodity - Oil deferred premiums — — — — (477 ) (477 ) Noncurrent: Commodity - Oil $ — $ 1,577 $ — $ 1,577 $ — $ 1,577 Commodity - NGL — 9,547 — 9,547 — 9,547 Commodity - Natural gas — 12,263 — 12,263 — 12,263 Liabilities: Current: Commodity - Oil $ — $ (5,649 ) $ — $ (5,649 ) $ 5,301 $ (348 ) Commodity - NGL — (1,297 ) — (1,297 ) 1,297 — Commodity - Natural gas — — — — — — Commodity - Oil deferred premiums — — (477 ) (477 ) 477 — Contingent consideration - Oil $ — $ (7,350 ) $ — $ (7,350 ) $ — $ (7,350 ) Noncurrent: Commodity - Natural gas — — — — — — Net derivative asset (liability) positions $ — $ 68,095 $ (477 ) $ 67,618 $ — $ 67,618 Commodity See Note 10.a in the 2019 Annual Report for discussion of (i) the significant Level 2 inputs associated with the calculation of discounted cash flows used in the fair value mark-to-market analysis of commodity derivatives and (ii) the Level 3 deferred premiums associated with the Company's commodity derivative contracts. These deferred premiums have settled as of March 31, 2020. The Company reviewed the third-party specialist's valuations of commodity derivatives, including the related inputs, and analyzed changes in fair values between reporting dates. The following table summarizes the changes in net assets and liabilities classified as Level 3 measurements for the periods presented: Three months ended March 31, (in thousands) 2020 2019 Balance of Level 3 at beginning of period $ (477 ) $ (16,565 ) Change in net present value of commodity derivative deferred premiums (1) — (95 ) Settlements of commodity derivative deferred premiums 477 4,016 Balance of Level 3 at end of period $ — $ (12,644 ) ____________________________________________________________________________ (1) This amount is included in "Interest expense" on the unaudited consolidated statements of operations for the three months ended March 31, 2019 . Contingent consideration See Note 10.a in the 2019 Annual Report for the significant Level 2 inputs for the option pricing model used in the fair value mark-to-market analysis of the contingent consideration. The Company reviewed the third-party specialist's valuations, including the related inputs, and analyzed changes in fair values between the reporting dates. See Notes 3.b and 9.b for further discussion of this contingent consideration. b. Fair value measurement on a nonrecurring basis See Note 2.j in the 2019 Annual Report for the Level 2 fair value hierarchy input assumptions used in estimating the net realizable value of inventory used to account for the $1.3 million impairment expense of inventory recorded during the three months ended March 31, 2020 , pertaining to line-fill and other inventories. There were no comparable impairments of inventory recorded during the three months ended March 31, 2019 . See Note 4.a in the 2019 Annual Report for the Level 3 fair value hierarchy input assumptions used in estimating the fair values of assets acquired and liabilities assumed for the acquisition of evaluated and unevaluated oil and natural gas properties accounted for as a business combination for the year ended December 31, 2019. There were no acquisitions of evaluated and unevaluated oil and natural gas properties accounted for as business combinations for the three months ended March 31, 2020 or 2019 . See Note 10.b in the 2019 Annual Report for the Level 3 fair value hierarchy input assumptions used in the fair value measurement of long-lived assets used to account for the $8.2 million impairment expense of long-lived assets recorded during the three months ended March 31, 2020 , pertaining to midstream service assets. There were no comparable impairments of long-lived assets recorded during the three months ended March 31, 2019 . c. Items not accounted for at fair value The carrying amounts reported on the unaudited consolidated balance sheets for cash and cash equivalents, accounts receivable, accounts payable, accrued capital expenditures, undistributed revenue and royalties and other accrued assets and liabilities approximate their fair values. The Company has not elected to account for its debt instruments at fair value. The following table presents the carrying amounts and fair values of the Company's debt as of the dates presented: March 31, 2020 December 31, 2019 (in thousands) Long-term Fair value (1) Long-term Fair value (1) January 2022 Notes $ — $ — $ 450,000 $ 439,875 March 2023 Notes — — 350,000 332,500 January 2025 Notes 600,000 240,000 — — January 2028 Notes 400,000 152,000 — — Senior Secured Credit Facility 275,000 274,540 375,000 375,275 Total $ 1,275,000 $ 666,540 $ 1,175,000 $ 1,147,650 ______________________________________________________________________________ (1) The fair values of the outstanding debt on the notes were determined using the Level 1 fair value hierarchy quoted market prices for each respective instrument as of March 31, 2020 and December 31, 2019 . The fair values of the outstanding debt on the Senior Secured Credit Facility were estimated utilizing the Level 2 fair value hierarchy pricing model for similar instruments as of March 31, 2020 and December 31, 2019 .

Net income (loss) per common sh

Net income (loss) per common share	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Net income (loss) per common share	Net income (loss) per common share Basic net income (loss) per common share is computed by dividing net income (loss) by the weighted-average common shares outstanding for the period. Diluted net income (loss) per common share reflects the potential dilution of non-vested restricted stock awards, outstanding stock option awards, non-vested performance share awards and the non-vested outperformance share award. See Note 8 for additional discussion of these awards. For the three months ended March 31, 2020 , the dilutive effects of these awards were calculated utilizing the treasury stock method. For the three months ended March 31, 2019 , all of these awards were anti-dilutive due to the Company's net loss and, therefore, were excluded from the calculation of diluted net income (loss) per common share. The following table reflects the calculations of basic and diluted (i) weighted-average common shares outstanding and (ii) net income (loss) per common share for the periods presented: Three months ended March 31, (in thousands, except for per share data) 2020 2019 (As Restated) Net income (loss) (numerator) $ 74,646 $ (9,491 ) Weighted-average common shares outstanding (denominator): Basic 232,351 230,476 Dilutive non-vested restricted stock awards (1) 1,107 — Diluted 233,458 230,476 Net income (loss) per common share: Basic $ 0.32 $ (0.04 ) Diluted $ 0.32 $ (0.04 ) _____________________________________________________________________________ (1) The effect of a significant portion of the non-vested restricted stock awards was excluded from the calculation of diluted net income (loss) per common share for the three months ended March 31, 2020. 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. The effect of the outstanding stock option awards was excluded from the calculation of diluted net income (loss) per common share for the three months ended March 31, 2020. 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 March 31, 2020 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 (loss) per common share for the three months ended March 31, 2020 as the awards were below the respective agreements' payout thresholds, with the exception of the RTSR Performance portion of the 2019 performance share awards and the ROACE-portion of the 2018 and 2019 performance share awards which were ultimately anti-dilutive due to the grant-date fair value per unit being greater than the average closing stock price during the period. See Note 8 for discussion of market and performance criteria of these awards.

Commitments and contingencies

Commitments and contingencies	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	Commitments and contingencies a. Litigation From time to time, the Company is subject to various legal proceedings arising in the ordinary course of business, including proceedings for which the Company may not have insurance coverage. While many of these matters involve inherent uncertainty, as of the date hereof, the Company does not currently believe that any such legal proceedings will have a material adverse effect on the Company's business, financial position, results of operations or liquidity. b. Drilling rig contracts The Company has committed to drilling rig contracts with a third party to facilitate the Company's drilling plans. Two of these contracts are for a term of multiple months and contain early termination clauses that require the Company to potentially pay penalties to the third party should the Company cease drilling efforts. These penalties would negatively impact the Company's financial statements upon early contract termination. There were no penalties incurred for early contract termination for either of the three months ended March 31, 2020 or 2019 . As the Company's current drilling rig contracts are operating leases under the scope of ASC 842, the present value of the future commitment as of March 31, 2020 related to the drilling rig contract with an initial term greater than 12 months is included in current and noncurrent operating lease liabilities on the unaudited consolidated balance sheet as of March 31, 2020 . The future commitment of $0.3 million as of March 31, 2020 related to a drilling rig contract with an initial term less than 12 months is not recorded in the unaudited consolidated balance sheets. Management does not currently anticipate the early termination of these contracts in 2020. See Note 17 for additional information regarding the drilling rig contracts as they pertain to a related party. 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. No firm transportation payments on excess pipeline capacity or other contractual penalties were incurred during the three months ended March 31, 2020 . The Company incurred firm transportation payments on excess pipeline capacity and other contractual penalties of $0.5 million during the three months ended March 31, 2019 . These firm transportation payments on excess pipeline capacity and other contractual penalties are netted with the respective revenue stream on the unaudited consolidated statements of operations. Future firm sale and transportation commitments of $314.7 million as of March 31, 2020 are not recorded on 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 March 31, 2020 or December 31, 2019 .

Supplemental cash flow and non-

Supplemental cash flow and non-cash information	3 Months Ended
	Mar. 31, 2020
Supplemental Cash Flow Elements [Abstract]
Supplemental cash flow and non-cash information	Supplemental cash flow and non-cash information The following table presents supplemental cash flow and non-cash information for the periods presented: Three months ended March 31, (in thousands) 2020 2019 Supplemental cash flow information: Cash paid for interest, net of $1,181 and $242 of capitalized interest, respectively $ 23,697 $ 26,345 Supplemental non-cash investing information: Increase in accrued capital expenditures $ 16,272 $ 6,443 Capitalized share-settled equity-based compensation $ 965 $ 1,899 Capitalized asset retirement cost $ 886 $ 271 The following table presents supplemental non-cash adjustments information related to operating leases for the periods presented: Three months ended March 31, (in thousands) 2020 2019 Right-of-use assets obtained in exchange for operating lease liabilities (1) $ — $ 22,090 ______________________________________________________________________________ (1) See Note 5

Asset retirement obligations

Asset retirement obligations	3 Months Ended
	Mar. 31, 2020
Asset Retirement Obligation Disclosure [Abstract]
Asset retirement obligations	Asset retirement obligations See Note 2.l in the 2019 Annual Report for discussion of the Company's significant accounting policies for asset retirement obligations. The following table reconciles the Company's asset retirement obligation liability associated with tangible long-lived assets for the periods presented: Three months ended March 31, (in thousands) 2020 2019 Liability at beginning of period $ 62,718 $ 56,882 Liabilities added due to acquisitions, drilling, midstream service asset construction and other 886 271 Accretion expense 1,106 1,052 Liabilities settled due to plugging and abandonment (497 ) (447 ) Liability at end of period $ 64,213 $ 57,758

Revenue recognition

Revenue recognition	3 Months Ended
	Mar. 31, 2020
Revenue from Contract with Customer [Abstract]
Revenue recognition	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 fuel for drilling and completions activities, 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 13.b in the 2019 Annual Report.

Income taxes

Income taxes	3 Months Ended
	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Income taxes	Income taxes The Company is subject to federal and state income taxes and the Texas franchise tax. The Company had federal net operating loss carryforwards totaling $2.0 billion and state of Oklahoma net operating loss carryforwards totaling $34.7 million as of March 31, 2020 , which will begin expiring in 2026 and 2032, respectively. As of March 31, 2020 , the Company believes it is more likely than not that a portion of the net operating loss carryforwards are not fully realizable. The Company continues to consider new evidence, both positive and negative, in determining whether, based on the weight of that evidence, a valuation allowance is needed. Such consideration includes projected future cash flows from its oil, NGL and natural gas reserves (including the timing of those cash flows), the reversal of deferred tax liabilities recorded as of March 31, 2020 , the Company's ability to capitalize intangible drilling costs, rather than expensing these costs in order to prevent an operating loss carryforward from expiring unused and future projections of Oklahoma sourced income. As of March 31, 2020 , a total valuation allowance of $255.9 million has been recorded to offset the Company's federal and Oklahoma net deferred tax assets, resulting in a Texas net deferred tax liability of $4.9 million , which is included in "Other noncurrent liabilities" on the unaudited consolidated balance sheets . With the passage of the Tax Cuts and Jobs Act of 2017, the Alternative Minimum Tax ("AMT") on corporations was appealed and a provision was added allowing corporations to offset future tax liabilities by the amount of AMT paid with an AMT credit carryforward. The Coronavirus Aid, Relief, and Economic Security Act, enacted March 27, 2020, modified the opportunity for corporations to receive the AMT carryover refunds by adding in a provision where the AMT credit carryforwards do not expire and are fully refundable with the filing of the Company's 2019 consolidated tax return. The Company paid AMT in 2017, creating an AMT credit carryforward in the amount of $4.1 million , of which $ 2.0 million was received in 2019. The remaining $2.1 million is included in "Accounts receivable, net" on the unaudited consolidated balance sheet as of March 31, 2020 .

Related parties

Related parties	3 Months Ended
	Mar. 31, 2020
Related Party Transactions [Abstract]
Related parties	Related parties a. Helmerich & Payne, Inc. The Chairman of the Company's board of directors is on the board of directors of Helmerich & Payne, Inc. ("H&P"). The Company has drilling rig contracts with H&P that are operating leases. During each of the three months ended March 31, 2020 and 2019, the Company has one drilling rig contract that is accounted for as a long-term operating lease under the scope of ASC 842 due to its initial term of greater than 12 months, which is capitalized and included in "Operating lease right-of-use-assets" on the unaudited consolidated balance sheets. The present value of the future commitment is included in current and noncurrent operating lease liabilities on the unaudited consolidated balance sheets. Capital expenditures for oil and natural gas properties are capitalized and are included in "Evaluated oil and natural gas properties" on the unaudited consolidated balance sheets. See Note 5 for additional discussion of the Company's significant accounting policies on leases. See Note 12.b for additional discussion of the Company's drilling rig contracts. 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 for the periods presented: Three months ended March 31, (in thousands) 2020 2019 Capital expenditures for oil and natural gas properties $ 9,151 $ 2,982 b. Halliburton Beginning in 2020, a member of the Company's board of directors is on the board of directors of Halliburton Company ("Halliburton"). Halliburton provides drilling and completions services to the Company. The following table presents the capital expenditures for oil and natural gas properties paid to Halliburton included in the unaudited consolidated statement of cash flows for the period presented: Three months ended (in thousands) March 31, 2020 Capital expenditures for oil and natural gas properties $ 27,225

Subsequent events

Subsequent events	3 Months Ended
	Mar. 31, 2020
Subsequent Events [Abstract]
Subsequent events	Subsequent events a. Senior Secured Credit Facility On April 30, 2020, as a result of the semi-annual redetermination, the Company entered into the fourth amendment to the Senior Secured Credit Facility pursuant to which the borrowing base and aggregate elected commitment under the Senior Secured Credit Facility were reduced to $725.0 million each, among other changes. Additionally, subsequent to March 31, 2020, the Company's outstanding letter of credit was increased to $44.1 million . b. Derivatives Commodity The following table summarizes open oil and natural gas derivative positions as of March 31, 2020 , for oil and natural gas derivatives that were entered into through May 6, 2020 , for the settlement periods presented: Remaining year 2020 Year 2021 Year 2022 Oil: WTI NYMEX - Swaps: Volume (Bbl) 5,390,000 — — Weighted-average price ($/Bbl) $ 59.50 $ — $ — Brent ICE: Puts (1) : Volume (Bbl) — 2,463,750 — Weighted-average floor price ($/Bbl) $ — $ 55.00 $ — Swaps: Volume (Bbl) 1,787,500 2,555,000 — Weighted-average price ($/Bbl) $ 63.07 $ 53.19 $ — Collars: Volume (Bbl) — 584,000 — Weighted-average floor price ($/Bbl) $ — $ 45.00 $ — Weighted-average ceiling price ($/Bbl) $ — $ 59.50 $ — Total Brent ICE: Total volume with floor (Bbl) 1,787,500 5,602,750 — Weighted-average floor price ($/Bbl) $ 63.07 $ 53.13 $ — Total volume with ceiling (Bbl) 1,787,500 3,139,000 — Weighted-average ceiling price ($/Bbl) $ 63.07 $ 54.37 $ — Total oil volume with floor (Bbl) 7,177,500 5,602,750 — Total oil volume with ceiling (Bbl) 7,177,500 3,139,000 — Basis Swaps: Brent ICE to WTI NYMEX - Basis Swaps Volume (Bbl) 2,695,000 — — Weighted-average differential ($/Bbl) $ 5.09 $ — $ — Natural gas: Henry Hub NYMEX - Swaps: Volume (MMBtu) 17,875,000 42,522,500 — Weighted-average price ($/MMBtu) $ 2.72 $ 2.59 $ — Waha Inside FERC to Henry Hub NYMEX - Basis Swaps: Volume (MMBtu) 31,625,000 41,610,000 7,300,000 Weighted-average differential ($/MMBtu) $ (0.82 ) $ (0.55 ) $ (0.53 ) _____________________________________________________________________________ (1) Associated with these open positions were $50.6 million of premiums paid, which were settled at their respective contracts' inception. See Note 9 for a table that includes a summary of open NGL derivative positions as of March 31, 2020 . There has been no NGL trade activity subsequent to March 31, 2020 through May 6, 2020 . Interest rate Due to the inherent volatility in interest rates, the Company has engaged in an interest rate derivative swap transaction to hedge interest rate risk associated with a portion of the Company's anticipated outstanding debt under the Senior Secured Credit Facility. The Company will pay a fixed rate over the contract term. By removing a portion of the interest rate volatility associated with anticipated outstanding debt, the Company expects to mitigate, but not eliminate, the potential effects of variability in cash flows from operations. The following table details the interest rate derivative that was entered into: Notional amount (in thousands) Fixed rate Contract period LIBOR - Swap $ 100,000 0.345 % April 16, 2020 - April 18, 2022 The Company did not designate the interest rate derivative a hedge for accounting purposes, and the Company did not enter into such instrument for speculative trading purposes. Accordingly, the changes in fair value will be recognized in earnings.

Organization, basis of presen_2

Organization, basis of presentation and restatement (Policies)	3 Months Ended
	Mar. 31, 2020
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, 2019 is derived from audited consolidated financial statements. In the opinion of management, the unaudited consolidated financial statements reflect all necessary adjustments to present fairly the Company's financial position as of March 31, 2020 , results of operations for the three months ended March 31, 2020 and 2019 and cash flows for the three months ended March 31, 2020 and 2019 . 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 2019 Annual Report.
Use of estimates in the preparation of interim unaudited consolidated financial statements	Use of estimates in the preparation of interim unaudited consolidated financial statements The preparation of the 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 2019 Annual Report and Note 8 pertaining to the Company's 2020 performance unit awards and phantom unit awards.
Reclassifications	Reclassifications
Recently issued or adopted accounting pronouncements	The Company considers the applicability and impact of all accounting standard updates ("ASU") issued by the Financial Accounting Standards Board ("FASB") to the ASC and has determined there are no ASUs that are not yet adopted and meaningful to disclose as of March 31, 2020 . On January 1, 2020, the Company adopted ASU 2016-13 to Topic 326, Financial Instruments—Credit Losses
Full cost	The full cost ceiling is based principally on the estimated future net revenues from proved oil, NGL and natural gas reserves, which exclude the effect of the Company's commodity derivative transactions, 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") without giving effect to the Company's commodity derivative transactions. 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 expensed in the period such excess occurs. Once incurred, a write-down of oil and natural gas properties is not reversible. 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 employee-related costs, incurred for the purpose of acquiring, exploring for or developing oil and natural gas properties, are capitalized and, once evaluated, depleted on a composite unit-of-production method based on estimates of proved oil, NGL and natural gas reserves. The depletion base includes estimated future development costs and dismantlement, restoration and abandonment costs, net of estimated salvage values. Capitalized costs 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 employee-related costs, associated with production and general corporate activities are expensed in the period incurred. The Company excludes unevaluated property acquisition costs and exploration costs 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 and such costs become 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 proved 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. 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 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:
Treasury stock	Treasury stock is recorded at cost, which includes incremental direct transaction costs, and is retired upon acquisition as a result of (i) stock exchanged to satisfy tax withholding that arises upon the lapse of restrictions on share-settled equity-based awards at the awardee's election or (ii) stock exchanged for the cost of exercise of stock options at the awardee's election.
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, phantom unit awards and other awards. The Equity Incentive Plan allows for the issuance of up to 29,850,000 shares. The Company recognizes the fair value of equity-based compensation awards, expected to vest over the requisite service period, as a charge against earnings, net of amounts capitalized. The Company's restricted stock awards, stock option awards, performance share awards and outperformance share award are accounted for as equity awards and the Company's performance unit awards and phantom unit awards are accounted for as liability awards. Equity-based compensation expense is included in "General and administrative" on the unaudited consolidated statements of operations. The Company capitalizes a portion of equity-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 equity-based compensation is included in "Evaluated properties" on the unaudited consolidated balance sheets.
Net income (loss) per common share	Net income (loss) per common share Basic net income (loss) per common share is computed by dividing net income (loss) by the weighted-average common shares outstanding for the period. Diluted net income (loss) per common share reflects the potential dilution of non-vested restricted stock awards, outstanding stock option awards, non-vested performance share awards and the non-vested outperformance share award. See Note 8 for additional discussion of these awards. For the three months ended March 31, 2020 , the dilutive effects of these awards were calculated utilizing the treasury stock method. For the three months ended March 31, 2019
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 fuel for drilling and completions activities, natural gas lift and water delivery, recycling and takeaway and are recognized over time as the customer benefits from these services when provided.

Organization, basis of presen_3

Organization, basis of presentation and restatement (Tables)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Schedule of Restatements of Previously Issued Financial Statements	The following table presents the effects of the error correction on the unaudited consolidated balance sheet as of March 31, 2020: (In thousands) As Previously Reported Correction of Error As Restated Accumulated depletion and impairment $ (5,799,703 ) $ (160,449 ) $ (5,960,152 ) Oil and natural gas properties, net $ 1,940,460 $ (160,449 ) $ 1,780,011 Property and equipment, net $ 2,091,147 $ (160,449 ) $ 1,930,698 Total assets $ 2,604,092 $ (160,449 ) $ 2,443,643 Accumulated deficit $ (1,310,759 ) $ (160,449 ) $ (1,471,208 ) Total stockholders' equity $ 1,079,670 $ (160,449 ) $ 919,221 Total liabilities and stockholders' equity $ 2,604,092 $ (160,449 ) $ 2,443,643 The following table presents the effects of the error correction on the unaudited consolidated statement of operations for the three months ended March 31, 2020: (In thousands, except per share data) As Previously Reported Correction of Error As Restated Impairment expense $ 26,250 $ 160,449 $ 186,699 Total costs and expenses $ 226,515 $ 160,449 $ 386,964 Operating loss $ (21,523 ) $ (160,449 ) $ (181,972 ) Income before income taxes $ 237,512 $ (160,449 ) $ 77,063 Net income $ 235,095 $ (160,449 ) $ 74,646 Net income per common share: Basic $ 1.01 $ (0.69 ) $ 0.32 Diluted $ 1.01 $ (0.69 ) $ 0.32 The following table presents the effects of the error correction on the unaudited consolidated statement of stockholders' equity for the three months ended March 31, 2020: (In thousands) As Previously Reported Correction of Error As Restated Net income $ 235,095 $ (160,449 ) $ 74,646 Accumulated deficit $ (1,310,759 ) $ (160,449 ) $ (1,471,208 ) Total balance, March 31, 2020 $ 1,079,670 $ (160,449 ) $ 919,221 The following table presents the effects of the error correction on the unaudited consolidated statement of cash flows for the three months ended March 31, 2020: (In thousands) As Previously Reported Correction of Error As Restated Net income $ 235,095 $ (160,449 ) $ 74,646 Impairment expense $ 26,250 $ 160,449 $ 186,699

Acquisitions and divestiture _2

Acquisitions and divestiture of evaluated and unevaluated oil and natural gas properties (Tables)	3 Months Ended
	Mar. 31, 2020
Business Combinations [Abstract]
Schedule of final estimate of the fair values of the assets acquired and liabilities assumed	The following table reflects an aggregate of the final estimate of the fair values of the assets acquired and liabilities assumed in this business combination on December 6, 2019: (in thousands) Fair values of acquisition Fair values of net assets: Evaluated oil and natural gas properties $ 29,921 Unevaluated oil and natural gas properties 34,700 Asset retirement cost 2,728 Total assets acquired 67,349 Asset retirement obligations (2,728 ) Net assets acquired $ 64,621 Fair values of consideration paid for net assets: Cash consideration $ 64,621

Property and equipment (Tables)

Property and equipment (Tables)	3 Months Ended
	Mar. 31, 2020
Property, Plant and Equipment [Abstract]
Schedule of property and equipment	The following table presents full cost ceiling impairment expense, which is included in "Impairment expense" on the unaudited consolidated statements of operations for the periods presented: Three months ended March 31, (in thousands) 2020 2019 (As Restated) Full cost ceiling impairment expense $ 177,182 $ — The following table presents the Company's property and equipment as of the dates presented: (in thousands) March 31, 2020 December 31, 2019 (As Restated) Evaluated oil and natural gas properties $ 7,610,086 $ 7,421,799 Less accumulated depletion and impairment (5,960,152 ) (5,725,114 ) Evaluated oil and natural gas properties, net 1,649,934 1,696,685 Unevaluated oil and natural gas properties not being depleted 130,077 142,354 Midstream service assets 180,992 180,932 Less accumulated depreciation and impairment (62,453 ) (52,254 ) Midstream service assets, net 118,539 128,678 Depreciable other fixed assets 37,515 37,894 Less accumulated depreciation and amortization (24,051 ) (23,649 ) Depreciable other fixed assets, net 13,464 14,245 Land 18,684 18,259 Total property and equipment, net $ 1,930,698 $ 2,000,221 See Note 10.b for discussion of impairments of long-lived assets during the three months ended March 31, 2020. See Note 6 in the 2019 Annual Report for additional discussion of the Company's property and equipment. The following table presents depletion expense, which is included in "Depletion, depreciation and amortization" on the unaudited consolidated statements of operations, and depletion expense per BOE sold of evaluated oil and natural gas properties for the periods presented: Three months ended March 31, 2020 2019 Depletion expense of evaluated oil and natural gas properties $ 57,752 $ 59,370 Depletion expense per BOE sold $ 7.33 $ 8.76
Schedule of 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 March 31, (in thousands) 2020 2019 Property acquisition costs: Evaluated $ 7,586 $ — Unevaluated 15,556 — Exploration costs 6,710 7,505 Development costs 146,158 152,717 Total oil and natural gas properties costs incurred $ 176,010 $ 160,222
Schedule of capitalized related employee costs incurred for the purpose of exploring for or developing oil and natural gas properties	The following table presents capitalized employee-related costs incurred in the acquisition, exploration and development of oil and natural gas properties for the periods presented: Three months ended March 31, (in thousands) 2020 2019 Capitalized employee-related costs $ 4,505 $ 6,682
Schedule of benchmark prices and realized prices	The following table presents the Benchmark Prices and the Realized Prices as of the dates presented: March 31, 2020 December 31, 2019 September 30, 2019 June 30, 2019 March 31, 2019 Benchmark Prices: Oil ($/Bbl) $ 52.23 $ 52.19 $ 54.27 $ 57.90 $ 59.52 NGL ($/Bbl) (1) $ 19.36 $ 21.14 $ 23.93 $ 28.21 $ 30.34 Natural gas ($/MMBtu) $ 0.58 $ 0.87 $ 0.85 $ 1.14 $ 1.58 Realized Prices: Oil ($/Bbl) $ 52.47 $ 52.12 $ 52.86 $ 55.69 $ 56.72 NGL ($/Bbl) $ 10.47 $ 12.21 $ 14.78 $ 18.64 $ 20.46 Natural gas ($/Mcf) $ 0.28 $ 0.53 $ 0.52 $ 0.70 $ 1.09 _____________________________________________________________________________ (1) Based on the Company's average composite NGL barrel.

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Schedule of debt	The following table summarizes the net presentation of the Company's long-term debt and debt issuance costs on the unaudited consolidated balance sheets as of the dates presented: March 31, 2020 December 31, 2019 (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 (1) $ — $ — $ — $ 450,000 $ (2,034 ) $ 447,966 March 2023 Notes (1) — — — 350,000 (2,549 ) 347,451 January 2025 Notes (2) 600,000 (10,532 ) 589,468 — — — January 2028 Notes (2) 400,000 (7,086 ) 392,914 — — — Senior Secured Credit Facility (3) 275,000 — 275,000 375,000 — 375,000 Total $ 1,275,000 $ (17,618 ) $ 1,257,382 $ 1,175,000 $ (4,583 ) $ 1,170,417 ______________________________________________________________________________ (1) During the three months ended March 31, 2020, the Company wrote off debt issuance costs in connection with the extinguishment of the January 2022 Notes and the March 2023 Notes, which are included in "Loss on extinguishment of debt" on the unaudited consolidated statements of operations. (2) Debt issuance costs for the January 2025 Notes and January 2028 Notes are amortized on a straight-line basis over the respective terms of the notes. (3) Debt issuance costs, net related to the Senior Secured Credit Facility of $4.1 million and $4.5 million as of March 31, 2020 and December 31, 2019 , respectively, are reported in "Other noncurrent assets, net" on the unaudited consolidated balance sheets.

Equity Incentive Plan (Tables)

Equity Incentive Plan (Tables)	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Schedule of restricted stock award activity	The following table reflects the restricted stock award activity for the three months ended March 31, 2020 : (in thousands, except for weighted-average grant-date fair value) Restricted stock awards Weighted-average (per share) Outstanding as of December 31, 2019 5,498 $ 4.29 Granted 2,771 $ 0.92 Forfeited (139 ) $ 5.06 Vested (1) (1,867 ) $ 5.03 Outstanding as of March 31, 2020 6,263 $ 2.56 _____________________________________________________________________________ (1) The aggregate intrinsic value of vested restricted stock awards for the three months ended March 31, 2020 was $2.4 million
Schedule of stock option award activity	The following table reflects the stock option award activity for the three months ended March 31, 2020 : (in thousands, except for weighted-average exercise price and weighted-average remaining contractual term) Stock option awards Weighted-average exercise price (per option) Weighted-average remaining contractual term (years) Outstanding as of December 31, 2019 340 $ 12.56 5.00 Exercised — $ — Expired or canceled — $ — Forfeited — $ — Outstanding as of March 31, 2020 340 $ 12.56 4.71 Vested and exercisable as of March 31, 2020 (1) 330 $ 12.51 4.64 Expected to vest as of March 31, 2020 (2) 10 $ 14.12 6.89 _____________________________________________________________________________ (1) The vested and exercisable stock option awards as of March 31, 2020 had no intrinsic value. (2) The expected to vest stock option awards as of March 31, 2020 had no intrinsic value.
Schedule of performance share and unit award activity	The following table reflects the performance share award activity for the three months ended March 31, 2020 : (in thousands, except for weighted-average grant-date fair value) Performance share awards Weighted-average (per share) Outstanding as of December 31, 2019 2,300 $ 5.34 Forfeited (32 ) $ 6.66 Vested (1) (158 ) $ 18.96 Outstanding as of March 31, 2020 2,110 $ 4.30 ______________________________________________________________________________ (1) The performance share awards granted on February 17, 2017 had a performance period of January 1, 2017 to December 31, 2019 and, as their market criteria were not satisfied, resulted in a TSR modifier of 0 % based on the Company finishing in the 15th 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 2020. The following table reflects the performance unit award activity for the three months ended March 31, 2020 : (in thousands) Performance units Outstanding as of December 31, 2019 (1) — Granted (2) 2,458 Outstanding as of March 31, 2020 2,458 ______________________________________________________________________________ (1) The performance unit awards granted on February 28, 2019 were originally determined to be liability awards due to the board of directors election to settle the awards in cash. These awards were converted to performance share awards during the second quarter of 2019. See Note 8.b in the 2019 Annual Report for additional information on the award conversion. (2) The amounts potentially payable in cash at the end of the requisite service period for the performance unit awards granted on March 5, 2020 will be determined based on three criteria: (i) RTSR Performance Percentage, (ii) ATSR Appreciation and (iii) ROACE Percentage. The RTSR Performance Percentage, ATSR Appreciation and ROACE Percentage will be used to identify the "RTSR Factor," the "ATSR Factor" and the "ROACE Factor," respectively, which are used to compute the "Performance Multiple" and ultimately to determine the final value of each performance unit to be paid in cash on the payment date per the award agreement, subject to withholding requirements. In computing the Performance Multiple, the RTSR Factor is given a 1/3 weight, the ATSR Factor a 1/3 weight and the ROACE Factor a 1/3 weight. These awards have a performance period of January 1, 2020 to December 31, 2022.
Schedule of assumptions used to estimate fair value	The following table presents the fair values per performance share and the expense per performance share, which is the fair value per performance share adjusted for the estimated payout of the performance criteria, for the outstanding performance share awards as of March 31, 2020 for the grant dates presented: June 3, 2019 February 28, 2019 (1) February 16, 2018 Market Criteria: (1/4) RTSR Factor + (1/4) ATSR Factor: Grant-date fair value per performance share $ 2.45 $ 3.98 $ 10.08 Expense per performance share as of March 31, 2020 $ 2.45 $ 3.98 $ 10.08 Performance Criteria: (1/2) ROACE Factor: Grant-date fair value per performance share $ 2.59 $ 3.49 $ 8.36 Estimated payout for expense as of March 31, 2020 175 % 175 % 75 % Expense per performance share as of March 31, 2020 (2) $ 4.53 $ 6.11 $ 6.27 Combined: Grant-date fair value per performance share (3) $ 2.52 $ 3.74 $ 9.22 Expense per performance share as of March 31, 2020 (4) $ 3.49 $ 5.05 $ 8.18 ______________________________________________________________________________ (1) The fair values of the performance shares granted on February 28, 2019 are based on the May 16, 2019 modification date. See Note 8.b in the 2019 Annual Report for additional information on the award conversion. (2) As the (1/2) 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. (3) The combined grant-date fair value per performance share is the combination of the fair value per performance share weighted for the market and performance criteria for the respective awards. (4) The combined expense per performance share is the combination of the expense per performance share for market and performance criteria for the respective awards. The following table presents (i) the fair values per performance unit and the assumptions used to estimate these fair values per performance unit and (ii) the expense per performance unit, which is the fair value per performance unit adjusted for the estimated payout of the performance criteria, for the outstanding performance unit awards as of March 31, 2020 for the grant date presented: March 5, 2020 Market criteria: (1/3) RTSR Factor + (1/3) ATSR Factor: Fair value assumptions: Remaining performance period 2.75 years Risk-free interest rate (1) 0.27 % Dividend yield — % Expected volatility (2) 97.85 % Closing stock price on March 31, 2020 $ 0.38 Fair value per performance unit as of March 31, 2020 $ 0.43 Expense per performance unit as of March 31, 2020 $ 0.43 Performance criteria: (1/3) ROACE Factor: Fair value assumptions: Closing stock price on March 31, 2020 $ 0.38 Fair value per performance unit as of March 31, 2020 $ 0.38 Estimated payout for expense as of March 31, 2020 100.00 % Expense per performance unit as of March 31, 2020 (3) $ 0.38 Combined: Fair value per performance unit as of March 31, 2020 (4) $ 0.41 Expense per performance unit as of March 31, 2020 (5) $ 0.41 ______________________________________________________________________________ (1) The remaining performance period matched zero-coupon risk-free interest rate was derived from the United States ("U.S.") Treasury constant maturities yield curve on March 31, 2020. (2) The Company utilized its own remaining performance period matched historical volatility in order to develop the expected volatility. (3) As the (1/3) 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 award is adjusted accordingly. (4) The combined fair value per performance unit is the combination of the fair value per performance unit weighted for the market and performance criteria for the award. (5) The combined expense per performance unit is the combination of the expense per performance unit for market and performance criteria for the award.
Schedule of phantom unit award activity	The following table reflects the phantom unit award activity for the three months ended March 31, 2020 : (in thousands, except for weighted-average grant-date fair value) Phantom units Fair value as of March 31, 2020 (per unit) Outstanding as of December 31, 2019 — $ — Granted 1,509 $ 0.38 Outstanding as of March 31, 2020 1,509 $ 0.38
Schedule of allocated share-based compensation costs	The following table reflects equity-based compensation expense for the periods presented: Three months ended March 31, (in thousands) 2020 2019 Equity awards: Restricted stock awards $ 2,498 $ 5,323 Performance share awards 756 3,164 Outperformance share award 44 — Stock option awards 43 818 Total share-settled equity-based compensation, gross 3,341 9,305 Less amounts capitalized (965 ) (1,899 ) Total share-settled equity-based compensation, net 2,376 7,406 Liability awards: Phantom unit awards 25 — Performance unit awards 24 238 Total cash-settled equity-based compensation, gross 49 238 Less amounts capitalized (10 ) (46 ) Total cash-settled equity-based compensation, net 39 192 Total equity-based compensation, net $ 2,415 $ 7,598

Derivatives (Tables)

Derivatives (Tables)	3 Months Ended
	Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of derivatives terminated	The following table details the commodity derivatives that were terminated: Aggregate volumes (Bbl) Floor price ($/Bbl) Ceiling price ($/Bbl) Contract period WTI NYMEX - Collars 912,500 $ 45.00 $ 71.00 January 2021 - December 2021
Schedule of open positions and derivatives in place	The following table summarizes open commodity derivative positions as of March 31, 2020 , for commodity derivatives that were entered into through March 31, 2020 , for the settlement periods presented: Remaining year 2020 Year 2021 Oil: WTI NYMEX - Swaps: Volume (Bbl) 5,390,000 — Weighted-average price ($/Bbl) $ 59.50 $ — Brent ICE: Swaps: Volume (Bbl) 1,787,500 1,825,000 Weighted-average price ($/Bbl) $ 63.07 $ 60.13 Collars: Volume (Bbl) — 584,000 Weighted-average floor price ($/Bbl) $ — $ 45.00 Weighted-average ceiling price ($/Bbl) $ — $ 59.50 Total Brent ICE: Total volume (Bbl) 1,787,500 2,409,000 Weighted-average floor price ($/Bbl) $ 63.07 $ 56.46 Weighted-average ceiling price ($/Bbl) $ 63.07 $ 59.98 Total oil volume (Bbl) 7,177,500 2,409,000 Brent ICE to WTI NYMEX - Basis Swaps Volume (Bbl) 2,695,000 — Weighted-average differential ($/Bbl) $ 5.09 $ — NGL - Mont Belvieu OPIS: Purity Ethane - Swaps: Volume (Bbl) 275,000 912,500 Weighted-average price ($/Bbl) $ 13.60 $ 12.01 Non-TET Propane - Swaps: Volume (Bbl) 935,000 730,000 Weighted-average price ($/Bbl) $ 26.58 $ 25.52 Non-TET Normal Butane - Swaps: Volume (Bbl) 330,000 255,500 Weighted-average price ($/Bbl) $ 28.69 $ 27.72 Non-TET Isobutane - Swaps: Volume (Bbl) 82,500 67,525 Weighted-average price ($/Bbl) $ 29.99 $ 28.79 Non-TET Natural Gasoline - Swaps: Volume (Bbl) 302,500 237,250 Weighted-average price ($/Bbl) $ 45.15 $ 44.31 Total NGL volume (Bbl) 1,925,000 2,202,775 Natural gas: Henry Hub NYMEX - Swaps: Volume (MMBtu) 17,875,000 27,922,500 Weighted-average price ($/MMBtu) $ 2.72 $ 2.53 Waha Inside FERC to Henry Hub NYMEX - Basis Swaps: Volume (MMBtu) 31,625,000 23,360,000 Weighted-average differential ($/MMBtu) $ (0.82 ) $ (0.47 )

Fair value measurements (Tables

Fair value measurements (Tables)	3 Months Ended
	Mar. 31, 2020
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' three-level fair value hierarchy by (i) assets and liabilities, (ii) current and noncurrent, (iii) commodity derivatives and contingent consideration derivative and (iv) oil, NGL, natural gas and/or deferred premiums, on a gross basis and the net presentation included in "Derivatives" on the unaudited consolidated balance sheets as of the dates presented: March 31, 2020 (in thousands) Level 1 Level 2 Level 3 Total gross fair value Amounts offset Net fair value presented on the unaudited consolidated balance sheets Assets: Current: Commodity - Oil $ — $ 222,125 $ — $ 222,125 $ — $ 222,125 Commodity - NGL — 32,721 — 32,721 — 32,721 Commodity - Natural gas — 17,582 — 17,582 (1,742 ) 15,840 Commodity - Oil deferred premiums — — — — — — Noncurrent: Commodity - Oil $ — $ 29,220 $ — $ 29,220 $ — $ 29,220 Commodity - NGL — 14,600 — 14,600 — 14,600 Commodity - Natural gas — 4,382 — 4,382 195 4,577 Liabilities: Current: Commodity - Oil $ — $ — $ — $ — $ — $ — Commodity - NGL — — — — — — Commodity - Natural gas — (1,742 ) — (1,742 ) 1,742 — Commodity - Oil deferred premiums — — — — — — Contingent consideration - Oil — (875 ) — (875 ) — (875 ) Noncurrent: Commodity - Natural gas — 195 — 195 (195 ) — Net derivative asset (liability) positions $ — $ 318,208 $ — $ 318,208 $ — $ 318,208 December 31, 2019 (in thousands) Level 1 Level 2 Level 3 Total gross fair value Amounts offset Net fair value presented on the consolidated balance sheets Assets: Current: Commodity - Oil $ — $ 11,723 $ — $ 11,723 $ (5,301 ) $ 6,422 Commodity - NGL — 13,787 — 13,787 (1,297 ) 12,490 Commodity - Natural gas — 33,494 — 33,494 — 33,494 Commodity - Oil deferred premiums — — — — (477 ) (477 ) Noncurrent: Commodity - Oil $ — $ 1,577 $ — $ 1,577 $ — $ 1,577 Commodity - NGL — 9,547 — 9,547 — 9,547 Commodity - Natural gas — 12,263 — 12,263 — 12,263 Liabilities: Current: Commodity - Oil $ — $ (5,649 ) $ — $ (5,649 ) $ 5,301 $ (348 ) Commodity - NGL — (1,297 ) — (1,297 ) 1,297 — Commodity - Natural gas — — — — — — Commodity - Oil deferred premiums — — (477 ) (477 ) 477 — Contingent consideration - Oil $ — $ (7,350 ) $ — $ (7,350 ) $ — $ (7,350 ) Noncurrent: Commodity - Natural gas — — — — — — Net derivative asset (liability) positions $ — $ 68,095 $ (477 ) $ 67,618 $ — $ 67,618
Schedule of changes in net assets classified as Level 3 measurements	The following table summarizes the changes in net assets and liabilities classified as Level 3 measurements for the periods presented: Three months ended March 31, (in thousands) 2020 2019 Balance of Level 3 at beginning of period $ (477 ) $ (16,565 ) Change in net present value of commodity derivative deferred premiums (1) — (95 ) Settlements of commodity derivative deferred premiums 477 4,016 Balance of Level 3 at end of period $ — $ (12,644 ) ____________________________________________________________________________ (1) This amount is included in "Interest expense" on the unaudited consolidated statements of operations for the three months ended March 31, 2019 .
Schedule of carrying amount and fair value of debt instruments	The Company has not elected to account for its debt instruments at fair value. The following table presents the carrying amounts and fair values of the Company's debt as of the dates presented: March 31, 2020 December 31, 2019 (in thousands) Long-term Fair value (1) Long-term Fair value (1) January 2022 Notes $ — $ — $ 450,000 $ 439,875 March 2023 Notes — — 350,000 332,500 January 2025 Notes 600,000 240,000 — — January 2028 Notes 400,000 152,000 — — Senior Secured Credit Facility 275,000 274,540 375,000 375,275 Total $ 1,275,000 $ 666,540 $ 1,175,000 $ 1,147,650 ______________________________________________________________________________ (1) The fair values of the outstanding debt on the notes were determined using the Level 1 fair value hierarchy quoted market prices for each respective instrument as of March 31, 2020 and December 31, 2019 . The fair values of the outstanding debt on the Senior Secured Credit Facility were estimated utilizing the Level 2 fair value hierarchy pricing model for similar instruments as of March 31, 2020 and December 31, 2019 .

Net income (loss) per common _2

Net income (loss) per common share (Tables)	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Schedule of calculation of basic and diluted weighted-average common shares outstanding and net income (loss) per common share	The following table reflects the calculations of basic and diluted (i) weighted-average common shares outstanding and (ii) net income (loss) per common share for the periods presented: Three months ended March 31, (in thousands, except for per share data) 2020 2019 (As Restated) Net income (loss) (numerator) $ 74,646 $ (9,491 ) Weighted-average common shares outstanding (denominator): Basic 232,351 230,476 Dilutive non-vested restricted stock awards (1) 1,107 — Diluted 233,458 230,476 Net income (loss) per common share: Basic $ 0.32 $ (0.04 ) Diluted $ 0.32 $ (0.04 ) _____________________________________________________________________________ (1) The effect of a significant portion of the non-vested restricted stock awards was excluded from the calculation of diluted net income (loss) per common share for the three months ended March 31, 2020. 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.

Supplemental cash flow and no_2

Supplemental cash flow and non-cash information (Tables)	3 Months Ended
	Mar. 31, 2020
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 for the periods presented: Three months ended March 31, (in thousands) 2020 2019 Supplemental cash flow information: Cash paid for interest, net of $1,181 and $242 of capitalized interest, respectively $ 23,697 $ 26,345 Supplemental non-cash investing information: Increase in accrued capital expenditures $ 16,272 $ 6,443 Capitalized share-settled equity-based compensation $ 965 $ 1,899 Capitalized asset retirement cost $ 886 $ 271 The following table presents supplemental non-cash adjustments information related to operating leases for the periods presented: Three months ended March 31, (in thousands) 2020 2019 Right-of-use assets obtained in exchange for operating lease liabilities (1) $ — $ 22,090 ______________________________________________________________________________ (1) See Note 5

Asset retirement obligations (T

Asset retirement obligations (Tables)	3 Months Ended
	Mar. 31, 2020
Asset Retirement Obligation Disclosure [Abstract]
Schedule of asset retirement obligation liability	The following table reconciles the Company's asset retirement obligation liability associated with tangible long-lived assets for the periods presented: Three months ended March 31, (in thousands) 2020 2019 Liability at beginning of period $ 62,718 $ 56,882 Liabilities added due to acquisitions, drilling, midstream service asset construction and other 886 271 Accretion expense 1,106 1,052 Liabilities settled due to plugging and abandonment (497 ) (447 ) Liability at end of period $ 64,213 $ 57,758

Related parties (Tables)

Related parties (Tables)	3 Months Ended
	Mar. 31, 2020
Related Party Transactions [Abstract]
Schedule of related party transactions	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 for the periods presented: Three months ended March 31, (in thousands) 2020 2019 Capital expenditures for oil and natural gas properties $ 9,151 $ 2,982 The following table presents the capital expenditures for oil and natural gas properties paid to Halliburton included in the unaudited consolidated statement of cash flows for the period presented: Three months ended (in thousands) March 31, 2020 Capital expenditures for oil and natural gas properties $ 27,225

Subsequent events (Tables)

Subsequent events (Tables)	3 Months Ended
	Mar. 31, 2020
Subsequent Events [Abstract]
Schedule of Derivatives Entered into Subsequent to the Reporting Period	The following table details the interest rate derivative that was entered into: Notional amount (in thousands) Fixed rate Contract period LIBOR - Swap $ 100,000 0.345 % April 16, 2020 - April 18, 2022 The following table summarizes open oil and natural gas derivative positions as of March 31, 2020 , for oil and natural gas derivatives that were entered into through May 6, 2020 , for the settlement periods presented: Remaining year 2020 Year 2021 Year 2022 Oil: WTI NYMEX - Swaps: Volume (Bbl) 5,390,000 — — Weighted-average price ($/Bbl) $ 59.50 $ — $ — Brent ICE: Puts (1) : Volume (Bbl) — 2,463,750 — Weighted-average floor price ($/Bbl) $ — $ 55.00 $ — Swaps: Volume (Bbl) 1,787,500 2,555,000 — Weighted-average price ($/Bbl) $ 63.07 $ 53.19 $ — Collars: Volume (Bbl) — 584,000 — Weighted-average floor price ($/Bbl) $ — $ 45.00 $ — Weighted-average ceiling price ($/Bbl) $ — $ 59.50 $ — Total Brent ICE: Total volume with floor (Bbl) 1,787,500 5,602,750 — Weighted-average floor price ($/Bbl) $ 63.07 $ 53.13 $ — Total volume with ceiling (Bbl) 1,787,500 3,139,000 — Weighted-average ceiling price ($/Bbl) $ 63.07 $ 54.37 $ — Total oil volume with floor (Bbl) 7,177,500 5,602,750 — Total oil volume with ceiling (Bbl) 7,177,500 3,139,000 — Basis Swaps: Brent ICE to WTI NYMEX - Basis Swaps Volume (Bbl) 2,695,000 — — Weighted-average differential ($/Bbl) $ 5.09 $ — $ — Natural gas: Henry Hub NYMEX - Swaps: Volume (MMBtu) 17,875,000 42,522,500 — Weighted-average price ($/MMBtu) $ 2.72 $ 2.59 $ — Waha Inside FERC to Henry Hub NYMEX - Basis Swaps: Volume (MMBtu) 31,625,000 41,610,000 7,300,000 Weighted-average differential ($/MMBtu) $ (0.82 ) $ (0.55 ) $ (0.53 ) _____________________________________________________________________________ (1) Associated with these open positions were $50.6 million of premiums paid, which were settled at their respective contracts' inception.

Organization, basis of presen_4

Organization, basis of presentation and restatement - Balance Sheet (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Accumulated depletion and impairment	$ (5,960,152)	$ (5,725,114)
Oil and natural gas properties, net	1,780,011	1,839,039
Property and equipment, net	1,930,698	2,000,221
Total assets	2,443,643	2,264,437
Accumulated deficit	(1,471,208)	(1,545,854)
Total stockholders' equity	919,221	841,874	$ 1,171,432	$ 1,174,230
Total liabilities and stockholders' equity	2,443,643	$ 2,264,437
As Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Accumulated depletion and impairment	(5,799,703)
Oil and natural gas properties, net	1,940,460
Property and equipment, net	2,091,147
Total assets	2,604,092
Accumulated deficit	(1,310,759)
Total stockholders' equity	1,079,670
Total liabilities and stockholders' equity	2,604,092
Correction of Error
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Accumulated depletion and impairment	(160,449)
Oil and natural gas properties, net	(160,449)
Property and equipment, net	(160,449)
Total assets	(160,449)
Accumulated deficit	(160,449)
Total stockholders' equity	(160,449)
Total liabilities and stockholders' equity	$ (160,449)

Organization, basis of presen_5

Organization, basis of presentation and restatement - Statement of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Impairment expense	$ 186,699	$ 0
Total costs and expenses	386,964	154,550
Operating loss	(181,972)	54,397
Income before income taxes	77,063	(9,587)
Net income	$ 74,646	$ (9,491)
Net income per common share:
Basic (USD per share)	$ 0.32	$ (0.04)
Diluted (USD per share)	$ 0.32	$ (0.04)
As Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Impairment expense	$ 26,250
Total costs and expenses	226,515
Operating loss	(21,523)
Income before income taxes	237,512
Net income	$ 235,095
Net income per common share:
Basic (USD per share)	$ 1.01
Diluted (USD per share)	$ 1.01
Correction of Error
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Impairment expense	$ 160,449
Total costs and expenses	160,449
Operating loss	(160,449)
Income before income taxes	(160,449)
Net income	$ (160,449)
Net income per common share:
Basic (USD per share)	$ (0.69)
Diluted (USD per share)	$ (0.69)

Organization, basis of presen_6

Organization, basis of presentation and restatement - Statement of Stockholders' Equity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Dec. 31, 2018
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net income	$ 74,646	$ (9,491)
Accumulated deficit	(1,471,208)		$ (1,545,854)
Total balance, March 31, 2020	919,221	$ 1,171,432	$ 841,874	$ 1,174,230
As Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net income	235,095
Accumulated deficit	(1,310,759)
Total balance, March 31, 2020	1,079,670
Correction of Error
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net income	(160,449)
Accumulated deficit	(160,449)
Total balance, March 31, 2020	$ (160,449)

Organization, basis of presen_7

Organization, basis of presentation and restatement - Statement of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net income	$ 74,646	$ (9,491)
Impairment expense	186,699	$ 0
As Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net income	235,095
Impairment expense	26,250
Correction of Error
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net income	(160,449)
Impairment expense	$ 160,449

Acquisitions and divestiture _3

Acquisitions and divestiture of evaluated and unevaluated oil and natural gas properties - Narrative (Details) $ in Millions	Feb. 04, 2020USD ($)a	Dec. 12, 2019USD ($)a	Dec. 06, 2019USD ($)aBoeproperty	Jun. 20, 2019USD ($)a	Dec. 31, 2020USD ($)$ / bbl
Howard County Net Acres
Business Acquisition [Line Items]
Area of land (in acres) | a	80
Howard County Net Acres
Business Acquisition [Line Items]
Consideration transferred in acquisition | $	$ 22.5	$ 131.7
Area of land (in acres) | a	1,180	7,360
Fair value of contingent consideration | $		$ 6.2
Howard County Net Acres | Forecast | WTI NYMEX | Not designated as hedges | Oil put: January 2020 - December 2020 | Crude Oil
Business Acquisition [Line Items]
Notional amount of derivative | $					$ 20
Contingent consideration trigger (USD per bbl) | $ / bbl					60
Howard County Net Royalty Acres
Business Acquisition [Line Items]
Area of land (in acres) | a		750
Reagan County Net Acres
Business Acquisition [Line Items]
Consideration transferred in acquisition | $				$ 2.9
Area of land (in acres) | a				640
Acquired evaluated and unevaluated oil and natural gas properties in Glasscock County, Texas
Business Acquisition [Line Items]
Area of land (in acres) | a			4,475
Production reserve (BOE per day) | Boe			1,400
Agreed purchase price | $			$ 64.6
Leasehold interests and Working interests
Business Acquisition [Line Items]
Number of real estate properties | property			49

Acquisitions and divestiture _4

Acquisitions and divestiture of evaluated and unevaluated oil and natural gas properties - 2019 Business combination (Details) - Acquired evaluated and unevaluated oil and natural gas properties in Glasscock County, Texas $ in Thousands	Dec. 06, 2019USD ($)
Business Acquisition [Line Items]
Total assets acquired	$ 67,349
Asset retirement obligations	(2,728)
Net assets acquired	64,621
Cash consideration	64,621
Evaluated oil and natural gas properties
Business Acquisition [Line Items]
Property, plant, and equipment acquired	29,921
Unevaluated oil and natural gas properties
Business Acquisition [Line Items]
Property, plant, and equipment acquired	34,700
Asset retirement cost
Business Acquisition [Line Items]
Property, plant, and equipment acquired	$ 2,728

Property and equipment - Compan

Property and equipment - Company property and equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Evaluated oil and natural gas properties	$ 7,610,086	$ 7,421,799
Less accumulated depletion and impairment	(5,960,152)	(5,725,114)
Evaluated oil and natural gas properties, net	1,649,934	1,696,685
Unevaluated oil and natural gas properties not being depleted	130,077	142,354
Midstream service assets, net	118,539	128,678
Depreciable other fixed assets, net	32,148	32,504
Property and equipment, net	1,930,698	2,000,221
Midstream service assets
Property, Plant and Equipment [Line Items]
Midstream service assets	180,992	180,932
Less accumulated depreciation and impairment	(62,453)	(52,254)
Depreciable other fixed assets
Property, Plant and Equipment [Line Items]
Less accumulated depreciation and impairment	(24,051)	(23,649)
Depreciable other fixed assets	37,515	37,894
Depreciable other fixed assets, net	13,464	14,245
Land
Property, Plant and Equipment [Line Items]
Depreciable other fixed assets, net	$ 18,684	$ 18,259

Property and equipment - Costs

Property and equipment - Costs incurred in the acquisition, exploration and development of oil and natural gas properties (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Property acquisition costs:
Evaluated	$ 7,586	$ 0
Unevaluated	15,556	0
Exploration costs	6,710	7,505
Development costs	146,158	152,717
Total costs incurred	$ 176,010	$ 160,222

Property and equipment - Other

Property and equipment - Other property and equipment information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)$ / Boe	Mar. 31, 2019USD ($)$ / Boe
Property, Plant and Equipment [Abstract]
Capitalized employee-related costs	$ 4,505	$ 6,682
Depletion expense of evaluated oil and natural gas properties	$ 57,752	$ 59,370
Depletion expense (USD per BOE) | $ / Boe	7.33	8.76

Property and equipment - Benchm

Property and equipment - Benchmark prices and realized prices (Details)	3 Months Ended
	Mar. 31, 2020$ / MMBTU$ / MMcf$ / bbl	Dec. 31, 2019$ / MMBTU$ / MMcf$ / bbl	Sep. 30, 2019$ / MMBTU$ / MMcf$ / bbl	Jun. 30, 2019$ / MMBTU$ / MMcf$ / bbl	Mar. 31, 2019$ / MMBTU$ / MMcf$ / bbl
Oil ($/Bbl)
Property, Plant and Equipment [Line Items]
Benchmark Prices (USD per unit)	52.23	52.19	54.27	57.90	59.52
Realized Prices (USD per unit)	52.47	52.12	52.86	55.69	56.72
NGL ($/Bbl)
Property, Plant and Equipment [Line Items]
Benchmark Prices (USD per unit)	19.36	21.14	23.93	28.21	30.34
Realized Prices (USD per unit)	10.47	12.21	14.78	18.64	20.46
Natural gas ($/MMBtu)
Property, Plant and Equipment [Line Items]
Benchmark Prices (USD per unit) | $ / MMBTU	0.58	0.87	0.85	1.14	1.58
Realized Prices (USD per unit) | $ / MMcf	0.28	0.53	0.52	0.70	1.09

Property and equipment - Full c

Property and equipment - Full cost ceiling impairment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Property, Plant and Equipment [Abstract]
Full cost ceiling impairment expense	$ 177,182	$ 0

Leases - Narrative (Details)

Leases - Narrative (Details)	Mar. 31, 2020
Leases [Abstract]
Average working interest (as a percent)	97.00%

Debt - January 2025 and 2028 No

Debt - January 2025 and 2028 Notes (Details) - Senior Notes	Jan. 24, 2020USD ($)
Debt Instrument [Line Items]
Proceeds from senior notes	$ 982,000,000
January 2025 Notes
Debt Instrument [Line Items]
Face amount of debt	$ 600,000,000
Interest rate (as a percent)	9.50%
January 2028 Notes
Debt Instrument [Line Items]
Face amount of debt	$ 400,000,000
Interest rate (as a percent)	10.125%

Debt - January 2022 and March 2

Debt - January 2022 and March 2023 Notes (Details) - USD ($)	Mar. 15, 2020	Feb. 06, 2020	Jan. 29, 2020	Jan. 24, 2020	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Mar. 18, 2015	Jan. 23, 2014
Debt Instrument [Line Items]
Outstanding debt					$ 1,257,382,000		$ 1,170,417,000
Repayments of senior debt					808,855,000	$ 0
Gain (loss) on extinguishment of debt					(13,320,000)	$ 0
Senior Notes | January 2022 Notes
Debt Instrument [Line Items]
Face amount of debt									$ 450,000,000
Interest rate (as a percent)									5.625%
Outstanding debt				$ 428,900,000	0		447,966,000
Repayments of senior debt			$ 21,100,000	$ 431,600,000
Debt call price (as a percent)			100.00%
Senior Notes | March 2023 Notes
Debt Instrument [Line Items]
Face amount of debt								$ 350,000,000
Interest rate (as a percent)								6.25%
Outstanding debt		$ 299,400,000			$ 0		$ 347,451,000
Repayments of senior debt	$ 50,600,000	$ 304,100,000
Debt call price (as a percent)	101.563%

Debt - Senior Secured Credit Fa

Debt - Senior Secured Credit Facility (Details) - Secured debt - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Senior Secured Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 2,000,000,000
Current borrowing capacity	950,000,000
Amount outstanding	$ 275,000,000
Credit facility, interest rate at period end (as a percent)	2.43%
Line of Credit Facility, Borrowing Base and Aggregate Elected Commitment	$ 950,000,000
Letter of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	80,000,000
Letters of credit outstanding	$ 14,700,000	$ 14,700,000

Debt - Long-term debt, net (Det

Debt - Long-term debt, net (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Feb. 06, 2020	Jan. 24, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Long-term debt	$ 1,275,000			$ 1,175,000
Debt issuance costs, net	(17,618)			(4,583)
Long-term debt, net	1,257,382			1,170,417
Senior Notes | January 2022 Notes
Debt Instrument [Line Items]
Long-term debt	0			450,000
Debt issuance costs, net	0			(2,034)
Long-term debt, net	0		$ 428,900	447,966
Senior Notes | March 2023 Notes
Debt Instrument [Line Items]
Long-term debt	0			350,000
Debt issuance costs, net	0			(2,549)
Long-term debt, net	0	$ 299,400		347,451
Senior Notes | January 2025 Notes
Debt Instrument [Line Items]
Long-term debt	600,000			0
Debt issuance costs, net	(10,532)			0
Long-term debt, net	589,468			0
Senior Notes | January 2028 Notes
Debt Instrument [Line Items]
Long-term debt	400,000			0
Debt issuance costs, net	(7,086)			0
Long-term debt, net	392,914			0
Secured debt | Senior Secured Credit Facility
Debt Instrument [Line Items]
Long-term debt	275,000			375,000
Debt issuance costs, net	0			0
Long-term debt, net	275,000			375,000
Secured debt | Senior Secured Credit Facility | Other noncurrent assets, net
Debt Instrument [Line Items]
Debt issuance costs related to line of credit arrangements	$ 4,100			$ 4,500

Stockholders' equity - Narrativ

Stockholders' equity - Narrative (Details)	May 14, 2020shares	Mar. 31, 2020$ / sharesshares	Dec. 31, 2019$ / sharesshares
Class of Stock [Line Items]
Capital stock authorized (shares)		500,000,000
Common stock authorized (shares)		450,000,000	450,000,000
Common stock par value (USD per share) | $ / shares		$ 0.01	$ 0.01
Preferred stock authorized (shares)		50,000,000	50,000,000
Preferred stock par value (USD per share) | $ / shares		$ 0.01	$ 0.01
Forecast | Minimum
Class of Stock [Line Items]
Common stock authorized (shares)	22,500,000
Conversation ratio of reverse stock split	0.05
Forecast | Maximum
Class of Stock [Line Items]
Common stock authorized (shares)	90,000,000
Conversation ratio of reverse stock split	0.2

Equity Incentive Plan - Equity

Equity Incentive Plan - Equity Incentive Plan (Details)	May 16, 2019shares
Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock authorized for issuance (shares)	29,850,000

Equity Incentive Plan - Restric

Equity Incentive Plan - Restricted stock awards (Details) - Restricted stock awards $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation not yet recognized	$ 13.8
Recognition period for costs not yet recognized	1 year 11 months 4 days
Vesting Alternative One, One Year from Grant Date
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rate (as a percent)	33.00%
Vesting Alternative One, Two Years from Grant Date
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rate (as a percent)	33.00%
Vesting Alternative One, Three Years from Grant Date
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rate (as a percent)	34.00%

Equity Incentive Plan - Restr_2

Equity Incentive Plan - Restricted stock award activity (Details) - Restricted stock awards $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)$ / sharesshares
Restricted stock awards
Outstanding at the beginning of the period (shares) | shares	5,498
Granted (shares) | shares	2,771
Forfeited (shares) | shares	(139)
Vested (shares) | shares	(1,867)
Outstanding at the end of the period (shares) | shares	6,263
Weighted-average grant-date fair value (per share)
Outstanding at the beginning of the period (USD per share) | $ / shares	$ 4.29
Granted (USD per share) | $ / shares	0.92
Forfeited (USD per share) | $ / shares	5.06
Vested (USD per share) | $ / shares	5.03
Outstanding at the end of the period (USD per share) | $ / shares	$ 2.56
Equity instruments other than options, aggregate intrinsic value, vested | $	$ 2.4

Equity Incentive Plan - Stock o

Equity Incentive Plan - Stock option awards (Details) - USD ($) $ / shares in Units, shares in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Stock option awards
Exercised (shares)		(18)
Stock option awards
Stock option awards
Outstanding as of the beginning of period (shares)	340
Exercised (shares)	0
Expired or canceled (shares)	0
Forfeited (shares)	0
Outstanding as of the end of period (shares)	340		340
Vested and exercisable as of the end of period (shares)	330
Expected to vest as of the end of period (shares)	10
Weighted-average exercise price (per option)
Outstanding as of the beginning of period (USD per share)	$ 12.56
Exercised (USD per share)	0
Expired or canceled (USD per share)	0
Forfeited (USD per share)	0
Outstanding as of the end of period (USD per share)	12.56		$ 12.56
Vested and exercisable as of the end of period (USD per share)	12.51
Expected to vest as of the end of period (USD per share)	$ 14.12
Weighted-average remaining contractual term (years)
Outstanding, weighted-average remaining contractual term	4 years 8 months 15 days		5 years
Vested and exercisable as of the end of period	4 years 7 months 20 days
Expected to vest as of the end of period (in dollars per share)	6 years 10 months 20 days
Vested and exercisable, aggregate intrinsic value	$ 0
Expected to vest, aggregate intrinsic value	0
Stock-based compensation, not yet recognized, stock options	$ 100,000
Recognition period for costs not yet recognized	11 months 1 day

Equity Incentive Plan - Perform

Equity Incentive Plan - Performance share awards (Details) - Performance share awards - USD ($) $ in Millions	Feb. 28, 2019	Feb. 16, 2018	Mar. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Requisite service period of the awards	3 years	3 years
Stock-based compensation not yet recognized			$ 5.8
Recognition period for costs not yet recognized			1 year 9 months 7 days
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payout range (as a percent)			0.00%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payout range (as a percent)			200.00%

Equity Incentive Plan - Perfo_2

Equity Incentive Plan - Performance share award activity (Details) shares in Thousands	3 Months Ended
	Mar. 31, 2020$ / sharesshares
Performance share awards
Performance unit awards
Outstanding at the beginning of the period (shares) | shares	2,300
Forfeited (shares) | shares	(32)
Vested (shares) | shares	(158)
Outstanding at the end of the period (shares) | shares	2,110
Weighted-average grant-date fair value (per award)
Outstanding at the beginning of the period (USD per share) | $ / shares	$ 5.34
Forfeited (USD per share) | $ / shares	6.66
Vested (USD per share) | $ / shares	18.96
Outstanding at the end of the period (USD per share) | $ / shares	$ 4.30
February 17, 2017 | Performance share awards
Weighted-average grant-date fair value (per award)
RTSR Factor weight / TSR Modifier (as a percent)	0.00%
February 28, 2019 | Performance share awards with performance criteria
Weighted-average grant-date fair value (per award)
ROACE Factor weight (as a percent)	50.00%
February 28, 2019 | Performance share awards with market criteria
Weighted-average grant-date fair value (per award)
RTSR Factor weight / TSR Modifier (as a percent)	25.00%
ATSR Factor weight (as a percent)	25.00%
February 16, 2018 | Performance share awards with performance criteria
Weighted-average grant-date fair value (per award)
ROACE Factor weight (as a percent)	50.00%
February 16, 2018 | Performance share awards with market criteria
Weighted-average grant-date fair value (per award)
RTSR Factor weight / TSR Modifier (as a percent)	25.00%
ATSR Factor weight (as a percent)	25.00%

Equity Incentive Plan - Expense

Equity Incentive Plan - Expense per performance share award (Details)	3 Months Ended
	Mar. 31, 2020$ / shares
June 3, 2019 | Performance share awards with market criteria
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value per performance share award (USD per share)	$ 2.45
Expense per performance share award (USD per share)	2.45
June 3, 2019 | Performance share awards with performance criteria
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value per performance share award (USD per share)	2.59
Expense per performance share award (USD per share)	$ 4.53
Estimated payout for expense (as a percent)	175.00%
June 3, 2019 | Performance share awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value per performance share award (USD per share)	$ 2.52
Expense per performance share award (USD per share)	3.49
February 28, 2019 | Performance share awards with market criteria
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value per performance share award (USD per share)	3.98
Expense per performance share award (USD per share)	3.98
February 28, 2019 | Performance share awards with performance criteria
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value per performance share award (USD per share)	3.49
Expense per performance share award (USD per share)	$ 6.11
Estimated payout for expense (as a percent)	175.00%
February 28, 2019 | Performance share awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value per performance share award (USD per share)	$ 3.74
Expense per performance share award (USD per share)	5.05
February 16, 2018 | Performance share awards with market criteria
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value per performance share award (USD per share)	10.08
Expense per performance share award (USD per share)	10.08
February 16, 2018 | Performance share awards with performance criteria
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value per performance share award (USD per share)	8.36
Expense per performance share award (USD per share)	$ 6.27
Estimated payout for expense (as a percent)	75.00%
February 16, 2018 | Performance share awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value per performance share award (USD per share)	$ 9.22
Expense per performance share award (USD per share)	$ 8.18

Equity Incentive Plan - Outperf

Equity Incentive Plan - Outperformance share awards (Details) - Outperformance share awards - USD ($) $ in Millions	Jun. 03, 2019	Mar. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Threshold consecutive trading days		50 days
Requisite service period of the awards	3 years
Stock-based compensation not yet recognized		$ 0.5
Recognition period for costs not yet recognized		4 years 3 months
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outperformance payout range (shares)		0
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outperformance payout range (shares)		1,000,000
Final Date
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rate (as a percent)		33.30%
First Anniversary of Final Date
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rate (as a percent)		33.30%
Second Anniversary of Final Date
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rate (as a percent)		33.30%

Equity Incentive Plan - Perfo_3

Equity Incentive Plan - Performance unit awards (Details) - Performance unit awards - USD ($) $ in Millions	Mar. 05, 2020	Mar. 31, 2020
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		$ 1
Recognition period for costs not yet recognized		3 years
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payout range (as a percent)		0.00%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payout range (as a percent)		200.00%

Equity Incentive Plan - Perfo_4

Equity Incentive Plan - Performance unit award activity (Details) shares in Thousands	3 Months Ended
	Mar. 31, 2020shares
Performance unit awards
Performance unit awards
Outstanding at the beginning of the period (shares)	0
Granted (shares)	2,458
Outstanding at the end of the period (shares)	2,458
March 5, 2020 | Performance unit awards with market criteria
Performance unit awards
RTSR Factor weight (as a percent)	33.30%
ATSR Factor weight (as a percent)	33.30%
March 5, 2020 | Performance unit awards with performance criteria
Performance unit awards
ROACE Factor weight (as a percent)	33.30%

Equity Incentive Plan - Assumpt

Equity Incentive Plan - Assumptions used to estimate fair value of performance unit awards (Details) - March 5, 2020	3 Months Ended
	Mar. 31, 2020$ / shares
Performance unit awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value per performance share award (USD per share)	$ 0.41
Expense per performance share award (USD per share)	$ 0.41
Performance unit awards with market criteria
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Remaining performance period	2 years 9 months
Risk-free interest rate (as a percent)	0.27%
Dividend yield (as a percent)	0.00%
Expected volatility (as a percent)	97.85%
Closing stock price (USD per share)	$ 0.38
Fair value per performance share award (USD per share)	0.43
Expense per performance share award (USD per share)	0.43
Performance unit awards with performance criteria
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Closing stock price (USD per share)	$ 0.38
Estimated payout for expense (as a percent)	100.00%
Fair value per performance share award (USD per share)	$ 0.38
Expense per performance share award (USD per share)	$ 0.38

Equity Incentive Plan - Phantom

Equity Incentive Plan - Phantom unit award (Details) - Phantom unit awards $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation not yet recognized	$ 0.5
Recognition period for costs not yet recognized	3 years
Vesting Alternative One, One Year from Grant Date
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rate (as a percent)	33.00%
Vesting Alternative One, Two Years from Grant Date
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rate (as a percent)	33.00%
Vesting Alternative One, Three Years from Grant Date
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rate (as a percent)	34.00%

Equity Incentive Plan - Phant_2

Equity Incentive Plan - Phantom unit award activity (Details) - Phantom unit awards shares in Thousands	3 Months Ended
	Mar. 31, 2020$ / sharesshares
Phantom units
Outstanding at the beginning of the period (shares) | shares	0
Granted (shares) | shares	1,509
Outstanding at the end of the period (shares) | shares	1,509
Weighted-average grant-date fair value (per award)
Outstanding at the beginning of the period (USD per share) | $ / shares	$ 0
Granted (USD per share) | $ / shares	0.38
Outstanding at the end of the period (USD per share) | $ / shares	$ 0.38

Equity Incentive Plan - Equity-

Equity Incentive Plan - Equity-based compensation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Less amounts capitalized	$ (965)	$ (1,899)
Total equity-based compensation, net	2,415	7,598
Restricted stock awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation, gross	2,498	5,323
Stock option awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation, gross	43	818
Share-settled
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation, gross	3,341	9,305
Less amounts capitalized	(965)	(1,899)
Total equity-based compensation, net	2,376	7,406
Performance share awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation, gross	756	3,164
Outperformance share awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation, gross	44	0
Performance unit awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation, gross	24	238
Phantom unit awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation, gross	25	0
Cash-settled
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation, gross	49	238
Less amounts capitalized	(10)	(46)
Total equity-based compensation, net	$ 39	$ 192

Derivatives - Derivatives termi

Derivatives - Derivatives terminated (Details) - Early Contract Termination - WTI NYMEX - Commodity - Oil - Collar Option January 2021 to December 2021 [Member]	3 Months Ended
	Mar. 31, 2020$ / bblbbl
Derivative [Line Items]
Volume (Bbl) | bbl	912,500
Floor price ($/Bbl)	45
Ceiling price ($/Bbl)	71

Derivatives - Summary (Details)

Derivatives - Summary (Details) - Forecast - Outstanding at End of Period - Not designated as hedges	9 Months Ended	12 Months Ended
	Dec. 31, 2020MMBTU$ / MMBTU$ / bblbbl	Dec. 31, 2021MMBTU$ / MMBTU$ / bblbbl
Swap | Ethane | Commodity - NGL
Derivative [Line Items]
Volume (Bbl) | bbl	275,000	912,500
Weighted-average price (USD per unit) | $ / bbl	13.60	12.01
Swap | Propane | Commodity - NGL
Derivative [Line Items]
Volume (Bbl) | bbl	935,000	730,000
Weighted-average price (USD per unit) | $ / bbl	26.58	25.52
Swap | Normal Butane | Commodity - NGL
Derivative [Line Items]
Volume (Bbl) | bbl	330,000	255,500
Weighted-average price (USD per unit) | $ / bbl	28.69	27.72
Swap | Isobutane | Commodity - NGL
Derivative [Line Items]
Volume (Bbl) | bbl	82,500	67,525
Weighted-average price (USD per unit) | $ / bbl	29.99	28.79
Swap | Natural Gasoline | Commodity - NGL
Derivative [Line Items]
Volume (Bbl) | bbl	302,500	237,250
Weighted-average price (USD per unit) | $ / bbl	45.15	44.31
Commodity | Commodity - Oil
Derivative [Line Items]
Volume (Bbl) | bbl	7,177,500	2,409,000
Commodity | Commodity - NGL
Derivative [Line Items]
Volume (Bbl) | bbl	1,925,000	2,202,775
WTI NYMEX | Swap | Commodity - Oil
Derivative [Line Items]
Volume (Bbl) | bbl	5,390,000
Weighted-average price (USD per unit) | $ / bbl	59.50
Brent ICE | Swap | Commodity - Oil
Derivative [Line Items]
Volume (Bbl) | bbl	1,787,500	1,825,000
Weighted-average price (USD per unit) | $ / bbl	63.07	60.13
Brent ICE | Collar | Commodity - Oil
Derivative [Line Items]
Volume (Bbl) | bbl	0	584,000
Brent ICE | Collar | Floor | Commodity - Oil
Derivative [Line Items]
Weighted-average price (USD per unit) | $ / bbl	0	45
Brent ICE | Collar | Ceiling | Commodity - Oil
Derivative [Line Items]
Weighted-average price (USD per unit) | $ / bbl	0	59.50
Brent ICE | Commodity | Commodity - Oil
Derivative [Line Items]
Volume (Bbl) | bbl	1,787,500	2,409,000
Brent ICE | Commodity | Floor | Commodity - Oil
Derivative [Line Items]
Weighted-average price (USD per unit) | $ / bbl	63.07	56.46
Brent ICE | Commodity | Ceiling | Commodity - Oil
Derivative [Line Items]
Weighted-average price (USD per unit) | $ / bbl	63.07	59.98
Brent ICE to WTI NYMEX | Basis Swap | Commodity - Oil
Derivative [Line Items]
Volume (Bbl) | bbl	2,695,000
Weighted-average price (USD per unit) | $ / bbl	5.09
Henry Hub NYMEX | Swap | Commodity - Natural gas
Derivative [Line Items]
Weighted-average price (USD per unit) | $ / MMBTU	2.72	2.53
Volume (MMBtu) | MMBTU	17,875,000	27,922,500
Waha Inside FERC to Henry Hub NYMEX | Basis Swap | Commodity - Natural gas
Derivative [Line Items]
Weighted-average price (USD per unit) | $ / MMBTU	(0.82)	(0.47)
Volume (MMBtu) | MMBTU	31,625,000	23,360,000

Fair value measurements - Fair

Fair value measurements - Fair value hierarchy (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Assets:
Net fair value presented on the unaudited consolidated balance sheets	$ 270,686	$ 51,929
Net fair value presented on the unaudited consolidated balance sheets	48,397	23,387
Liabilities:
Net fair value presented on the unaudited consolidated balance sheets	(875)	(7,698)
Net derivative asset (liability) positions	318,208	67,618
Commodity - Oil | Commodity derivatives
Assets:
Net fair value presented on the unaudited consolidated balance sheets	222,125	6,422
Net fair value presented on the unaudited consolidated balance sheets	29,220	1,577
Liabilities:
Net fair value presented on the unaudited consolidated balance sheets	0	(348)
Commodity - Oil | Deferred premiums
Assets:
Net fair value presented on the unaudited consolidated balance sheets	0	(477)
Liabilities:
Net fair value presented on the unaudited consolidated balance sheets	0	0
Commodity - Oil | Contingent consideration
Liabilities:
Net fair value presented on the unaudited consolidated balance sheets	(875)	(7,350)
Commodity - NGL | Commodity derivatives
Assets:
Net fair value presented on the unaudited consolidated balance sheets	32,721	12,490
Net fair value presented on the unaudited consolidated balance sheets	14,600	9,547
Liabilities:
Net fair value presented on the unaudited consolidated balance sheets	0	0
Commodity - Natural gas | Commodity derivatives
Assets:
Net fair value presented on the unaudited consolidated balance sheets	15,840	33,494
Net fair value presented on the unaudited consolidated balance sheets	4,577	12,263
Liabilities:
Net fair value presented on the unaudited consolidated balance sheets	0	0
Net fair value presented on the unaudited consolidated balance sheets	0	0
Current Assets | Commodity - Oil | Commodity derivatives
Assets:
Total gross fair value	222,125	11,723
Amounts offset	0	(5,301)
Current Assets | Commodity - Oil | Deferred premiums
Assets:
Total gross fair value	0	0
Amounts offset	0	(477)
Current Assets | Commodity - NGL | Commodity derivatives
Assets:
Total gross fair value	32,721	13,787
Amounts offset	0	(1,297)
Current Assets | Commodity - Natural gas | Commodity derivatives
Assets:
Total gross fair value	17,582	33,494
Amounts offset	(1,742)	0
Noncurrent Assets | Commodity - Oil | Commodity derivatives
Assets:
Total gross fair value	29,220	1,577
Amounts offset	0	0
Noncurrent Assets | Commodity - NGL | Commodity derivatives
Assets:
Total gross fair value	14,600	9,547
Amounts offset	0	0
Noncurrent Assets | Commodity - Natural gas | Commodity derivatives
Assets:
Total gross fair value	4,382	12,263
Amounts offset	195	0
Current Liabilities | Commodity - Oil | Commodity derivatives
Liabilities:
Total gross fair value	0	(5,649)
Amounts offset	0	5,301
Current Liabilities | Commodity - Oil | Deferred premiums
Liabilities:
Total gross fair value	0	(477)
Amounts offset	0	477
Current Liabilities | Commodity - Oil | Contingent consideration
Liabilities:
Total gross fair value	(875)	(7,350)
Amounts offset	0	0
Current Liabilities | Commodity - NGL | Commodity derivatives
Liabilities:
Total gross fair value	0	(1,297)
Amounts offset	0	1,297
Current Liabilities | Commodity - Natural gas | Commodity derivatives
Liabilities:
Total gross fair value	(1,742)	0
Amounts offset	1,742	0
Noncurrent Liabilities | Commodity - Natural gas | Commodity derivatives
Liabilities:
Total gross fair value	195	0
Amounts offset	(195)	0
Level 1
Liabilities:
Net derivative asset (liability) positions	0	0
Level 1 | Current Assets | Commodity - Oil | Commodity derivatives
Assets:
Total gross fair value	0	0
Level 1 | Current Assets | Commodity - Oil | Deferred premiums
Assets:
Total gross fair value	0	0
Level 1 | Current Assets | Commodity - NGL | Commodity derivatives
Assets:
Total gross fair value	0	0
Level 1 | Current Assets | Commodity - Natural gas | Commodity derivatives
Assets:
Total gross fair value	0	0
Level 1 | Noncurrent Assets | Commodity - Oil | Commodity derivatives
Assets:
Total gross fair value	0	0
Level 1 | Noncurrent Assets | Commodity - NGL | Commodity derivatives
Assets:
Total gross fair value	0	0
Level 1 | Noncurrent Assets | Commodity - Natural gas | Commodity derivatives
Assets:
Total gross fair value	0	0
Level 1 | Current Liabilities | Commodity - Oil | Commodity derivatives
Liabilities:
Total gross fair value	0	0
Level 1 | Current Liabilities | Commodity - Oil | Deferred premiums
Liabilities:
Total gross fair value	0	0
Level 1 | Current Liabilities | Commodity - Oil | Contingent consideration
Liabilities:
Total gross fair value	0	0
Level 1 | Current Liabilities | Commodity - NGL | Commodity derivatives
Liabilities:
Total gross fair value	0	0
Level 1 | Current Liabilities | Commodity - Natural gas | Commodity derivatives
Liabilities:
Total gross fair value	0	0
Level 1 | Noncurrent Liabilities | Commodity - Natural gas | Commodity derivatives
Liabilities:
Total gross fair value	0	0
Level 2
Liabilities:
Net derivative asset (liability) positions	318,208	68,095
Level 2 | Current Assets | Commodity - Oil | Commodity derivatives
Assets:
Total gross fair value	222,125	11,723
Level 2 | Current Assets | Commodity - Oil | Deferred premiums
Assets:
Total gross fair value	0	0
Level 2 | Current Assets | Commodity - NGL | Commodity derivatives
Assets:
Total gross fair value	32,721	13,787
Level 2 | Current Assets | Commodity - Natural gas | Commodity derivatives
Assets:
Total gross fair value	17,582	33,494
Level 2 | Noncurrent Assets | Commodity - Oil | Commodity derivatives
Assets:
Total gross fair value	29,220	1,577
Level 2 | Noncurrent Assets | Commodity - NGL | Commodity derivatives
Assets:
Total gross fair value	14,600	9,547
Level 2 | Noncurrent Assets | Commodity - Natural gas | Commodity derivatives
Assets:
Total gross fair value	4,382	12,263
Level 2 | Current Liabilities | Commodity - Oil | Commodity derivatives
Liabilities:
Total gross fair value	0	(5,649)
Level 2 | Current Liabilities | Commodity - Oil | Deferred premiums
Liabilities:
Total gross fair value	0	0
Level 2 | Current Liabilities | Commodity - Oil | Contingent consideration
Liabilities:
Total gross fair value	(875)	(7,350)
Level 2 | Current Liabilities | Commodity - NGL | Commodity derivatives
Liabilities:
Total gross fair value	0	(1,297)
Level 2 | Current Liabilities | Commodity - Natural gas | Commodity derivatives
Liabilities:
Total gross fair value	(1,742)	0
Level 2 | Noncurrent Liabilities | Commodity - Natural gas | Commodity derivatives
Liabilities:
Total gross fair value	195	0
Level 3
Liabilities:
Net derivative asset (liability) positions	0	(477)
Level 3 | Current Assets | Commodity - Oil | Commodity derivatives
Assets:
Total gross fair value	0	0
Level 3 | Current Assets | Commodity - Oil | Deferred premiums
Assets:
Total gross fair value	0	0
Level 3 | Current Assets | Commodity - NGL | Commodity derivatives
Assets:
Total gross fair value	0	0
Level 3 | Current Assets | Commodity - Natural gas | Commodity derivatives
Assets:
Total gross fair value	0	0
Level 3 | Noncurrent Assets | Commodity - Oil | Commodity derivatives
Assets:
Total gross fair value	0	0
Level 3 | Noncurrent Assets | Commodity - NGL | Commodity derivatives
Assets:
Total gross fair value	0	0
Level 3 | Noncurrent Assets | Commodity - Natural gas | Commodity derivatives
Assets:
Total gross fair value	0	0
Level 3 | Current Liabilities | Commodity - Oil | Commodity derivatives
Liabilities:
Total gross fair value	0	0
Level 3 | Current Liabilities | Commodity - Oil | Deferred premiums
Liabilities:
Total gross fair value	0	(477)
Level 3 | Current Liabilities | Commodity - Oil | Contingent consideration
Liabilities:
Total gross fair value	0	0
Level 3 | Current Liabilities | Commodity - NGL | Commodity derivatives
Liabilities:
Total gross fair value	0	0
Level 3 | Current Liabilities | Commodity - Natural gas | Commodity derivatives
Liabilities:
Total gross fair value	0	0
Level 3 | Noncurrent Liabilities | Commodity - Natural gas | Commodity derivatives
Liabilities:
Total gross fair value	$ 0	$ 0

Fair value measurements - Chang

Fair value measurements - Changes in net assets classified as Level 3 (Details) - Deferred premiums - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Changes in assets classified as Level 3 measurements
Balance of Level 3 at beginning of period	$ (477)	$ (16,565)
Change in net present value of commodity derivative deferred premiums	0	(95)
Settlements of commodity derivative deferred premiums	477	4,016
Balance of Level 3 at end of period	$ 0	$ (12,644)

Fair value measurements - Narra

Fair value measurements - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment expense	$ 186,699,000	$ 0
Acquisitions of oil and natural gas properties	22,876,000	0
Nonrecurring | Level 2 | Line-Fill and Other Inventories
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment expense	1,300,000	0
Nonrecurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Acquisitions of oil and natural gas properties	0	0
Nonrecurring | Level 3 | Long-Lived Assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment expense	$ 8,200,000	$ 0

Fair value measurements - Carry

Fair value measurements - Carrying amount of debt instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Long-term debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	$ 1,275,000	$ 1,175,000
Long-term debt | Senior Secured Credit Facility | Secured debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	275,000	375,000
Long-term debt | January 2022 Notes | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	0	450,000
Long-term debt | March 2023 Notes | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	0	350,000
Long-term debt | January 2025 Notes | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	600,000	0
Long-term debt | January 2028 Notes | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	400,000	0
Fair value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	666,540	1,147,650
Fair value | Senior Secured Credit Facility | Secured debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	274,540	375,275
Fair value | January 2022 Notes | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	0	439,875
Fair value | March 2023 Notes | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	0	332,500
Fair value | January 2025 Notes | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	240,000	0
Fair value | January 2028 Notes | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	$ 152,000	$ 0

Net income (loss) per common _3

Net income (loss) per common share - Summary (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income (loss) (numerator)	$ 74,646	$ (9,491)
Weighted-average common shares outstanding (denominator):
Basic (shares)	232,351	230,476
Diluted (shares)	233,458	230,476
Net income (loss) per common share:
Basic (USD per share)	$ 0.32	$ (0.04)
Diluted (USD per share)	$ 0.32	$ (0.04)
Dilutive non-vested restricted stock awards
Weighted-average common shares outstanding (denominator):
Incremental common shares (shares)	1,107	0

Commitments and contingencies -

Commitments and contingencies - Drilling contracts (Details) - Drilling contracts - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cost of Goods and Services Sold [Abstract]
Penalties incurred for early contract termination	$ 0	$ 0
Future drilling contracts commitments	$ 300,000

Commitments and contingencies_2

Commitments and contingencies - Firm sale and transportation commitments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Supply Commitment [Line Items]
Minimum volume commitments deficiency payments	$ 0	$ 0.5
Firm sale and transportation commitments
Cost of Goods and Services Sold [Abstract]
Future drilling contracts commitments	$ 314.7

Commitments and contingencies_3

Commitments and contingencies - Environmental (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
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 - Summary (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Supplemental Cash Flow Elements [Abstract]
Interest Paid, Capitalized, Investing Activities	$ 1,181	$ 242
Supplemental cash flow information:
Cash paid for interest	23,697	26,345
Supplemental non-cash investing information:
Increase in accrued capital expenditures	16,272	6,443
Capitalized share-settled equity-based compensation	965	1,899
Capitalized asset retirement cost	886	271
Right-of-use assets obtained in exchange for operating lease liabilities	$ 0	$ 22,090

Asset retirement obligations -

Asset retirement obligations - Summary (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Liability at beginning of period	$ 62,718	$ 56,882
Liabilities added due to acquisitions, drilling, midstream service asset construction and other	886	271
Accretion expense	1,106	1,052
Liabilities settled due to plugging and abandonment	(497)	(447)
Liability at end of period	$ 64,213	$ 57,758

Income taxes - Narrative (Detai

Income taxes - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Mar. 31, 2020	Dec. 31, 2017
Operating loss carry-forward
Deferred tax assets, valuation allowance		$ 255.9
AMT credit carryforward			$ 4.1
AMT credit carryforward received	$ 2
Internal Revenue Service (IRS) | Federal
Operating loss carry-forward
Operating loss carryforwards		2,000
State of Oklahoma | State
Operating loss carry-forward
Operating loss carryforwards		34.7
Texas | State
Operating loss carry-forward
Deferred tax liability		4.9
Accounts receivable
Operating loss carry-forward
AMT credit carryforward		$ 2.1

Related parties - Summary (Deta

Related parties - Summary (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Related Party Transaction [Line Items]
Capital expenditures for oil and natural gas properties	$ 135,376	$ 152,729
Helmerich & Payne, Inc. | Affiliated entity
Related Party Transaction [Line Items]
Capital expenditures for oil and natural gas properties	9,151	$ 2,982
Halliburton | Affiliated entity
Related Party Transaction [Line Items]
Capital expenditures for oil and natural gas properties	$ 27,225

Subsequent events - Narrative (

Subsequent events - Narrative (Details) - Secured debt - USD ($) $ in Millions	Apr. 30, 2020	Mar. 31, 2020	Dec. 31, 2019
Senior Secured Credit Facility
Subsequent Event [Line Items]
Current borrowing capacity		$ 950
Senior Secured Credit Facility | Subsequent Event
Subsequent Event [Line Items]
Current borrowing capacity	$ 725
Letter of Credit
Subsequent Event [Line Items]
Letters of credit outstanding		$ 14.7	$ 14.7
Letter of Credit | Subsequent Event
Subsequent Event [Line Items]
Letters of credit outstanding	$ 44.1

Subsequent events - Natural Gas

Subsequent events - Natural Gas Derivatives Entered Into Subsequent to Reporting Period (Details) $ in Thousands	3 Months Ended		9 Months Ended	12 Months Ended
	Mar. 31, 2020USD ($)	Mar. 31, 2019USD ($)	Dec. 31, 2020MMBTU$ / MMBTU$ / bblbbl	Dec. 31, 2022MMBTU$ / MMBTU$ / bblbbl	Dec. 31, 2021MMBTU$ / MMBTU$ / bblbbl
Subsequent Event [Line Items]
Premiums paid (received) for derivative financial instruments | $	$ 477	$ 4,016
Subsequent to End of Period
Subsequent Event [Line Items]
Premiums paid (received) for derivative financial instruments | $	$ 50,600
Commodity - Oil | Commodity | Subsequent to End of Period | Forecast | Not designated as hedges
Subsequent Event [Line Items]
Volume (Bbl)			7,177,500
Commodity - Oil | WTI NYMEX | Swap | Subsequent to End of Period | Forecast | Not designated as hedges
Subsequent Event [Line Items]
Volume (Bbl)			5,390,000	0	0
Weighted-average price (USD per unit) | $ / bbl			59.50	0	0
Commodity - Oil | Brent ICE | Swap | Subsequent to End of Period | Forecast | Not designated as hedges
Subsequent Event [Line Items]
Volume (Bbl)			1,787,500	0	2,555,000
Weighted-average price (USD per unit) | $ / bbl			63.07	0	53.19
Commodity - Oil | Brent ICE | Put | Subsequent to End of Period | Forecast | Not designated as hedges
Subsequent Event [Line Items]
Volume (Bbl)			0	0	2,463,750
Commodity - Oil | Brent ICE | Collar | Subsequent to End of Period | Forecast | Not designated as hedges
Subsequent Event [Line Items]
Volume (Bbl)			0	0	584,000
Commodity - Oil | Brent ICE to WTI NYMEX | Basis Swap | Subsequent to End of Period | Forecast | Not designated as hedges
Subsequent Event [Line Items]
Volume (Bbl)			2,695,000	0	0
Weighted-average price (USD per unit) | $ / bbl			5.09	0	0
Commodity - Natural gas | Henry Hub NYMEX | Swap | Subsequent to End of Period | Forecast | Not designated as hedges
Subsequent Event [Line Items]
Weighted-average price (USD per unit) | $ / MMBTU			2.72	0	2.59
Volume (MMBtu) | MMBTU			17,875,000	0	42,522,500
Commodity - Natural gas | Waha Inside FERC to Henry Hub NYMEX | Basis Swap | Subsequent to End of Period | Forecast | Not designated as hedges
Subsequent Event [Line Items]
Weighted-average price (USD per unit) | $ / MMBTU			(0.82)	(0.53)	(0.55)
Volume (MMBtu) | MMBTU			31,625,000	7,300,000	41,610,000
Floor | Commodity - Oil | Commodity | Subsequent to End of Period | Forecast | Not designated as hedges
Subsequent Event [Line Items]
Volume (Bbl)				0	5,602,750
Floor | Commodity - Oil | Brent ICE | Put | Subsequent to End of Period | Forecast | Not designated as hedges
Subsequent Event [Line Items]
Weighted-average price (USD per unit) | $ / bbl			0	0	55
Floor | Commodity - Oil | Brent ICE | Collar | Subsequent to End of Period | Forecast | Not designated as hedges
Subsequent Event [Line Items]
Weighted-average price (USD per unit) | $ / bbl			0	0	45
Floor | Commodity - Oil | Brent ICE | Commodity | Subsequent to End of Period | Forecast | Not designated as hedges
Subsequent Event [Line Items]
Volume (Bbl)			1,787,500	0	5,602,750
Weighted-average price (USD per unit) | $ / bbl			63.07	0	53.13
Ceiling | Commodity - Oil | Commodity | Subsequent to End of Period | Forecast | Not designated as hedges
Subsequent Event [Line Items]
Volume (Bbl)			7,177,500	0	3,139,000
Ceiling | Commodity - Oil | Brent ICE | Collar | Subsequent to End of Period | Forecast | Not designated as hedges
Subsequent Event [Line Items]
Weighted-average price (USD per unit) | $ / bbl			0	0	59.50
Ceiling | Commodity - Oil | Brent ICE | Commodity | Subsequent to End of Period | Forecast | Not designated as hedges
Subsequent Event [Line Items]
Volume (Bbl)			1,787,500	0	3,139,000
Weighted-average price (USD per unit) | $ / bbl			63.07	0	54.37

Subsequent events - Interest Ra

Subsequent events - Interest Rate Derivatives Entered into Subsequent to Reporting Period (Details) - Not designated as hedges - Subsequent to End of Period - Interest rate swap $ in Thousands	Mar. 31, 2020USD ($)
Subsequent Event [Line Items]
Notional amount	$ 100,000
Fixed rate (as a percent)	0.345%