Ranger Oil (ROCC) 10-Q 8 Nov 19 2019 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2019	Nov. 01, 2019
Cover page.
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2019
Document Transition Report	false
Entity File Number	1-13283
Entity Registrant Name	PENN VIRGINIA CORP
Entity Incorporation, State or Country Code	VA
Entity Tax Identification Number	23-1184320
Entity Address, Address Line One	16285 PARK TEN PLACE, SUITE 500
Entity Address, City or Town	HOUSTON
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77084
City Area Code	713
Local Phone Number	722-6500
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
Title of 12(b) Security	Common Stock, $0.01 Par Value
Trading Symbol	PVAC
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		15,123,128
Amendment Flag	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Entity Central Index Key	0000077159
Current Fiscal Year End Date	--12-31

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenues
Gain on sales of assets, net	$ 77	$ 2	$ 118	$ 81
Total revenues	119,304	127,185	347,299	315,976
Operating expenses
Lease operating	11,868	9,898	33,234	25,924
Gathering, processing and transportation	6,600	4,928	16,937	12,861
Production and ad valorem taxes	7,401	7,152	20,672	17,039
General and administrative	6,876	6,155	20,173	17,948
Depreciation, depletion and amortization	46,519	35,016	129,687	88,370
Total operating expenses	79,264	63,149	220,703	162,142
Operating income (loss)	40,040	64,036	126,596	153,834
Other income (expense)
Interest expense	(8,736)	(7,322)	(27,270)	(18,073)
Derivatives	24,248	(40,689)	(30,166)	(111,725)
Other, net	(248)	241	(134)	167
Income (loss) before income taxes	55,304	16,266	69,026	24,203
Income tax benefit (expense)	(942)	10	(1,736)	(153)
Net income (loss) attributable to common shareholders	$ 54,362	$ 16,276	$ 67,290	$ 24,050
Net income (loss) per share:
Basic (in dollars per share)	$ 3.60	$ 1.08	$ 4.45	$ 1.60
Diluted (in dollars per share)	$ 3.59	$ 1.06	$ 4.44	$ 1.57
Weighted average shares outstanding – basic (in shares)	15,110	15,062	15,105	15,054
Weighted average shares outstanding – diluted (in shares)	15,160	15,344	15,165	15,278
Oil and Gas, Exploration and Production [Member]
Revenues
Revenues	$ (110,618)	$ (117,059)	$ (319,461)	$ (290,033)
Oil and Condensate [Member]
Revenues
Revenues	(3,546)	(5,976)	(12,596)	(14,455)
Natural Gas, Production [Member]
Revenues
Revenues	(4,215)	(3,768)	(13,782)	(10,470)
Product and Service, Other [Member]
Revenues
Revenues	$ 848	$ (380)	$ (1,342)	$ (937)

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 54,362	$ 16,276	$ 67,290	$ 24,050
Other comprehensive loss:
Change in pension and postretirement obligations, net of tax of $0 and $0 in 2016	0	0	(2)	0
Total Other Comprehensive Income (Loss), Net of Tax	0	0	(2)	0
Comprehensive income (loss)	$ 54,362	$ 16,276	$ 67,288	$ 24,050

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Current assets
Cash and cash equivalents	$ 11,387	$ 17,864
Accounts receivable, net of allowance for doubtful accounts	62,300	66,038
Derivative assets	18,214	34,932
Income taxes receivable	3,707	2,471
Other current assets	5,570	5,125
Total current assets	101,178	126,430
Property and equipment, net (full cost method)	1,099,144	927,994
Derivative assets	4,311	10,100
Deferred income taxes	0	1,949
Other assets	7,147	2,481
Total assets	1,211,780	1,068,954
Current liabilities
Accounts payable and accrued liabilities	118,975	103,700
Derivative liabilities	4,308	991
Total current liabilities	123,283	104,691
Other liabilities	8,359	5,533
Deferred income taxes	1,023	0
Derivative liabilities	12	0
Long-term debt, net	562,445	511,375
Commitments and contingencies (Note 12)
Shareholders’ equity:
Preferred stock of $0.01 par value – 5,000,000 shares authorized; none issued	0	0
Common stock of $0.01 par value – 45,000,000 shares authorized; 15,123,128 and 15,080,594 shares issued as of September 30, 2019 and December 31, 2018, respectively	151	151
Paid-in capital	199,739	197,630
Retained earnings	316,688	249,492
Accumulated other comprehensive income	80	82
Total shareholders’ equity	516,658	447,355
Total liabilities and shareholders’ equity	$ 1,211,780	$ 1,068,954

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.01	$ 100
Preferred stock, shares authorized	5,000,000	5,000,000
Schedule of Stockholders' Equity [Line Items]
Preferred stock, redemption value per share (in dollars per share)	$ 0	$ 0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	45,000,000	45,000,000
Common stock, shares issued	15,123,128	15,080,594
Series A Preferred Stock
Schedule of Stockholders' Equity [Line Items]
Preferred stock, issued	0	0
Series B Preferred Stock
Schedule of Stockholders' Equity [Line Items]
Preferred stock, issued	0	0

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Cash flows from operating activities
Net income (loss)	$ 67,290	$ 24,050
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization	129,687	88,370
Derivative contracts:
Net losses	30,166	111,725
Cash settlements, net	(4,330)	(35,191)
Deferred income tax expense	2,972	153
Gain on sales of assets, net	(118)	(81)
Non-cash interest expense	2,544	2,509
Share-based compensation (equity-classified)	3,101	3,472
Other, net	39	38
Changes in operating assets and liabilities, net	12,862	(2,140)
Net Cash Provided by (Used in) Operating Activities	244,213	192,905
Cash flows from investing activities
Acquisitions, net	(5,956)	(85,387)
Capital expenditures	(291,733)	(323,259)
Proceeds from sales of assets, net	215	7,989
Net cash used in investing activities	(297,474)	(400,657)
Cash flows from financing activities
Proceeds from credit facility borrowings	62,400	205,500
Repayment of credit facility borrowings	(13,000)	0
Debt issuance costs paid	(2,616)	(754)
Net cash provided by financing activities	46,784	204,746
Net decrease in cash and cash equivalents	(6,477)	(3,006)
Cash and cash equivalents – beginning of period	17,864	11,017
Cash and cash equivalents – end of period	11,387	8,011
Cash paid for:
Interest, net of amounts capitalized	24,721	15,174
Reorganization items, net	79	514
Non-cash investing and financing activities:
Changes in accounts receivable related to acquisitions	(152)	(26,631)
Changes in other assets related to acquisitions	0	(2,469)
Changes in accrued liabilities related to acquisitions	(504)	(15,099)
Changes in accrued liabilities related to capital expenditures	2,672	1,833
Changes in other liabilities for asset retirement obligations related to acquisitions	$ 83	$ 382

Nature of Operations

Nature of Operations	9 Months Ended
	Sep. 30, 2019
Accounting Policies [Abstract]
Nature of Operations	Nature of Operations

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2019
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation Our unaudited Condensed Consolidated Financial Statements include the accounts of Penn Virginia and all of our subsidiaries. Intercompany balances and transactions have been eliminated. Our Condensed Consolidated Financial Statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). Preparation of these statements involves the use of estimates and judgments where appropriate. In the opinion of management, all adjustments, consisting of normal recurring accruals, considered necessary for a fair presentation of our Condensed Consolidated Financial Statements, have been included. Our Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and Notes included in our Annual Report on Form 10-K for the year ended December 31, 2018 . Operating results for the nine months ended September 30, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019 . Adoption of Recently Issued Accounting Pronouncements Effective January 1, 2019, we adopted and began applying the relevant guidance provided in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Update (“ASU”) 2016–02, Leases (“ASU 2016–02”) and related amendments to GAAP which, together with ASU 2016–02, represent ASC Topic 842, Leases (“ASC Topic 842”). We adopted ASC Topic 842 using the optional transition approach with a charge to the beginning balance of retained earnings as of January 1, 2019 (see Note 9 for the impact and disclosures associated with the adoption of ASC Topic 842). Comparative periods and related disclosures have not been restated for the application of ASC Topic 842. Recently Issued Accounting Pronouncements Pending Adoption In June 2016, the FASB issued ASU 2016–13, Measurement of Credit Losses on Financial Instruments (“ASU 2016–13”), which changes the recognition model for the impairment of financial instruments, including accounts receivable, loans and held-to-maturity debt securities, among others. ASU 2016–13 is required to be adopted using the modified retrospective method by January 1, 2020, with early adoption permitted for fiscal periods beginning after December 15, 2018. In contrast to current guidance, which considers current information and events and utilizes a probable threshold (an “incurred loss” model), ASU 2016–13 mandates an “expected loss” model. The expected loss model: (i) estimates the risk of loss even when risk is remote, (ii) estimates losses over the contractual life, (iii) considers past events, current conditions and reasonable supported forecasts and (iv) has no recognition threshold. ASU 2016–13 will have applicability to our accounts receivable portfolio, particularly those receivables attributable to our joint interest partners which have a higher credit risk than those associated with our traditional customer receivables. At this time, we do not anticipate that the adoption of ASU 2016–13 will have a significant impact on our Consolidated Financial Statements and related disclosures; however, we are continuing to evaluate the requirements as well as monitoring developments regarding ASU 2016–13 that are unique to our industry. We plan to adopt ASU 2016–13 effective January 1, 2020. Going Concern Presumption Our unaudited Condensed Consolidated Financial Statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities and other commitments in the normal course of business. Subsequent Events Management has evaluated all of our activities through the issuance date of our Condensed Consolidated Financial Statements and has concluded that no subsequent events have occurred that would require recognition in our Condensed Consolidated Financial Statements or disclosure in the Notes thereto.

Acquisitions and Divestitures

Acquisitions and Divestitures	9 Months Ended
	Sep. 30, 2019
Acquisitions [Abstract]
Acquisitions and Divestitures	Acquisitions and Divestitures Acquisitions Eagle Ford Working Interests In August 2019, we acquired working interests in certain properties for which we are the operator from our joint venture partners therein for cash consideration of approximately $ 6 million . Funding for this acquisition was provided by borrowings under our credit agreement (the “Credit Facility”). Hunt Acquisition In December 2017, we entered into a purchase and sale agreement with Hunt Oil Company (“Hunt”) to acquire certain oil and gas assets in the Eagle Ford Shale, primarily in Gonzales County, Texas for $ 86.0 million in cash, subject to adjustments (the “Hunt Acquisition”). The Hunt Acquisition had an effective date of October 1, 2017, and closed on March 1, 2018, at which time we paid cash consideration of $ 84.4 million . In connection with the Hunt Acquisition, we also acquired working interests in certain wells that we previously drilled as operator in which Hunt had rights to participate prior to the transaction closing. Accumulated costs, net of suspended revenues for these wells was $ 13.8 million , which we have reflected as a component of the total net assets acquired. We funded the Hunt Acquisition with borrowings under the Credit Facility. The final settlement of the Hunt Acquisition occurred in July 2018, at which time an additional $ 0.2 million of acquisition costs was allocated from certain working capital components and Hunt transferred $ 1.4 million to us primarily for suspended revenues attributable to the acquired properties. We incurred a total of $ 0.5 million of transaction costs for legal, due diligence and other professional fees associated with the Hunt Acquisition, including $ 0.1 million in 2017 and $ 0.4 million in the first quarter of 2018. These costs have been recognized as a component of our “General and administrative” (“G&A”) expenses. We accounted for the Hunt Acquisition by applying the acquisition method of accounting as of March 1, 2018. The following table represents the final fair values assigned to the net assets acquired and the total acquisition cost incurred, including consideration transferred to Hunt: Assets Oil and gas properties - proved $ 82,443 Oil and gas properties - unproved 16,339 Liabilities Revenue suspense 1,448 Asset retirement obligations 356 Net assets acquired $ 96,978 Cash consideration paid to Hunt, net $ 82,955 Application of working capital adjustments 245 Accumulated costs, net of suspended revenues, for wells in which Hunt had rights to participate 13,778 Total acquisition costs incurred $ 96,978 Valuation of Acquisitions The fair values of the oil and gas properties acquired in the transactions referenced above were measured using valuation techniques that convert future cash flows to a single discounted amount. Significant inputs to the valuation include estimates of: (i) reserves, (ii) future operating and development costs, (iii) future commodity prices, (iv) future cash flows, (v) the timing of our development plans and (vi) a market-based weighted-average cost of capital. Because many of these inputs are not observable, we have classified the initial fair value estimates as Level 3 inputs as that term is defined in GAAP. Impact of Acquisitions on Actual and Pro Forma Results of Operations The results of operations attributable to the Hunt Acquisition have been included in our Consolidated Financial Statements for the periods after March 1, 2018. As the properties and working interests acquired in connection with the Hunt Acquisition are included within our existing Eagle Ford acreage, it is not practical or meaningful to disclose revenues and earnings unique to those assets for periods beyond those during which they were acquired, as they were fully integrated into our regional operations soon after their acquisition. The following table presents unaudited summary pro forma financial information for the nine months ended September 30, 2018 , assuming the Hunt Acquisition occurred as of January 1, 2018. The pro forma financial information does not purport to represent what our actual results of operations would have been if the Hunt Acquisition had occurred as of this date, or the results of operations for any future periods. Nine Months Ended September 30, 2018 Total revenues $ 321,221 Net income $ 26,162 Net income per share - basic $ 1.74 Net income per share - diluted $ 1.71 Divestiture s Mid-Continent Divestiture In June 2018, we entered into a purchase and sale agreement with a third party to sell all of our Mid-Continent oil and gas properties, located primarily in Oklahoma in the Granite Wash, for $ 6.0 million in cash, subject to customary adjustments. The sale had an effective date of March 1, 2018 and closed on July 31, 2018, at which time we received net proceeds of $ 6.2 million . The sale proceeds and de-recognition of certain assets and liabilities were recorded as a reduction of our net oil and gas properties. In November 2018, we paid $ 0.5 million , including $ 0.2 million of suspended revenues, to the buyer in connection with the final settlement. The Mid-Continent properties had asset retirement obligations (“AROs”) of $ 0.3 million as well as a net working capital deficit attributable to the oil and gas properties of $ 1.3 million as of July 31, 2018. The net pre-tax operating income attributable to the Mid-Continent assets was $ 0.2 million and $ 1.6 million for the three and nine months ended September 30, 2018 . Sales of Undeveloped Acreage, Rights and Other Assets In February 2018, we sold our undeveloped acreage holdings in the Tuscaloosa Marine Shale in Louisiana that were scheduled to expire in 2019. In March 2018, we sold certain undeveloped deep leasehold rights in Oklahoma, and in May 2018, we sold certain pipeline assets in our former Marcellus Shale operating region. We received a combined total of $ 1.7 million for these leasehold and other assets which were applied as a reduction of our net oil and gas properties.

Accounts Receivable and Revenue

Accounts Receivable and Revenues from Contracts with Customers	9 Months Ended
	Sep. 30, 2019
Receivables [Abstract]
Accounts Receivable and Revenues from Contracts with Customers	Accounts Receivable and Revenues from Contracts with Customers Accounts Receivable and Major Customers The following table summarizes our accounts receivable by type as of the dates presented: September 30, December 31, 2019 2018 Customers $ 54,987 $ 59,030 Joint interest partners 6,703 6,404 Other 661 640 62,351 66,074 Less: Allowance for doubtful accounts (51 ) (36 ) $ 62,300 $ 66,038 For the nine months ended September 30, 2019 , four customers accounted for $261.4 million , or approximately 76% , of our consolidated product revenues. The revenues generated from these customers during the nine months ended September 30, 2019 , were $127.1 million , $62.4 million , $37.3 million and $34.6 million , or 37% , 18% , 11% and 10% of the consolidated total, respectively. As of September 30, 2019 and December 31, 2018 , $32.9 million and $37.3 million , or approximately 60% and 63% , of our consolidated accounts receivable from customers was related to these customers. No significant uncertainties exist related to the collectability of amounts owed to us by any of these customers. For the nine months ended September 30, 2018 , three customers accounted for $254.5 million , or approximately 81% , of our consolidated product revenues. The allowance for doubtful accounts is entirely attributable to certain receivables from joint interest partners.

Derivative Instruments

Derivative Instruments	9 Months Ended
	Sep. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Derivative Instruments We utilize derivative instruments to mitigate our financial exposure to commodity price volatility. Our derivative instruments are not formally designated as hedges in the context of GAAP. We typically utilize collars and swaps, which are placed with financial institutions that we believe to be acceptable credit risks, to hedge against the variability in cash flows associated with anticipated sales of our future production. While the use of derivative instruments limits the risk of adverse price movements, such use may also limit future revenues from favorable price movements. The counterparty to a collar or swap contract is required to make a payment to us if the settlement price for any settlement period is below the floor or swap price for such contract. We are required to make a payment to the counterparty if the settlement price for any settlement period is above the ceiling or swap price for such contract. Neither party is required to make a payment to the other party if the settlement price for any settlement period is equal to or greater than the floor price and equal to or less than the ceiling price for such contract. We determine the fair values of our commodity derivative instruments based on discounted cash flows derived from third-party quoted forward prices for West Texas Intermediate (“ WTI ”), Louisiana Light Sweet (“ LLS ”) and Magellan East Houston (“ MEH ”) crude oil closing prices as of the end of the reporting period. The discounted cash flows utilize discount rates adjusted for the credit risk of our counterparties if the derivative is in an asset position, and our own credit risk if the derivative is in a liability position. We are currently unhedged with respect to NGL and natural gas production. The following table sets forth our commodity derivative positions, presented on a net basis by period of maturity, as of September 30, 2019 : Average Weighted Volume Per Average Fair Value Instrument Day Price Asset Liability Crude Oil: (barrels) ($/barrel) Fourth quarter 2019 Swaps-WTI 11,398 $ 55.97 $ 2,804 $ — Fourth quarter 2019 Swaps-LLS 5,000 $ 59.17 995 — Fourth quarter 2019 Swaps-MEH 1,000 $ 64.00 131 — First quarter 2020 Swaps-WTI 9,000 $ 55.19 2,942 — First quarter 2020 Swaps-MEH 2,000 $ 61.03 114 — Second quarter 2020 Swaps-WTI 7,000 $ 54.94 3,220 — Second quarter 2020 Swaps-MEH 2,000 $ 61.03 90 — Third quarter 2020 Swaps-WTI 7,000 $ 54.94 3,878 — Third quarter 2020 Swaps-MEH 2,000 $ 61.03 100 — Fourth quarter 2020 Swaps-WTI 7,000 $ 54.94 4,203 — Fourth quarter 2020 Swaps-MEH 2,000 $ 61.03 96 — Settlements to be paid in subsequent period 368 Financial Statement Impact of Derivatives The impact of our derivative activities on income is included in “Derivatives” in our Condensed Consolidated Statements of Operations. The following table summarizes the effects of our derivative activities for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Derivative gains (losses) $ 24,248 $ (40,689 ) $ (30,166 ) $ (111,725 ) The effects of derivative gains and (losses) and cash settlements are reported as adjustments to reconcile net income to net cash provided by operating activities. These items are recorded in the “Derivative contracts” section of our Condensed Consolidated Statements of Cash Flows under “Net (gains) losses” and “Cash settlements, net.” The following table summarizes the fair values of our derivative instruments presented on a gross basis, as well as the locations of these instruments on our Condensed Consolidated Balance Sheets as of the dates presented: September 30, 2019 December 31, 2018 Derivative Derivative Derivative Derivative Type Balance Sheet Location Assets Liabilities Assets Liabilities Commodity contracts Derivative assets/liabilities – current $ 18,214 $ 4,308 $ 34,932 $ 991 Commodity contracts Derivative assets/liabilities – noncurrent 4,311 12 10,100 — $ 22,525 $ 4,320 $ 45,032 $ 991 As of September 30, 2019 , we reported net commodity derivative assets of $18.2 million . The contracts associated with this position are with eight

Property and Equipment

Property and Equipment	9 Months Ended
	Sep. 30, 2019
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and Equipment The following table summarizes our property and equipment as of the dates presented: September 30, December 31, 2019 2018 Oil and gas properties: Proved $ 1,329,116 $ 1,037,993 Unproved 67,865 63,484 Total oil and gas properties 1,396,981 1,101,477 Other property and equipment 25,359 20,383 Total properties and equipment 1,422,340 1,121,860 Accumulated depreciation, depletion and amortization (323,196 ) (193,866 ) $ 1,099,144 $ 927,994 Unproved property costs of $ 67.9 million and $ 63.5 million have been excluded from amortization as of September 30, 2019 and December 31, 2018 , respectively. An additional $3.5 million and $0.3 million of costs, associated with wells in-progress for which we had not previously recognized any proved undeveloped reserves, were excluded from amortization as of September 30, 2019 and December 31, 2018 . We transferred $0.2 million and $11.4 million of undeveloped leasehold costs associated with acreage unlikely to be drilled or associated with proved undeveloped reserves, including capitalized interest, from unproved properties to the full cost pool during the nine months ended September 30, 2019 and 2018 , respectively. We capitalized internal costs of $ 3.2 million and $2.4 million and interest of $ 3.2 million and $7.1 million during the nine months ended September 30, 2019 and 2018 , respectively, in accordance with our accounting policies. Average depreciation, depletion and amortization per barrel of oil equivalent of proved oil and gas properties was $17.47 and $15.83 for the nine months ended September 30, 2019 and 2018 , respectively.

Long-Term Debt

Long-Term Debt	9 Months Ended
	Sep. 30, 2019
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt The following table summarizes our debt obligations as of the dates presented: September 30, 2019 December 31, 2018 Principal Unamortized Discount and Deferred Issuance Costs 1, 2 Principal Unamortized Discount and Deferred Issuance Costs 1, 2 Credit facility $ 370,400 $ 321,000 Second lien term loan 200,000 $ 7,955 200,000 $ 9,625 Totals 570,400 $ 7,955 521,000 $ 9,625 Less: Unamortized discount 2 (2,608 ) (3,159 ) Less: Unamortized deferred issuance costs 1, 2 (5,347 ) (6,466 ) Long-term debt, net $ 562,445 $ 511,375 _______________________ 1 Excludes issuance costs of the Credit Facility, which represent costs attributable to the access to credit over its contractual term, that have been presented as a component of Other assets (see Note 10) and are being amortized over the term of the Credit Facility using the straight-line method. 2 Discount and issuance costs of the Second Lien Facility are being amortized over the term of the underlying loan using the effective-interest method. Credit Facility The Credit Facility provides for a $1.0 billion revolving commitment and $500 million borrowing base and a $25 million sublimit for the issuance of letters of credit. In the nine months ended September 30, 2019 , we incurred and capitalized approximately $2.6 million of issue and other costs associated with the Credit Facility. Availability under the Credit Facility may not exceed the lesser of the aggregate commitments or the borrowing base. The borrowing base under the Credit Facility is redetermined semi-annually, generally in April and October of each year. Our fall borrowing base re-determination is currently in process. Additionally, the Credit Facility lenders may, at their discretion, initiate a redetermination at any time during the six-month period between scheduled redeterminations. The Credit Facility is available to us for general corporate purposes, including working capital. We had $0.4 million in letters of credit outstanding as of September 30, 2019 and December 31, 2018 . In May 2019, maturity of the Credit Facility was extended to May 2024 from September 2020; provided that in June 2022, unless we have either extended the maturity date of our $200 million Second Lien Credit Agreement dated as of September 29, 2017 (the “Second Lien Facility”) described below to a date that is at least 91 days after the extended maturity date of May 2024 or have repaid our Second Lien Facility in full, the maturity date of the Credit Facility will mean June 2022. The outstanding borrowings under the Credit Facility bear interest at a rate equal to, at our option, either (a) a customary reference rate plus an applicable margin ranging from 0.50% to 1.50% , determined based on the average availability under the Credit Facility or (b) a customary London interbank offered rate (“LIBOR”) plus an applicable margin ranging from 1.50% to 2.50% , determined based on the average availability under the Credit Facility. Interest on reference rate borrowings is payable quarterly in arrears and is computed on the basis of a year of 365/366 days, and interest on LIBOR borrowings is payable every one , three or six months , at our election, and is computed on the basis of a year of 360 days. As of September 30, 2019 , the actual weighted-average interest rate on the outstanding borrowings under the Credit Facility was 4.07% . Unused commitment fees are charged at a rate of 0.375% to 0.50% , depending upon utilization. The Credit Facility is guaranteed by us and all of our subsidiaries (the “Guarantor Subsidiaries”). The guarantees under the Credit Facility are full and unconditional and joint and several. Substantially all of our consolidated assets are held by the Guarantor Subsidiaries. There are no significant restrictions on our ability or any of the Guarantor Subsidiaries to obtain funds through dividends, advances or loans. The obligations under the Credit Facility are secured by a first priority lien on substantially all of our assets. Effective May 2019, the Credit Facility requires us to maintain (1) a minimum current ratio (as defined in the Credit Facility, which considers the unused portion of the total commitment as a current asset), measured as of the last day of each fiscal quarter of 1.00 to 1.00 and (2) a maximum leverage ratio (consolidated indebtedness to adjusted earnings before interest, taxes, depreciation, depletion, amortization and exploration expenses, both as defined in the Credit Facility), measured as of the last day of each fiscal quarter of 4.00 to 1.00. The Credit Facility also contains customary affirmative and negative covenants, including as to compliance with laws (including environmental laws, ERISA and anti-corruption laws), maintenance of required insurance, delivery of quarterly and annual financial statements, oil and gas engineering reports and budgets, maintenance and operation of property (including oil and gas properties), restrictions on the incurrence of liens and indebtedness, merger, consolidation or sale of assets, payment of dividends, and transactions with affiliates and other customary covenants. The Credit Facility contains customary events of default and remedies for credit facilities of this nature. If we do not comply with the financial and other covenants in the Credit Facility, the lenders may, subject to customary cure rights, require immediate payment of all amounts outstanding under the Credit Facility. As of September 30, 2019 , and through the date upon which the Condensed Consolidated Financial Statements were issued, we were in compliance with all of the covenants under the Credit Facility. Second Lien Facility On September 29, 2017, we entered into the Second Lien Facility. We received net proceeds of $187.8 million from the Second Lien Facility net of an original issue discount (“OID”) of $4.0 million and issue costs of $8.2 million . The proceeds from the Second Lien Facility were used to fund a significant acquisition and related fees and expenses. The maturity date under the Second Lien Facility is September 29, 2022. The outstanding borrowings under the Second Lien Facility bear interest at a rate equal to, at our option, either (a) a customary reference rate based on the prime rate plus an applicable margin of 6.00% or (b) a customary LIBOR rate plus an applicable margin of 7.00% . As of September 30, 2019 , the actual interest rate of outstanding borrowings under the Second Lien Facility was 9.05% . Amounts under the Second Lien Facility were borrowed at a price of 98% with an initial interest rate of 8.34% , resulting in an effective interest rate of 9.89% . Interest on reference rate borrowings is payable quarterly in arrears and is computed on the basis of a year of 365/366 days, and interest on eurocurrency borrowings is payable every one or three months (including in three-month intervals if we select a six-month interest period), at our election and is computed on the basis of a 360-day year. We have the right, to the extent permitted under the Credit Facility and an intercreditor agreement between the lenders under the Credit Facility and the lenders under the Second Lien Facility, to prepay loans under the Second Lien Facility at any time, subject to the following prepayment premiums (in addition to customary “breakage” costs with respect to eurocurrency loans): during year one, a customary “make-whole” premium; during year two, 102% of the amount being prepaid; during year three, 101% of the amount being prepaid; and thereafter, no premium. The Second Lien Facility also provides for the following prepayment premiums in the event of a change in control that results in an offer of prepayment that is accepted by the lenders under the Second Lien Facility: during years one and two, 102% of the amount being prepaid; during year three, 101% of the amount being prepaid; and thereafter, no premium. The Second Lien Facility is collateralized by substantially all of the Company’s and its subsidiaries’ assets with lien priority subordinated to the liens securing the Credit Facility. The obligations under the Second Lien Facility are guaranteed by us and the Guarantor Subsidiaries. The Second Lien Facility has no financial covenants, but contains customary affirmative and negative covenants, including as to compliance with laws (including environmental laws, ERISA and anti-corruption laws), maintenance of required insurance, delivery of quarterly and annual financial statements, oil and gas engineering reports and budgets, maintenance and operation of property (including oil and gas properties), restrictions on the incurrence of liens and indebtedness, merger, consolidation or sale of assets, payment of dividends and transactions with affiliates and other customary covenants. As illustrated in the table above, the OID and issue costs of the Second Lien Facility are presented as reductions to the outstanding term loans. These costs are subject to amortization using the interest method over the five -year term of the Second Lien Facility. As of September 30, 2019 , and through the date upon which the Consolidated Financial Statements were issued, we were in compliance with all of the covenants under the Second Lien Facility.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes We recognized a federal and state income tax expense for the nine months ended September 30, 2019 at the blended rate of 21.6% . The federal and state tax expense was offset by an adjustment to the valuation allowance against our net deferred tax assets resulting in an effective tax rate of 2.5% , which related to Texas deferred tax expense. The effect of the valuation allowance, as well as a reclassification of $ 1.2 million from deferred tax assets to the current income tax receivable for refundable alternative minimum tax (“AMT”) credit carryforwards, was to adjust our deferred tax asset to a deferred tax liability position of $ 1.0 million as of September 30, 2019. We recognized a federal income tax expense for the nine months ended September 30, 2018 at the blended rate of 21.6% which was similarly offset by a valuation allowance against our net deferred tax assets. We recorded an adjustment of $ 0.2 million to the deferred tax asset related to sequestration of a portion of the aforementioned AMT credit carryforward resulting in an effective tax rate of 0.6% . We considered both the positive and negative evidence in determining that it was more likely than not that some portion or all of our deferred tax assets will not be realized, due primarily to cumulative losses. We had no liability for unrecognized tax benefits as of September 30, 2019 . There were no interest and penalty charges recognized during the periods ended September 30, 2019 and 2018 . Tax years from 2014 forward remain open to examination by the major taxing jurisdictions to which the Company is subject; however, net operating losses originating in prior years are subject to examination when utilized.

Leases

Leases	9 Months Ended
	Sep. 30, 2019
Leases [Abstract]
Leases	Leases Adoption of ASC Topic 842 Effective January 1, 2019, we adopted ASC Topic 842 and have applied the guidance therein to all of our contracts and agreements explicitly identified as leases as well as other contractual arrangements that we have determined to include or otherwise have the characteristics of a lease as defined in ASC Topic 842. As illustrated in the disclosures below, the adoption of ASC Topic 842 resulted in the recognition of certain assets and liabilities on our Condensed Consolidated Balance Sheet and changes in the amounts and timing of lease cost recognition in our Condensed Consolidated Statements of Operations as compared to prior GAAP. We have adopted ASC Topic 842 using the optional transition approach with an adjustment to the beginning balance of retained earnings as of January 1, 2019. Accordingly, our 2019 financial statements are not comparable with respect to leases in effect during all periods prior to January 1, 2019. On January 1, 2019, we recognized operating lease right-of-use (“ROU”) assets of $ 2.5 million and operating lease obligations of $ 2.8 million on our Condensed Consolidated Balance Sheet for operating leases in effect on that date. We recorded an immaterial adjustment to the beginning balance of retained earnings as of January 1, 2019 representing the difference between the operating lease ROU assets and operating lease obligations recognized upon adoption net of amounts already included in our liabilities as of December 31, 2018 that were attributable to straight-line lease expense in excess of amounts paid for certain operating leases. We did not identify any finance leases, as defined in ASC Topic 842, upon the date of initial adoption. Accounting Policies for Leases We determine if an arrangement is a lease at the inception of the underlying contractual arrangement. Operating leases are included in the captions “Other assets,” “Accounts payable and accrued liabilities” and “Other liabilities” on our Condensed Consolidated Balance Sheets and are identified as ROU assets - operating, Current operating lease obligations and Noncurrent operating lease obligations, respectively, below and in Note 10. ROU assets represent our right to use an underlying asset for the lease term and lease obligations represent our obligation to make lease payments arising from the underlying contractual arrangement. Operating lease ROU assets and obligations are recognized at the commencement date based on the present value of lease payments over the lease term. The operating lease ROU assets include any lease payments made in advance and excludes lease incentives. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise such options. Lease expense for operating lease payments is recognized on a straight-line basis over the lease term. Most of our leasing arrangements do not identify or otherwise provide for an implicit interest rate. Accordingly, we utilize a secured incremental borrowing rate based on information available at the commencement date in the determination of the present value of the lease payments. As most of our lease arrangements have terms ranging from two to five years , our secured incremental borrowing rate is primarily based on the rates applicable to our Credit Facility. We have lease arrangements that include lease and certain non-lease components, including amounts for related taxes, insurance, common area maintenance and similar terms. We have elected to apply a practical expedient provided in ASC Topic 842 to not separate the lease and non-lease components. Accordingly, the ROU assets and lease obligations for such leases will include the present value of the estimated payments for the non-lease components over the lease term. Certain of our lease arrangements with contractual terms of 12 months or less are classified as short-term leases. Accordingly, we have elected to not include the underlying ROU assets and lease obligations on our Condensed Consolidated Balance Sheets. The associated costs are aggregated with all of our other lease arrangements and are disclosed in the tables that follow. Certain of our lease arrangements result in variable lease payments which, in accordance with ASC Topic 842, do not give rise to lease obligations. Rather, the basis and terms and conditions upon which such variable lease payments are determined are disclosed in the summary below. Lease Arrangements and Supplemental Disclosures We have lease arrangements for office facilities and certain office equipment, certain field equipment including compressors, drilling rigs, land easements and similar arrangements for rights-of-way, and certain gas gathering and gas lift assets. Our short-term leases are primarily comprised of our contractual arrangements with certain vendors for operated drilling rigs and our field compressors. Our primary variable lease includes our field gas gathering and gas lift agreement with a midstream service provider and the lease payments are charged on a volumetric basis at a contractual fixed rate. The following table summarizes the components of our total lease cost for the periods presented: Three Months Ended Nine Months Ended September 30, 2019 Operating lease cost $ 208 $ 565 Short-term lease cost 9,969 33,024 Variable lease cost 6,777 17,420 Less: Amounts charged as drilling costs 1 (9,224 ) (30,865 ) Total lease cost recognized in the Condensed Consolidated Statement of Operations 2 $ 7,730 $ 20,144 ___________________ 1 Represents the combined gross amounts paid and (i) capitalized as drilling costs for our working interest share and (ii) billed to joint interest partners for their working interest share for short-term leases of operated drilling rigs. 2 Includes $ 3.9 million and $ 8.9 million recognized in Gathering, processing and transportation, $ 3.6 million and $ 10.7 million recognized in Lease operating and $ 0.2 million and $ 0.6 million recognized in G&A for the three and nine months ended September 30, 2019 , respectively. The following table summarizes supplemental cash flow information related to leases for the nine months ended September 30, 2019 : Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 442 ROU assets obtained in exchange for lease obligations: Operating leases 1 $ 3,325 ___________________ 1 Includes $ 2.5 million recognized upon adoption of ASC Topic 842 and $ 0.8 million obtained during the nine months ended September 30, 2019 . The following table summarizes supplemental balance sheet information related to leases as of September 30, 2019 : ROU assets - operating leases $ 2,901 Current operating lease obligations $ 858 Noncurrent operating lease obligations 2,389 Total operating lease obligations $ 3,247 Weighted-average remaining lease term Operating leases 4.3 Years Weighted-average discount rate Operating leases 5.97 % Maturities of operating lease obligations for the years ending December 31, 2019 $ 217 2020 847 2021 830 2022 833 2023 833 2024 and thereafter 139 Total undiscounted lease payments 3,699 Less: imputed interest (452 ) Total operating lease obligations $ 3,247

Additional Balance Sheet Detail

Additional Balance Sheet Detail	9 Months Ended
	Sep. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Additional Balance Sheet Detail	Additional Balance Sheet Detail The following table summarizes components of selected balance sheet accounts as of the dates presented: September 30, December 31, 2019 2018 Other current assets: Tubular inventory and well materials $ 3,792 $ 4,061 Prepaid expenses 1,778 1,064 $ 5,570 $ 5,125 Other assets: Deferred issuance costs of the Credit Facility, net of amortization $ 4,179 $ 2,437 Right-of-use assets – operating leases 2,901 — Other 67 44 $ 7,147 $ 2,481 Accounts payable and accrued liabilities: Trade accounts payable $ 33,036 $ 16,507 Drilling costs 25,105 22,434 Royalties and revenue – related 43,354 51,212 Production, ad valorem and other taxes 7,562 2,418 Compensation – related 5,011 4,489 Interest 675 670 Current operating lease obligations 858 — Other 3,374 5,970 $ 118,975 $ 103,700 Other liabilities: Asset retirement obligations $ 4,784 $ 4,314 Noncurrent operating lease obligations 2,389 — Defined benefit pension obligations 777 857 Postretirement health care benefit obligations 409 362 $ 8,359 $ 5,533

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2019
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements We apply the authoritative accounting provisions included in GAAP for measuring the fair value of both our financial and nonfinancial assets and liabilities. Fair value is an exit price representing the expected amount we would receive upon the sale of an asset or that we would expect to pay to transfer a liability in an orderly transaction with market participants at the measurement date. Our financial instruments that are subject to fair value disclosure consist of cash and cash equivalents, accounts receivable, accounts payable, derivatives and our Credit Facility and Second Lien Facility borrowings. As of September 30, 2019 , the carrying values of all of these financial instruments approximated fair value. Recurring Fair Value Measurements Certain financial assets and liabilities are measured at fair value on a recurring basis on our Condensed Consolidated Balance Sheets. The following tables summarize the valuation of those assets and (liabilities) as of the dates presented: September 30, 2019 Fair Value Fair Value Measurement Classification Description Measurement Level 1 Level 2 Level 3 Assets: Commodity derivative assets – current $ 18,214 $ — $ 18,214 $ — Commodity derivative assets – noncurrent $ 4,311 $ — $ 4,311 $ — Liabilities: Commodity derivative liabilities – current $ (4,308 ) $ — $ (4,308 ) $ — Commodity derivative liabilities – noncurrent $ (12 ) $ — $ (12 ) $ — December 31, 2018 Fair Value Fair Value Measurement Classification Description Measurement Level 1 Level 2 Level 3 Assets: Commodity derivative assets – current $ 34,932 $ — $ 34,932 $ — Commodity derivative assets - noncurrent $ 10,100 $ — $ 10,100 $ — Liabilities: Commodity derivative liabilities – current $ (991 ) $ — $ (991 ) $ — Commodity derivative liabilities – noncurrent $ — $ — $ — $ — Changes in economic conditions or model-based valuation techniques may require the transfer of financial instruments from one level of the fair value hierarchy to another level. In such instances, the transfer is deemed to have occurred at the beginning of the quarterly period in which the event or change in circumstances that caused the transfer occurred. There were no transfers during the nine months ended September 30, 2019 and 2018 . We used the following methods and assumptions to estimate fair values for the financial assets and liabilities described below: • Commodity derivatives : We determine the fair values of our commodity derivative instruments based on discounted cash flows derived from third-party quoted forward prices for WTI , LLS and MEH crude oil closing prices as of the end of the reporting periods. We generally use the income approach, using valuation techniques that convert future cash flows to a single discounted value. Each of these is a Level 2 input. Non-Recurring Fair Value Measurements In addition to the fair value measurements applied with respect to the Hunt Acquisition, as described in Note 3, the most significant non-recurring fair value measurements utilized in the preparation of our Condensed Consolidated Financial Statements are those attributable to the initial determination of AROs associated with the ongoing development of new oil and gas properties. The determination of the fair value of AROs is based upon regional market and facility specific information. The amount of an ARO and the costs capitalized represent the estimated future cost to satisfy the abandonment obligation using current prices that are escalated by an assumed inflation factor after discounting the future cost back to the date that the abandonment obligation was incurred using a rate commensurate with the risk, which approximates our cost of funds. Because these significant fair value inputs are typically not observable, we have categorized the initial estimates as Level 3 inputs.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Gathering and Intermediate Transportation Commitments We have long-term agreements with Nuevo Dos Gathering and Transportation, LLC (“Nuevo G&T”) and Nuevo Dos Marketing, LLC (“Nuevo Marketing” and together with Nuevo G&T, collectively “Nuevo”), successor to Republic Midstream, LLC and affiliates, to provide gathering and intermediate pipeline transportation services for a substantial portion of our crude oil and condensate production in South Texas as well as volume capacity support for certain downstream interstate pipeline transportation. Nuevo is obligated to gather and transport our crude oil and condensate from within a dedicated area in the Eagle Ford via a gathering system and intermediate takeaway pipeline connecting to a downstream interstate pipeline operated by a third party through 2041. We have a minimum volume commitment (“MVC”) of 8,000 gross barrels of oil per day to Nuevo through 2031 under the gathering agreement. Under a marketing agreement, we have a commitment to sell 8,000 barrels per day of crude oil (gross) to Nuevo, or to any third party, utilizing Nuevo Marketing’s capacity on a downstream interstate pipeline through 2026. Excluding the potential impact of the effects of price escalation from commodity price changes, the minimum fee requirements attributable to the MVC under the gathering and transportation agreement are as follows: $ 3.2 million for the remainder of 2019, $ 13.0 million per year for 2020 through 2025, $ 7.4 million for 2026, $ 3.8 million per year for 2027 through 2030 and $ 2.2 million for 2031. Drilling, Completion and Other Commitments As of September 30, 2019 , we had contractual commitments on a pad-to-pad basis for two drilling rigs. Additionally, we have a one -year agreement, effective January 1, 2019, which can be terminated with 60 days’ notice by either party, to utilize certain frac services, with no minimum commitment. Legal and Regulatory We are involved, from time to time, in various legal proceedings arising in the ordinary course of business. While the ultimate results of these proceedings cannot be predicted with certainty, our management believes that these claims will not have a material effect on our financial position, results of operations or cash flows. As of September 30, 2019 , we had a reserve in the amount of $0.3 million included in “Accounts payable and accrued liabilities” for the estimated settlement of disputes with partners regarding certain transactions that occurred in prior years. As of September 30, 2019 , we had AROs of approximately $4.8 million

Shareholders' Equity

Shareholders' Equity	9 Months Ended
	Sep. 30, 2019
Equity [Abstract]
Shareholders' Equity	Shareholders’ Equity The following tables summarize the components of our shareholders ’ equity and the changes therein as of and for the quarterly periods in 2019 and 2018 . Common Stock Paid-in Capital Retained Earnings Accumulated Other Comprehensive Income Total Shareholders’ Equity Balance as of December 31, 2018 $ 151 $ 197,630 $ 249,492 $ 82 $ 447,355 Net loss — — (38,697 ) — (38,697 ) Cumulative effect of change in accounting principle 1 — — (94 ) — (94 ) All other changes 2 — 381 — (1 ) 380 Balance as of March 31, 2019 $ 151 $ 198,011 $ 210,701 $ 81 $ 408,944 Net income — — 51,625 — 51,625 All other changes 2 — 986 — (1 ) 985 Balance as of June 30, 2019 $ 151 $ 198,997 $ 262,326 $ 80 $ 461,554 Net income — — 54,362 — 54,362 All other changes 2 — 742 — — 742 Balance as of September 30, 2019 $ 151 $ 199,739 $ 316,688 $ 80 $ 516,658 _______________________ 1 Attributable to the adoption of ASC Topic 842 as of January 1, 2019 (see Note 9). 2 Includes equity-classified share-based compensation of $3.1 million during the nine months ended September 30, 2019 . During the nine months ended September 30, 2019 , 42,534 shares of common stock were issued in connection with the vesting of certain time-vested restricted stock units (“RSUs”), net of shares withheld for income taxes. Common Stock Paid-in Capital Retained Earnings Accumulated Other Comprehensive Income Total Shareholders’ Equity Balance as of December 31, 2017 $ 150 $ 194,123 $ 27,366 $ — $ 221,639 Net income — — 10,295 — 10,295 Cumulative effect of change in accounting principle 1 — — (2,659 ) — (2,659 ) All other changes 2 1 988 — — 989 Balance as of March 31, 2018 $ 151 $ 195,111 $ 35,002 $ — $ 230,264 Net loss — — (2,521 ) — (2,521 ) All other changes 2 — 869 — — 869 Balance as of June 30, 2018 $ 151 $ 195,980 $ 32,481 $ — $ 228,612 Net income 16,276 16,276 All other changes 2 1,020 1,020 Balance as of September 30, 2018 $ 151 $ 197,000 $ 48,757 $ — $ 245,908 _______________________ 1 Reflects a write-off for certain accounts receivable attributable to natural gas imbalances accounted for under the entitlements method prior to January 1, 2018, in connection with the adoption of ASC Topic 606, Revenues from Contracts with Customers . 2 Includes equity-classified share-based compensation of $3.5 million during the nine months ended September 30, 2018 . During the nine months ended September 30, 2018 , 53,411 and 1,495

Share-Based Compensation and Ot

Share-Based Compensation and Other Benefit Plans	9 Months Ended
	Sep. 30, 2019
Share-based Payment Arrangement [Abstract]
Share-Based Compensation and Other Benefit Plans	Share-Based Compensation and Other Benefit Plans Share-Based Compensation We recognize share-based compensation expense related to our share-based compensation plans as a component of G&A expenses in our Condensed Consolidated Statements of Operations. We reserved a total of 1,424,600 shares of common stock for issuance under the Penn Virginia Corporation Management Incentive Plan for share-based compensation awards. A total of 357,147 RSUs and 98,526 PRSUs have been granted to employees and directors as of September 30, 2019 . We recognized $1.0 million and $3.1 million of expense attributable to the RSUs and PRSUs for the three and nine months ended September 30, 2019 , respectively, and $1.0 million and $3.5 million for the three and nine months ended September 30, 2018 , respectively. Approximately $ 0.6 million of the expense for the nine months ended September 30, 2018 was attributable to the accelerated vesting of certain awards of our former Executive Chairman upon his retirement. We also paid him $ 0.3 million for certain transition and support services during this period in connection with his retirement. A total of 9,707 RSUs were granted during the nine months ended September 30, 2019 with an average grant-date fair value of $30.65 . In the nine months ended September 30, 2018 , we granted 42,459 RSUs with an average grant-date fair value of $65.96 per RSU. The RSUs are being charged to expense on a straight-line basis over a range of two to five years . In the nine months ended September 30, 2019 and 2018 , 42,534 and 53,411 shares were issued upon vesting/settlement of equity awards, net of shares withheld for income taxes, respectively. No PRSUs were granted during the nine months ended September 30, 2019 or 2018 . In the nine months ended September 30, 2018 , 1,495 shares were issued upon vesting/settlement of equity awards, net of shares withheld for income taxes. The PRSUs were granted collectively in two to three separate tranches with individual three -year performance periods beginning in January 2017, 2018 and 2019, respectively. Vesting of the PRSUs can range from zero to 200 percent of the original grant based on the performance of our common stock relative to an industry index. Due to their market condition, the PRSUs are being charged to expense using graded vesting over a maximum of five years . The fair value of each PRSU award was estimated on their applicable grant date using a Monte Carlo simulation with a range of $47.70 to $65.28 per PRSU. Expected volatilities were based on historical volatilities and range from 59.63% to 62.18% . A risk-free rate of interest with a range of 1.44% to 1.51% was utilized, which is equivalent to the yield, as of the measurement date, of the zero-coupon U.S. Treasury bill commensurate with the longest remaining performance measurement period for each tranche. We assumed no payment of dividends during the performance periods. Other Benefit Plans We maintain the Penn Virginia Corporation and Affiliated Companies Employees 401(k) Plan (the “401(k) Plan”), a defined contribution plan, which covers substantially all of our employees. We recognized $0.2 million and $0.5 million of expense attributable to the 401(k) Plan for the three and nine months ended September 30, 2019 , respectively, and $0.1 million and $0.4 million for the three and nine months ended September 30, 2018 , respectively. The charges for the 401(k) Plan are recorded as a component of G&A expenses in our Condensed Consolidated Statements of Operation. We maintain unqualified legacy defined benefit pension and defined benefit postretirement plans that cover a limited number of former employees, all of whom retired prior to 2000. The combined expense recognized with respect to these plans was less than $0.1 million for each of the three and nine months ended September 30, 2019 and 2018 . The charges for these plans are recorded as a component of “Other income (expense)” in our Condensed Consolidated Statements of Operation.

Interest Expense

Interest Expense	9 Months Ended
	Sep. 30, 2019
Banking and Thrift [Abstract]
Interest Expense	Interest Expense The following table summarizes the components of interest expense for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Interest on borrowings and related fees $ 8,945 $ 8,897 $ 27,960 $ 22,675 Accretion of original issue discount 1 188 172 551 505 Amortization of debt issuance costs 608 693 1,993 2,004 Capitalized interest (1,005 ) (2,440 ) (3,234 ) (7,111 ) $ 8,736 $ 7,322 $ 27,270 $ 18,073 ___________________ 1 Attributable to the Second Lien Facility (see Note 7).

Earnings per Share

Earnings per Share	9 Months Ended
	Sep. 30, 2019
Earnings Per Share [Abstract]
Earnings per Share	Earnings per Share The following table provides a reconciliation of the components used in the calculation of basic and diluted earnings per share for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Net income - basic and diluted $ 54,362 $ 16,276 $ 67,290 $ 24,050 Weighted-average shares – basic 15,110 15,062 15,105 15,054 Effect of dilutive securities 50 282 60 224 Weighted-average shares – diluted 15,160 15,344 15,165 15,278

Basis of Presentation (Policies

Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2019
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation Our unaudited Condensed Consolidated Financial Statements include the accounts of Penn Virginia and all of our subsidiaries. Intercompany balances and transactions have been eliminated. Our Condensed Consolidated Financial Statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). Preparation of these statements involves the use of estimates and judgments where appropriate. In the opinion of management, all adjustments, consisting of normal recurring accruals, considered necessary for a fair presentation of our Condensed Consolidated Financial Statements, have been included. Our Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and Notes included in our Annual Report on Form 10-K for the year ended December 31, 2018 . Operating results for the nine months ended September 30, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019 . Adoption of Recently Issued Accounting Pronouncements Effective January 1, 2019, we adopted and began applying the relevant guidance provided in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Update (“ASU”) 2016–02, Leases (“ASU 2016–02”) and related amendments to GAAP which, together with ASU 2016–02, represent ASC Topic 842, Leases (“ASC Topic 842”). We adopted ASC Topic 842 using the optional transition approach with a charge to the beginning balance of retained earnings as of January 1, 2019 (see Note 9 for the impact and disclosures associated with the adoption of ASC Topic 842). Comparative periods and related disclosures have not been restated for the application of ASC Topic 842. Recently Issued Accounting Pronouncements Pending Adoption In June 2016, the FASB issued ASU 2016–13, Measurement of Credit Losses on Financial Instruments (“ASU 2016–13”), which changes the recognition model for the impairment of financial instruments, including accounts receivable, loans and held-to-maturity debt securities, among others. ASU 2016–13 is required to be adopted using the modified retrospective method by January 1, 2020, with early adoption permitted for fiscal periods beginning after December 15, 2018. In contrast to current guidance, which considers current information and events and utilizes a probable threshold (an “incurred loss” model), ASU 2016–13 mandates an “expected loss” model. The expected loss model: (i) estimates the risk of loss even when risk is remote, (ii) estimates losses over the contractual life, (iii) considers past events, current conditions and reasonable supported forecasts and (iv) has no recognition threshold. ASU 2016–13 will have applicability to our accounts receivable portfolio, particularly those receivables attributable to our joint interest partners which have a higher credit risk than those associated with our traditional customer receivables. At this time, we do not anticipate that the adoption of ASU 2016–13 will have a significant impact on our Consolidated Financial Statements and related disclosures; however, we are continuing to evaluate the requirements as well as monitoring developments regarding ASU 2016–13 that are unique to our industry. We plan to adopt ASU 2016–13 effective January 1, 2020. Going Concern Presumption Our unaudited Condensed Consolidated Financial Statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities and other commitments in the normal course of business. Subsequent Events Management has evaluated all of our activities through the issuance date of our Condensed Consolidated Financial Statements and has concluded that no subsequent events have occurred that would require recognition in our Condensed Consolidated Financial Statements or disclosure in the Notes thereto.
New Accounting Pronouncements	Adoption of Recently Issued Accounting Pronouncements Effective January 1, 2019, we adopted and began applying the relevant guidance provided in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Update (“ASU”) 2016–02, Leases (“ASU 2016–02”) and related amendments to GAAP which, together with ASU 2016–02, represent ASC Topic 842, Leases (“ASC Topic 842”). We adopted ASC Topic 842 using the optional transition approach with a charge to the beginning balance of retained earnings as of January 1, 2019 (see Note 9 for the impact and disclosures associated with the adoption of ASC Topic 842). Comparative periods and related disclosures have not been restated for the application of ASC Topic 842. Recently Issued Accounting Pronouncements Pending Adoption In June 2016, the FASB issued ASU 2016–13, Measurement of Credit Losses on Financial Instruments
Fair Value Measurements	We used the following methods and assumptions to estimate fair values for the financial assets and liabilities described below: • Commodity derivatives : We determine the fair values of our commodity derivative instruments based on discounted cash flows derived from third-party quoted forward prices for WTI , LLS and MEH crude oil closing prices as of the end of the reporting periods. We generally use the income approach, using valuation techniques that convert future cash flows to a single discounted value. Each of these is a Level 2 input. Non-Recurring Fair Value Measurements In addition to the fair value measurements applied with respect to the Hunt Acquisition, as described in Note 3, the most significant non-recurring fair value measurements utilized in the preparation of our Condensed Consolidated Financial Statements are those attributable to the initial determination of AROs associated with the ongoing development of new oil and gas properties. The determination of the fair value of AROs is based upon regional market and facility specific information. The amount of an ARO and the costs capitalized represent the estimated future cost to satisfy the abandonment obligation using current prices that are escalated by an assumed inflation factor after discounting the future cost back to the date that the abandonment obligation was incurred using a rate commensurate with the risk, which approximates our cost of funds. Because these significant fair value inputs are typically not observable, we have categorized the initial estimates as Level 3 inputs. We apply the authoritative accounting provisions included in GAAP for measuring the fair value of both our financial and nonfinancial assets and liabilities. Fair value is an exit price representing the expected amount we would receive upon the sale of an asset or that we would expect to pay to transfer a liability in an orderly transaction with market participants at the measurement date. Our financial instruments that are subject to fair value disclosure consist of cash and cash equivalents, accounts receivable, accounts payable, derivatives and our Credit Facility and Second Lien Facility borrowings. As of September 30, 2019 , the carrying values of all of these financial instruments approximated fair value.

Acquisitions and Divestitures (

Acquisitions and Divestitures (Tables)	9 Months Ended
	Sep. 30, 2019
Acquisitions [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	We accounted for the Hunt Acquisition by applying the acquisition method of accounting as of March 1, 2018. The following table represents the final fair values assigned to the net assets acquired and the total acquisition cost incurred, including consideration transferred to Hunt: Assets Oil and gas properties - proved $ 82,443 Oil and gas properties - unproved 16,339 Liabilities Revenue suspense 1,448 Asset retirement obligations 356 Net assets acquired $ 96,978 Cash consideration paid to Hunt, net $ 82,955 Application of working capital adjustments 245 Accumulated costs, net of suspended revenues, for wells in which Hunt had rights to participate 13,778 Total acquisition costs incurred $ 96,978
Business Acquisition, Pro Forma Information	The pro forma financial information does not purport to represent what our actual results of operations would have been if the Hunt Acquisition had occurred as of this date, or the results of operations for any future periods. Nine Months Ended September 30, 2018 Total revenues $ 321,221 Net income $ 26,162 Net income per share - basic $ 1.74 Net income per share - diluted $ 1.71

Accounts Receivable and Reven_2

Accounts Receivable and Revenues from Contracts with Customers (Tables)	9 Months Ended
	Sep. 30, 2019
Receivables [Abstract]
Summary of Accounts Receivable	The following table summarizes our accounts receivable by type as of the dates presented: September 30, December 31, 2019 2018 Customers $ 54,987 $ 59,030 Joint interest partners 6,703 6,404 Other 661 640 62,351 66,074 Less: Allowance for doubtful accounts (51 ) (36 ) $ 62,300 $ 66,038

Derivative Instruments (Tables)

Derivative Instruments (Tables)	9 Months Ended
	Sep. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Commodity Derivative Positions	The following table sets forth our commodity derivative positions, presented on a net basis by period of maturity, as of September 30, 2019 : Average Weighted Volume Per Average Fair Value Instrument Day Price Asset Liability Crude Oil: (barrels) ($/barrel) Fourth quarter 2019 Swaps-WTI 11,398 $ 55.97 $ 2,804 $ — Fourth quarter 2019 Swaps-LLS 5,000 $ 59.17 995 — Fourth quarter 2019 Swaps-MEH 1,000 $ 64.00 131 — First quarter 2020 Swaps-WTI 9,000 $ 55.19 2,942 — First quarter 2020 Swaps-MEH 2,000 $ 61.03 114 — Second quarter 2020 Swaps-WTI 7,000 $ 54.94 3,220 — Second quarter 2020 Swaps-MEH 2,000 $ 61.03 90 — Third quarter 2020 Swaps-WTI 7,000 $ 54.94 3,878 — Third quarter 2020 Swaps-MEH 2,000 $ 61.03 100 — Fourth quarter 2020 Swaps-WTI 7,000 $ 54.94 4,203 — Fourth quarter 2020 Swaps-MEH 2,000 $ 61.03 96 — Settlements to be paid in subsequent period 368
Impact of Derivative Activities on Condensed Consolidated Statements of Income	The impact of our derivative activities on income is included in “Derivatives” in our Condensed Consolidated Statements of Operations. The following table summarizes the effects of our derivative activities for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Derivative gains (losses) $ 24,248 $ (40,689 ) $ (30,166 ) $ (111,725 )
Fair Value of Derivative Instruments on Condensed Consolidated Balance Sheets	The following table summarizes the fair values of our derivative instruments presented on a gross basis, as well as the locations of these instruments on our Condensed Consolidated Balance Sheets as of the dates presented: September 30, 2019 December 31, 2018 Derivative Derivative Derivative Derivative Type Balance Sheet Location Assets Liabilities Assets Liabilities Commodity contracts Derivative assets/liabilities – current $ 18,214 $ 4,308 $ 34,932 $ 991 Commodity contracts Derivative assets/liabilities – noncurrent 4,311 12 10,100 — $ 22,525 $ 4,320 $ 45,032 $ 991

Property and Equipment (Tables)

Property and Equipment (Tables)	9 Months Ended
	Sep. 30, 2019
Property, Plant and Equipment [Abstract]
Summary of Property and Equipment	The following table summarizes our property and equipment as of the dates presented: September 30, December 31, 2019 2018 Oil and gas properties: Proved $ 1,329,116 $ 1,037,993 Unproved 67,865 63,484 Total oil and gas properties 1,396,981 1,101,477 Other property and equipment 25,359 20,383 Total properties and equipment 1,422,340 1,121,860 Accumulated depreciation, depletion and amortization (323,196 ) (193,866 ) $ 1,099,144 $ 927,994

Long-Term Debt Long-Term Debt (

Long-Term Debt Long-Term Debt (Tables)	9 Months Ended
	Sep. 30, 2019
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	The following table summarizes our debt obligations as of the dates presented: September 30, 2019 December 31, 2018 Principal Unamortized Discount and Deferred Issuance Costs 1, 2 Principal Unamortized Discount and Deferred Issuance Costs 1, 2 Credit facility $ 370,400 $ 321,000 Second lien term loan 200,000 $ 7,955 200,000 $ 9,625 Totals 570,400 $ 7,955 521,000 $ 9,625 Less: Unamortized discount 2 (2,608 ) (3,159 ) Less: Unamortized deferred issuance costs 1, 2 (5,347 ) (6,466 ) Long-term debt, net $ 562,445 $ 511,375 _______________________ 1 Excludes issuance costs of the Credit Facility, which represent costs attributable to the access to credit over its contractual term, that have been presented as a component of Other assets (see Note 10) and are being amortized over the term of the Credit Facility using the straight-line method. 2

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2019
Leases [Abstract]
Lease, Cost	The following table summarizes the components of our total lease cost for the periods presented: Three Months Ended Nine Months Ended September 30, 2019 Operating lease cost $ 208 $ 565 Short-term lease cost 9,969 33,024 Variable lease cost 6,777 17,420 Less: Amounts charged as drilling costs 1 (9,224 ) (30,865 ) Total lease cost recognized in the Condensed Consolidated Statement of Operations 2 $ 7,730 $ 20,144 ___________________ 1 Represents the combined gross amounts paid and (i) capitalized as drilling costs for our working interest share and (ii) billed to joint interest partners for their working interest share for short-term leases of operated drilling rigs. 2 Includes $ 3.9 million and $ 8.9 million recognized in Gathering, processing and transportation, $ 3.6 million and $ 10.7 million recognized in Lease operating and $ 0.2 million and $ 0.6 million recognized in G&A for the three and nine months ended September 30, 2019 , respectively.
Schedule of Supplemental Cash Flow Information Related to Leases	The following table summarizes supplemental cash flow information related to leases for the nine months ended September 30, 2019 : Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 442 ROU assets obtained in exchange for lease obligations: Operating leases 1 $ 3,325
Schedule of Supplemental Balance Sheet Information Related to Leases	Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 442 ROU assets obtained in exchange for lease obligations: Operating leases 1 $ 3,325 ___________________ 1 Includes $ 2.5 million recognized upon adoption of ASC Topic 842 and $ 0.8 million obtained during the nine months ended September 30, 2019 . The following table summarizes supplemental balance sheet information related to leases as of September 30, 2019 : ROU assets - operating leases $ 2,901 Current operating lease obligations $ 858 Noncurrent operating lease obligations 2,389 Total operating lease obligations $ 3,247 Weighted-average remaining lease term Operating leases 4.3 Years Weighted-average discount rate Operating leases 5.97 % Maturities of operating lease obligations for the years ending December 31, 2019 $ 217 2020 847 2021 830 2022 833 2023 833 2024 and thereafter 139 Total undiscounted lease payments 3,699 Less: imputed interest (452 ) Total operating lease obligations $ 3,247

Additional Balance Sheet Deta_2

Additional Balance Sheet Detail (Tables)	9 Months Ended
	Sep. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Components of Selected Balance Sheet Accounts	The following table summarizes components of selected balance sheet accounts as of the dates presented: September 30, December 31, 2019 2018 Other current assets: Tubular inventory and well materials $ 3,792 $ 4,061 Prepaid expenses 1,778 1,064 $ 5,570 $ 5,125 Other assets: Deferred issuance costs of the Credit Facility, net of amortization $ 4,179 $ 2,437 Right-of-use assets – operating leases 2,901 — Other 67 44 $ 7,147 $ 2,481 Accounts payable and accrued liabilities: Trade accounts payable $ 33,036 $ 16,507 Drilling costs 25,105 22,434 Royalties and revenue – related 43,354 51,212 Production, ad valorem and other taxes 7,562 2,418 Compensation – related 5,011 4,489 Interest 675 670 Current operating lease obligations 858 — Other 3,374 5,970 $ 118,975 $ 103,700 Other liabilities: Asset retirement obligations $ 4,784 $ 4,314 Noncurrent operating lease obligations 2,389 — Defined benefit pension obligations 777 857 Postretirement health care benefit obligations 409 362 $ 8,359 $ 5,533

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2019
Fair Value Disclosures [Abstract]
Assets and Liabilities Measured at Fair Value on Recurring Basis	The following tables summarize the valuation of those assets and (liabilities) as of the dates presented: September 30, 2019 Fair Value Fair Value Measurement Classification Description Measurement Level 1 Level 2 Level 3 Assets: Commodity derivative assets – current $ 18,214 $ — $ 18,214 $ — Commodity derivative assets – noncurrent $ 4,311 $ — $ 4,311 $ — Liabilities: Commodity derivative liabilities – current $ (4,308 ) $ — $ (4,308 ) $ — Commodity derivative liabilities – noncurrent $ (12 ) $ — $ (12 ) $ — December 31, 2018 Fair Value Fair Value Measurement Classification Description Measurement Level 1 Level 2 Level 3 Assets: Commodity derivative assets – current $ 34,932 $ — $ 34,932 $ — Commodity derivative assets - noncurrent $ 10,100 $ — $ 10,100 $ — Liabilities: Commodity derivative liabilities – current $ (991 ) $ — $ (991 ) $ — Commodity derivative liabilities – noncurrent $ — $ — $ — $ —

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2019
Equity [Abstract]
Schedule of Stockholders Equity	The following tables summarize the components of our shareholders ’ equity and the changes therein as of and for the quarterly periods in 2019 and 2018 . Common Stock Paid-in Capital Retained Earnings Accumulated Other Comprehensive Income Total Shareholders’ Equity Balance as of December 31, 2018 $ 151 $ 197,630 $ 249,492 $ 82 $ 447,355 Net loss — — (38,697 ) — (38,697 ) Cumulative effect of change in accounting principle 1 — — (94 ) — (94 ) All other changes 2 — 381 — (1 ) 380 Balance as of March 31, 2019 $ 151 $ 198,011 $ 210,701 $ 81 $ 408,944 Net income — — 51,625 — 51,625 All other changes 2 — 986 — (1 ) 985 Balance as of June 30, 2019 $ 151 $ 198,997 $ 262,326 $ 80 $ 461,554 Net income — — 54,362 — 54,362 All other changes 2 — 742 — — 742 Balance as of September 30, 2019 $ 151 $ 199,739 $ 316,688 $ 80 $ 516,658 _______________________ 1 Attributable to the adoption of ASC Topic 842 as of January 1, 2019 (see Note 9). 2 Includes equity-classified share-based compensation of $3.1 million during the nine months ended September 30, 2019 . During the nine months ended September 30, 2019 , 42,534 shares of common stock were issued in connection with the vesting of certain time-vested restricted stock units (“RSUs”), net of shares withheld for income taxes. Common Stock Paid-in Capital Retained Earnings Accumulated Other Comprehensive Income Total Shareholders’ Equity Balance as of December 31, 2017 $ 150 $ 194,123 $ 27,366 $ — $ 221,639 Net income — — 10,295 — 10,295 Cumulative effect of change in accounting principle 1 — — (2,659 ) — (2,659 ) All other changes 2 1 988 — — 989 Balance as of March 31, 2018 $ 151 $ 195,111 $ 35,002 $ — $ 230,264 Net loss — — (2,521 ) — (2,521 ) All other changes 2 — 869 — — 869 Balance as of June 30, 2018 $ 151 $ 195,980 $ 32,481 $ — $ 228,612 Net income 16,276 16,276 All other changes 2 1,020 1,020 Balance as of September 30, 2018 $ 151 $ 197,000 $ 48,757 $ — $ 245,908 _______________________ 1 Reflects a write-off for certain accounts receivable attributable to natural gas imbalances accounted for under the entitlements method prior to January 1, 2018, in connection with the adoption of ASC Topic 606, Revenues from Contracts with Customers . 2 Includes equity-classified share-based compensation of $3.5 million during the nine months ended September 30, 2018 . During the nine months ended September 30, 2018 , 53,411 and 1,495

Interest Expense (Tables)

Interest Expense (Tables)	9 Months Ended
	Sep. 30, 2019
Banking and Thrift [Abstract]
Interest Expense Net Disclosure	The following table summarizes the components of interest expense for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Interest on borrowings and related fees $ 8,945 $ 8,897 $ 27,960 $ 22,675 Accretion of original issue discount 1 188 172 551 505 Amortization of debt issuance costs 608 693 1,993 2,004 Capitalized interest (1,005 ) (2,440 ) (3,234 ) (7,111 ) $ 8,736 $ 7,322 $ 27,270 $ 18,073 ___________________ 1 Attributable to the Second Lien Facility (see Note 7).

Earnings per Share (Tables)

Earnings per Share (Tables)	9 Months Ended
	Sep. 30, 2019
Earnings Per Share [Abstract]
Components of Calculation of Basic and Diluted Earnings Per Share	The following table provides a reconciliation of the components used in the calculation of basic and diluted earnings per share for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Net income - basic and diluted $ 54,362 $ 16,276 $ 67,290 $ 24,050 Weighted-average shares – basic 15,110 15,062 15,105 15,054 Effect of dilutive securities 50 282 60 224 Weighted-average shares – diluted 15,160 15,344 15,165 15,278

Acquisitions and Divestitures_2

Acquisitions and Divestitures (Details) - USD ($)	Jul. 31, 2018	Nov. 30, 2018	Jul. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018	Mar. 31, 2018	Mar. 01, 2018	Dec. 31, 2017	Sep. 29, 2017
Business Acquisition [Line Items]
Capitalized Costs, Proved Properties				$ 2,400,000		$ 3,200,000	$ 2,400,000
Asset Retirement Obligation						4,800,000
Business Acquisition, Transaction Costs						500,000
Proceeds from sales of assets, net						1,700,000
Business Acquisition, Pro Forma Revenue							321,221,000
Business Acquisition, Pro Forma Income (Loss) from Continuing Operations, Net of Tax							$ 26,162,000
Business Acquisition, Pro Forma Earnings Per Share, Basic							$ 1.74
Business Acquisition, Pro Forma Earnings Per Share, Diluted							$ 1.71
Second Lien Facility						200,000,000		$ 200,000,000				$ 200,000,000
Working Interests Acquisition [Member] [Domain]
Business Acquisition [Line Items]
Cash Paid on Date of Acquisition						6,000,000
Hunt Acquisition [Member]
Business Acquisition [Line Items]
Application of working capital adjustments	$ 200,000		$ 200,000							$ 245,000
Capitalized Costs, Proved Properties										82,443,000
Asset Retirement Obligation										356,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net										96,978,000
Net Cash Paid on Date of Acquisition										82,955,000
Payments to Acquire Business						$ 86,000,000
Cash Paid on Date of Acquisition										84,400,000
Accumulated Costs, net of suspended revenues, for wells in which Hunt elected not to participate										13,778,000
Business Acquisition, Transaction Costs									$ 400,000	96,978,000	$ 100,000
Capitalized Costs, Unproved Properties										$ 16,339,000
Cash Received for Suspended Revenues Attributable to Acquired Properties			1,448,000
Mid-Continent Divestiture [Member]
Business Acquisition [Line Items]
Application of working capital adjustments	(1,300,000)		(1,300,000)
Asset Retirement Obligation	300,000		$ 300,000
Proceeds from sales of assets, net	$ 6,200,000				$ 6,000,000
Cash Paid to Buyer in Connection with Final Settlement		$ 500,000
Cash Paid for Suspended Revenues in Connection with FInal Settlement		$ 200,000
Pre-Tax Operating Income Attributable to Assets Sold				$ 200,000			$ (1,600,000)

Accounts Receivable and Reven_3

Accounts Receivable and Revenues from Contracts with Customers - Summary of Accounts Receivable (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Receivables [Abstract]
Customers	$ 54,987	$ 59,030
Joint interest partners	6,703	6,404
Other	661	640
Accounts Receivable, Gross, Current, Total	62,351	66,074
Less: Allowance for doubtful accounts	(51)	(36)
Accounts receivable, net of allowance for doubtful accounts	$ 62,300	$ 66,038

Accounts Receivable and Reven_4

Accounts Receivable and Revenues from Contracts with Customers - Additional Information (Details) - Accounts Receivable $ in Millions	9 Months Ended		12 Months Ended
	Sep. 30, 2019USD ($)Customer	Sep. 30, 2018USD ($)Customer	Dec. 31, 2018USD ($)
Credit Concentration Risk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk, percentage	60.00%		63.00%
Accounts receivable, major customers	$ 32.9		$ 37.3
Customer Concentration Risk [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of major customers | Customer	4	3
Revenues, major customers	$ 261.4	$ (254.5)
Concentration risk, percentage	76.00%	81.00%
Customer Concentration Risk [Member] | Major Customer 1
Accounts, Notes, Loans and Financing Receivable [Line Items]
Revenues, major customers	$ (127.1)
Concentration risk, percentage	37.00%
Customer Concentration Risk [Member] | Major Customer 2
Accounts, Notes, Loans and Financing Receivable [Line Items]
Revenues, major customers	$ (62.4)
Concentration risk, percentage	18.00%
Customer Concentration Risk [Member] | Major Customer 3
Accounts, Notes, Loans and Financing Receivable [Line Items]
Revenues, major customers	$ (37.3)
Concentration risk, percentage	11.00%
Customer Concentration Risk [Member] | Major Customer Four [Domain]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Revenues, major customers	$ (34.6)
Concentration risk, percentage	10.00%

Derivative Instruments - Additi

Derivative Instruments - Additional Information (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2019USD ($)Entity	Dec. 31, 2018USD ($)
Derivative Instruments and Hedging Activities Disclosure [Line Items]
Derivative assets	$ 4,320	$ 991
Commodity contracts
Derivative Instruments and Hedging Activities Disclosure [Line Items]
Derivative assets	$ 18,200
Number of derivative counterparties | Entity	8
Commodity contracts | Crude Oil
Derivative Instruments and Hedging Activities Disclosure [Line Items]
Third-party quoted forward prices	WTI
Commodity contracts | Louisiana Light Sweet [Member]
Derivative Instruments and Hedging Activities Disclosure [Line Items]
Third-party quoted forward prices	LLS
Commodity contracts | MEH [Member]
Derivative Instruments and Hedging Activities Disclosure [Line Items]
Third-party quoted forward prices	MEH

Commodity Derivative Positions

Commodity Derivative Positions (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2019USD ($)bbl$ / bbl
Settlement Agreement [Member]
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value	$ 368
Crude Oil | Fourth Quarter 2019 [Member]
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Type of Instrument	Swaps-WTI
Derivative, Nonmonetary Notional Amount | bbl	11,398
Derivative, Swap Type, Average Fixed Price | $ / bbl	55.97
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value	$ 2,804
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value	$ 0
Crude Oil | First Quarter 2020 [Member]
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Type of Instrument	Swaps-WTI
Derivative, Nonmonetary Notional Amount | bbl	9,000
Derivative, Swap Type, Average Fixed Price | $ / bbl	55.19
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value	$ 2,942
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value	$ 0
Crude Oil | Second Quarter 2020 [Member]
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Type of Instrument	Swaps-WTI
Derivative, Nonmonetary Notional Amount | bbl	7,000
Derivative, Swap Type, Average Fixed Price | $ / bbl	54.94
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value	$ 3,220
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value	$ 0
Crude Oil | Third Quarter 2020 [Member]
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Type of Instrument	Swaps-WTI
Derivative, Nonmonetary Notional Amount | bbl	7,000
Derivative, Swap Type, Average Fixed Price | $ / bbl	54.94
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value	$ 3,878
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value	$ 0
Crude Oil | Fourth Quarter 2020 [Member]
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Type of Instrument	Swaps-WTI
Derivative, Nonmonetary Notional Amount | bbl	7,000
Derivative, Swap Type, Average Fixed Price | $ / bbl	54.94
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value	$ 4,203
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value	$ 0
Louisiana Light Sweet [Member] | Fourth Quarter 2019 [Member]
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Type of Instrument	Swaps-LLS
Derivative, Nonmonetary Notional Amount | bbl	5,000
Derivative, Swap Type, Average Fixed Price | $ / bbl	59.17
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value	$ 995
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value	$ 0
MEH [Member] | Fourth Quarter 2019 [Member]
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Type of Instrument	Swaps-MEH
Derivative, Nonmonetary Notional Amount | bbl	1,000
Derivative, Swap Type, Average Fixed Price | $ / bbl	64
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value	$ 131
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value	$ 0
MEH [Member] | First Quarter 2020 [Member]
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Type of Instrument	Swaps-MEH
Derivative, Nonmonetary Notional Amount | bbl	2,000
Derivative, Swap Type, Average Fixed Price | $ / bbl	61.03
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value	$ 114
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value	$ 0
MEH [Member] | Second Quarter 2020 [Member]
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Type of Instrument	Swaps-MEH
Derivative, Nonmonetary Notional Amount | bbl	2,000
Derivative, Swap Type, Average Fixed Price | $ / bbl	61.03
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value	$ 90
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value	$ 0
MEH [Member] | Third Quarter 2020 [Member]
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Type of Instrument	Swaps-MEH
Derivative, Nonmonetary Notional Amount | bbl	2,000
Derivative, Swap Type, Average Fixed Price | $ / bbl	61.03
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value	$ 100
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value	$ 0
MEH [Member] | Fourth Quarter 2020 [Member]
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Type of Instrument	Swaps-MEH
Derivative, Nonmonetary Notional Amount | bbl	2,000
Derivative, Swap Type, Average Fixed Price | $ / bbl	61.03
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value	$ 96
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value	$ 0

Impact of Derivative Activities

Impact of Derivative Activities on Condensed Consolidated Statements of Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Derivative Instruments, Gain (Loss) [Line Items]
Derivatives	$ 24,248	$ (40,689)	$ (30,166)	$ (111,725)

Fair Value of Derivative Instru

Fair Value of Derivative Instruments on Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Derivatives, Fair Value [Line Items]
Derivative assets	$ 18,214	$ 34,932
Derivative liabilities	4,308	991
Derivative assets	4,311	10,100
Derivative Liability, Noncurrent	12	0
Derivative Liability	4,320	991
Derivative Asset	22,525	45,032
Commodity contracts
Derivatives, Fair Value [Line Items]
Derivative Liability	18,200
Commodity contracts | Current Derivative Contract [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	18,214	34,932
Derivative liabilities	4,308	991
Commodity contracts | Noncurrent Derivative Contract [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	4,311	10,100
Derivative Liability, Noncurrent	12	0
Fair Value, Measurements, Recurring | Commodity contracts
Derivatives, Fair Value [Line Items]
Derivative assets	18,214	34,932
Derivative liabilities	(4,308)	(991)
Derivative assets	4,311	10,100
Derivative Liability, Noncurrent	$ 12	$ 0

Summary of Property and Equipme

Summary of Property and Equipment (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2019USD ($)$ / bbl	Sep. 30, 2018USD ($)$ / bbl	Dec. 31, 2018USD ($)
Property, Plant and Equipment [Abstract]
Proved Oil and Gas Property, Full Cost Method	$ 1,329,116		$ 1,037,993
Unproved Oil and Gas Property, Full Cost Method	67,865		63,484
Oil and Gas Property, Full Cost Method, Gross	1,396,981		1,101,477
Other property and equipment	25,359		20,383
Total properties and equipment	1,422,340		1,121,860
Accumulated depreciation, depletion and amortization	(323,196)		(193,866)
Property and equipment, net (successful efforts method)	1,099,144		927,994
Unproved Oil and Gas Property excluded	67,900		63,500
Capitalized Exploratory Well Costs	3,500		$ 300
Undeveloped Leasehold Costs Transferred	200	$ 11,400
Capitalized Costs, Proved Properties	3,200	2,400
Interest Costs Capitalized	$ 3,200	$ 7,100
Amortization Expense Per Physical Unit of Production | $ / bbl	17.47	15.83

Long-Term Debt - Summary of Lon

Long-Term Debt - Summary of Long-Term Debt (Details) - USD ($)	Sep. 30, 2019	Dec. 31, 2018	Sep. 29, 2017
Debt Instrument [Line Items]
Revolving credit facility	$ 370,400,000	$ 321,000,000
Second Lien Facility	200,000,000	200,000,000	$ 200,000,000
Long-term Debt	570,400,000	521,000,000
Debt Instrument, Unamortized Discount	(2,608,000)	(3,159,000)	(4,000,000)
Unamortized Debt Issuance Expense	(5,347,000)	(6,466,000)	$ (8,200,000)
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net	562,445,000	511,375,000
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums	$ 7,955,000	$ 9,625,000

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Details)	1 Months Ended	9 Months Ended
	Apr. 30, 2019	Sep. 30, 2019USD ($)	Sep. 30, 2017USD ($)	May 03, 2019USD ($)	Dec. 31, 2018USD ($)	Sep. 30, 2018	Sep. 29, 2017USD ($)
Debt Disclosure [Line Items]
Debt Issuance Costs, Line of Credit Arrangements, Gross				$ 2,600,000
Current Ratio				1
Second Lien Facility		$ 200,000,000			$ 200,000,000		$ 200,000,000
Proceeds from Debt, Net of Issuance Costs			$ 187,800,000
Debt Instrument, Unamortized Discount		2,608,000			3,159,000		4,000,000
Unamortized Debt Issuance Expense		$ 5,347,000			6,466,000		$ 8,200,000
Debt Instrument, Discounted Percentage		98.00%
Year 2 [Member]
Debt Disclosure [Line Items]
Prepayment Premium		102.00%
Prepayment Premium, Change in Control		102.00%
Year 3 [Member]
Debt Disclosure [Line Items]
Prepayment Premium		101.00%
Prepayment Premium, Change in Control		101.00%
Revolving Credit Facility
Debt Disclosure [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity				$ 1,000,000,000
Line of Credit Facility, Current Borrowing Capacity				$ 500,000,000
Interest Rate at Period End		4.07%
Debt To E B I T D Ratio Maximum				4
Line of Credit [Member]
Debt Disclosure [Line Items]
Letters of Credit Outstanding, Amount		$ 400,000			$ 400,000
Line of Credit [Member] | Letter of Credit
Debt Disclosure [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity				$ 25,000,000
Second Lien Facility [Member]
Debt Disclosure [Line Items]
Interest rate option one, applicable margin rate over Adjusted LIBOR		7.00%
Interest rate option two, applicable margin rate		6.00%
Second Lien Facility, Initial Interest Rate		9.05%				8.34%
Second Lien Facility, Effective Interest Rate		9.89%
Debt Instrument, Term		5 years
Minimum [Member] | Revolving Credit Facility
Debt Disclosure [Line Items]
Interest rate option one, applicable margin rate over Adjusted LIBOR	0.50%
Interest rate option two, applicable margin rate	1.50%
Minimum [Member] | Letter of Credit
Debt Disclosure [Line Items]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage		0.375%
Maximum [Member] | Revolving Credit Facility
Debt Disclosure [Line Items]
Interest rate option one, applicable margin rate over Adjusted LIBOR	1.50%
Interest rate option two, applicable margin rate	2.50%
Maximum [Member] | Letter of Credit
Debt Disclosure [Line Items]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage		0.50%
Interest Payable One [Member] | Revolving Credit Facility
Debt Disclosure [Line Items]
Debt Instrument, Interest Payable Period		1 month
Interest Payable Two [Member] | Revolving Credit Facility
Debt Disclosure [Line Items]
Debt Instrument, Interest Payable Period		3 months
Interest Payable Three [Member] | Revolving Credit Facility
Debt Disclosure [Line Items]
Debt Instrument, Interest Payable Period		6 months

Income Taxes (Details)

Income Taxes (Details) - USD ($)	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Federal statutory income tax rate (as a percent)		21.60%
Deferred income taxes	$ 1,023,000		$ 0
Blended tax rate (as a percent)	21.60%
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability	$ 1,200,000	$ 200,000
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent	2.50%	0.60%
Unrecognized Tax Benefits	$ 0
Income Tax Examination, Penalties and Interest Expense	$ 0	$ 0

Leases (Details)

Leases (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Mar. 31, 2019	Sep. 30, 2019	Dec. 31, 2018
Lessee, Lease, Description [Line Items]
Operating Lease, Right-of-Use Asset	$ 2,901	$ 2,500	$ 2,901	$ 0
Operating Lease, Payments			442
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	800	2,500	3,325
Operating Lease, Liability, Current	858		858	0
Operating Lease, Liability, Noncurrent	2,389		2,389	$ 0
Operating Lease, Liability	$ 3,247	$ 2,800	$ 3,247
Operating Lease, Weighted Average Remaining Lease Term	4 years 3 months 18 days		4 years 3 months 18 days
Operating Lease, Weighted Average Discount Rate, Percent	5.97%		5.97%
Lessee, Operating Lease, Liability, Payments, Remainder of Fiscal Year	$ 217		$ 217
Lessee, Operating Lease, Liability, Payments, Due Year Two	847		847
Lessee, Operating Lease, Liability, Payments, Due Year Three	830		830
Lessee, Operating Lease, Liability, Payments, Due Year Four	833		833
Lessee, Operating Lease, Liability, Payments, Due Year Five	833		833
Lessee, Operating Lease, Liability, Payments, Due after Year Five	139		139
Lessee, Operating Lease, Liability, Payments, Due	3,699		3,699
Lessee, Operating Lease, Liability, Undiscounted Excess Amount	(452)		(452)
Operating Lease, Cost	208		565
Short-term Lease, Cost	9,969		33,024
Variable Lease, Cost	6,777		17,420
Amounts charged as dilling costs	(9,224)		(30,865)
Lease, Cost	7,730		20,144
Natural Gas, Gathering, Transportation, Marketing and Processing [Member]
Lessee, Lease, Description [Line Items]
Lease, Cost	3,900		8,900
Operating Expense [Member]
Lessee, Lease, Description [Line Items]
Lease, Cost	3,600		10,700
General and Administrative Expense [Member]
Lessee, Lease, Description [Line Items]
Lease, Cost	$ 200		$ 600
Minimum [Member]
Lessee, Lease, Description [Line Items]
Lessee, Operating Lease, Term of Contract	2 years		2 years
Maximum [Member]
Lessee, Lease, Description [Line Items]
Lessee, Operating Lease, Term of Contract	5 years		5 years

Components of Selected Balance

Components of Selected Balance Sheet Accounts (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Mar. 31, 2019	Dec. 31, 2018
Other current assets:
Tubular inventory and well materials	$ 3,792		$ 4,061
Prepaid expenses	1,778		1,064
Other Assets, Current	5,570		5,125
Other assets:
Deferred issuance costs of the Revolver	4,179		2,437
Operating Lease, Right-of-Use Asset	2,901	$ 2,500	0
Other	67		44
Other assets	7,147		2,481
Accounts payable and accrued liabilities:
Trade accounts payable	33,036		16,507
Drilling costs	25,105		22,434
Royalties and revenue – related	43,354		51,212
Production, ad valorem and other taxes	7,562		2,418
Compensation – related	5,011		4,489
Interest	675		670
Operating Lease, Liability, Current	858		0
Other	3,374		5,970
Accounts payable and accrued liabilities	118,975		103,700
Other liabilities:
Asset retirement obligations	4,784		4,314
Operating Lease, Liability, Noncurrent	2,389		0
Defined benefit pension obligations	777		857
Postretirement health care benefit obligations	409		362
Other liabilities	$ 8,359		$ 5,533

Assets and Liabilities Measured

Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	$ 18,214	$ 34,932
Derivative assets	4,311	10,100
Liabilities:
Commodity derivative liabilities – current	4,308	991
Derivative Liability, Noncurrent	12	0
Fair Value, Measurements, Recurring | Commodity contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	18,214	34,932
Derivative assets	4,311	10,100
Liabilities:
Commodity derivative liabilities – current	(4,308)	(991)
Derivative Liability, Noncurrent	12	0
Fair Value, Measurements, Recurring | Commodity contracts | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0	0
Derivative assets	0	0
Liabilities:
Commodity derivative liabilities – current	0	0
Derivative Liability, Noncurrent	0	0
Fair Value, Measurements, Recurring | Commodity contracts | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	18,214	34,932
Derivative assets	4,311	10,100
Liabilities:
Commodity derivative liabilities – current	(4,308)	(991)
Derivative Liability, Noncurrent	12	0
Fair Value, Measurements, Recurring | Commodity contracts | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0	0
Derivative assets	0	0
Liabilities:
Commodity derivative liabilities – current	0	0
Derivative Liability, Noncurrent	$ 0	$ 0
Crude Oil | Commodity contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Third-party quoted forward prices	WTI
Louisiana Light Sweet [Member] | Commodity contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Third-party quoted forward prices	LLS
MEH [Domain] | Commodity contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Third-party quoted forward prices	MEH

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) $ in Millions	9 Months Ended
	Sep. 30, 2019USD ($)bbl
Commitments and Contingencies Disclosure [Line Items]
Long-term Purchase Commitment, Minimum Volume Required | bbl	8,000
Drilling Rigs	2
Commitment length	1
Termination Notice, Days	60
Estimated Litigation Liability, Current	$ 0.3
Asset Retirement Obligation	4.8
Crude Oil Gathering And Transportation Services
Commitments and Contingencies Disclosure [Line Items]
Contractual Obligation, Due in 2019	3.2
Contractual Obligation, Due 2020 through 2025	13
Contractual Obligation, Due 2026	7.4
Contractual Obligation, Due 2027 through 2030	3.8
Contractual Obligation, Due 2031	$ 2.2

Shareholders' Equity Rollforwar

Shareholders' Equity Rollforward (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended		9 Months Ended
	Sep. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Increase (Decrease) in Stockholders' Equity [Roll Forward]
As of beginning balance	$ 461,554	$ 447,355	$ 228,612	$ 221,639	$ 447,355	$ 221,639	$ 447,355	$ 221,639
Net income (loss)	54,362	(38,697)	16,276	10,295	51,625	(2,521)	67,290	24,050
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification		(94)		(2,659)
All Other Changes	742	380	1,020	989	985	869
As of ending balance	516,658	408,944	245,908	230,264	461,554	228,612	516,658	245,908
Share-based compensation	1,000		1,000				3,101	3,472
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
As of beginning balance	151	151	151	150	151	150	151	150
All Other Changes	0	0		1	0	0
As of ending balance	151	151	151	151	151	151	151	151
Paid-in Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
As of beginning balance	198,997	197,630	195,980	194,123	197,630	194,123	197,630	194,123
All Other Changes	742	381	1,020	988	986	869
As of ending balance	199,739	198,011	197,000	195,111	198,997	195,980	199,739	197,000
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
As of beginning balance	262,326	249,492	32,481	27,366	249,492	27,366	249,492	27,366
Net income (loss)	54,362	(38,697)	16,276	10,295	51,625	(2,521)
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification		(94)		(2,659)
All Other Changes	0	0		0	0	0
As of ending balance	316,688	210,701	48,757	35,002	262,326	32,481	316,688	48,757
Accumulated Other Comprehensive Income
Increase (Decrease) in Stockholders' Equity [Roll Forward]
As of beginning balance	80	82	0	0	82	0	82	0
All Other Changes		(1)			(1)
As of ending balance	$ 80	$ 81	$ 0	$ 0	$ 80	$ 0	$ 80	$ 0
Time Vested Restricted Stock Units [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares, Issued	42,534		53,411				42,534	53,411
Performance Restricted Stock Units [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares, Issued	1,495		1,495				1,495	1,495

Share-Based Compensation and _2

Share-Based Compensation and Other Benefit Plans - Summary of Share-Based Compensation Expense (Details) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
	Jan. 31, 2017tranche	Sep. 30, 2019USD ($)shares	Sep. 30, 2018USD ($)shares	Sep. 30, 2019USD ($)$ / sharesshares	Sep. 30, 2018USD ($)$ / sharesshares	Dec. 31, 2018USD ($)
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Dividends | $				$ 0	$ 0
Share-based compensation (equity-classified) | $		$ 1,000	$ 1,000	3,101	3,472
Share-based Payment Arrangement, Accelerated Cost | $					600
Separation Agreement, Consulting Fees | $						$ 300
Defined Contribution Plan, Cost | $		200	100	500	400
Other Pension, Postretirement and Supplemental Plans [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Pension and Other Postretirement Benefits Cost (Reversal of Cost) | $		$ 100	$ 100	$ 100	$ 100
Time Vested Restricted Stock Units [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | shares		357,147		357,147
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares				$ 30.65	$ 65.96
Shares, Issued | shares		42,534	53,411	42,534	53,411
Time Vested Restricted Stock Units [Member] | Minimum [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based Compensation Arrangements By Share-based Payment Award, Award Amortization Period				2 years
Time Vested Restricted Stock Units [Member] | Maximum [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based Compensation Arrangements By Share-based Payment Award, Award Amortization Period				5 years
Performance Restricted Stock Units [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | shares		0	98,526	0	98,526
Share-based Compensation Arrangements By Share-based Payment Award, Award Amortization Period				5 years
Shares, Issued | shares		1,495	1,495	1,495	1,495
Share-based Compensation Arrangements By Share-based Payment Award, Performance Period	3 years
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum				1.44%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Maximum				1.51%
Performance Restricted Stock Units [Member] | Minimum [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate				59.63%
Share-based Compensation Arrangements By Share-based Payment Award, Number Of Award Tranches | tranche	2
Share-based Compensation Arrangement by Share-based Payment Award, Shares, Expected to Vest, Percentage				0.00%
Performance Restricted Stock Units [Member] | Maximum [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate				62.18%
Share-based Compensation Arrangements By Share-based Payment Award, Number Of Award Tranches | tranche	3
Share-based Compensation Arrangement by Share-based Payment Award, Shares, Expected to Vest, Percentage				200.00%
Performance Restricted Stock Units [Member] | Year 1 [Member] | Minimum [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares				$ 47.70
Performance Restricted Stock Units [Member] | Year 2 [Member] | Maximum [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares				$ 65.28
Time Vested Restricted Stock Units - Employees [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | shares		9,707	42,459	9,707	42,459
Employees and Directors [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | shares		1,424,600		1,424,600

Interest Expense Components of

Interest Expense Components of Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Banking and Thrift [Abstract]
Interest Expense, Borrowings	$ 8,945	$ 8,897	$ 27,960	$ 22,675
Amortization of Debt Discount (Premium)	188	172	551	505
Amortization of Debt Issuance Costs	608	693	1,993	2,004
Interest Paid, Capitalized, Investing Activities	(1,005)	(2,440)	(3,234)	(7,111)
Interest Expense	$ 8,736	$ 7,322	$ 27,270	$ 18,073

Components of Calculation of Ba

Components of Calculation of Basic and Diluted Earnings Per Share (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended		9 Months Ended
	Sep. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Earnings Per Share [Abstract]
Net income (loss)	$ 54,362	$ (38,697)	$ 16,276	$ 10,295	$ 51,625	$ (2,521)	$ 67,290	$ 24,050
Weighted-average shares – basic	15,110		15,062				15,105	15,054
Effect of dilutive securities	50		282				60	224
Weighted-average shares – diluted	15,160		15,344				15,165	15,278