Ranger Oil (ROCC) 10-Q 8 May 20 2020 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2020	May 01, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2020
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	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		15,157,919
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000077159
Current Fiscal Year End Date	--12-31

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - unaudited - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenues
Gain on sales of assets, net	$ 6	$ 25
Total revenues	91,379	105,228
Operating expenses
Lease operating	10,532	11,004
Gathering, processing and transportation	5,444	3,929
Production and ad valorem taxes	6,154	5,692
General and administrative	7,230	7,065
Depreciation, depletion and amortization	40,718	38,870
Total operating expenses	70,078	66,560
Operating income (loss)	21,301	38,668
Other income (expense)
Interest expense	(8,180)	(9,478)
Derivatives	151,119	(68,017)
Other, net	(8)	106
Income (loss) before income taxes	164,232	(38,721)
Income tax benefit (expense)	(1,138)	24
Net income (loss) attributable to common shareholders	$ 163,094	$ (38,697)
Net income (loss) per share:
Basic (in dollars per share)	$ 10.76	$ (2.56)
Diluted (in dollars per share)	$ 10.76	$ (2.56)
Weighted average shares outstanding – basic (in shares)	15,152	15,098
Weighted average shares outstanding – diluted (in shares)	15,160	15,098
Oil and Gas, Exploration and Production [Member]
Revenues
Revenues	$ (86,308)	$ (94,812)
Oil and Condensate [Member]
Revenues
Revenues	(1,893)	(5,548)
Natural Gas, Production [Member]
Revenues
Revenues	(2,690)	(4,277)
Product and Service, Other [Member]
Revenues
Revenues	$ (482)	$ (566)

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 163,094	$ (38,697)
Other comprehensive loss:
Change in pension and postretirement obligations, net of tax of $0 and $0 in 2016	(1)	(1)
Total Other Comprehensive Income (Loss), Net of Tax	(1)	(1)
Comprehensive income (loss)	$ 163,093	$ (38,698)

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - unaudited - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Current assets
Cash and cash equivalents	$ 55,331	$ 7,798
Accounts receivable, net of allowance for credit losses	34,652	70,716
Derivative assets	233,442	4,131
Income taxes receivable	2,471	1,236
Other current assets	4,765	4,458
Total current assets	330,661	88,339
Property and equipment, net (full cost method)	1,160,559	1,120,425
Derivative assets	10,963	2,750
Other assets	6,764	6,724
Total assets	1,508,947	1,218,238
Current liabilities
Accounts payable and accrued liabilities	105,863	105,824
Derivative liabilities	103,092	23,450
Total current liabilities	208,955	129,274
Other liabilities	8,616	8,382
Deferred income taxes	3,744	1,424
Derivative liabilities	10,689	3,385
Long-term debt, net	592,624	555,028
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; 15,157,919 and 15,135,598 shares issued as of March 31, 2020 and December 31, 2019, respectively	152	151
Paid-in capital	201,222	200,666
Retained earnings	483,005	319,987
Accumulated other comprehensive loss	(60)	(59)
Total shareholders’ equity	684,319	520,745
Total liabilities and shareholders’ equity	$ 1,508,947	$ 1,218,238

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS - unaudited (Parenthetical) - $ / shares	Mar. 31, 2020	Dec. 31, 2019
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	15,157,919	15,135,598
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 - unaudited - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash flows from operating activities
Net income (loss)	$ 163,094	$ (38,697)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, depletion and amortization	40,718	38,870
Derivative contracts:
Net (gains) losses	(151,119)	68,017
Cash settlements, net	(269)	4,394
Deferred income tax expense	2,320	1,212
Gain on sales of assets, net	(6)	(25)
Non-cash interest expense	823	921
Share-based compensation	856	1,038
Other, net	8	13
Changes in operating assets and liabilities, net	16,048	(6,484)
Net Cash Provided by (Used in) Operating Activities	72,473	69,259
Cash flows from investing activities
Capital expenditures	(62,015)	(86,486)
Proceeds from sales of assets, net	75	18
Net cash used in investing activities	(61,940)	(86,468)
Cash flows from financing activities
Proceeds from credit facility borrowings	46,000	12,000
Repayment of credit facility borrowings	(9,000)	(8,000)
Net cash provided by financing activities	37,000	4,000
Net increase (decrease) in cash and cash equivalents	47,533	(13,209)
Cash and cash equivalents – beginning of period	7,798	17,864
Cash and cash equivalents – end of period	55,331	4,655
Cash paid for:
Interest, net of amounts capitalized	7,442	8,413
Reorganization items, net	0	79
Non-cash investing and financing activities:
Changes in accrued liabilities related to capital expenditures	$ 18,660	$ 13,569

Details Statement

Details Statement	May 01, 2020	Mar. 31, 2020
Subsequent Event [Line Items]
Current Fiscal Year End Date		--12-31
Subsequent Event [Member]
Subsequent Event [Line Items]
Production reduction	10,000,000

Nature of Operations

Nature of Operations	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Nature of Operations	Nature of Operations Penn Virginia Corporation (together with its consolidated subsidiaries, unless the context otherwise requires, “Penn Virginia,” the “Company,” “we,” “us” or “our”) is an independent oil and gas company engaged in the onshore exploration, development and production of oil, natural gas liquids (“NGLs”) and natural gas. Our current operations consist of drilling unconventional horizontal development wells and operating our producing wells in the Eagle Ford Shale (the “Eagle Ford”) in Gonzales, Lavaca, Fayette and DeWitt Counties in South Texas. We operate in and report our financial results and disclosures as one segment, which is the exploration, development and production of crude oil, NGLs and natural gas.

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2020
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, 2019 . Operating results for the three months ended March 31, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020 . Adoption of Recently Issued Accounting Pronouncements Effective January 1, 2020, we adopted and began applying the relevant guidance provided in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Update (“ASU”) 2016–13, Measurement of Credit Losses on Financial Instruments (“ASU 2016–13”). We adopted ASU 2016–13 using the optional transition approach with a charge to the beginning balance of retained earnings as of January 1, 2020 (see Note 4 for the impact and disclosures associated with the adoption of ASU 2016–13). Comparative periods and related disclosures have not been restated for the application of ASU 2016–13. Risks and Uncertainties As an oil and gas exploration and development company, we are exposed to a number of risks and uncertainties that are inherent to our industry. In addition to such industry-specific risks, the global public health crisis associated with the novel coronavirus (“COVID-19”) has, and is anticipated to continue to have, an adverse effect on global economic activity for the immediate future and has resulted in travel restrictions, business closures and the institution of quarantining and other restrictions on movement in many communities. The slowdown in global economic activity attributable to COVID-19 has resulted in a dramatic decline in the demand for energy, which directly impacts our industry and the Company. In addition, global crude oil prices experienced a collapse starting in early March 2020 as a direct result of failed negotiations between the Organization of the Petroleum Exporting Countries (“OPEC”) and Russia. In response to the global economic slowdown, OPEC had recommended a decrease in production levels in order to accommodate reduced demand. Russia rejected the recommendation of OPEC as a concession to U.S. producers. After the failure to reach an agreement, Saudi Arabia, a dominant member of OPEC, and other Persian Gulf OPEC members announced intentions to increase production and offer price discounts to buyers in certain geographic regions. As the breadth of the COVID-19 health crisis expanded throughout the month of March 2020 and governmental authorities implemented more restrictive measures to limit person-to-person contact, global economic activity continued to decline commensurately. The associated impact on the energy industry has been adverse and continued to be exacerbated by the unresolved conflict regarding production. In the second week of April, OPEC, Russia and certain other petroleum producing nations (“OPEC+”), reconvened to discuss the matter of production cuts in light of unprecedented disruption and supply and demand imbalances that expanded since the failed negotiations in early March 2020. Tentative agreements were reached to cut production by up to 10 million barrels of oil per day with allocations to be made among the OPEC+ participants. If effected, these production cuts, however, may not offset near-term demand loss attributable to the COVID-19 health crisis and related economic slowdown, and the tentative agreement has not resulted in increased commodity prices. Despite a significant decline in drilling by U.S. producers starting in mid-March 2020, domestic supply is exceeding demand which has led to significant operational stress with respect to capacity limitations associated with storage, pipeline and refining infrastructure, particularly within the Gulf Coast region. The combined effect of the aforementioned factors is anticipated to have an adverse impact on the industry in general and our operations specifically. During March and April 2020, we initiated several actions to mitigate the anticipated adverse economic conditions for the immediate future and to support our financial position and liquidity. The more significant actions that we took in March/April 2020 included: (i) suspending our drilling and completion program, (ii) substantially expanding the scope and range of our commodity derivatives portfolio, (iii) initiating actions to pursue certain liquidity-related provisions of the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”) and related regulations. These actions are discussed further in Notes 5, 8 and 12 that follow. 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, with the exception of the re-determination of the borrowing base and related amendments to our credit agreement (“Credit Facility”), as disclosed in Note 7, 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	3 Months Ended
	Mar. 31, 2020
Acquisitions [Abstract]
Acquisitions and Divestitures	Acquisitions Eagle Ford Working Interests In 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 $ 6.5 million

Accounts Receivable and Revenue

Accounts Receivable and Revenues from Contracts with Customers	3 Months Ended
	Mar. 31, 2020
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: March 31, December 31, 2020 2019 Customers $ 27,004 $ 63,165 Joint interest partners 7,872 6,929 Other — 674 34,876 70,768 Less: Allowance for credit losses (224 ) (52 ) $ 34,652 $ 70,716 For the three months ended March 31, 2020 , four customers accounted for $66.5 million , or approximately 73% , of our consolidated product revenues. The revenues generated from these customers during the three months ended March 31, 2020 , were $22.6 million , $15.7 million , $15.7 million and $12.5 million , or 25% , 17% , 17% and 14% of the consolidated total, respectively. As of March 31, 2020 and December 31, 2019 , $22.0 million and $52.7 million , or approximately 82% and 83% , respectively, of our consolidated accounts receivable from customers was related to these customers. For the three months ended March 31, 2019 , three customers accounted for $69.0 million , or approximately 66% , of our consolidated product revenues. No significant uncertainties exist related to the collectability of amounts owed to us by any of these customers. As of March 31, 2020 and December 31, 2019, the allowance for credit losses is entirely attributable to receivables from joint interest partners. Credit Losses and Allowance for Credit Losses Adoption of ASU 2016–13 Effective January 1, 2020, we adopted ASU 2016–13 and have applied the guidance therein to our portfolio of accounts receivable including those from our customers and our joint interest partners. We have adopted ASU 2016–13 using the modified retrospective method resulting in an adjustment of less than $ 0.1 million to the beginning balance of retained earnings and a corresponding increase to the allowance for credit losses as of January 1, 2020. Accounting Policies for Credit Losses We monitor and assess our portfolio of accounts receivable, including those from our customers, our joint interest partners and others, when applicable, for credit losses on a monthly basis as we originate the underlying financial assets. Our review process and related internal controls take into appropriate consideration (i) past events and historical experience with the identified portfolio segments, (ii) current economic and related conditions within the broad energy industry as well as those factors with broader applicability and (iii) reasonable supportable forecasts consistent with other estimates that are inherent in our financial statements. In order to facilitate our processes for the review and assessment of credit losses, we have identified the following portfolio segments which are described below: (i) customers for our commodity production and (ii) joint interest partners which are further stratified into the following sub-segments: (a) mutual operators which includes joint interest partners with whom we are a non-operating joint interest partner in properties for which they are the operator, (b) large partners consisting of those legal entities that maintain a working interest of at least 10 percent in properties for which we are the operator and (c) all others which includes legal entities that maintain working interests of less than 10 percent in properties for which we are the operator as well as legal entities with whom we no longer have an active joint interest relationship, but continue to have transactions, including joint venture audit settlements, that from time-to-time give rise to the origination of new accounts receivable. Customers . We sell our commodity products to approximately 20 customers. A substantial majority of these customers are large, internationally recognized refiners and marketers in the case of our crude oil sales and large domestic processors and interstate pipelines with respect to our NGL and natural gas sales. As noted in our disclosures regarding major customers above, a significant portion of our outstanding customer accounts receivable are concentrated within a group of up to five customers at any given time. Due primarily to the historical market efficiencies and generally timely settlements associated with commodity sale transactions for crude oil, NGLs and natural gas, we have assessed this portfolio segment at zero risk for credit loss upon the adoption of ASU 2016–13 and for each of the three-months included in the period ended March 31, 2020. Historically, we have never experienced a credit loss with such customers including the periods during the 2008-2009 financial crisis and the more recent periods of significant commodity price declines. While we believe that the receivables that originated in March 2020 will be fully collected despite the ongoing uncertainty associated with the COVID-19 health crisis and the related global energy market disruptions, future originations of customer receivables will be assessed with a greater emphasis on current economic conditions and reasonable supportable forecasts. Mutual Operators . As of March 31, 2020, we had mutual joint interest partner relationships with two upstream producers that also operate properties within the Eagle Ford for which we have non-operated working interests. Historically we have had full and timely collection experiences with these entities and we ourselves are timely with respect to our payments to them of joint venture costs. Upon adoption of ASU 2016–13, we had assessed this portfolio segment at zero risk for credit loss; however, in light of the potential for liquidity concerns due to current economic conditions in the near-term, we have assessed receivables originating in March 2020 with a de minimus one percent risk. Large Partners . As of March 31, 2020, four legal entities had working interests of 10 percent or greater in properties that we operate. These entities are primarily passive investors. Historically we have had full and timely collection experiences with these entities. Upon adoption of ASU 2016–13, we had assessed this portfolio segment at a de minimus risk of one percent for credit loss; however, in light of the potential for liquidity concerns due to current economic conditions in the near-term, we have increased the assessed receivables originating in March 2020 to a two percent risk. All Others . As of March 31, 2020, approximately thirty legal entities had working interests of less than 10 percent in properties that we operate. Historically, this is the only portfolio segment with whom we have experienced credit losses. Generally, this group includes passive investors and smaller producers that may not have the wherewithal or alternative sources of liquidity to settle their obligations to us in the event of individual challenges unique to smaller entities as well as adverse economic conditions in general. Upon adoption of ASU 2016–13, we had assessed this portfolio segment at a risk of five percent for credit loss; however, in light of the potential for liquidity concerns due to current economic conditions in the near-term, we have increased the assessed receivables originated in March 2020 to a 10 percent risk. As of March 31, 2020, approximately $ 0.1 million of accounts receivables attributable to this portfolio segment was past due, or over 60 days. Supplemental Disclosures The following table summarizes the activity in our allowance for credit losses, by portfolio segment, for the three months ended March 31, 2020: Joint Interest Partners Customers Mutual Operators Large Partners All Others Total Balance at beginning of period $ — $ — $ — $ 52 $ 52 Adjustment upon adoption — — 60 16 76 Provision for expected credit losses — 24 53 19 96 Write-offs and recoveries — — — — — Balance at end of period $ — $ 24 $ 113 $ 87 $ 224

Derivative Instruments

Derivative Instruments	3 Months Ended
	Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Derivative Instruments We utilize derivative instruments, typically swaps, put options and call options which are placed with financial institutions that we believe are acceptable credit risks, to mitigate our financial exposure to commodity price volatility associated with anticipated sales of our future production and volatility in interest rates attributable to our variable rate debt instruments. Our derivative instruments are not formally designated as hedges in the context of GAAP. While the use of derivative instruments limits the risk of adverse commodity price and interest rate movements, such use may also limit the beneficial impact of future product revenues and interest expense from favorable commodity price and interest rate movements. From time to time, we may enter into incremental derivative contracts in order to increase the notional volume of production we are hedging, restructure existing derivative contracts or enter into other derivative contracts resulting in modification to the terms of existing contracts. In accordance with our internal policies, we do not utilize derivative instruments for speculative purposes. Commodity Derivatives The following is a general description of the commodity derivative instruments we have employed: Swaps . A swap contract is an agreement between two parties pursuant to which the parties exchange payments at specified dates on the basis of a specified notional amount, or the swap price, with the payments calculated by reference to specified commodities or indexes. The counterparty to a swap contract is required to make a payment to us based on the amount of the swap price in excess of the settlement price multiplied by the notional volume if the settlement price for any settlement period is below the swap price for such contract. We are required to make a payment to the counterparty based on the amount of the settlement price in excess of the swap price multiplied by the notional volume if the settlement price for any settlement period is above the swap price for such contract. Put Options . A put option has a defined strike, or floor price. We have entered into put option contracts in the roles of buyer and seller depending upon our particular hedging objective. The buyer of the put option pays the seller a premium to enter into the contract. When the settlement price is below the floor price, the seller pays the buyer an amount equal to the difference between the settlement price and the strike price multiplied by the notional volume. When the settlement price is above the floor price, the put option expires worthless. Certain of our purchased put options have deferred premiums. For the deferred premium puts, we agree to pay a premium to the counterparty at the time of settlement. Call Options . A call option has a defined strike, or ceiling price. We have entered into call option contracts in the roles of buyer and seller depending upon our particular hedging objective. The buyer of the call option pays the seller a premium to enter into the call option. When the settlement price is above the ceiling price, the seller pays the buyer an amount equal to the difference between the settlement price and the strike price multiplied by the notional volume. When the settlement price is below the ceiling price, the call option expires worthless. We typically combine swaps, purchased put options, purchased call options, sold put options and sold call options in order to achieve various hedging objectives. Certain of these objectives result in combinations that operate as collars which include purchased put options and sold call options, three-way collars which include purchased put options, sold put options and sold call options, and enhanced swaps, which include either sold put options or sold call options with the associated premiums rolled into an enhanced fixed price swap, among others. We determine the fair values of our commodity derivative instruments using industry-standard models that consider various assumptions, including current market value and contractual prices for the underlying instruments, implied volatilities, time value and nonperformance risk. For the current market prices, we use third-party quoted forward prices, as applicable, for NYMEX West Texas Intermediate (“ NYMEX WTI ”), Magellan East Houston (“ MEH ”) crude oil and NYMEX Henry Hub (“ NYMEX HH ”) natural gas closing prices as of the end of the reporting period. Nonperformance risk is incorporated by utilizing 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. The following table sets forth our commodity derivative positions, presented on a net basis by period of maturity, as of March 31, 2020 : 2Q2020 3Q2020 4Q2020 1Q2021 2Q2021 NYMEX WTI Crude Swaps Average Volume Per Day (barrels) 13,209 8,630 9,804 5,000 4,945 Weighted Average Swap Price ($/barrel) $ 52.06 $ 55.20 $ 55.18 $ 51.60 $ 51.60 NYMEX WTI Purchased Puts/Sold Calls Average Volume Per Day (barrels) 5,297 6,891 2,000 4,167 4,121 Weighted Average Purchased Put Price ($/barrel) $ 52.36 $ 52.97 $ 48.00 $ 43.60 $ 43.60 Weighted Average Sold Call ($/barrel) $ 57.60 $ 58.03 $ 57.10 $ 46.84 $ 46.84 NYMEX WTI Purchased Puts Average Volume Per Day (barrels) 3,297 Weighted Average Purchased Put ($/barrel) $ 23.00 Weighted Average Purchased Put Deferred Premium ($/barrel) $ 2.11 NYMEX WTI Purchased Puts Average Volume Per Day (barrels) 8,242 Weighted Average Purchased Put ($/barrel) $ 30.00 Weighted Average Purchased Put Deferred Premium ($/barrel) $ 3.19 NYMEX WTI Put Spread Average Volume Per Day (barrels) 5,435 Weighted Average Put Spread Purchased Put ($/barrel) $ 30.00 Weighted Average Put Spread Sold Put ($/barrel) $ 20.00 Weighted Average Put Spread Deferred Premium ($/barrel) $ 1.84 NYMEX WTI Cap Offset Average Volume Per Day (barrels) 3,297 Weighted Average Cap Offset Purchased Call ($/barrel) $ 57.90 Weighted Average Cap Offset Deferred Premium ($/barrel) $ 0.10 NYMEX WTI Sold Puts Average Volume Per Day (barrels) 912 5,087 9,167 9,066 Weighted Average Sold Put Price ($/barrel) $ 44.00 $ 43.50 $ 37.36 $ 37.36 MEH Crude Swaps Average Volume Per Day (barrels) 2,000 2,000 2,000 Weighted Average Swap Price ($/barrel) $ 61.03 $ 61.03 $ 61.03 HH Purchased Puts/Sold Calls Average Volume Per Day (MMBtus) 12,901 12,804 12,804 Weighted Average Floor ($/MMBtu) $ 2.00 $ 2.00 $ 2.00 Weighted Average Cap ($/MMBtu) $ 2.21 $ 2.21 $ 2.21 As of March 31, 2020, we were unhedged with respect to NGL production. Interest Rate Derivatives We have entered into a series of interest rate swap contracts (the “Interest Rate Swaps”) to establish fixed interest rates on a portion of our variable interest rate indebtedness under the Credit Facility and Second Lien Credit Agreement dated as of September 29, 2017 (the “Second Lien Facility”). The notional amount of the Interest Rate Swaps totals $ 300 million , with us paying a weighted average fixed rate of 1.36 % on the notional amount, and the counterparties paying a variable rate equal to a customary London interbank offered rate (“LIBOR”) through May 2022. Financial Statement Impact of Derivatives The impact of our derivative activities on income is included in the “Derivatives” caption on our Condensed Consolidated Statements of Operations. 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 effects of our derivative activities for the periods presented: Three Months Ended March 31, 2020 2019 Interest rate swap gains (losses) recognized in the Consolidated Statements of Operations $ (6,683 ) $ — Commodity gains (losses) recognized in the Consolidated Statements of Operations 157,802 (68,017 ) $ 151,119 $ (68,017 ) Interest rate cash settlements recognized in the Consolidated Statements of Cash Flows $ 68 $ — Commodity cash settlements recognized in the Consolidated Statements of Cash Flows (337 ) 4,394 $ (269 ) $ 4,394 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: March 31, 2020 December 31, 2019 Derivative Derivative Derivative Derivative Type Balance Sheet Location Assets Liabilities Assets Liabilities Interest rate contracts Derivative assets/liabilities - current $ 40 $ 2,890 $ — $ — Commodity contracts Derivative assets/liabilities – current 233,402 100,202 4,131 23,450 Interest rate contracts Derivative assets/liabilities - noncurrent — 3,900 — — Commodity contracts Derivative assets/liabilities – noncurrent 10,963 6,789 2,750 3,385 $ 244,405 $ 113,781 $ 6,881 $ 26,835 As of March 31, 2020 , we reported net commodity derivative assets of $137.4 million and net Interest Rate Swap liabilities of $ 6.8 million . The contracts associated with these positions are with nine counterparties for commodity derivatives and four counterparties for Interest Rate Swaps, all of which are investment grade financial institutions and are participants in the Credit Facility. This concentration may impact our overall credit risk in that these counterparties may be similarly affected by changes in economic or other conditions.

Property and Equipment

Property and Equipment	3 Months Ended
	Mar. 31, 2020
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and Equipment The following table summarizes our property and equipment as of the dates presented: March 31, December 31, 2020 2019 Oil and gas properties: Proved $ 1,487,868 $ 1,409,219 Unproved 53,878 53,200 Total oil and gas properties 1,541,746 1,462,419 Other property and equipment 27,355 25,915 Total properties and equipment 1,569,101 1,488,334 Accumulated depreciation, depletion and amortization (408,542 ) (367,909 ) $ 1,160,559 $ 1,120,425 Unproved property costs of $ 53.9 million and $ 53.2 million have been excluded from amortization as of March 31, 2020 and December 31, 2019 , respectively. We transferred $1.4 million and less than $0.1 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 three months ended March 31, 2020 and 2019 , respectively. We capitalized internal costs of $ 0.8 million and $1.0 million and interest of $ 0.7 million and $1.2 million during the three months ended March 31, 2020 and 2019 , respectively, in accordance with our accounting policies. Average depreciation, depletion and amortization per barrel of oil equivalent of proved oil and gas properties was $16.73 and $17.49 for the three months ended March 31, 2020 and 2019 , respectively. At the end of each quarterly reporting period, the unamortized cost of our oil and gas properties, net of deferred income taxes, is limited to the sum of the estimated discounted future net revenues from proved properties adjusted for costs excluded from amortization and related income taxes (the “Ceiling Test”). As of March 31, 2020, the carrying value of our proved oil and gas properties was below the limit determined by the Ceiling Test by approximately $ 350 million . Because the Ceiling Test utilizes commodity prices based on a trailing twelve month average, it does not, as of March 31, 2020, fully reflect the substantial decline in commodity prices due to the economic impact of the COVID-19 health crisis and the ongoing disruption in global energy markets. If current commodity prices continue at depressed levels or decline further, it is likely that we will experience a Ceiling Test write-down in the carrying value of our oil and gas properties at some point during the year ended December 31, 2020.

Long-Term Debt

Long-Term Debt	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt The following table summarizes our debt obligations as of the dates presented: March 31, 2020 December 31, 2019 Principal Unamortized Discount and Deferred Issuance Costs 1, 2 Principal Unamortized Discount and Deferred Issuance Costs 1, 2 Credit facility $ 399,400 $ 362,400 Second lien term loan 200,000 $ 6,776 200,000 $ 7,372 Totals 599,400 $ 6,776 562,400 $ 7,372 Less: Unamortized discount 2 (2,219 ) (2,415 ) Less: Unamortized deferred issuance costs 1, 2 (4,557 ) (4,957 ) Long-term debt, net $ 592,624 $ 555,028 _______________________ 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 In April 2020, we entered into the Borrowing Base Redetermination Agreement and Amendment No. 7 to Credit Agreement (the “Seventh Amendment”). The Seventh Amendment, which became effective on April 30, 2020, provides a $1.0 billion revolving commitment and a $400 million borrowing base, reduced from $500 million , including a $25 million sublimit for the issuance of letters of credit. Furthermore, the Seventh Amendment provides for an additional decrease in the borrowing base to $375 million effective July 1, 2020 and, effective October 1, 2020, limits availability under the Credit Facility to a maximum of $350 million until the redetermination of the borrowing base in Fall 2021. Availability under the Credit Facility may not exceed the lesser of the aggregate commitments or the borrowing base, provided that effective October 1, 2020, availability under the Credit Facility is limited to a maximum of $350 million until the redetermination of the borrowing base in Fall 2021. The borrowing base under the Credit Facility is redetermined semi-annually, generally in April and October of each year. 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 March 31, 2020 and December 31, 2019 . The Credit Facility is scheduled to mature in May 2024; provided that on June 30, 2022, unless we have either extended the maturity date of the Second Lien Facility described below to a date that is at least 91 days after May 7, 2024 or have repaid our Second Lien Facility in full, the maturity date of the Credit Facility will mean June 30, 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 1.50% to 2.50% ( 0.50% to 1.50% prior to the Seventh Amendment), determined based on the utilization level under the Credit Facility or (b) a Eurodollar rate, including LIBOR through 2021, plus an applicable margin ranging from 2.50% to 3.50% ( 1.50% to 2.50% prior to the Seventh Amendment), determined based on the utilization level 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 Eurodollar borrowings is payable every one , three or six months , at the election of the borrower, and is computed on the basis of a year of 360 days. As of March 31, 2020 , the actual weighted-average interest rate on the outstanding borrowings under the Credit Facility was 3.20% . Unused commitment fees are charged at a rate of 0.50% ( 0.375% to 0.50% prior to the Seventh Amendment). 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. 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 3.50 to 1.00 ( 4.00 to 1.00 prior to the Seventh Amendment). 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, weekly cash balance reports, 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. In addition, the Credit Facility contains certain anti-cash hoarding provisions, including the requirement to repay outstanding loans and cash collateralize outstanding letters of credit on a weekly basis in the amount of any cash on the balance sheet (subject to certain exceptions) in excess of $ 25 million . 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 March 31, 2020 , 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 March 31, 2020 , the actual interest rate of outstanding borrowings under the Second Lien Facility was 8.00% . 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): 101% of the amount being prepaid through September 2020; and thereafter, no premium. The Second Lien Facility also provides for a 101% 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 through September 2020, but no prepayment premium thereafter. 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 March 31, 2020 , 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	3 Months Ended
	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes We recognized a federal and state income tax expense for the three months ended March 31, 2020 at the blended rate of 21.7% . 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 0.7% , which is fully attributable to the State of Texas. The provision also reflects a reclassification of $ 1.2 million from deferred tax assets to the current income tax receivable for our remaining refundable alternative minimum tax (“AMT”) credit carryforwards that were accelerated due to certain income tax provisions provided in the CARES Act. As of March 31, 2020, we have a receivable of $ 2.5 million for the aforementioned AMT credit carryforwards for which we have applied for an immediate refund in April 2020. Our net deferred income tax liability balance of $ 3.7 million as of March 31, 2020 is fully attributable to the State of Texas and primarily related to property and equipment. We recognized a federal and state income tax benefit for the three months ended March 31, 2019 at the blended rate of 21.6% ; however, the feder al 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 less than 0.1% . We had no liability for unrecognized tax benefits as of March 31, 2020 . There were no interest and penalty charges recognized during the periods ended March 31, 2020 and 2019 . Tax years from 2015 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	3 Months Ended
	Mar. 31, 2020
Leases [Abstract]
Leases	Leases Lease Arrangements and Supplemental Disclosures We generally 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 included in the disclosures below are primarily comprised of our contractual arrangements with certain vendors for operated drilling rigs and our field compressors. During April 2020, we released our drilling rigs. Our primary variable lease was represented by 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 March 31, 2020 2019 Operating lease cost $ 210 $ 163 Short-term lease cost 11,296 11,571 Variable lease cost 5,657 5,095 Less: Amounts charged as drilling costs 1 (10,621 ) (10,851 ) Total lease cost recognized in the Condensed Consolidated Statement of Operations 2 $ 6,542 $ 5,978 ___________________ 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 $ 2.8 million and $ 2.1 million recognized in Gathering, processing and transportation, $ 3.5 million and $ 3.7 million recognized in Lease operating and $ 0.2 million and $ 0.2 million recognized in G&A for the three months ended March 31, 2020 and 2019, respectively. The following table summarizes supplemental cash flow information related to leases for the periods presented: Three Months Ended March 31, 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 218 $ 39 ROU assets obtained in exchange for lease obligations: Operating leases 1 $ 306 $ 2,572 ___________________ 1 Includes $ 2.5 million recognized upon the adoption of Accounting Standards Codification Topic 842 (“ASC842”) in 2019. The following table summarizes supplemental balance sheet information related to leases as of the dates presented: March 31, December 31, 2020 2019 ROU assets - operating leases $ 2,928 $ 2,740 Current operating lease obligations $ 927 $ 847 Noncurrent operating lease obligations 2,335 2,232 Total operating lease obligations $ 3,262 $ 3,079 Weighted-average remaining lease term Operating leases 3.8 Years 4.1 Years Weighted-average discount rate Operating leases 3.26 % 5.97 % Remaining maturities of operating lease obligations as of March 31, 2020: 2020 $ 689 2021 894 2022 874 2023 873 2024 and thereafter 144 Total undiscounted lease payments 3,474 Less: imputed interest (212 ) Total operating lease obligations $ 3,262

Additional Balance Sheet Detail

Additional Balance Sheet Detail	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Additional Balance Sheet Detail	Balance Sheet Detail The following table summarizes components of selected balance sheet accounts as of the dates presented: March 31, December 31, 2020 2019 Other current assets: Tubular inventory and well materials $ 2,959 $ 2,989 Prepaid expenses 1,806 1,469 $ 4,765 $ 4,458 Other assets: Deferred issuance costs of the Credit Facility, net of amortization $ 3,725 $ 3,952 Right-of-use assets – operating leases 2,928 2,740 Other 111 32 $ 6,764 $ 6,724 Accounts payable and accrued liabilities: Trade accounts payable $ 44,482 $ 30,098 Drilling costs 23,260 18,832 Royalties 29,317 44,537 Production, ad valorem and other taxes 3,444 3,244 Compensation 2,246 5,272 Interest 644 730 Current operating lease obligations 927 847 Other 1,543 2,264 $ 105,863 $ 105,824 Other liabilities: Asset retirement obligations $ 5,082 $ 4,934 Noncurrent operating lease obligations 2,335 2,232 Defined benefit pension obligations 843 873 Postretirement health care benefit obligations 356 343 $ 8,616 $ 8,382

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020 , 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: March 31, 2020 Fair Value Fair Value Measurement Classification Description Measurement Level 1 Level 2 Level 3 Assets: Interest rate swap assets – current $ 40 $ — $ 40 $ — Interest rate swap assets – noncurrent $ — $ — $ — $ — Commodity derivative assets – current $ 233,402 $ — $ 233,402 $ — Commodity derivative assets – noncurrent $ 10,963 $ — $ 10,963 $ — Liabilities: Interest rate swap liabilities – current $ (2,890 ) — $ (2,890 ) — Interest rate swap liabilities – noncurrent $ (3,900 ) — $ (3,900 ) — Commodity derivative liabilities – current $ (100,202 ) $ — $ (100,202 ) $ — Commodity derivative liabilities – noncurrent $ (6,789 ) $ — $ (6,789 ) $ — December 31, 2019 Fair Value Fair Value Measurement Classification Description Measurement Level 1 Level 2 Level 3 Assets: Commodity derivative assets – current $ 4,131 $ — $ 4,131 $ — Commodity derivative assets - noncurrent $ 2,750 $ — $ 2,750 $ — Liabilities: Commodity derivative liabilities – current $ (23,450 ) $ — $ (23,450 ) $ — Commodity derivative liabilities – noncurrent $ (3,385 ) $ — $ (3,385 ) $ — 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 three months ended March 31, 2020 and 2019 . 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 using industry-standard models that consider various assumptions including current market and contractual prices for the underlying instruments, implied volatilities, time value and non-performance risk. For the current market prices, we use third-party quoted forward prices, as applicable, for NYMEX WTI , MEH crude oil and NYMEX HH natural gas closing prices as of the end of the reporting periods. Each of these is a Level 2 input. • Interest rate swaps : We determine the fair values of our interest rate swaps using an income approach valuation technique that connects future cash flows to a single discounted value. We estimate the fair value of the swaps based on published interest rate yield curves as of the date of the estimate. Each of these is a Level 2 input. Non-Recurring Fair Value Measurements 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	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Drilling and Completion Commitments In March 2020, we provided termination notices releasing our contracted drilling rigs in connection with the suspension of our drilling and completion program. There were no material charges associated with the rig releases. In April 2020, we rescinded one of the termination notices and entered into a new agreement to maintain one rig in place for a minimal daily rate providing us with the option to either restart drilling operations on seven days notice or release the rig altogether for demobilization. We also have a one-year agreement that became effective January 1, 2020, which can be terminated with 30 days ’ notice by either party, for certain frac services and related materials, with no minimum commitment. While this agreement remains in effect, we are not incurring any costs thereunder after April 10, 2020 due to the suspension of the drilling and completion program. 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”) 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. Under each of the agreements with Nuevo, credits for deliveries of volumes in excess of the volume commitment may be applied to any deficiency arising in the succeeding 12-month period. Excluding the application of existing credits that we have earned during the preceding 12-month period ended March 31, 2020 for deliveries of volumes in excess of the volume commitment, and the potential impact of the effects of price escalation from commodity price changes, if any, the minimum fee requirements attributable to the MVC under the gathering and transportation agreement are as follows: $ 9.7 million for the remainder of 2020, $ 13.0 million for 2021 through 2025, $ 7.4 million for 2026, $ 3.8 million per year for 2027 through 2030 and $ 2.2 million for 2031. Legal and Environmental Compliance 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 March 31, 2020 , we had a reserve in the amount of $0.3 million included in “Accounts payable and accrued liabilities” for the estimated settlement of a dispute with a partner regarding certain transactions that occurred in prior years. As of March 31, 2020 , we had AROs of approximately $5.1 million

Shareholders' Equity

Shareholders' Equity	3 Months Ended
	Mar. 31, 2020
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 2020 and 2019 . Common Stock Paid-in Capital Retained Earnings Accumulated Other Comprehensive Loss Total Shareholders’ Equity Balance as of December 31, 2019 $ 151 $ 200,666 $ 319,987 $ (59 ) $ 520,745 Net income — — 163,094 — 163,094 Cumulative effect of change in accounting principle 1 — — (76 ) — (76 ) All other changes 2 1 556 — (1 ) 556 Balance as of March 31, 2020 $ 152 $ 201,222 $ 483,005 $ (60 ) $ 684,319 _______________________ 1 Attributable to the adoption of ASU 2016–13 as of January 1, 2020 (see Note 4). 2 Includes equity-classified share-based compensation of $0.9 million during the three months ended March 31, 2020 . During the three months ended March 31, 2020 , 22,321 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, 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 _______________________ 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 $1.0 million during the three months ended March 31, 2019 . During the three months ended March 31, 2019 , 24,657

Share-Based Compensation and Ot

Share-Based Compensation and Other Benefit Plans	3 Months Ended
	Mar. 31, 2020
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 584,497 RSUs and 201,491 performance-based restricted stock units (“PRSUs”) have been granted to employees and directors as of March 31, 2020 . We recognized $0.9 million and $1.0 million of expense attributable to the RSUs and PRSUs for the three months ended March 31, 2020 and 2019 , respectively. A total of 223,882 RSUs were granted during the three months ended March 31, 2020 with an average grant-date fair value of $2.78 . No equity awards were granted during the three months ended March 31, 2019 . The RSUs are being charged to expense on a straight-line basis over a range of two to five years . In the three months ended March 31, 2020 and 2019 , 22,321 and 24,657 shares were issued upon vesting/settlement of equity awards, net of shares withheld for income taxes, respectively. During the three months ended March 31, 2020 , 87,899 PRSUs were granted. No PRSUs were granted during the three months ended March 31, 2019 . PRSUs were granted collectively in two to three separate tranches with individual three -year performance periods beginning in January 2017, 2018 and 2019, respectively for the pre-2019 grants. For the 2019 and 2020 grants, the performance period is 2020 through 2022. 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 or, for the 2019 and 2020 grants, a defined peer group. 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 for the 2017 grants, $34.02 per PRSU for the 2019 grants and $2.40 per PRSU for the 2020 grants. The ranges for the assumptions used in the Monte Carlo model for the PRSUs granted during 2020, 2019 and 2017 are presented as follows: 2020 2019 2017 Expected volatility 101.32 % 49.9 % 59.63% to 62.18% Dividend yield 0.0 % 0.0 % 0.0 % Risk-free interest rate 0.51 % 1.66 % 1.44% to 1.51% 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 of expense attributable to the 401(k) Plan for each of the three months ended March 31, 2020 and 2019 , 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 months ended March 31, 2020 and 2019 . 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	3 Months Ended
	Mar. 31, 2020
Banking and Thrift [Abstract]
Interest Expense	Interest Expense The following table summarizes the components of interest expense for the periods presented: Three Months Ended March 31, 2020 2019 Interest on borrowings and related fees $ 8,045 $ 9,711 Accretion of original issue discount 1 196 180 Amortization of debt issuance costs 627 741 Capitalized interest (688 ) (1,154 ) $ 8,180 $ 9,478 ___________________ 1 Attributable to the Second Lien Facility (see Note 7).

Earnings per Share

Earnings per Share	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020 2019 Net income (loss) – basic and diluted $ 163,094 $ (38,697 ) Weighted-average shares – basic 15,152 15,098 Effect of dilutive securities 8 — Weighted-average shares – diluted 15,160 15,098 ___________________ 1 For the three months ended March 31, 2019, approximately 0.2 million potentially dilutive securities, represented by RSUs and PRSUs, had the effect of being anti-dilutive and were excluded from the calculation of diluted earnings per share.

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2020
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, 2019 . Operating results for the three months ended March 31, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020 . Adoption of Recently Issued Accounting Pronouncements Effective January 1, 2020, we adopted and began applying the relevant guidance provided in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Update (“ASU”) 2016–13, Measurement of Credit Losses on Financial Instruments (“ASU 2016–13”). We adopted ASU 2016–13 using the optional transition approach with a charge to the beginning balance of retained earnings as of January 1, 2020 (see Note 4 for the impact and disclosures associated with the adoption of ASU 2016–13). Comparative periods and related disclosures have not been restated for the application of ASU 2016–13. Risks and Uncertainties As an oil and gas exploration and development company, we are exposed to a number of risks and uncertainties that are inherent to our industry. In addition to such industry-specific risks, the global public health crisis associated with the novel coronavirus (“COVID-19”) has, and is anticipated to continue to have, an adverse effect on global economic activity for the immediate future and has resulted in travel restrictions, business closures and the institution of quarantining and other restrictions on movement in many communities. The slowdown in global economic activity attributable to COVID-19 has resulted in a dramatic decline in the demand for energy, which directly impacts our industry and the Company. In addition, global crude oil prices experienced a collapse starting in early March 2020 as a direct result of failed negotiations between the Organization of the Petroleum Exporting Countries (“OPEC”) and Russia. In response to the global economic slowdown, OPEC had recommended a decrease in production levels in order to accommodate reduced demand. Russia rejected the recommendation of OPEC as a concession to U.S. producers. After the failure to reach an agreement, Saudi Arabia, a dominant member of OPEC, and other Persian Gulf OPEC members announced intentions to increase production and offer price discounts to buyers in certain geographic regions. As the breadth of the COVID-19 health crisis expanded throughout the month of March 2020 and governmental authorities implemented more restrictive measures to limit person-to-person contact, global economic activity continued to decline commensurately. The associated impact on the energy industry has been adverse and continued to be exacerbated by the unresolved conflict regarding production. In the second week of April, OPEC, Russia and certain other petroleum producing nations (“OPEC+”), reconvened to discuss the matter of production cuts in light of unprecedented disruption and supply and demand imbalances that expanded since the failed negotiations in early March 2020. Tentative agreements were reached to cut production by up to 10 million barrels of oil per day with allocations to be made among the OPEC+ participants. If effected, these production cuts, however, may not offset near-term demand loss attributable to the COVID-19 health crisis and related economic slowdown, and the tentative agreement has not resulted in increased commodity prices. Despite a significant decline in drilling by U.S. producers starting in mid-March 2020, domestic supply is exceeding demand which has led to significant operational stress with respect to capacity limitations associated with storage, pipeline and refining infrastructure, particularly within the Gulf Coast region. The combined effect of the aforementioned factors is anticipated to have an adverse impact on the industry in general and our operations specifically. During March and April 2020, we initiated several actions to mitigate the anticipated adverse economic conditions for the immediate future and to support our financial position and liquidity. The more significant actions that we took in March/April 2020 included: (i) suspending our drilling and completion program, (ii) substantially expanding the scope and range of our commodity derivatives portfolio, (iii) initiating actions to pursue certain liquidity-related provisions of the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”) and related regulations. These actions are discussed further in Notes 5, 8 and 12 that follow. 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, with the exception of the re-determination of the borrowing base and related amendments to our credit agreement (“Credit Facility”), as disclosed in Note 7, 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, 2020, we adopted and began applying the relevant guidance provided in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Update (“ASU”) 2016–13, Measurement of Credit Losses on Financial Instruments (“ASU 2016–13”). We adopted ASU 2016–13 using the optional transition approach with a charge to the beginning balance of retained earnings as of January 1, 2020 (see Note 4 for the impact and disclosures associated with the adoption of ASU 2016–13). Comparative periods and related disclosures have not been restated for the application of ASU 2016–13.
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 March 31, 2020 , the carrying values of all of these financial instruments approximated fair value. 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 using industry-standard models that consider various assumptions including current market and contractual prices for the underlying instruments, implied volatilities, time value and non-performance risk. For the current market prices, we use third-party quoted forward prices, as applicable, for NYMEX WTI , MEH crude oil and NYMEX HH natural gas closing prices as of the end of the reporting periods. Each of these is a Level 2 input. • Interest rate swaps : We determine the fair values of our interest rate swaps using an income approach valuation technique that connects future cash flows to a single discounted value. We estimate the fair value of the swaps based on published interest rate yield curves as of the date of the estimate. Each of these is a Level 2 input. Non-Recurring Fair Value Measurements 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.
Credit Losses and Allowance for Credit Losses	Credit Losses and Allowance for Credit Losses Adoption of ASU 2016–13 Effective January 1, 2020, we adopted ASU 2016–13 and have applied the guidance therein to our portfolio of accounts receivable including those from our customers and our joint interest partners. We have adopted ASU 2016–13 using the modified retrospective method resulting in an adjustment of less than $ 0.1 million to the beginning balance of retained earnings and a corresponding increase to the allowance for credit losses as of January 1, 2020. Accounting Policies for Credit Losses We monitor and assess our portfolio of accounts receivable, including those from our customers, our joint interest partners and others, when applicable, for credit losses on a monthly basis as we originate the underlying financial assets. Our review process and related internal controls take into appropriate consideration (i) past events and historical experience with the identified portfolio segments, (ii) current economic and related conditions within the broad energy industry as well as those factors with broader applicability and (iii) reasonable supportable forecasts consistent with other estimates that are inherent in our financial statements. In order to facilitate our processes for the review and assessment of credit losses, we have identified the following portfolio segments which are described below: (i) customers for our commodity production and (ii) joint interest partners which are further stratified into the following sub-segments: (a) mutual operators which includes joint interest partners with whom we are a non-operating joint interest partner in properties for which they are the operator, (b) large partners consisting of those legal entities that maintain a working interest of at least 10 percent in properties for which we are the operator and (c) all others which includes legal entities that maintain working interests of less than 10 percent in properties for which we are the operator as well as legal entities with whom we no longer have an active joint interest relationship, but continue to have transactions, including joint venture audit settlements, that from time-to-time give rise to the origination of new accounts receivable. Customers . We sell our commodity products to approximately 20 customers. A substantial majority of these customers are large, internationally recognized refiners and marketers in the case of our crude oil sales and large domestic processors and interstate pipelines with respect to our NGL and natural gas sales. As noted in our disclosures regarding major customers above, a significant portion of our outstanding customer accounts receivable are concentrated within a group of up to five customers at any given time. Due primarily to the historical market efficiencies and generally timely settlements associated with commodity sale transactions for crude oil, NGLs and natural gas, we have assessed this portfolio segment at zero risk for credit loss upon the adoption of ASU 2016–13 and for each of the three-months included in the period ended March 31, 2020. Historically, we have never experienced a credit loss with such customers including the periods during the 2008-2009 financial crisis and the more recent periods of significant commodity price declines. While we believe that the receivables that originated in March 2020 will be fully collected despite the ongoing uncertainty associated with the COVID-19 health crisis and the related global energy market disruptions, future originations of customer receivables will be assessed with a greater emphasis on current economic conditions and reasonable supportable forecasts. Mutual Operators . As of March 31, 2020, we had mutual joint interest partner relationships with two upstream producers that also operate properties within the Eagle Ford for which we have non-operated working interests. Historically we have had full and timely collection experiences with these entities and we ourselves are timely with respect to our payments to them of joint venture costs. Upon adoption of ASU 2016–13, we had assessed this portfolio segment at zero risk for credit loss; however, in light of the potential for liquidity concerns due to current economic conditions in the near-term, we have assessed receivables originating in March 2020 with a de minimus one percent risk. Large Partners . As of March 31, 2020, four legal entities had working interests of 10 percent or greater in properties that we operate. These entities are primarily passive investors. Historically we have had full and timely collection experiences with these entities. Upon adoption of ASU 2016–13, we had assessed this portfolio segment at a de minimus risk of one percent for credit loss; however, in light of the potential for liquidity concerns due to current economic conditions in the near-term, we have increased the assessed receivables originating in March 2020 to a two percent risk. All Others . As of March 31, 2020, approximately thirty legal entities had working interests of less than 10 percent in properties that we operate. Historically, this is the only portfolio segment with whom we have experienced credit losses. Generally, this group includes passive investors and smaller producers that may not have the wherewithal or alternative sources of liquidity to settle their obligations to us in the event of individual challenges unique to smaller entities as well as adverse economic conditions in general. Upon adoption of ASU 2016–13, we had assessed this portfolio segment at a risk of five percent for credit loss; however, in light of the potential for liquidity concerns due to current economic conditions in the near-term, we have increased the assessed receivables originated in March 2020 to a 10 percent risk. As of March 31, 2020, approximately $ 0.1 million of accounts receivables attributable to this portfolio segment was past due, or over 60 days.

Accounts Receivable and Reven_2

Accounts Receivable and Revenues from Contracts with Customers (Tables)	3 Months Ended
	Mar. 31, 2020
Receivables [Abstract]
Summary of Accounts Receivable	The following table summarizes our accounts receivable by type as of the dates presented: March 31, December 31, 2020 2019 Customers $ 27,004 $ 63,165 Joint interest partners 7,872 6,929 Other — 674 34,876 70,768 Less: Allowance for credit losses (224 ) (52 ) $ 34,652 $ 70,716
Financing Receivable, Allowance for Credit Loss	Supplemental Disclosures The following table summarizes the activity in our allowance for credit losses, by portfolio segment, for the three months ended March 31, 2020: Joint Interest Partners Customers Mutual Operators Large Partners All Others Total Balance at beginning of period $ — $ — $ — $ 52 $ 52 Adjustment upon adoption — — 60 16 76 Provision for expected credit losses — 24 53 19 96 Write-offs and recoveries — — — — — Balance at end of period $ — $ 24 $ 113 $ 87 $ 224

Derivative Instruments (Tables)

Derivative Instruments (Tables)	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020 : 2Q2020 3Q2020 4Q2020 1Q2021 2Q2021 NYMEX WTI Crude Swaps Average Volume Per Day (barrels) 13,209 8,630 9,804 5,000 4,945 Weighted Average Swap Price ($/barrel) $ 52.06 $ 55.20 $ 55.18 $ 51.60 $ 51.60 NYMEX WTI Purchased Puts/Sold Calls Average Volume Per Day (barrels) 5,297 6,891 2,000 4,167 4,121 Weighted Average Purchased Put Price ($/barrel) $ 52.36 $ 52.97 $ 48.00 $ 43.60 $ 43.60 Weighted Average Sold Call ($/barrel) $ 57.60 $ 58.03 $ 57.10 $ 46.84 $ 46.84 NYMEX WTI Purchased Puts Average Volume Per Day (barrels) 3,297 Weighted Average Purchased Put ($/barrel) $ 23.00 Weighted Average Purchased Put Deferred Premium ($/barrel) $ 2.11 NYMEX WTI Purchased Puts Average Volume Per Day (barrels) 8,242 Weighted Average Purchased Put ($/barrel) $ 30.00 Weighted Average Purchased Put Deferred Premium ($/barrel) $ 3.19 NYMEX WTI Put Spread Average Volume Per Day (barrels) 5,435 Weighted Average Put Spread Purchased Put ($/barrel) $ 30.00 Weighted Average Put Spread Sold Put ($/barrel) $ 20.00 Weighted Average Put Spread Deferred Premium ($/barrel) $ 1.84 NYMEX WTI Cap Offset Average Volume Per Day (barrels) 3,297 Weighted Average Cap Offset Purchased Call ($/barrel) $ 57.90 Weighted Average Cap Offset Deferred Premium ($/barrel) $ 0.10 NYMEX WTI Sold Puts Average Volume Per Day (barrels) 912 5,087 9,167 9,066 Weighted Average Sold Put Price ($/barrel) $ 44.00 $ 43.50 $ 37.36 $ 37.36 MEH Crude Swaps Average Volume Per Day (barrels) 2,000 2,000 2,000 Weighted Average Swap Price ($/barrel) $ 61.03 $ 61.03 $ 61.03 HH Purchased Puts/Sold Calls Average Volume Per Day (MMBtus) 12,901 12,804 12,804 Weighted Average Floor ($/MMBtu) $ 2.00 $ 2.00 $ 2.00 Weighted Average Cap ($/MMBtu) $ 2.21 $ 2.21 $ 2.21
Impact of Derivative Activities on Condensed Consolidated Statements of Income	The impact of our derivative activities on income is included in the “Derivatives” caption on our Condensed Consolidated Statements of Operations. 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 effects of our derivative activities for the periods presented: Three Months Ended March 31, 2020 2019 Interest rate swap gains (losses) recognized in the Consolidated Statements of Operations $ (6,683 ) $ — Commodity gains (losses) recognized in the Consolidated Statements of Operations 157,802 (68,017 ) $ 151,119 $ (68,017 ) Interest rate cash settlements recognized in the Consolidated Statements of Cash Flows $ 68 $ — Commodity cash settlements recognized in the Consolidated Statements of Cash Flows (337 ) 4,394 $ (269 ) $ 4,394
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: March 31, 2020 December 31, 2019 Derivative Derivative Derivative Derivative Type Balance Sheet Location Assets Liabilities Assets Liabilities Interest rate contracts Derivative assets/liabilities - current $ 40 $ 2,890 $ — $ — Commodity contracts Derivative assets/liabilities – current 233,402 100,202 4,131 23,450 Interest rate contracts Derivative assets/liabilities - noncurrent — 3,900 — — Commodity contracts Derivative assets/liabilities – noncurrent 10,963 6,789 2,750 3,385 $ 244,405 $ 113,781 $ 6,881 $ 26,835

Property and Equipment (Tables)

Property and Equipment (Tables)	3 Months Ended
	Mar. 31, 2020
Property, Plant and Equipment [Abstract]
Summary of Property and Equipment	The following table summarizes our property and equipment as of the dates presented: March 31, December 31, 2020 2019 Oil and gas properties: Proved $ 1,487,868 $ 1,409,219 Unproved 53,878 53,200 Total oil and gas properties 1,541,746 1,462,419 Other property and equipment 27,355 25,915 Total properties and equipment 1,569,101 1,488,334 Accumulated depreciation, depletion and amortization (408,542 ) (367,909 ) $ 1,160,559 $ 1,120,425

Long-Term Debt Long-Term Debt (

Long-Term Debt Long-Term Debt (Tables)	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	The following table summarizes our debt obligations as of the dates presented: March 31, 2020 December 31, 2019 Principal Unamortized Discount and Deferred Issuance Costs 1, 2 Principal Unamortized Discount and Deferred Issuance Costs 1, 2 Credit facility $ 399,400 $ 362,400 Second lien term loan 200,000 $ 6,776 200,000 $ 7,372 Totals 599,400 $ 6,776 562,400 $ 7,372 Less: Unamortized discount 2 (2,219 ) (2,415 ) Less: Unamortized deferred issuance costs 1, 2 (4,557 ) (4,957 ) Long-term debt, net $ 592,624 $ 555,028 _______________________ 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)	3 Months Ended
	Mar. 31, 2020
Leases [Abstract]
Lease, Cost	The following table summarizes the components of our total lease cost for the periods presented: Three Months Ended March 31, 2020 2019 Operating lease cost $ 210 $ 163 Short-term lease cost 11,296 11,571 Variable lease cost 5,657 5,095 Less: Amounts charged as drilling costs 1 (10,621 ) (10,851 ) Total lease cost recognized in the Condensed Consolidated Statement of Operations 2 $ 6,542 $ 5,978 ___________________ 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 $ 2.8 million and $ 2.1 million recognized in Gathering, processing and transportation, $ 3.5 million and $ 3.7 million recognized in Lease operating and $ 0.2 million and $ 0.2 million recognized in G&A for the three months ended March 31, 2020 and 2019, respectively.
Schedule of Supplemental Cash Flow Information Related to Leases	The following table summarizes supplemental cash flow information related to leases for the periods presented: Three Months Ended March 31, 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 218 $ 39 ROU assets obtained in exchange for lease obligations: Operating leases 1 $ 306 $ 2,572
Schedule of Supplemental Balance Sheet Information Related to Leases	Three Months Ended March 31, 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 218 $ 39 ROU assets obtained in exchange for lease obligations: Operating leases 1 $ 306 $ 2,572 ___________________ 1 Includes $ 2.5 million recognized upon the adoption of Accounting Standards Codification Topic 842 (“ASC842”) in 2019. The following table summarizes supplemental balance sheet information related to leases as of the dates presented: March 31, December 31, 2020 2019 ROU assets - operating leases $ 2,928 $ 2,740 Current operating lease obligations $ 927 $ 847 Noncurrent operating lease obligations 2,335 2,232 Total operating lease obligations $ 3,262 $ 3,079 Weighted-average remaining lease term Operating leases 3.8 Years 4.1 Years Weighted-average discount rate Operating leases 3.26 % 5.97 % Remaining maturities of operating lease obligations as of March 31, 2020: 2020 $ 689 2021 894 2022 874 2023 873 2024 and thereafter 144 Total undiscounted lease payments 3,474 Less: imputed interest (212 ) Total operating lease obligations $ 3,262

Additional Balance Sheet Deta_2

Additional Balance Sheet Detail (Tables)	3 Months Ended
	Mar. 31, 2020
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: March 31, December 31, 2020 2019 Other current assets: Tubular inventory and well materials $ 2,959 $ 2,989 Prepaid expenses 1,806 1,469 $ 4,765 $ 4,458 Other assets: Deferred issuance costs of the Credit Facility, net of amortization $ 3,725 $ 3,952 Right-of-use assets – operating leases 2,928 2,740 Other 111 32 $ 6,764 $ 6,724 Accounts payable and accrued liabilities: Trade accounts payable $ 44,482 $ 30,098 Drilling costs 23,260 18,832 Royalties 29,317 44,537 Production, ad valorem and other taxes 3,444 3,244 Compensation 2,246 5,272 Interest 644 730 Current operating lease obligations 927 847 Other 1,543 2,264 $ 105,863 $ 105,824 Other liabilities: Asset retirement obligations $ 5,082 $ 4,934 Noncurrent operating lease obligations 2,335 2,232 Defined benefit pension obligations 843 873 Postretirement health care benefit obligations 356 343 $ 8,616 $ 8,382

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2020
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: March 31, 2020 Fair Value Fair Value Measurement Classification Description Measurement Level 1 Level 2 Level 3 Assets: Interest rate swap assets – current $ 40 $ — $ 40 $ — Interest rate swap assets – noncurrent $ — $ — $ — $ — Commodity derivative assets – current $ 233,402 $ — $ 233,402 $ — Commodity derivative assets – noncurrent $ 10,963 $ — $ 10,963 $ — Liabilities: Interest rate swap liabilities – current $ (2,890 ) — $ (2,890 ) — Interest rate swap liabilities – noncurrent $ (3,900 ) — $ (3,900 ) — Commodity derivative liabilities – current $ (100,202 ) $ — $ (100,202 ) $ — Commodity derivative liabilities – noncurrent $ (6,789 ) $ — $ (6,789 ) $ — December 31, 2019 Fair Value Fair Value Measurement Classification Description Measurement Level 1 Level 2 Level 3 Assets: Commodity derivative assets – current $ 4,131 $ — $ 4,131 $ — Commodity derivative assets - noncurrent $ 2,750 $ — $ 2,750 $ — Liabilities: Commodity derivative liabilities – current $ (23,450 ) $ — $ (23,450 ) $ — Commodity derivative liabilities – noncurrent $ (3,385 ) $ — $ (3,385 ) $ —

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2020
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 2020 and 2019 . Common Stock Paid-in Capital Retained Earnings Accumulated Other Comprehensive Loss Total Shareholders’ Equity Balance as of December 31, 2019 $ 151 $ 200,666 $ 319,987 $ (59 ) $ 520,745 Net income — — 163,094 — 163,094 Cumulative effect of change in accounting principle 1 — — (76 ) — (76 ) All other changes 2 1 556 — (1 ) 556 Balance as of March 31, 2020 $ 152 $ 201,222 $ 483,005 $ (60 ) $ 684,319 _______________________ 1 Attributable to the adoption of ASU 2016–13 as of January 1, 2020 (see Note 4). 2 Includes equity-classified share-based compensation of $0.9 million during the three months ended March 31, 2020 . During the three months ended March 31, 2020 , 22,321 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, 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 _______________________ 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 $1.0 million during the three months ended March 31, 2019 . During the three months ended March 31, 2019 , 24,657

Interest Expense (Tables)

Interest Expense (Tables)	3 Months Ended
	Mar. 31, 2020
Banking and Thrift [Abstract]
Interest Expense Net Disclosure	The following table summarizes the components of interest expense for the periods presented: Three Months Ended March 31, 2020 2019 Interest on borrowings and related fees $ 8,045 $ 9,711 Accretion of original issue discount 1 196 180 Amortization of debt issuance costs 627 741 Capitalized interest (688 ) (1,154 ) $ 8,180 $ 9,478 ___________________ 1 Attributable to the Second Lien Facility (see Note 7).

Earnings per Share (Tables)

Earnings per Share (Tables)	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020 2019 Net income (loss) – basic and diluted $ 163,094 $ (38,697 ) Weighted-average shares – basic 15,152 15,098 Effect of dilutive securities 8 — Weighted-average shares – diluted 15,160 15,098 ___________________ 1 For the three months ended March 31, 2019, approximately 0.2 million potentially dilutive securities, represented by RSUs and PRSUs, had the effect of being anti-dilutive and were excluded from the calculation of diluted earnings per share.

Basis of Presentation Basis of

Basis of Presentation Basis of Presentation (Details)	May 01, 2020
Subsequent Event [Member]
Subsequent Event [Line Items]
Production reduction	10,000,000

Acquisitions and Divestitures (

Acquisitions and Divestitures (Details) $ in Millions	Sep. 30, 2019USD ($)
Working Interests Acquisition [Member] [Domain]
Business Acquisition [Line Items]
Cash Paid on Date of Acquisition	$ 6.5

Accounts Receivable and Reven_3

Accounts Receivable and Revenues from Contracts with Customers - Summary of Accounts Receivable (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Receivables [Abstract]
Customers	$ 27,004	$ 63,165
Joint interest partners	7,872	6,929
Other	0	674
Accounts Receivable, Gross, Current, Total	34,876	70,768
Less: Allowance for credit losses	(224)	(52)
Accounts receivable, net of allowance for doubtful accounts	$ 34,652	$ 70,716

Accounts Receivable and Reven_4

Accounts Receivable and Revenues from Contracts with Customers - Concentration Risk (Details) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2020USD ($)Customer	Mar. 31, 2019USD ($)Customer	Dec. 31, 2018	Dec. 31, 2019USD ($)
Revenue | Customer Concentration Risk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of major customers | Customer	4	3
Revenues, major customers	$ 66.5	$ 69
Concentration risk, percentage	73.00%	66.00%
Revenue | Customer Concentration Risk | Major Customer 1
Accounts, Notes, Loans and Financing Receivable [Line Items]
Revenues, major customers	$ 22.6
Concentration risk, percentage	25.00%
Revenue | Customer Concentration Risk | Major Customer 2
Accounts, Notes, Loans and Financing Receivable [Line Items]
Revenues, major customers	$ 15.7
Concentration risk, percentage	17.00%
Revenue | Customer Concentration Risk | Major Customer 3
Accounts, Notes, Loans and Financing Receivable [Line Items]
Revenues, major customers	$ 15.7
Concentration risk, percentage	17.00%
Revenue | Customer Concentration Risk | Major Customer 4
Accounts, Notes, Loans and Financing Receivable [Line Items]
Revenues, major customers	$ 12.5
Concentration risk, percentage	14.00%
Accounts Receivable | Credit Concentration Risk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk, percentage	82.00%		83.00%
Accounts receivable, major customers	$ 22			$ 52.7

- Credit Loss (Details)

- Credit Loss (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)Customerpartyproducer	Jan. 01, 2020USD ($)	Dec. 31, 2019USD ($)
Financing Receivable, Allowance for Credit Loss [Line Items]
Retained earnings	$ 483,005		$ 319,987
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	52
Provision for expected credit losses	96
Write-offs and recoveries	0
Balance at end of period	$ 224
Customers
Financing Receivable, Allowance for Credit Loss [Line Items]
Commodity products, number of customers | Customer	20
Financing Receivable, Credit Risk Percentage	0.00%
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	$ 0
Provision for expected credit losses	0
Write-offs and recoveries	0
Balance at end of period	$ 0
Mutual Operators
Financing Receivable, Allowance for Credit Loss [Line Items]
Number of upstream producers | producer	2
Financing Receivable, Credit Risk Percentage	1.00%	0.00%
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	$ 0
Provision for expected credit losses	24
Write-offs and recoveries	0
Balance at end of period	$ 24
Large Partners
Financing Receivable, Allowance for Credit Loss [Line Items]
Number of legal entities with working interest in properties | party	4
Financing Receivable, Credit Risk Percentage	2.00%	1.00%
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	$ 0
Provision for expected credit losses	53
Write-offs and recoveries	0
Balance at end of period	$ 113
All Others
Financing Receivable, Allowance for Credit Loss [Line Items]
Number of legal entities with working interest in properties | party	30
Financing Receivable, Credit Risk Percentage	10.00%	5.00%
Financing Receivable, Past Due	$ 100
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	52
Provision for expected credit losses	19
Write-offs and recoveries	0
Balance at end of period	87
Adjustment upon adoption
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	76
Adjustment upon adoption | Customers
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	0
Adjustment upon adoption | Mutual Operators
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	0
Adjustment upon adoption | Large Partners
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	60
Adjustment upon adoption | All Others
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	$ 16
Accounting Standards Update 2016-13 | Adjustment upon adoption
Financing Receivable, Allowance for Credit Loss [Line Items]
Retained earnings		$ (100)

Derivative Instruments - Additi

Derivative Instruments - Additional Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)Entity	Dec. 31, 2019USD ($)
Derivative Instruments and Hedging Activities Disclosure [Line Items]
Derivative Asset	$ 244,405	$ 6,881
Derivative assets	113,781	$ 26,835
Interest Rate Swap
Derivative Instruments and Hedging Activities Disclosure [Line Items]
Derivative, Notional Amount	$ 300,000
Derivative, Average Fixed Interest Rate	136.00%
Derivative assets	$ 6,800
Number of derivative counterparties | Entity	4
Commodity contracts
Derivative Instruments and Hedging Activities Disclosure [Line Items]
Derivative Asset	$ 137,400
Number of derivative counterparties | Entity	9
Commodity contracts | Crude Oil
Derivative Instruments and Hedging Activities Disclosure [Line Items]
Third-party quoted forward prices	NYMEX WTI
Commodity contracts | MEH [Member]
Derivative Instruments and Hedging Activities Disclosure [Line Items]
Third-party quoted forward prices	MEH
Commodity contracts | Natural Gas [Member]
Derivative Instruments and Hedging Activities Disclosure [Line Items]
Third-party quoted forward prices	NYMEX HH

Commodity Derivative Positions

Commodity Derivative Positions (Details)	Mar. 31, 2020bbl$ / bbl
Interest Rate Swap
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Average Fixed Interest Rate	136.00%
Crude Oil | Swap [Member] | Second Quarter 2021 [Member] [Domain]
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Nonmonetary Notional Amount | bbl	4,945
Derivative, Swap Type, Fixed Price	51.60
Crude Oil | Swap [Member] | First Quarter 2021 [Member] [Domain]
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Nonmonetary Notional Amount | bbl	5,000
Derivative, Swap Type, Fixed Price	51.60
Crude Oil | Swap [Member] | Fourth Quarter 2020 [Member]
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Nonmonetary Notional Amount | bbl	9,804
Derivative, Swap Type, Fixed Price	55.18
Crude Oil | Swap [Member] | Third Quarter 2020 [Member]
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Nonmonetary Notional Amount | bbl	8,630
Derivative, Swap Type, Fixed Price	55.20
Crude Oil | Swap [Member] | Second Quarter 2020 [Member]
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Nonmonetary Notional Amount | bbl	13,209
Derivative, Swap Type, Fixed Price	52.06
Crude Oil | 2-Way Collars [Domain] | Second Quarter 2021 [Member] [Domain]
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Nonmonetary Notional Amount | bbl	4,121
Derivative, Floor Price	43.60
Derivative, Cap Price	46.84
Crude Oil | 2-Way Collars [Domain] | First Quarter 2021 [Member] [Domain]
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Nonmonetary Notional Amount | bbl	4,167
Derivative, Floor Price	43.60
Derivative, Cap Price	46.84
Crude Oil | 2-Way Collars [Domain] | Fourth Quarter 2020 [Member]
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Nonmonetary Notional Amount | bbl	2,000
Derivative, Floor Price	48
Derivative, Cap Price	57.10
Crude Oil | 2-Way Collars [Domain] | Third Quarter 2020 [Member]
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Nonmonetary Notional Amount | bbl	6,891
Derivative, Floor Price	52.97
Derivative, Cap Price	58.03
Crude Oil | 2-Way Collars [Domain] | Second Quarter 2020 [Member]
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Nonmonetary Notional Amount | bbl	5,297
Derivative, Floor Price	52.36
Derivative, Cap Price	57.60
Crude Oil | Purchased Puts Contract 1 [Member] | Second Quarter 2020 [Member]
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Nonmonetary Notional Amount | bbl	3,297
Derivative, Floor Price	23
Derivative, Purchased Put Deferred premium, Price	2.11
Crude Oil | Purchased Puts Contract 2 [Member] | Second Quarter 2020 [Member]
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Nonmonetary Notional Amount | bbl	8,242
Derivative, Floor Price	30
Derivative, Purchased Put Deferred premium, Price	3.19
Crude Oil | Put Spread [Member] | Third Quarter 2020 [Member]
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Nonmonetary Notional Amount | bbl	5,435
Derivative, Put Spread Purchased Put, Price	30
Derivative, Put Spread Sold Put, Price	20
Derivative, Purchased Spread Deferred premium, Price	1.84
Crude Oil | Purchased Call [Member] | Second Quarter 2020 [Member]
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Nonmonetary Notional Amount | bbl	3,297
Derivative, Floor Price	57.90
Derivative, Purchased Put Deferred premium, Price	0.10
Crude Oil | Put Option [Member] | Second Quarter 2021 [Member] [Domain]
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Nonmonetary Notional Amount | bbl	9,066
Derivative, Swap Type, Fixed Price	37.36
Crude Oil | Put Option [Member] | First Quarter 2021 [Member] [Domain]
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Nonmonetary Notional Amount | bbl	9,167
Derivative, Swap Type, Fixed Price	37.36
Crude Oil | Put Option [Member] | Fourth Quarter 2020 [Member]
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Nonmonetary Notional Amount | bbl	5,087
Derivative, Swap Type, Fixed Price	43.50
Crude Oil | Put Option [Member] | Second Quarter 2020 [Member]
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Nonmonetary Notional Amount | bbl	912
Derivative, Swap Type, Fixed Price	44
MEH [Member] | Swap [Member] | Fourth Quarter 2020 [Member]
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Nonmonetary Notional Amount | bbl	2,000
Derivative, Swap Type, Fixed Price	61.03
MEH [Member] | Swap [Member] | Third Quarter 2020 [Member]
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Nonmonetary Notional Amount | bbl	2,000
Derivative, Swap Type, Fixed Price	61.03
MEH [Member] | Swap [Member] | Second Quarter 2020 [Member]
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Nonmonetary Notional Amount | bbl	2,000
Derivative, Swap Type, Fixed Price	61.03
Natural Gas [Member] | 2-Way Collars [Domain] | Fourth Quarter 2020 [Member]
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Nonmonetary Notional Amount | bbl	12,804
Derivative, Floor Price	2
Derivative, Cap Price	2.21
Natural Gas [Member] | 2-Way Collars [Domain] | Third Quarter 2020 [Member]
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Nonmonetary Notional Amount | bbl	12,804
Derivative, Floor Price	2
Derivative, Cap Price	2.21
Natural Gas [Member] | 2-Way Collars [Domain] | Second Quarter 2020 [Member]
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Nonmonetary Notional Amount | bbl	12,901
Derivative, Floor Price	2
Derivative, Cap Price	2.21

Impact of Derivative Activities

Impact of Derivative Activities on Condensed Consolidated Statements of Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Interest Rate Derivative Instruments Not Designated as Hedging Instruments	$ (6,683)	$ 0
Derivatives	151,119	(68,017)
Gain (Loss) on Commodity Derivative Instruments	157,802	(68,017)
Cash Settlements Interest Rate Swap Operating Activities	68	0
Cash Settlements Commodity Operating Activities	(337)	4,394
Cash settlements, net	$ (269)	$ 4,394

Fair Value of Derivative Instru

Fair Value of Derivative Instruments on Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Derivatives, Fair Value [Line Items]
Derivative assets	$ 233,442	$ 4,131
Derivative liabilities	103,092	23,450
Derivative assets	10,963	2,750
Derivative Liability, Noncurrent	10,689	3,385
Derivative Liability	113,781	26,835
Commodity contracts | Current Derivative Contract [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	233,402	4,131
Derivative liabilities	100,202	23,450
Commodity contracts | Noncurrent Derivative Contract [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	10,963	2,750
Derivative Liability, Noncurrent	6,789	3,385
Interest Rate Swap
Derivatives, Fair Value [Line Items]
Derivative Liability	6,800
Interest Rate Swap | Current Derivative Contract [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	40	0
Derivative liabilities	2,890	0
Interest Rate Swap | Noncurrent Derivative Contract [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	0	0
Derivative Liability, Noncurrent	3,900	0
Fair Value, Measurements, Recurring | Commodity contracts
Derivatives, Fair Value [Line Items]
Derivative assets	233,402	4,131
Derivative liabilities	100,202	(23,450)
Derivative assets	10,963	2,750
Derivative Liability, Noncurrent	6,789	$ 3,385
Fair Value, Measurements, Recurring | Interest Rate Swap
Derivatives, Fair Value [Line Items]
Derivative assets	40
Derivative liabilities	2,890
Derivative assets	0
Derivative Liability, Noncurrent	$ 3,900

Summary of Property and Equipme

Summary of Property and Equipment (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)$ / bbl	Mar. 31, 2019USD ($)$ / bbl	Dec. 31, 2019USD ($)
Property, Plant and Equipment [Abstract]
Proved Oil and Gas Property, Full Cost Method	$ 1,487,868		$ 1,409,219
Unproved Oil and Gas Property, Full Cost Method	53,878		53,200
Oil and Gas Property, Full Cost Method, Gross	1,541,746		1,462,419
Other property and equipment	27,355		25,915
Total properties and equipment	1,569,101		1,488,334
Accumulated depreciation, depletion and amortization	(408,542)		(367,909)
Property and equipment, net (successful efforts method)	1,160,559		1,120,425
Unproved Oil and Gas Property excluded	53,900		$ 53,200
Undeveloped Leasehold Costs Transferred	1,400	$ 100
Capitalized Costs, Proved Properties	800	1,000
Interest Costs Capitalized	$ 700	$ 1,200
Amortization Expense Per Physical Unit of Production | $ / bbl	16.73	17.49
Ceiling Test Cushion	$ 350,000

Long-Term Debt - Summary of Lon

Long-Term Debt - Summary of Long-Term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Sep. 29, 2017
Debt Instrument [Line Items]
Revolving credit facility	$ 399,400	$ 362,400
Second Lien Facility	200,000	200,000
Long-term Debt	599,400	562,400
Debt Instrument, Unamortized Discount	(2,219)	(2,415)	$ (4,000)
Unamortized Debt Issuance Expense	(4,557)	(4,957)	$ (8,200)
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net	592,624	555,028
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums	$ 6,776	$ 7,372

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Details)	May 01, 2020USD ($)	Mar. 31, 2020USD ($)	Mar. 31, 2018USD ($)	Oct. 01, 2020USD ($)	Jul. 01, 2020USD ($)	Dec. 31, 2019USD ($)	May 03, 2019USD ($)	Mar. 31, 2019	Sep. 29, 2017USD ($)
Debt Disclosure [Line Items]
Current Ratio							1
Second Lien Facility		$ 200,000,000				$ 200,000,000
Proceeds from Debt, Net of Issuance Costs			$ 187,800,000
Debt Instrument, Unamortized Discount		2,219,000				2,415,000			$ 4,000,000
Unamortized Debt Issuance Expense		$ 4,557,000				4,957,000			$ 8,200,000
Debt Instrument, Discounted Percentage		98.00%
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, Current Borrowing Capacity		$ 500,000,000
Interest Rate at Period End		3.20%
Debt To E B I T D Ratio Maximum		3.50
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		8.00%						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
Subsequent Event [Member]
Debt Disclosure [Line Items]
Anti-hoarding provision, Max cash	$ 25,000,000
Subsequent Event [Member] | 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	$ 400,000,000			$ 350,000,000
Debt To E B I T D Ratio Maximum	4
Subsequent Event [Member] | Minimum [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%
Subsequent Event [Member] | Maximum [Member] | Revolving Credit Facility
Debt Disclosure [Line Items]
Interest rate option one, applicable margin rate over Adjusted LIBOR	2.50%
Interest rate option two, applicable margin rate	3.50%
Subsequent Event [Member] | Maximum [Member] | Letter of Credit
Debt Disclosure [Line Items]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	0.50%
Forecast | Revolving Credit Facility
Debt Disclosure [Line Items]
Line of Credit Facility, Current Borrowing Capacity					$ 375,000,000

Income Taxes (Details)

Income Taxes (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Federal statutory income tax rate (as a percent)		21.60%
Blended tax rate (as a percent)	21.70%
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability	$ 1,200,000
Income taxes receivable	2,471,000		$ 1,236,000
Deferred income taxes	$ 3,744,000		$ 1,424,000
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent	0.70%	0.10%
Unrecognized Tax Benefits	$ 0
Income Tax Examination, Penalties and Interest Expense	$ 0	$ 0

Leases (Details)

Leases (Details) - USD ($) $ in Thousands	Jan. 01, 2019	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Lessee, Lease, Description [Line Items]
Operating Lease, Right-of-Use Asset		$ 2,928		$ 2,740
Operating Lease, Payments		218	$ 39
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	$ 2,500	306	2,572
Operating Lease, Liability, Current		927		847
Operating Lease, Liability, Noncurrent		2,335		2,232
Operating Lease, Liability		$ 3,262		$ 3,079
Operating Lease, Weighted Average Remaining Lease Term		3 years 9 months 18 days		4 years 1 month 6 days
Operating Lease, Weighted Average Discount Rate, Percent		3.26%		5.97%
Lessee, Operating Lease, Liability, Payments, Remainder of Fiscal Year		$ 689
Lessee, Operating Lease, Liability, Payments, Due Year Two		894
Lessee, Operating Lease, Liability, Payments, Due Year Three		874
Lessee, Operating Lease, Liability, Payments, Due Year Four		873
Lessee, Operating Lease, Liability, Payments, Due after Year Five		144
Lessee, Operating Lease, Liability, Payments, Due		3,474
Lessee, Operating Lease, Liability, Undiscounted Excess Amount		(212)
Operating Lease, Cost		210	163
Short-term Lease, Cost		11,296	11,571
Variable Lease, Cost		5,657	5,095
Amounts charged as dilling costs		(10,621)	(10,851)
Lease, Cost		6,542	5,978
Natural Gas, Gathering, Transportation, Marketing and Processing [Member]
Lessee, Lease, Description [Line Items]
Lease, Cost		2,800	2,100
Operating Expense [Member]
Lessee, Lease, Description [Line Items]
Lease, Cost		3,500	3,700
General and Administrative Expense [Member]
Lessee, Lease, Description [Line Items]
Lease, Cost		$ 200	$ 200
Minimum [Member]
Lessee, Lease, Description [Line Items]
Lessee, Operating Lease, Term of Contract		2 years

Components of Selected Balance

Components of Selected Balance Sheet Accounts (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Other current assets:
Tubular inventory and well materials	$ 2,959	$ 2,989
Prepaid expenses	1,806	1,469
Other Assets, Current	4,765	4,458
Other assets:
Deferred issuance costs of the Revolver	3,725	3,952
Operating Lease, Right-of-Use Asset	2,928	2,740
Other	111	32
Other assets	6,764	6,724
Accounts payable and accrued liabilities:
Trade accounts payable	44,482	30,098
Drilling costs	23,260	18,832
Royalties	29,317	44,537
Production, ad valorem and other taxes	3,444	3,244
Compensation	2,246	5,272
Interest	644	730
Operating Lease, Liability, Current	927	847
Other	1,543	2,264
Accounts payable and accrued liabilities	105,863	105,824
Other liabilities:
Asset retirement obligations	5,082	4,934
Operating Lease, Liability, Noncurrent	2,335	2,232
Defined benefit pension obligations	843	873
Postretirement health care benefit obligations	356	343
Other liabilities	$ 8,616	$ 8,382

Assets and Liabilities Measured

Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets - current	$ 233,442	$ 4,131
Derivative assets - noncurrent	10,963	2,750
Liabilities:
Commodity derivative liabilities – current	(103,092)	(23,450)
Commodity derivative liabilities – noncurrent	(10,689)	(3,385)
Fair Value, Measurements, Recurring | Interest Rate Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets - current	40
Derivative assets - noncurrent	0
Liabilities:
Commodity derivative liabilities – current	(2,890)
Commodity derivative liabilities – noncurrent	(3,900)
Fair Value, Measurements, Recurring | Interest Rate Swap | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets - current	0
Derivative assets - noncurrent	0
Liabilities:
Commodity derivative liabilities – current	0
Commodity derivative liabilities – noncurrent	0
Fair Value, Measurements, Recurring | Interest Rate Swap | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets - current	40
Derivative assets - noncurrent	0
Liabilities:
Commodity derivative liabilities – current	(2,890)
Commodity derivative liabilities – noncurrent	(3,900)
Fair Value, Measurements, Recurring | Interest Rate Swap | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets - current	0
Derivative assets - noncurrent	0
Liabilities:
Commodity derivative liabilities – current	0
Commodity derivative liabilities – noncurrent	0
Fair Value, Measurements, Recurring | Commodity contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets - current	233,402	4,131
Derivative assets - noncurrent	10,963	2,750
Liabilities:
Commodity derivative liabilities – current	(100,202)	23,450
Commodity derivative liabilities – noncurrent	(6,789)	(3,385)
Fair Value, Measurements, Recurring | Commodity contracts | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets - current	0	0
Derivative assets - noncurrent	0	0
Liabilities:
Commodity derivative liabilities – current	0	0
Commodity derivative liabilities – 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 - current	233,402	4,131
Derivative assets - noncurrent	10,963	2,750
Liabilities:
Commodity derivative liabilities – current	(100,202)	23,450
Commodity derivative liabilities – noncurrent	(6,789)	(3,385)
Fair Value, Measurements, Recurring | Commodity contracts | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets - current	0	0
Derivative assets - noncurrent	0	0
Liabilities:
Commodity derivative liabilities – current	0	0
Commodity derivative liabilities – 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	NYMEX WTI
MEH [Domain] | Commodity contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Third-party quoted forward prices	MEH
Natural Gas [Member] | Commodity contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Third-party quoted forward prices	NYMEX HH

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) $ in Millions	Jan. 01, 2020	Mar. 31, 2020USD ($)bbl
Commitments and Contingencies Disclosure [Line Items]
Term of Drilling Rig Agreement	1 year
Long-term Purchase Commitment, Minimum Volume Required | bbl		8,000
Estimated Litigation Liability, Current		$ 0.3
Asset Retirement Obligation		5.1
Crude Oil Gathering And Transportation Services
Commitments and Contingencies Disclosure [Line Items]
Contractual Obligation, Due 2020 through 2025		9.7
Contractual Obligation, Due 2021 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
	Mar. 31, 2020	Mar. 31, 2019
Increase (Decrease) in Stockholders' Equity [Roll Forward]
As of beginning balance	$ 520,745	$ 447,355
Net income (loss)	163,094	(38,697)
All other changes	556	380
As of ending balance	684,319	408,944
Share-based compensation	856	1,038
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
As of beginning balance	151	151
All other changes	1	0
As of ending balance	152	151
Paid-in Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
As of beginning balance	200,666	197,630
All other changes	556	381
As of ending balance	201,222	198,011
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
As of beginning balance	319,987	249,492
Net income (loss)	163,094	(38,697)
All other changes	0	0
As of ending balance	483,005	210,701
Accumulated Other Comprehensive Loss
Increase (Decrease) in Stockholders' Equity [Roll Forward]
As of beginning balance	(59)	82
All other changes	(1)	(1)
As of ending balance	$ (60)	$ 81
Time Vested Restricted Stock Units [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares, Issued	22,321	24,657
Accounting Standards Update 2016-13 | Adjustment upon adoption
Increase (Decrease) in Stockholders' Equity [Roll Forward]
As of beginning balance	$ (76)
Accounting Standards Update 2016-13 | Adjustment upon adoption | Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
As of beginning balance	$ (76)
Accounting Standards Update 2016-02 | Adjustment upon adoption
Increase (Decrease) in Stockholders' Equity [Roll Forward]
As of beginning balance		$ (94)
Accounting Standards Update 2016-02 | Adjustment upon adoption | Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
As of beginning balance		$ (94)

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		12 Months Ended
	Jan. 31, 2017tranche	Mar. 31, 2020USD ($)$ / sharesshares	Mar. 31, 2019USD ($)shares	Dec. 31, 2019$ / shares	Dec. 31, 2017$ / shares
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Dividends | $		$ 0	$ 0
Share-based compensation | $		856	1,038
Defined Contribution Plan, Cost | $		200	200
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
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		584,497
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares		$ 2.78
Shares, Issued		22,321	24,657
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		87,899	0
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate		101.32%		49.90%
Share-based Compensation Arrangements By Share-based Payment Award, Award Amortization Period		5 years
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		0.51%		1.66%	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]
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		$ 2.40		$ 34.02
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 1 [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
Performance Restricted Stock Units [Domain]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized		201,491
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate Minimum		0.00%		0.00%	0.00%
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		223,882	0
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		1,424,600

Interest Expense Components of

Interest Expense Components of Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Banking and Thrift [Abstract]
Interest on borrowings and related fees	$ 8,045	$ 9,711
Accretion of original issue discount	196	180
Amortization of debt issuance costs	627	741
Capitalized interest	(688)	(1,154)
Interest Expense	$ 8,180	$ 9,478

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
	Mar. 31, 2020	Mar. 31, 2019
Earnings Per Share [Abstract]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount		200
Net income (loss)	$ 163,094	$ (38,697)
Weighted-average shares – basic	15,152	15,098
Effect of dilutive securities	8	0
Weighted-average shares – diluted	15,160	15,098

Interest Rate Swap Contract (De

Interest Rate Swap Contract (Details) $ in Millions	Mar. 31, 2020USD ($)
Interest Rate Swap
Derivative [Line Items]
Derivative, Notional Amount	$ 300