Ranger Oil (ROCC) 10-Q 7 Aug 20 2020 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2020	Jul. 31, 2020
Document Documentand Entity Information [Abstract]
Security Exchange Name	NASDAQ
Entity Tax Identification Number	23-1184320
Entity File Number	1-13283
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 Incorporation, State or Country Code	VA
Document Quarterly Report	true
Document Transition Report	false
Title of 12(b) Security	Common Stock, $0.01 Par Value
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Document Period End Date	Jun. 30, 2020
Document Type	10-Q
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Trading Symbol	PVAC
Entity Registrant Name	PENN VIRGINIA CORP
Entity Central Index Key	0000077159
Current Fiscal Year End Date	--12-31
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Small Business	false
Entity Common Stock, Shares Outstanding		15,175,667

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenues
Gain on sales of assets, net	$ 8	$ 16	$ 14	$ 41
Total revenues	45,482	122,767	136,861	227,995
Operating expenses
Lease operating	9,094	10,362	19,626	21,366
Gathering, processing and transportation	5,593	6,408	11,037	10,337
Production and ad valorem taxes	2,630	7,579	8,784	13,271
General and administrative	7,986	6,232	15,216	13,297
Asset Impairment Charges	35,509	0	35,509	0
Depreciation, depletion and amortization	37,135	44,298	77,853	83,168
Total operating expenses	97,947	74,879	168,025	141,439
Operating income (loss)	(52,465)	47,888	(31,164)	86,556
Other income (expense)
Interest expense	(8,536)	(9,056)	(16,716)	(18,534)
Derivatives	(34,349)	13,603	116,770	(54,414)
Other, net	(55)	8	(63)	114
Income (loss) before income taxes	(95,405)	52,443	68,827	13,722
Income tax benefit (expense)	690	(818)	(448)	(794)
Net income (loss) attributable to common shareholders	$ (94,715)	$ 51,625	$ 68,379	$ 12,928
Net income (loss) per share:
Basic (in dollars per share)	$ (6.24)	$ 3.42	$ 4.51	$ 0.86
Diluted (in dollars per share)	$ (6.24)	$ 3.40	$ 4.48	$ 0.85
Weighted average shares outstanding – basic (in shares)	15,167	15,106	15,159	15,102
Weighted average shares outstanding – diluted (in shares)	15,167	15,162	15,268	15,174
Oil and Gas, Exploration and Production [Member]
Revenues
Revenues	$ 41,197	$ 114,031	$ 127,505	$ 208,843
Oil and Condensate [Member]
Revenues
Revenues	1,578	3,502	3,471	9,050
Natural Gas, Production [Member]
Revenues
Revenues	2,020	5,290	4,710	9,567
Product and Service, Other [Member]
Revenues
Revenues	$ 679	$ (72)	$ 1,161	$ 494

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (94,715)	$ 51,625	$ 68,379	$ 12,928
Other comprehensive loss:
Change in pension and postretirement obligations, net of tax of $0 and $0 in 2016	(1)	(1)	(2)	(2)
Total Other Comprehensive Income (Loss), Net of Tax	(1)	(1)	(2)	(2)
Comprehensive income (loss)	$ (94,716)	$ 51,624	$ 68,377	$ 12,926

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Current assets
Cash and cash equivalents	$ 21,945	$ 7,798
Accounts receivable, net of allowance for credit losses	42,833	70,716
Derivative Asset, Current	117,369	4,131
Income Taxes Receivable, Current	0	1,236
Other current assets	4,141	4,458
Total current assets	186,288	88,339
Property and equipment, net (full cost method)	1,099,838	1,120,425
Derivative Asset, Noncurrent	4,053	2,750
Other assets	5,537	6,724
Total assets	1,295,716	1,218,238
Current liabilities
Accounts payable and accrued liabilities	55,924	105,824
Derivative liabilities	74,583	23,450
Total current liabilities	130,507	129,274
Other liabilities	9,578	8,382
Derivative liabilities	8,900	3,385
Long-term debt, net	553,234	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; 15,175,667 and 15,135,598 shares issued as of June 30, 2020 and December 31, 2019, respectively	152	151
Paid-in capital	202,158	200,666
Retained earnings	388,290	319,987
Accumulated other comprehensive loss	(61)	(59)
Total shareholders’ equity	590,539	520,745
Total liabilities and shareholders’ equity	1,295,716	1,218,238
Deferred Income Tax Liabilities, Net	$ 2,958	$ 1,424
Preferred stock, par value	$ 0.01	$ 0.01
Common stock, par value	$ 0.01	$ 0.01

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.01	$ 0.01
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	15,175,667	15,135,598
Series A Preferred Stock
Statement of Financial Position [Abstract]
Preferred stock, shares authorized	5,000,000	5,000,000
Schedule of Stockholders' Equity [Line Items]
Preferred stock, issued	0	0
Preferred stock, shares authorized	5,000,000	5,000,000

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Cash flows from operating activities
Net Cash Provided by (Used in) Operating Activities	$ 128,895	$ 154,362
Net income (loss)	68,379	12,928
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization	77,853	83,168
Asset Impairment Charges	35,509	0
Derivative contracts:
Net (gains) losses	(116,770)	54,414
Cash settlements and premiums received (paid), net	(58,877)	3,907
Deferred income tax expense	1,534	2,030
Gain (Loss) on Disposition of Other Assets	(14)	(41)
Noncash Interest Expense	2,537	1,748
Share-based compensation	1,807	2,055
Other, net	14	26
Changes in operating assets and liabilities, net	(831)	1,941
Cash flows from investing activities
Capital expenditures	(112,827)	(175,941)
Proceeds from sales of assets, net	83	29
Net cash used in investing activities	(112,744)	(175,912)
Cash flows from financing activities
Proceeds from credit facility borrowings	46,000	32,000
Repayment of credit facility borrowings	(49,000)	(13,000)
Debt issuance costs paid	(72)	(2,518)
Proceeds from (Payments for) Other Financing Activities	1,068	0
Net cash provided by (used in) financing activities	(2,004)	16,482
Net increase (decrease) in cash and cash equivalents	14,147	(5,068)
Cash and cash equivalents – beginning of period	7,798	17,864
Cash and cash equivalents – end of period	21,945	12,796
Cash paid for:
Interest, net of amounts capitalized	14,316	16,784
Income Taxes Paid, Net	(2,471)	0
Reorganization items, net	0	79
Non-cash investing and financing activities:
Changes in accrued liabilities related to capital expenditures	$ (20,294)	$ 17,397

Nature of Operations

Nature of Operations	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Nature of Operations	Nature of OperationsPenn 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 focused on 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	6 Months Ended
	Jun. 30, 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 six months ended June 30, 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 disagreements between the Organization of the Petroleum Exporting Countries (“OPEC”) and Russia with respect to production curtailments. As the breadth of the COVID-19 health crisis expanded and governmental authorities implemented more restrictive measures to limit person-to-person contact, global economic activity continued to decline commensurately. In the second week of April, OPEC, Russia and certain other petroleum producing nations (“OPEC+”), reconvened and agreements were reached to cut production with certain allocations among the OPEC+ participants. Through July 2020, the OPEC+ production curtailment efforts have generally held and there have been modest recoveries of crude oil prices from their historic lows at the height of the COVID-19 health crisis; however, continued progress will be substantially impacted by further OPEC+ considerations in the second half of 2020. Despite a significant decline in drilling by U.S. producers starting in mid-March 2020, domestic supply and demand imbalances continue to create operational stress with respect to capacity limitations associated with storage, pipeline and refining infrastructure, particularly within the Gulf Coast region. Limited progress in containing the COVID-19 health crisis domestically, including the effects of recent spikes in many regions of the United States, including Texas, has hampered economic recovery. Furthermore, government stimulus and economic relief efforts initiated in the second quarter of 2020 are nearing expiration and will likely have to be extended or supplemented in some form in order to achieve meaningful economic recovery in the second half of 2020. These efforts are further impacted by election year uncertainties and related political conflicts. The combined effect of these aforementioned factors is anticipated to have a continuing 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 during March and April 2020 included: (i) suspending our drilling and completion program (see Note 12), (ii) curtailing production through selected well shut-ins for a period of several weeks in April and May, (iii) securing crude oil storage capacity (see Note 12) in order to maintain a reasonable level of production to (a) allow for the continued marketing of NGLs and natural gas rather than delaying revenues through additional shut-ins and (b) capitalize on potential increases in commodity prices, (iv) substantially expanding the scope and range of our commodity derivatives portfolio (see Note 5) and (v) utilizing certain liquidity-related provisions of the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”) and related regulations, the most significant of which was the receipt in June 2020 an accelerated refund of our remaining refundable alternative minimum tax (“AMT”) credit carryforwards in the amount of $2.5 million. Going Concern Presumption Our unaudited Condensed Consolidated Financial Statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities and other commitments in the normal course of business. Subsequent Events Management has evaluated all of our activities through the issuance date of our Condensed Consolidated Financial Statements and has concluded that no subsequent events have occurred that would require recognition in our Condensed Consolidated Financial Statements or disclosure in the Notes thereto.

Acquisitions

Acquisitions	6 Months Ended
	Jun. 30, 2020
Acquisitions [Abstract]
Acquisitions	AcquisitionsEagle 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. Funding for this acquisition was provided by borrowings under our credit agreement (the “Credit Facility”).

Accounts Receivable and Revenue

Accounts Receivable and Revenues from Contracts with Customers	6 Months Ended
	Jun. 30, 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: June 30, December 31, 2020 2019 Customers $ 40,944 $ 63,165 Joint interest partners 2,046 6,929 Other — 674 42,990 70,768 Less: Allowance for credit losses (157) (52) $ 42,833 $ 70,716 For the six months ended June 30, 2020, four customers accounted for $99.2 million, or approximately 73%, of our consolidated product revenues. The revenues generated from these customers during the six months ended June 30, 2020, were $34.8 million, $26.3 million, $19.8 million and $18.3 million, or 26%, 19%, 15% and 13% of the consolidated total, respectively. As of June 30, 2020 and December 31, 2019, $29.0 million and $52.7 million, or approximately 71% and 83%, respectively, of our consolidated accounts receivable from customers was related to these customers. For the six months ended June 30, 2019, three customers accounted for $150.0 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 June 30, 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 15 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 six months included in the period ended June 30, 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 June 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 continue to be assessed with a greater emphasis on current economic conditions and reasonable supportable forecasts. Mutual Operators . As of June 30, 2020, we had mutual joint interest partner relationships with three 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 2020 with a five percent risk. Large Partners . As of June 30, 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 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 2020 to a two percent risk. All Others . As of June 30, 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 2020 to a 10 percent risk. As of June 30, 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 six months ended June 30, 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 — 5 13 11 29 Write-offs and recoveries — — — — — Balance at end of period $ — $ 5 $ 73 $ 79 $ 157

Derivative Instruments

Derivative Instruments	6 Months Ended
	Jun. 30, 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 June 30, 2020: 3Q2020 4Q2020 1Q2021 2Q2021 3Q2021 4Q2021 NYMEX WTI Crude Swaps Average Volume Per Day (barrels) 11,457 9,804 6,667 6,593 Weighted Average Swap Price ($/barrel) $ 51.17 $ 55.18 $ 48.73 $ 48.73 NYMEX WTI Purchased Puts/Sold Calls Average Volume Per Day (barrels) 4,043 2,000 3,333 3,297 3,261 3,261 Weighted Average Purchased Put Price ($/barrel) $ 52.70 $ 48.00 $ 47.50 $ 47.50 $ 40.00 $ 40.00 Weighted Average Sold Call ($/barrel) $ 58.26 $ 57.10 $ 51.51 $ 51.51 $ 50.00 $ 50.00 NYMEX WTI Purchased Puts Average Volume Per Day (barrels) 2,174 Weighted Average Purchased Put ($/barrel) $ 55.00 Weighted Average Premium ($/barrel) $ 0.06 Average Volume Per Day (barrels) 674 Weighted Average Purchased Put ($/barrel) $ 48.00 Weighted Average Premium ($/barrel) $ 0.06 Average Volume Per Day (barrels) 2,174 Weighted Average Purchased Put ($/barrel) $ 37.00 Weighted Average Deferred Premium ($/barrel) $ 1.23 Average Volume Per Day (barrels) 2,717 Weighted Average Purchased Put ($/barrel) $ 30.00 Weighted Average Deferred Premium ($/barrel) $ 3.63 Average Volume Per Day (barrels) 2,500 2,473 Weighted Average Purchased Put ($/barrel) $ 36.00 $ 36.00 Weighted Average Premium ($/barrel) $ 4.50 $ 4.50 NYMEX WTI Put Spread Average Volume Per Day (barrels) 2,174 Weighted Average Put Spread Purchased Put ($/barrel) $ 39.00 Weighted Average Put Spread Sold Put ($/barrel) $ 32.00 Weighted Average Deferred Premium ($/barrel) $ 3.25 Average Volume Per Day (barrels) 2,174 Weighted Average Put Spread Purchased Put ($/barrel) $ 30.00 Weighted Average Put Spread Sold Put ($/barrel) $ 20.00 Weighted Average Deferred Premium ($/barrel) $ 2.45 NYMEX WTI Sold Puts Average Volume Per Day (barrels) 5,087 10,833 10,714 3,261 3,261 Weighted Average Sold Put Price ($/barrel) $ 43.50 $ 37.00 $ 37.00 $ 35.00 $ 35.00 MEH Crude Swaps Average Volume Per Day (barrels) 2,000 2,000 Weighted Average Swap Price ($/barrel) $ 61.03 $ 61.03 MEH-NYMEX WTI Crude Basis Swaps Average Volume Per Day (barrels) 10,870 Weighted Average Swap Price ($/barrel) $ 1.04 NYMEX WTI Crude CMA Roll Basis Swaps Average Volume Per Day (barrels) 10,870 Weighted Average Swap Price ($/barrel) $ (0.45) NYMEX HH Purchased Puts/Sold Calls Average Volume Per Day (MMBtus) 12,804 12,804 3,333 3,297 3,261 3,261 Weighted Average Purchased Put ($/MMBtu) $ 2.00 $ 2.00 $ 2.50 $ 2.50 $ 2.50 $ 2.50 Weighted Average Sold Call ($/MMBtu) $ 2.21 $ 2.21 $ 2.85 $ 2.85 $ 2.85 $ 2.85 As of June 30, 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 June 30, Six Months Ended June 30, 2020 2019 2020 2019 Interest rate swap losses recognized in the Consolidated Statements of Operations $ (876) $ — $ (7,559) $ — Commodity gains (losses) recognized in the Consolidated Statements of Operations (33,473) 13,603 124,329 (54,414) $ (34,349) $ 13,603 $ 116,770 $ (54,414) Interest rate cash settlements recognized in the Consolidated Statements of Cash Flows $ (436) $ — $ (368) $ — Commodity cash settlements and premiums received (paid) recognized in the Consolidated Statements of Cash Flows 59,582 (8,301) 59,245 (3,907) $ 59,146 $ (8,301) $ 58,877 $ (3,907) 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: June 30, 2020 December 31, 2019 Derivative Derivative Derivative Derivative Type Balance Sheet Location Assets Liabilities Assets Liabilities Interest rate contracts Derivative assets/liabilities - current $ — $ 2,949 $ — $ — Commodity contracts Derivative assets/liabilities – current 117,369 71,634 4,131 23,450 Interest rate contracts Derivative assets/liabilities - noncurrent — 4,242 — — Commodity contracts Derivative assets/liabilities – noncurrent 4,053 4,658 2,750 3,385 $ 121,422 $ 83,483 $ 6,881 $ 26,835 As of June 30, 2020, we reported net commodity derivative assets of $45.1 million and net Interest Rate Swap liabilities of $7.2 million. The contracts associated with these positions are with seven 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.

Long-Term Debt

Long-Term Debt	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt The following table summarizes our debt obligations as of the dates presented: June 30, 2020 December 31, 2019 Principal Unamortized Discount and Deferred Issuance Costs 1, 2 Principal Unamortized Discount and Deferred Issuance Costs 1, 2 Credit facility $ 359,400 $ 362,400 Second lien term loan 200,000 $ 6,166 200,000 $ 7,372 Totals 559,400 $ 6,166 562,400 $ 7,372 Less: Unamortized discount 2 (2,019) (2,415) Less: Unamortized deferred issuance costs 1, 2 (4,147) (4,957) Long-term debt, net $ 553,234 $ 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 initially provided for a $400 million borrowing base, including a $25 million sublimit for the issuance of letters of credit. The borrowing base decreased to $375 million in accordance with the terms of the Seventh Amendment effective July 1, 2020 and, effective October 1, 2020, availability under the Credit Facility is further limited to a maximum of $350 million until the redetermination of the borrowing base in Fall 2021. During the six months ended June 30, 2020, we incurred and capitalized approximately $0.1 million of issue and other costs associated with the Seventh Amendment, respectively and wrote-off $0.9 million of previously capitalized issue costs due to the decrease in the borrowing base associated with the Seventh Amendment. 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, we and the Credit Facility lenders may, upon request, 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 June 30, 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 be 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%, 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%, 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 June 30, 2020, the actual weighted-average interest rate on the outstanding borrowings under the Credit Facility was 3.43%. Unused commitment fees are charged at a rate of 0.50%. 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. 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 June 30, 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, with a floor of 1.00%, plus an applicable margin of 7.00%. As of June 30, 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 premium 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 June 30, 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	6 Months Ended
	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes We recognized a federal and state income tax expense for the six months ended June 30, 2020 at the blended rate of 21.6%. The federal and state tax expense was offset by an adjustment to the valuation allowance against our net deferred tax assets resulting in an effective tax rate of 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 for our remaining refundable AMT credit carryforwards that were accelerated due to certain income tax provisions provided in the CARES Act. In June 2020, we received a refund of $2.5 million for the aforementioned AMT credit carryforwards. Our net deferred income tax liability balance of $3.0 million as of June 30, 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 six months ended June 30, 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 5.8% which related to Texas deferred tax expense. We had no liability for unrecognized tax benefits as of June 30, 2020. There were no interest and penalty charges recognized during the periods ended June 30, 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	6 Months Ended
	Jun. 30, 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, crude oil storage tank capacity, 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, crude oil storage tank capacity 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 June 30, Six Months Ended June 30, 2020 2019 2020 2019 Operating lease cost $ 220 $ 194 $ 430 $ 357 Short-term lease cost 4,595 11,484 15,891 23,055 Variable lease cost 4,990 5,548 10,647 10,643 Less: Amounts charged as drilling costs 1 (3,710) (10,790) (14,331) (21,641) Total lease cost recognized in the Condensed Consolidated Statement of Operations 2 $ 6,095 $ 6,436 $ 12,637 $ 12,414 ___________________ 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 $2.9 million and $5.6 million and $5.0 million recognized in Gathering, processing and transportation expense (“GPT”), $3.0 million and $ 3.3 million and $6.6 million and $7.1 million recognized in Lease operating expense (“LOE”) for the three and six months ended June 30, 2020 and 2019, respectively, and $0.2 million and $0.4 million recognized in General and administrative expense (“G&A”) for each of the three and six months ended June 30, 2020 and 2019, respectively. The following table summarizes supplemental cash flow information related to leases for the periods presented: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 253 $ 182 $ 471 $ 221 ROU assets obtained in exchange for lease obligations: Operating leases 1 $ — $ 753 $ 306 $ 3,325 ___________________ 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: June 30, December 31, 2020 2019 ROU assets – operating leases $ 2,734 $ 2,740 Current operating lease obligations $ 886 $ 847 Noncurrent operating lease obligations 2,142 2,232 Total operating lease obligations $ 3,028 $ 3,079 Weighted-average remaining lease term – operating leases 3.6 years 4.1 years Weighted-average discount rate – operating leases 3.25 % 5.97 % Remaining maturities of operating lease obligations as of June 30, 2020: 2020 $ 429 2021 894 2022 874 2023 872 2024 and thereafter 145 Total undiscounted lease payments 3,214 Less: imputed interest (186) Total operating lease obligations $ 3,028

Supplemental Balance Sheet Deta

Supplemental Balance Sheet Detail	6 Months Ended
	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Supplemental Balance Sheet Detail	Supplemental Balance Sheet Detail The following table summarizes components of selected balance sheet accounts as of the dates presented: June 30, December 31, 2020 2019 Other current assets: Tubular inventory and well materials $ 2,995 $ 2,989 Prepaid expenses 1,146 1,469 $ 4,141 $ 4,458 Other assets: Deferred issuance costs of the Credit Facility, net of amortization $ 2,693 $ 3,952 Right-of-use assets – operating leases 2,734 2,740 Other 110 32 $ 5,537 $ 6,724 Accounts payable and accrued liabilities: Trade accounts payable $ 10,706 $ 30,098 Drilling costs 10,888 18,832 Royalties 23,045 44,537 Production, ad valorem and other taxes 4,874 3,244 Compensation 3,309 5,272 Interest 591 730 Current operating lease obligations 886 847 Other 1,625 2,264 $ 55,924 $ 105,824 Other liabilities: Asset retirement obligations $ 5,183 $ 4,934 Noncurrent operating lease obligations 2,142 2,232 Defined benefit pension obligations 814 873 Postretirement health care benefit obligations 371 343 Other 1,068 — $ 9,578 $ 8,382

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 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 June 30, 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: As of June 30, 2020 Fair Value Fair Value Measurement Classification Description Measurement Level 1 Level 2 Level 3 Assets: Interest rate swap assets – current $ — $ — $ — $ — Interest rate swap assets – noncurrent $ — $ — $ — $ — Commodity derivative assets – current $ 117,369 $ — $ 117,369 $ — Commodity derivative assets – noncurrent $ 4,053 $ — $ 4,053 $ — Liabilities: Interest rate swap liabilities – current $ (2,949) $ — $ (2,949) $ — Interest rate swap liabilities – noncurrent $ (4,242) $ — $ (4,242) $ — Commodity derivative liabilities – current $ (71,634) $ — $ (71,634) $ — Commodity derivative liabilities – noncurrent $ (4,658) $ — $ (4,658) $ — As of 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 six months ended June 30, 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	6 Months Ended
	Jun. 30, 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. Costs of $1.6 million associated with the demobilization of the rigs in connection with their release were capitalized to our full cost pool. 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. This rig was subsequently released in June 2020. Costs of $0.4 million associated with maintaining this rig on a standby basis were also capitalized to our full cost pool. 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. We did not incur any costs under this agreement from mid-April through May 2020 due to the suspension of the drilling and completion program. We began to incur costs under this agreement in June 2020 upon the resumption of completion activities for wells that were drilled but uncompleted at the time of the suspension. Crude Oil Storage In March 2020, we secured crude oil storage capacity with Nuevo Dos Gathering and Transportation, LLC (“Nuevo G&T”) for up to 70,000 barrels per month for May and June 2020 as a supplement to our current dedicated capacity of approximately 150,000 barrels of working capacity at Nuevo G&T ’ s central delivery point facility in Lavaca County, Texas. In June 2020, we extended this agreement with Nuevo G&T through October 2020. The total remaining obligation under this agreements was $0.1 million as of June 30, 2020. In April 2020, we secured additional crude oil storage capacity for up to approximately 90,000 barrels of working capacity with a downstream interstate pipeline at their facility in DeWitt County, Texas, for up to six months beginning in May 2020. The total remaining obligation under this agreement is approximately $0.3 million as of June 30, 2020. Costs associated with these agreements are in the form of monthly fixed rate short-term leases and are charged as incurred on a monthly basis to GPT. Gathering and Intermediate Transportation Commitments We have long-term agreements with 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 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. We are obligated to deliver the first 20,000 gross barrels of oil per day produced from Gonzales, Lavaca and Fayette Counties, Texas. 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 June 30, 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: $6.5 million for the remainder of 2020, $13.0 million per year 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, Environmental Compliance and Other Claims 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 June 30, 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 June 30, 2020, we had AROs of approximately $5.2 million attributable to the plugging of abandoned wells. In June 2020, we provided for an estimated reserve of approximately $0.1 million for certain claims made against us regarding previously divested operations.

Shareholders' Equity

Shareholders' Equity	6 Months Ended
	Jun. 30, 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 Net loss — — (94,715) — (94,715) All other changes 2 — 936 — (1) 935 Balance as of June 30, 2020 $ 152 $ 202,158 $ 388,290 $ (61) $ 590,539 _______________________ 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 $1.8 million during the six months ended June 30, 2020. During the six months ended June 30, 2020, 36,174 and 3,895 shares of common stock were issued in connection with the vesting of certain time-vested restricted stock units (“RSUs”) and performance restricted stock units (“PRSUs”), 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 Net income — — 51,625 — 51,625 All other changes 2 — 986 — (1) 985 Balance as of June 30, 2019 $ 151 $ 198,997 $ 262,326 $ 80 $ 461,554 _______________________ 1 Attributable to the adoption of ASC Topic 842 as of January 1, 2019 (see Note 9).

Interest Expense

Interest Expense	6 Months Ended
	Jun. 30, 2020
Interest Expense [Abstract]
Interest Expense	Interest Expense The following table summarizes the components of interest expense for the periods presented: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Interest on borrowings and related fees $ 7,524 $ 9,304 $ 15,569 $ 19,015 Accretion of original issue discount 1 201 183 397 363 Amortization of debt issuance costs 2 1,513 644 2,140 1,385 Capitalized interest (702) (1,075) (1,390) (2,229) $ 8,536 $ 9,056 $ 16,716 $ 18,534 ___________________ 1 Attributable to the Second Lien Facility (see Note 7). 2 Includes $0.9 million of accelerated amortization in the three and six months ended June 30, 2020 attributable to the reduction in the borrowing base associated with the Seventh Amendment.

Earnings per Share

Earnings per Share	6 Months Ended
	Jun. 30, 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 June 30, Six Months Ended June 30, 2020 2019 2020 2019 Net income (loss) – basic and diluted $ (94,715) $ 51,625 $ 68,379 $ 12,928 Weighted-average shares – basic 15,167 15,106 15,159 15,102 Effect of dilutive securities — 56 109 72 Weighted-average shares – diluted 15,167 15,162 15,268 15,174 ___________________ 1 For the three months ended June 30, 2020, approximately 0.1 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)	6 Months Ended
	Jun. 30, 2020
Schedule of Policies [Line Items]
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 six months ended June 30, 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 disagreements between the Organization of the Petroleum Exporting Countries (“OPEC”) and Russia with respect to production curtailments. As the breadth of the COVID-19 health crisis expanded and governmental authorities implemented more restrictive measures to limit person-to-person contact, global economic activity continued to decline commensurately. In the second week of April, OPEC, Russia and certain other petroleum producing nations (“OPEC+”), reconvened and agreements were reached to cut production with certain allocations among the OPEC+ participants. Through July 2020, the OPEC+ production curtailment efforts have generally held and there have been modest recoveries of crude oil prices from their historic lows at the height of the COVID-19 health crisis; however, continued progress will be substantially impacted by further OPEC+ considerations in the second half of 2020. Despite a significant decline in drilling by U.S. producers starting in mid-March 2020, domestic supply and demand imbalances continue to create operational stress with respect to capacity limitations associated with storage, pipeline and refining infrastructure, particularly within the Gulf Coast region. Limited progress in containing the COVID-19 health crisis domestically, including the effects of recent spikes in many regions of the United States, including Texas, has hampered economic recovery. Furthermore, government stimulus and economic relief efforts initiated in the second quarter of 2020 are nearing expiration and will likely have to be extended or supplemented in some form in order to achieve meaningful economic recovery in the second half of 2020. These efforts are further impacted by election year uncertainties and related political conflicts. The combined effect of these aforementioned factors is anticipated to have a continuing 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 during March and April 2020 included: (i) suspending our drilling and completion program (see Note 12), (ii) curtailing production through selected well shut-ins for a period of several weeks in April and May, (iii) securing crude oil storage capacity (see Note 12) in order to maintain a reasonable level of production to (a) allow for the continued marketing of NGLs and natural gas rather than delaying revenues through additional shut-ins and (b) capitalize on potential increases in commodity prices, (iv) substantially expanding the scope and range of our commodity derivatives portfolio (see Note 5) and (v) utilizing certain liquidity-related provisions of the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”) and related regulations, the most significant of which was the receipt in June 2020 an accelerated refund of our remaining refundable alternative minimum tax (“AMT”) credit carryforwards in the amount of $2.5 million. Going Concern Presumption Our unaudited Condensed Consolidated Financial Statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities and other commitments in the normal course of business. Subsequent Events Management has evaluated all of our activities through the issuance date of our Condensed Consolidated Financial Statements and has concluded that no subsequent events have occurred that would require recognition in our Condensed Consolidated Financial Statements or disclosure in the Notes thereto.
New Accounting Pronouncements	Adoption of Recently Issued Accounting Pronouncements Effective January 1, 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 June 30, 2020, the carrying values of all of these financial instruments approximated fair value.
Fair Value, Measurements, Nonrecurring
Schedule of Policies [Line Items]
Fair Value Measurements	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.

Receivables, Loans, Notes Recei

Receivables, Loans, Notes Receivable, and Others (Policies)	6 Months Ended
	Jun. 30, 2020
Receivables [Abstract]
Credit Loss, Financial Instrument	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 15 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 six months included in the period ended June 30, 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 June 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 continue to be assessed with a greater emphasis on current economic conditions and reasonable supportable forecasts. Mutual Operators . As of June 30, 2020, we had mutual joint interest partner relationships with three 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 2020 with a five percent risk. Large Partners . As of June 30, 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 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 2020 to a two percent risk. All Others . As of June 30, 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 2020 to a 10 percent risk. As of June 30, 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 six months ended June 30, 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 — 5 13 11 29 Write-offs and recoveries — — — — — Balance at end of period $ — $ 5 $ 73 $ 79 $ 157

Accounts Receivable and Reven_2

Accounts Receivable and Revenues from Contracts with Customers (Tables)	6 Months Ended
	Jun. 30, 2020
Receivables [Abstract]
Summary of Accounts Receivable	The following table summarizes our accounts receivable by type as of the dates presented: June 30, December 31, 2020 2019 Customers $ 40,944 $ 63,165 Joint interest partners 2,046 6,929 Other — 674 42,990 70,768 Less: Allowance for credit losses (157) (52) $ 42,833 $ 70,716
Financing Receivable, Allowance for Credit Loss	The following table summarizes the activity in our allowance for credit losses, by portfolio segment, for the six months ended June 30, 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 — 5 13 11 29 Write-offs and recoveries — — — — — Balance at end of period $ — $ 5 $ 73 $ 79 $ 157

Derivative Instruments (Tables)

Derivative Instruments (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2020: 3Q2020 4Q2020 1Q2021 2Q2021 3Q2021 4Q2021 NYMEX WTI Crude Swaps Average Volume Per Day (barrels) 11,457 9,804 6,667 6,593 Weighted Average Swap Price ($/barrel) $ 51.17 $ 55.18 $ 48.73 $ 48.73 NYMEX WTI Purchased Puts/Sold Calls Average Volume Per Day (barrels) 4,043 2,000 3,333 3,297 3,261 3,261 Weighted Average Purchased Put Price ($/barrel) $ 52.70 $ 48.00 $ 47.50 $ 47.50 $ 40.00 $ 40.00 Weighted Average Sold Call ($/barrel) $ 58.26 $ 57.10 $ 51.51 $ 51.51 $ 50.00 $ 50.00 NYMEX WTI Purchased Puts Average Volume Per Day (barrels) 2,174 Weighted Average Purchased Put ($/barrel) $ 55.00 Weighted Average Premium ($/barrel) $ 0.06 Average Volume Per Day (barrels) 674 Weighted Average Purchased Put ($/barrel) $ 48.00 Weighted Average Premium ($/barrel) $ 0.06 Average Volume Per Day (barrels) 2,174 Weighted Average Purchased Put ($/barrel) $ 37.00 Weighted Average Deferred Premium ($/barrel) $ 1.23 Average Volume Per Day (barrels) 2,717 Weighted Average Purchased Put ($/barrel) $ 30.00 Weighted Average Deferred Premium ($/barrel) $ 3.63 Average Volume Per Day (barrels) 2,500 2,473 Weighted Average Purchased Put ($/barrel) $ 36.00 $ 36.00 Weighted Average Premium ($/barrel) $ 4.50 $ 4.50 NYMEX WTI Put Spread Average Volume Per Day (barrels) 2,174 Weighted Average Put Spread Purchased Put ($/barrel) $ 39.00 Weighted Average Put Spread Sold Put ($/barrel) $ 32.00 Weighted Average Deferred Premium ($/barrel) $ 3.25 Average Volume Per Day (barrels) 2,174 Weighted Average Put Spread Purchased Put ($/barrel) $ 30.00 Weighted Average Put Spread Sold Put ($/barrel) $ 20.00 Weighted Average Deferred Premium ($/barrel) $ 2.45 NYMEX WTI Sold Puts Average Volume Per Day (barrels) 5,087 10,833 10,714 3,261 3,261 Weighted Average Sold Put Price ($/barrel) $ 43.50 $ 37.00 $ 37.00 $ 35.00 $ 35.00 MEH Crude Swaps Average Volume Per Day (barrels) 2,000 2,000 Weighted Average Swap Price ($/barrel) $ 61.03 $ 61.03 MEH-NYMEX WTI Crude Basis Swaps Average Volume Per Day (barrels) 10,870 Weighted Average Swap Price ($/barrel) $ 1.04 NYMEX WTI Crude CMA Roll Basis Swaps Average Volume Per Day (barrels) 10,870 Weighted Average Swap Price ($/barrel) $ (0.45) NYMEX HH Purchased Puts/Sold Calls Average Volume Per Day (MMBtus) 12,804 12,804 3,333 3,297 3,261 3,261 Weighted Average Purchased Put ($/MMBtu) $ 2.00 $ 2.00 $ 2.50 $ 2.50 $ 2.50 $ 2.50 Weighted Average Sold Call ($/MMBtu) $ 2.21 $ 2.21 $ 2.85 $ 2.85 $ 2.85 $ 2.85
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 June 30, Six Months Ended June 30, 2020 2019 2020 2019 Interest rate swap losses recognized in the Consolidated Statements of Operations $ (876) $ — $ (7,559) $ — Commodity gains (losses) recognized in the Consolidated Statements of Operations (33,473) 13,603 124,329 (54,414) $ (34,349) $ 13,603 $ 116,770 $ (54,414) Interest rate cash settlements recognized in the Consolidated Statements of Cash Flows $ (436) $ — $ (368) $ — Commodity cash settlements and premiums received (paid) recognized in the Consolidated Statements of Cash Flows 59,582 (8,301) 59,245 (3,907) $ 59,146 $ (8,301) $ 58,877 $ (3,907)
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: June 30, 2020 December 31, 2019 Derivative Derivative Derivative Derivative Type Balance Sheet Location Assets Liabilities Assets Liabilities Interest rate contracts Derivative assets/liabilities - current $ — $ 2,949 $ — $ — Commodity contracts Derivative assets/liabilities – current 117,369 71,634 4,131 23,450 Interest rate contracts Derivative assets/liabilities - noncurrent — 4,242 — — Commodity contracts Derivative assets/liabilities – noncurrent 4,053 4,658 2,750 3,385 $ 121,422 $ 83,483 $ 6,881 $ 26,835

Property and Equipment (Tables)

Property and Equipment (Tables)	6 Months Ended
	Jun. 30, 2020
Property, Plant and Equipment [Abstract]
Summary of Property and Equipment	The following table summarizes our property and equipment as of the dates presented: June 30, December 31, 2020 2019 Oil and gas properties: Proved $ 1,501,291 $ 1,409,219 Unproved 52,142 53,200 Total oil and gas properties 1,553,433 1,462,419 Other property and equipment 27,470 25,915 Total properties and equipment 1,580,903 1,488,334 Accumulated depreciation, depletion and amortization (481,065) (367,909) $ 1,099,838 $ 1,120,425

Long-Term Debt Long-Term Debt (

Long-Term Debt Long-Term Debt (Tables)	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	The following table summarizes our debt obligations as of the dates presented: June 30, 2020 December 31, 2019 Principal Unamortized Discount and Deferred Issuance Costs 1, 2 Principal Unamortized Discount and Deferred Issuance Costs 1, 2 Credit facility $ 359,400 $ 362,400 Second lien term loan 200,000 $ 6,166 200,000 $ 7,372 Totals 559,400 $ 6,166 562,400 $ 7,372 Less: Unamortized discount 2 (2,019) (2,415) Less: Unamortized deferred issuance costs 1, 2 (4,147) (4,957) Long-term debt, net $ 553,234 $ 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.

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2020
Leases [Abstract]
Lease, Cost	The following table summarizes the components of our total lease cost for the periods presented: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Operating lease cost $ 220 $ 194 $ 430 $ 357 Short-term lease cost 4,595 11,484 15,891 23,055 Variable lease cost 4,990 5,548 10,647 10,643 Less: Amounts charged as drilling costs 1 (3,710) (10,790) (14,331) (21,641) Total lease cost recognized in the Condensed Consolidated Statement of Operations 2 $ 6,095 $ 6,436 $ 12,637 $ 12,414 ___________________ 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 $2.9 million and $5.6 million and $5.0 million recognized in Gathering, processing and transportation expense (“GPT”), $3.0 million and $ 3.3 million and $6.6 million and $7.1 million recognized in Lease operating expense (“LOE”) for the three and six months ended June 30, 2020 and 2019, respectively, and $0.2 million and $0.4 million recognized in General and administrative expense (“G&A”) for each of the three and six months ended June 30, 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 June 30, Six Months Ended June 30, 2020 2019 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 253 $ 182 $ 471 $ 221 ROU assets obtained in exchange for lease obligations: Operating leases 1 $ — $ 753 $ 306 $ 3,325 ___________________ 1 Includes $2.5 million recognized upon the adoption of Accounting Standards Codification Topic 842 (“ASC842”) in 2019.
Schedule of Supplemental Balance Sheet Information Related to Leases	Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 253 $ 182 $ 471 $ 221 ROU assets obtained in exchange for lease obligations: Operating leases 1 $ — $ 753 $ 306 $ 3,325 ___________________ 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: June 30, December 31, 2020 2019 ROU assets – operating leases $ 2,734 $ 2,740 Current operating lease obligations $ 886 $ 847 Noncurrent operating lease obligations 2,142 2,232 Total operating lease obligations $ 3,028 $ 3,079 Weighted-average remaining lease term – operating leases 3.6 years 4.1 years Weighted-average discount rate – operating leases 3.25 % 5.97 % Remaining maturities of operating lease obligations as of June 30, 2020: 2020 $ 429 2021 894 2022 874 2023 872 2024 and thereafter 145 Total undiscounted lease payments 3,214 Less: imputed interest (186) Total operating lease obligations $ 3,028

Supplemental Balance Sheet De_2

Supplemental Balance Sheet Detail (Tables)	6 Months Ended
	Jun. 30, 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: June 30, December 31, 2020 2019 Other current assets: Tubular inventory and well materials $ 2,995 $ 2,989 Prepaid expenses 1,146 1,469 $ 4,141 $ 4,458 Other assets: Deferred issuance costs of the Credit Facility, net of amortization $ 2,693 $ 3,952 Right-of-use assets – operating leases 2,734 2,740 Other 110 32 $ 5,537 $ 6,724 Accounts payable and accrued liabilities: Trade accounts payable $ 10,706 $ 30,098 Drilling costs 10,888 18,832 Royalties 23,045 44,537 Production, ad valorem and other taxes 4,874 3,244 Compensation 3,309 5,272 Interest 591 730 Current operating lease obligations 886 847 Other 1,625 2,264 $ 55,924 $ 105,824 Other liabilities: Asset retirement obligations $ 5,183 $ 4,934 Noncurrent operating lease obligations 2,142 2,232 Defined benefit pension obligations 814 873 Postretirement health care benefit obligations 371 343 Other 1,068 — $ 9,578 $ 8,382

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 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: As of June 30, 2020 Fair Value Fair Value Measurement Classification Description Measurement Level 1 Level 2 Level 3 Assets: Interest rate swap assets – current $ — $ — $ — $ — Interest rate swap assets – noncurrent $ — $ — $ — $ — Commodity derivative assets – current $ 117,369 $ — $ 117,369 $ — Commodity derivative assets – noncurrent $ 4,053 $ — $ 4,053 $ — Liabilities: Interest rate swap liabilities – current $ (2,949) $ — $ (2,949) $ — Interest rate swap liabilities – noncurrent $ (4,242) $ — $ (4,242) $ — Commodity derivative liabilities – current $ (71,634) $ — $ (71,634) $ — Commodity derivative liabilities – noncurrent $ (4,658) $ — $ (4,658) $ — As of 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)	6 Months Ended
	Jun. 30, 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 Net loss — — (94,715) — (94,715) All other changes 2 — 936 — (1) 935 Balance as of June 30, 2020 $ 152 $ 202,158 $ 388,290 $ (61) $ 590,539 _______________________ 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 $1.8 million during the six months ended June 30, 2020. During the six months ended June 30, 2020, 36,174 and 3,895 shares of common stock were issued in connection with the vesting of certain time-vested restricted stock units (“RSUs”) and performance restricted stock units (“PRSUs”), 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 Net income — — 51,625 — 51,625 All other changes 2 — 986 — (1) 985 Balance as of June 30, 2019 $ 151 $ 198,997 $ 262,326 $ 80 $ 461,554 _______________________ 1 Attributable to the adoption of ASC Topic 842 as of January 1, 2019 (see Note 9).

Share-Based Compensation (Table

Share-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2020
Share-based Payment Arrangement [Abstract]
Schedule of Valuation Assumptions	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%

Interest Expense (Tables)

Interest Expense (Tables)	6 Months Ended
	Jun. 30, 2020
Interest Expense [Abstract]
Interest Expense Net Disclosure	The following table summarizes the components of interest expense for the periods presented: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Interest on borrowings and related fees $ 7,524 $ 9,304 $ 15,569 $ 19,015 Accretion of original issue discount 1 201 183 397 363 Amortization of debt issuance costs 2 1,513 644 2,140 1,385 Capitalized interest (702) (1,075) (1,390) (2,229) $ 8,536 $ 9,056 $ 16,716 $ 18,534 ___________________ 1 Attributable to the Second Lien Facility (see Note 7).

Earnings per Share (Tables)

Earnings per Share (Tables)	6 Months Ended
	Jun. 30, 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 June 30, Six Months Ended June 30, 2020 2019 2020 2019 Net income (loss) – basic and diluted $ (94,715) $ 51,625 $ 68,379 $ 12,928 Weighted-average shares – basic 15,167 15,106 15,159 15,102 Effect of dilutive securities — 56 109 72 Weighted-average shares – diluted 15,167 15,162 15,268 15,174 ___________________ 1 For the three months ended June 30, 2020, approximately 0.1 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.

Acquisitions (Details)

Acquisitions (Details) $ in Thousands	Sep. 30, 2019USD ($)
Working Interests Acquisition [Member]
Business Acquisition [Line Items]
Cash Paid on Date of Acquisition	$ 6,500

Accounts Receivable and Reven_3

Accounts Receivable and Revenues from Contracts with Customers - Summary of Accounts Receivable (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Receivables [Abstract]
Customers	$ 40,944	$ 63,165
Joint interest partners	2,046	6,929
Other	0	674
Accounts Receivable, Gross, Current, Total	42,990	70,768
Less: Allowance for credit losses	(157)	(52)
Accounts receivable, net of allowance for doubtful accounts	$ 42,833	$ 70,716

Accounts Receivable and Reven_4

Accounts Receivable and Revenues from Contracts with Customers - Additional Information (Details)	6 Months Ended		12 Months Ended
	Jun. 30, 2020USD ($)Customer	Jun. 30, 2019USD ($)Customer	Dec. 31, 2019USD ($)	Jan. 01, 2020USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Retained earnings	$ 388,290,000		$ 319,987,000
Accounts Receivable, Allowance for Credit Loss	157,000		52,000
Accounts Receivable, Credit Loss Expense (Reversal)	29,000
Accounts Receivable, Allowance for Credit Loss, Writeoff	$ 0
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: June 30, December 31, 2020 2019 Customers $ 40,944 $ 63,165 Joint interest partners 2,046 6,929 Other — 674 42,990 70,768 Less: Allowance for credit losses (157) (52) $ 42,833 $ 70,716 For the six months ended June 30, 2020, four customers accounted for $99.2 million, or approximately 73%, of our consolidated product revenues. The revenues generated from these customers during the six months ended June 30, 2020, were $34.8 million, $26.3 million, $19.8 million and $18.3 million, or 26%, 19%, 15% and 13% of the consolidated total, respectively. As of June 30, 2020 and December 31, 2019, $29.0 million and $52.7 million, or approximately 71% and 83%, respectively, of our consolidated accounts receivable from customers was related to these customers. For the six months ended June 30, 2019, three customers accounted for $150.0 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 June 30, 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 15 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 six months included in the period ended June 30, 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 June 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 continue to be assessed with a greater emphasis on current economic conditions and reasonable supportable forecasts. Mutual Operators . As of June 30, 2020, we had mutual joint interest partner relationships with three 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 2020 with a five percent risk. Large Partners . As of June 30, 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 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 2020 to a two percent risk. All Others . As of June 30, 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 2020 to a 10 percent risk. As of June 30, 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 six months ended June 30, 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 — 5 13 11 29 Write-offs and recoveries — — — — — Balance at end of period $ — $ 5 $ 73 $ 79 $ 157
Name of Major Customer [Domain]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Commodity Products, Number of Customers | Customer	15
Financing Receivable, Credit Risk Percentage	0.00%			0.00%
Accounts Receivable, Allowance for Credit Loss	$ 0		0
Accounts Receivable, Credit Loss Expense (Reversal)	0
Accounts Receivable, Allowance for Credit Loss, Writeoff	$ 0
Joint Interest Partners, Mutual Operators [Domain]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Commodity Products, Number of Customers | Customer	3
Financing Receivable, Credit Risk Percentage	5.00%			0.00%
Accounts Receivable, Allowance for Credit Loss	$ 5,000		0
Accounts Receivable, Credit Loss Expense (Reversal)	5,000
Accounts Receivable, Allowance for Credit Loss, Writeoff	$ 0
Joint Interest Partners, Large Partners [Domain]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, Credit Risk Percentage	2.00%			1.00%
Number of Legal Entities With Working Interest in Properties	$ 4
Accounts Receivable, Allowance for Credit Loss	73,000		0
Accounts Receivable, Credit Loss Expense (Reversal)	13,000
Accounts Receivable, Allowance for Credit Loss, Writeoff	$ 0
Joint Interest Partners, All Others [Domain]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, Credit Risk Percentage	10.00%			5.00%
Number of Legal Entities With Working Interest in Properties	$ 30
Financing Receivable, Past Due	100,000
Accounts Receivable, Allowance for Credit Loss	79,000		$ 52,000
Accounts Receivable, Credit Loss Expense (Reversal)	11,000
Accounts Receivable, Allowance for Credit Loss, Writeoff	$ 0
Cumulative Effect, Period of Adoption, Adjustment [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts Receivable, Allowance for Credit Loss				$ 76,000
Cumulative Effect, Period of Adoption, Adjustment [Member] | Name of Major Customer [Domain]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts Receivable, Allowance for Credit Loss				0
Cumulative Effect, Period of Adoption, Adjustment [Member] | Joint Interest Partners, Mutual Operators [Domain]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts Receivable, Allowance for Credit Loss				0
Cumulative Effect, Period of Adoption, Adjustment [Member] | Joint Interest Partners, Large Partners [Domain]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts Receivable, Allowance for Credit Loss				60,000
Cumulative Effect, Period of Adoption, Adjustment [Member] | Joint Interest Partners, All Others [Domain]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts Receivable, Allowance for Credit Loss				16,000
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Retained earnings				$ 100,000
Accounts Receivable | Credit Concentration Risk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk, percentage	71.00%		83.00%
Accounts receivable, major customers	$ 29,000,000		$ 52,700,000
Accounts Receivable | Customer Concentration Risk [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of major customers | Customer	4	3
Revenues, major customers	$ 99,200,000	$ (150,000,000)
Concentration risk, percentage	73.00%	66.00%
Accounts Receivable | Customer Concentration Risk [Member] | Major Customer 1
Accounts, Notes, Loans and Financing Receivable [Line Items]
Revenues, major customers	$ (34,800,000)
Concentration risk, percentage	26.00%
Accounts Receivable | Customer Concentration Risk [Member] | Major Customer 2
Accounts, Notes, Loans and Financing Receivable [Line Items]
Revenues, major customers	$ (26,300,000)
Concentration risk, percentage	19.00%
Accounts Receivable | Customer Concentration Risk [Member] | Major Customer 3
Accounts, Notes, Loans and Financing Receivable [Line Items]
Revenues, major customers	$ (19,800,000)
Concentration risk, percentage	15.00%
Accounts Receivable | Customer Concentration Risk [Member] | Major Customer Four [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Revenues, major customers	$ (18,300,000)
Concentration risk, percentage	13.00%

Derivative Instruments - Additi

Derivative Instruments - Additional Information (Detail) $ in Thousands	6 Months Ended
	Jun. 30, 2020USD ($)Entity	Dec. 31, 2019USD ($)
Derivative Instruments and Hedging Activities Disclosure [Line Items]
Derivative assets	$ 83,483	$ 26,835
Derivative Asset	121,422	$ 6,881
Interest Rate Swap
Derivative Instruments and Hedging Activities Disclosure [Line Items]
Derivative assets	$ 7,200
Number of derivative counterparties | Entity	4
Derivative, Notional Amount	$ 300,000
Derivative, Average Fixed Interest Rate	136.00%
Commodity contracts
Derivative Instruments and Hedging Activities Disclosure [Line Items]
Number of derivative counterparties | Entity	7
Derivative Asset	$ 45,100
Commodity contracts | Crude Oil
Derivative Instruments and Hedging Activities Disclosure [Line Items]
Third-party quoted forward prices	NYMEX WTI
Commodity contracts | MEH [Domain]
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 (Detail)	Jun. 30, 2020bbl$ / bbl
Crude Oil | Swap | Third Quarter 2020 [Member]
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Swap Type, Average Fixed Price	51.17
Derivative, Nonmonetary Notional Amount | bbl	11,457
Crude Oil | Swap | Fourth Quarter 2020 [Member]
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Swap Type, Average Fixed Price	55.18
Derivative, Nonmonetary Notional Amount | bbl	9,804
Crude Oil | Swap | First Quarter 2021 [Domain]
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Swap Type, Average Fixed Price	48.73
Derivative, Nonmonetary Notional Amount | bbl	6,667
Crude Oil | Swap | Second Quarter 2021 [Domain]
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Swap Type, Average Fixed Price	48.73
Derivative, Nonmonetary Notional Amount | bbl	6,593
Crude Oil | 2-Way Collars [Domain] | Third Quarter 2020 [Member]
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Average Floor Price	52.70
Derivative, Average Cap Price	58.26
Derivative, Nonmonetary Notional Amount | bbl	4,043
Crude Oil | 2-Way Collars [Domain] | Fourth Quarter 2020 [Member]
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Average Floor Price	48
Derivative, Average Cap Price	57.10
Derivative, Nonmonetary Notional Amount | bbl	2,000
Crude Oil | 2-Way Collars [Domain] | First Quarter 2021 [Domain]
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Average Floor Price	47.50
Derivative, Average Cap Price	51.51
Derivative, Nonmonetary Notional Amount | bbl	3,333
Crude Oil | 2-Way Collars [Domain] | Second Quarter 2021 [Domain]
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Average Floor Price	47.50
Derivative, Average Cap Price	51.51
Derivative, Nonmonetary Notional Amount | bbl	3,297
Crude Oil | 2-Way Collars [Domain] | Third Quarter 2021 [Domain]
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Average Floor Price	40
Derivative, Average Cap Price	50
Derivative, Nonmonetary Notional Amount | bbl	3,261
Crude Oil | 2-Way Collars [Domain] | Fourth Quarter 2021 [Domain]
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Average Floor Price	40
Derivative, Average Cap Price	50
Derivative, Nonmonetary Notional Amount | bbl	3,261
Crude Oil | Purchased Puts Contract 1 [Domain] | Third Quarter 2020 [Member]
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Average Floor Price	55
Derivative, Purchased Put Deferred Premium, Price	0.06
Derivative, Nonmonetary Notional Amount | bbl	2,174
Crude Oil | Purchased Puts Contract 2 [Domain] | Third Quarter 2020 [Member]
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Average Floor Price	48
Derivative, Purchased Put Premium, Price	0.06
Derivative, Nonmonetary Notional Amount | bbl	674
Crude Oil | Purchased Puts Contract 3 [Domain] | Third Quarter 2020 [Member]
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Average Floor Price	37
Derivative, Purchased Put Premium, Price	1.23
Derivative, Nonmonetary Notional Amount | bbl	2,174
Crude Oil | Purchased Puts Contract 4 [Domain] | Third Quarter 2020 [Member]
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Average Floor Price	30
Derivative, Purchased Put Deferred Premium, Price	3.63
Derivative, Nonmonetary Notional Amount | bbl	2,717
Crude Oil | Purchased Puts Contract 5 [Domain] | First Quarter 2021 [Domain]
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Average Floor Price	36
Derivative, Purchased Put Premium, Price	4.50
Derivative, Nonmonetary Notional Amount | bbl	2,500
Crude Oil | Purchased Puts Contract 5 [Domain] | Second Quarter 2021 [Domain]
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Average Floor Price	36
Derivative, Purchased Put Premium, Price	4.50
Derivative, Nonmonetary Notional Amount | bbl	2,473
Crude Oil | Put Spread [Domain] | Third Quarter 2020 [Member]
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Put Spread Purchased Put, Price	39
Derivative, Put Spread Sold Put, Price	32
Derivative, Purchased Spread Deferred Premium, Price	3.25
Derivative, Nonmonetary Notional Amount | bbl	2,174
Crude Oil | Put Spread Contract 2 [Domain] | Third Quarter 2020 [Member]
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Put Spread Purchased Put, Price	30
Derivative, Put Spread Sold Put, Price	20
Derivative, Purchased Spread Deferred Premium, Price	2.45
Derivative, Nonmonetary Notional Amount | bbl	2,174
Crude Oil | Put Option | Fourth Quarter 2020 [Member]
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Swap Type, Average Fixed Price	43.50
Derivative, Nonmonetary Notional Amount | bbl	5,087
Crude Oil | Put Option | First Quarter 2021 [Domain]
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Swap Type, Average Fixed Price	37
Derivative, Nonmonetary Notional Amount | bbl	10,833
Crude Oil | Put Option | Second Quarter 2021 [Domain]
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Swap Type, Average Fixed Price	37
Derivative, Nonmonetary Notional Amount | bbl	10,714
Crude Oil | Put Option | Third Quarter 2021 [Domain]
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Swap Type, Average Fixed Price	35
Derivative, Nonmonetary Notional Amount | bbl	3,261
Crude Oil | Put Option | Fourth Quarter 2021 [Domain]
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Swap Type, Average Fixed Price	35
Derivative, Nonmonetary Notional Amount | bbl	3,261
Crude Oil | Basis Swap [Domain] | Third Quarter 2020 [Member]
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Swap Type, Average Fixed Price	1.04
Derivative, Nonmonetary Notional Amount | bbl	10,870
Crude Oil | CMA Roll Basis Swap [Domain] | Third Quarter 2020 [Member]
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, CMA Roll Basis Swap, Price	(0.45)
Derivative, Nonmonetary Notional Amount | bbl	10,870
MEH [Domain] | Swap | Third Quarter 2020 [Member]
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Swap Type, Average Fixed Price	61.03
Derivative, Nonmonetary Notional Amount | bbl	2,000
MEH [Domain] | Swap | Fourth Quarter 2020 [Member]
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Swap Type, Average Fixed Price	61.03
Derivative, Nonmonetary Notional Amount | bbl	2,000
Natural Gas [Member] | 2-Way Collars [Domain] | Third Quarter 2020 [Member]
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Average Floor Price	2
Derivative, Average Cap Price	2.21
Derivative, Nonmonetary Notional Amount | bbl	12,804
Natural Gas [Member] | 2-Way Collars [Domain] | Fourth Quarter 2020 [Member]
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Average Floor Price	2
Derivative, Average Cap Price	2.21
Derivative, Nonmonetary Notional Amount | bbl	12,804
Natural Gas [Member] | 2-Way Collars [Domain] | First Quarter 2021 [Domain]
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Average Floor Price	2.50
Derivative, Average Cap Price	2.85
Derivative, Nonmonetary Notional Amount | bbl	3,333
Natural Gas [Member] | 2-Way Collars [Domain] | Second Quarter 2021 [Domain]
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Average Floor Price	2.50
Derivative, Average Cap Price	2.85
Derivative, Nonmonetary Notional Amount | bbl	3,297
Natural Gas [Member] | 2-Way Collars [Domain] | Third Quarter 2021 [Domain]
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Average Floor Price	2.50
Derivative, Average Cap Price	2.85
Derivative, Nonmonetary Notional Amount | bbl	3,261
Natural Gas [Member] | 2-Way Collars [Domain] | Fourth Quarter 2021 [Domain]
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Average Floor Price	2.50
Derivative, Average Cap Price	2.85
Derivative, Nonmonetary Notional Amount | bbl	3,261

Impact of Derivative Activities

Impact of Derivative Activities on Condensed Consolidated Statements of Income (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Derivative Instruments, Gain (Loss) [Line Items]
Derivatives	$ (34,349)	$ 13,603	$ 116,770	$ (54,414)
Gain (Loss) on Interest Rate Derivative Instruments Not Designated as Hedging Instruments	(876)	0	(7,559)	0
Gain (Loss) on Commodity Derivative Instruments	(33,473)	13,603	124,329	(54,414)
Cash Settlements Interest Rate Swap Operating Activities	(436)	0	(368)	0
Cash Settlements Commodity Operating Activities	59,582	(8,301)	59,245	(3,907)
Cash settlements and premiums received (paid), net	$ 59,146	$ (8,301)	$ 58,877	$ (3,907)

Fair Value of Derivative Instru

Fair Value of Derivative Instruments on Condensed Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Derivatives, Fair Value [Line Items]
Derivative Asset, Current	$ 117,369	$ 4,131
Derivative liabilities	74,583	23,450
Derivative Asset, Noncurrent	4,053	2,750
Derivative Liability, Noncurrent	8,900	3,385
Derivative Liability	83,483	26,835
Derivative Asset	121,422	6,881
Commodity contracts
Derivatives, Fair Value [Line Items]
Derivative Asset	45,100
Commodity contracts | Current Derivative Contract [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Current	117,369	4,131
Derivative liabilities	71,634	23,450
Commodity contracts | Noncurrent Derivative Contract [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Noncurrent	4,053	2,750
Derivative Liability, Noncurrent	4,658	3,385
Interest Rate Swap
Derivatives, Fair Value [Line Items]
Derivative Liability	7,200
Interest Rate Swap | Current Derivative Contract [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Current	0	0
Derivative liabilities	2,949	0
Interest Rate Swap | Noncurrent Derivative Contract [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Noncurrent	0	0
Derivative Liability, Noncurrent	4,242	0
Fair Value, Measurements, Recurring | Commodity contracts
Derivatives, Fair Value [Line Items]
Derivative Asset, Current	117,369	4,131
Derivative liabilities	71,634	(23,450)
Derivative Asset, Noncurrent	4,053	2,750
Derivative Liability, Noncurrent	4,658	$ 3,385
Fair Value, Measurements, Recurring | Interest Rate Swap
Derivatives, Fair Value [Line Items]
Derivative Asset, Current	0
Derivative liabilities	2,949
Derivative Asset, Noncurrent	0
Derivative Liability, Noncurrent	$ 4,242

Summary of Property and Equipme

Summary of Property and Equipment (Detail) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020USD ($)$ / bbl	Jun. 30, 2019USD ($)$ / bbl	Jun. 30, 2020USD ($)$ / bbl	Jun. 30, 2019USD ($)$ / bbl	Dec. 31, 2019USD ($)
Property, Plant and Equipment [Abstract]
Proved Oil and Gas Property, Full Cost Method	$ 1,501,291		$ 1,501,291		$ 1,409,219
Unproved Oil and Gas Property, Full Cost Method	52,142		52,142		53,200
Oil and Gas Property, Full Cost Method, Gross	1,553,433		1,553,433		1,462,419
Total properties and equipment	1,580,903		1,580,903		1,488,334
Other property and equipment	27,470		27,470		25,915
Accumulated depreciation, depletion and amortization	(481,065)		(481,065)		(367,909)
Property and equipment, net (successful efforts method)	1,099,838		1,099,838		1,120,425
Interest Costs Capitalized		$ 1,400		$ 2,200
Unproved Oil and Gas Property excluded	52,100		52,100		$ 53,200
Undeveloped Leasehold Costs Transferred			4,400	100
Asset Impairment Charges	35,509	0	35,509	0
Capitalized Costs, Proved Properties	$ 1,200	$ 2,200	$ 1,200	$ 2,200
Amortization Expense Per Physical Unit of Production | $ / bbl	16.66	17.49	16.66	17.49

Long-Term Debt - Summary of Lon

Long-Term Debt - Summary of Long-Term Debt (Details) - USD ($) $ in Thousands		Jun. 30, 2020	Dec. 31, 2019	Sep. 29, 2017
Debt Instrument [Line Items]
Revolving credit facility		$ 359,400	$ 362,400
Second Lien Facility		200,000	200,000
Long-term Debt		559,400	562,400
Debt Instrument, Unamortized Discount		(2,019)	(2,415)	$ (4,000)
Unamortized Debt Issuance Expense		(4,147)	(4,957)	$ (8,200)
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net		553,234	555,028
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums	[1],[2]	$ 6,166	$ 7,372
[1]	Discount and issuance costs of the Second Lien Facility are being amortized over the term of the underlying loan using the effective-interest method
[2]	ssuance 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.

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Detail) - USD ($)	Apr. 30, 2020	Jun. 30, 2020	Oct. 01, 2020	Jul. 01, 2020	May 01, 2020	Dec. 31, 2019	Jun. 30, 2019	Sep. 29, 2017
Debt Disclosure [Line Items]
Debt Issuance Costs, Line of Credit Arrangements, Gross		$ 100,000
Accelerated Deferred Debt Issuance Cost		900,000
Letters of credit outstanding		$ 400,000				$ 400,000
Current Ratio		1
Debt To E B I T D Ratio Maximum		3.50
Anti-hording provision, Max cash					$ 25,000,000
Second Lien Facility		$ 200,000,000				200,000,000
Proceeds from Debt, Net of Issuance Costs		187,800,000
Debt Instrument, Unamortized Discount		2,019,000				2,415,000		$ 4,000,000
Unamortized Debt Issuance Expense		$ 4,147,000				$ 4,957,000		$ 8,200,000
Debt Instrument, Discounted Percentage								98.00%
Revolving Credit Facility
Debt Disclosure [Line Items]
Commitment fee	0.50%
Year 3 [Member]
Debt Disclosure [Line Items]
Prepayment Premium		101.00%
Prepayment Premium, Change in Control		101.00%
Minimum [Member] | Revolving Credit Facility
Debt Disclosure [Line Items]
Interest rate	1.50%
Minimum [Member] | LIBOR | Revolving Credit Facility
Debt Disclosure [Line Items]
Applicable margin	2.50%
Maximum [Member] | Revolving Credit Facility
Debt Disclosure [Line Items]
Interest rate	2.50%
Maximum [Member] | LIBOR | Revolving Credit Facility
Debt Disclosure [Line Items]
Applicable margin	3.50%
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
Interest Rate at Period End		3.43%
Revolving Credit Facility | Subsequent Event [Member]
Debt Disclosure [Line Items]
Line of Credit Facility, Current Borrowing Capacity			$ 350,000,000
Revolving Credit Facility | Forecast [Member]
Debt Disclosure [Line Items]
Line of Credit Facility, Current Borrowing Capacity				$ 375,000,000
Revolving Credit Facility | Interest Payable One [Member]
Debt Disclosure [Line Items]
Debt Instrument, Interest Payable Period		1 month
Revolving Credit Facility | Interest Payable Two [Member]
Debt Disclosure [Line Items]
Debt Instrument, Interest Payable Period		3 months
Revolving Credit Facility | Interest Payable Three [Member]
Debt Disclosure [Line Items]
Debt Instrument, Interest Payable Period		6 months
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

Income Taxes (Details)

Income Taxes (Details) - USD ($)	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Income Tax Disclosure [Abstract]
Blended tax rate (as a percent)	21.60%
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent	0.70%	5.80%
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability	$ 1,200,000
Proceeds from Income Tax Refunds	2,500,000
Deferred Tax Liabilities, Tax Deferred Income	3,000,000
Federal statutory income tax rate (as a percent)		21.60%
Unrecognized Tax Benefits	0
Income Tax Examination, Penalties and Interest Expense	$ 0	$ 0

Leases (Details)

Leases (Details) - USD ($) $ in Thousands	Jan. 01, 2019	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020		Jun. 30, 2019		Dec. 31, 2019
Lessee, Lease, Description [Line Items]
Operating Lease, Right-of-Use Asset		$ 2,734		$ 2,734				$ 2,740
Operating Lease, Payments		253	$ 182	471		$ 221
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	$ 2,500	0	753	306		3,325
Operating Lease, Liability, Current		886	886	886		886		847
Noncurrent operating lease obligations		2,142		2,142				2,232
Operating Lease, Liability		$ 3,028		$ 3,028				$ 3,079
Operating Lease, Weighted Average Remaining Lease Term		3 years 7 months 6 days		3 years 7 months 6 days				4 years 1 month 6 days
Operating Lease, Weighted Average Discount Rate, Percent		3.25%		3.25%				5.97%
Lessee, Operating Lease, Liability, Payments, Remainder of Fiscal Year		$ 429		$ 429
Lessee, Operating Lease, Liability, Payments, Due Year Two		894		894
Lessee, Operating Lease, Liability, Payments, Due Year Three		874		874
Lessee, Operating Lease, Liability, Payments, Due Year Four		872		872
Lessee, Operating Lease, Liability, Payments, Due after Year Five		145		145
Lessee, Operating Lease, Liability, Payments, Due		3,214		3,214
Lessee, Operating Lease, Liability, Undiscounted Excess Amount		(186)		(186)
Operating Lease, Cost		220	194	430		357
Short-term Lease, Cost		4,595	11,484	15,891		23,055
Variable Lease, Cost		4,990	5,548	10,647		10,643
Amounts charged as dilling costs		(3,710)	(10,790)	(14,331)	[1]	(21,641)	[1]
Lease, Cost		6,095	6,436	12,637	[2]	12,414	[2]
Natural Gas, Gathering, Transportation, Marketing and Processing [Member]
Lessee, Lease, Description [Line Items]
Lease, Cost		2,800	5,600	2,900		5,000
Operating Expense [Member]
Lessee, Lease, Description [Line Items]
Lease, Cost		3,000	$ 6,600	3,300		7,100
General and Administrative Expense [Member]
Lessee, Lease, Description [Line Items]
Lease, Cost		$ 200		$ 200		$ 400
[1]	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]	2 Includes $2.8 million and $2.9 million and $5.6 million and $5.0 million recognized in Gathering, processing and transportation expense (“GPT”), $3.0 million and $ 3.3 million and $6.6 million and $7.1 million recognized in Lease operating expense (“LOE”) for the three and six months ended June 30, 2020 and 2019, respectively, and $0.2 million and $0.4 million recognized in General and administrative expense (“G&A”) for each of the three and six months ended June 30, 2020 and 2019, respectively.

Supplemental Balance Sheet (Det

Supplemental Balance Sheet (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019
Other current assets:
Tubular inventory and well materials	$ 2,995	$ 2,989
Prepaid expenses	1,146	1,469
Other Assets, Current	4,141	4,458
Other assets:
Deferred issuance costs of the Revolver	2,693	3,952
Operating Lease, Right-of-Use Asset	2,734	2,740
Other	110	32
Other assets	5,537	6,724
Accounts payable and accrued liabilities:
Trade accounts payable	10,706	30,098
Drilling costs	10,888	18,832
Royalties	23,045	44,537
Production, ad valorem and other taxes	4,874	3,244
Compensation	3,309	5,272
Interest	591	730
Operating Lease, Liability, Current	886	847	$ 886
Other	1,625	2,264
Accounts payable and accrued liabilities	55,924	105,824
Other liabilities:
Asset retirement obligations	5,183	4,934
Noncurrent operating lease obligations	2,142	2,232
Defined benefit pension obligations	814	873
Postretirement health care benefit obligations	371	343
Other	1,068	0
Other liabilities	$ 9,578	$ 8,382

Assets and Liabilities Measured

Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset, Current	$ 117,369	$ 4,131
Derivative Asset, Noncurrent	4,053	2,750
Liabilities:
Commodity derivative liabilities – current	(74,583)	(23,450)
Derivative Liability, Noncurrent	$ (8,900)	(3,385)
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 June 30, 2020, the carrying values of all of these financial instruments approximated fair value.
Fair Value, Measurements, Recurring | Commodity contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset, Current	$ 117,369	4,131
Derivative Asset, Noncurrent	4,053	2,750
Liabilities:
Commodity derivative liabilities – current	(71,634)	23,450
Derivative Liability, Noncurrent	(4,658)	(3,385)
Fair Value, Measurements, Recurring | Commodity contracts | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset, Current	0	0
Derivative Asset, Noncurrent	0	0
Liabilities:
Commodity derivative liabilities – current	0	0
Derivative Liability, Noncurrent	0	0
Fair Value, Measurements, Recurring | Commodity contracts | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset, Current	117,369	4,131
Derivative Asset, Noncurrent	4,053	2,750
Liabilities:
Commodity derivative liabilities – current	(71,634)	23,450
Derivative Liability, Noncurrent	(4,658)	(3,385)
Fair Value, Measurements, Recurring | Commodity contracts | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset, Current	0	0
Derivative Asset, Noncurrent	0	0
Liabilities:
Commodity derivative liabilities – current	0	0
Derivative Liability, Noncurrent	0	$ 0
Fair Value, Measurements, Recurring | Interest Rate Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset, Current	0
Derivative Asset, Noncurrent	0
Liabilities:
Commodity derivative liabilities – current	(2,949)
Derivative Liability, Noncurrent	(4,242)
Fair Value, Measurements, Recurring | Interest Rate Swap | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset, Current	0
Derivative Asset, 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 Asset, Current	0
Derivative Asset, Noncurrent	0
Liabilities:
Commodity derivative liabilities – current	(2,949)
Derivative Liability, Noncurrent	(4,242)
Fair Value, Measurements, Recurring | Interest Rate Swap | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset, Current	0
Derivative Asset, Noncurrent	$ 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 (Detail) $ in Thousands	1 Months Ended	2 Months Ended	6 Months Ended
	Apr. 30, 2020bbl	Jun. 30, 2020USD ($)bbl	Jun. 30, 2020USD ($)bbl
Commitments and Contingencies Disclosure [Line Items]
Demobilization of Rigs			$ 1,600
Standby Basis Charges			$ 400
Number of barrels | bbl			8,000
Estimated Litigation Liability		$ 300	$ 300
Asset Retirement Obligation		5,200	5,200
Estimated Litigation Liability, Current		$ 100	$ 100
Term of Drilling Rig Agreement			1 year
Gonzales, Lavaca and Fayette Counties, Texas
Commitments and Contingencies Disclosure [Line Items]
Number of barrels | bbl			20,000
Crude Oil Storage Capacity | Nuevo G&T
Commitments and Contingencies Disclosure [Line Items]
Number of barrels | bbl		70,000	150,000
Remaining obligation under agreement		$ 100	$ 100
Crude Oil Gathering And Transportation Services
Commitments and Contingencies Disclosure [Line Items]
Contractual Obligation, Remainder of 2020		6,500	6,500
Contractual Obligation, Due 2021 through 2025		13,000	13,000
Contractual Obligation, Due 2026		7,400	7,400
Contractual Obligation, Due 2027 through 2030		3,800	3,800
Contractual Obligation, Due 2031		2,200	2,200
Crude Oil Storage Capacity with Downstream Interstate Pipeline | Nuevo G&T
Commitments and Contingencies Disclosure [Line Items]
Number of barrels | bbl	90,000
Remaining obligation under agreement		$ 300	$ 300

Shareholders' Equity Rollforwar

Shareholders' Equity Rollforward (Details) - USD ($) $ in Thousands		3 Months Ended						6 Months Ended
		Jun. 30, 2020	Mar. 31, 2020		Jun. 30, 2019	Mar. 31, 2019		Jun. 30, 2020	Jun. 30, 2019
Increase (Decrease) in Stockholders' Equity [Roll Forward]
As of beginning balance		$ 684,319	$ 520,745		$ 408,944	$ 447,355		$ 520,745	$ 447,355
Net income (loss)		(94,715)	163,094		51,625	(38,697)		68,379	12,928
All Other Changes		935	556		985	380	[1]
As of ending balance		590,539	684,319		461,554	408,944		590,539	461,554
Share-based compensation		1,000			1,000			1,807	2,055
Accounting Standards Update 2016-13 [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
As of beginning balance	[2]	(76)
As of ending balance	[2]		(76)
Accounting Standards Update 2016-02
Increase (Decrease) in Stockholders' Equity [Roll Forward]
As of beginning balance	[3]	(94)
As of ending balance	[3]		(94)
Accumulated Other Comprehensive Loss
Increase (Decrease) in Stockholders' Equity [Roll Forward]
As of beginning balance		(60)	(59)		81	82		(59)	82
All Other Changes		(1)	(1)		(1)	(1)
As of ending balance		(61)	(60)		80	81		(61)	80
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
As of beginning balance		483,005	319,987		210,701	249,492		319,987	249,492
Net income (loss)		(94,715)	163,094		51,625	(38,697)
All Other Changes			0			0
As of ending balance		388,290	483,005		262,326	210,701		388,290	262,326
Retained Earnings | Accounting Standards Update 2016-13 [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
As of beginning balance	[2]	(76)
As of ending balance	[2]		(76)
Retained Earnings | Accounting Standards Update 2016-02
Increase (Decrease) in Stockholders' Equity [Roll Forward]
As of beginning balance	[3]	(94)
As of ending balance	[3]		(94)
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
As of beginning balance		152	151		151	151		151	151
All Other Changes			1			0
As of ending balance		152	152		151	151		152	151
Paid-in Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
As of beginning balance		201,222	200,666		198,011	197,630		200,666	197,630
All Other Changes		936	556	[4]	986	381	[1]
As of ending balance		$ 202,158	$ 201,222		$ 198,997	$ 198,011		$ 202,158	$ 198,997
[1]	Includes equity-classified share-based compensation of $2.1 million during the six months ended June 30, 2019. During the six months ended June 30, 2019, 26,671 shares of common stock were issued in connection with the vesting of certain RSUs, net of shares withheld for income taxes.
[2]	to the adoption of ASU 2016–13 as of January 1, 2020 (see Note 4).
[3]	1
[4]	Includes equity-classified share-based compensation of $1.8 million during the six months ended June 30, 2020. During the six months ended June 30, 2020, 36,174 and 3,895 shares of common stock were issued in connection with the vesting of certain time-vested restricted stock units (“RSUs”) and performance restricted stock units (“PRSUs”), net of shares withheld for income taxes.

Share-Based Compensation and Ot

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		6 Months Ended		12 Months Ended
	Jan. 31, 2017tranche	Jun. 30, 2020USD ($)shares	Jun. 30, 2019USD ($)shares	Jun. 30, 2020USD ($)$ / sharesshares	Jun. 30, 2019USD ($)$ / sharesshares	Dec. 31, 2019$ / shares	Dec. 31, 2017$ / shares
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation | $		$ 1,000	$ 1,000	$ 1,807	$ 2,055
Defined Contribution Plan, Cost | $		200	100		300
Other Pension, Postretirement and Supplemental Plans [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Pension and Other Postretirement Benefits Cost (Reversal of Cost) | $		$ 100	$ 100	$ 100	$ 100
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	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
Shares, Issued		3,895		3,895
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, Expected Dividend Rate				0.00%		0.00%	0.00%
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized		201,491		201,491
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%
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number		161,044		161,044
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
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		223,882
Restricted Stock Units (RSUs) [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	1,132	584,497	1,132
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	$ 43.06
Shares, Issued		36,174	26,671	36,174	26,671
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number		308,813		308,813
Restricted Stock Units (RSUs) [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
Restricted Stock Units (RSUs) [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
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		1,424,600

Interest Expense Components of

Interest Expense Components of Interest Expense (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Interest Expense [Abstract]
Interest Expense, Borrowings		$ 7,524	$ 9,304	$ 15,569	$ 19,015
Amortization of Debt Discount (Premium)	[1]	201	183	397	363
Amortization of Debt Issuance Costs		1,513	644	2,140	1,385
Interest Paid, Capitalized, Investing Activities		(702)	(1,075)	(1,390)	(2,229)
Interest Expense		$ 8,536	$ 9,056	16,716	$ 18,534
Accelerated Deferred Debt Issuance Cost				$ 900
[1]	Attributable to the Second Lien Facility (see Note 7).

Components of Calculation of Ba

Components of Calculation of Basic and Diluted Earnings Per Share (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019
Earnings Per Share [Abstract]
Net income (loss)	$ (94,715)	$ 163,094	$ 51,625	$ (38,697)	$ 68,379	$ 12,928
Weighted-average shares – basic	15,167		15,106		15,159	15,102
Effect of dilutive securities	0		56		109	72
Weighted-average shares – diluted	15,167		15,162		15,268	15,174
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	100