Coterra Energy (CTRA) 10-Q 3 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	Apr. 25, 2016
Document and Entity Information
Entity Registrant Name	CABOT OIL & GAS CORP
Entity Central Index Key	858,470
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		465,000,267
Entity Current Reporting Status	Yes

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEET (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Current assets
Cash and cash equivalents	$ 579,316	$ 514
Accounts receivable, net	100,871	120,229
Income taxes receivable	4,187	4,323
Inventories	15,948	17,049
Derivative instruments	18,994	0
Other current assets	1,371	2,671
Total current assets	720,687	144,786
Properties and equipment, net (Successful efforts method)	4,837,814	4,976,879
Equity method investments	117,178	103,517
Other assets	27,029	27,856
TOTAL ASSETS	5,702,708	5,253,038
Current liabilities
Accounts payable	147,994	160,407
Current portion of long-term debt	20,000	20,000
Accrued liabilities	17,826	24,923
Interest payable	13,562	30,222
Total current liabilities	199,382	235,552
Postretirement benefits	36,244	35,293
Long-term debt, net	1,583,192	1,996,139
Deferred income taxes	780,295	807,236
Asset retirement obligations	130,795	143,606
Other liabilities	28,740	26,024
Total liabilities	$ 2,758,648	$ 3,243,850
Commitments and contingencies
Stockholders' equity
Common stock: Authorized -- 960,000,000 shares of $0.10 par value in 2016 and 2015, respectively Issued-- 474,892,215 shares and 423,758,593 shares in 2016 and 2015 respectively	$ 47,489	$ 42,377
Additional paid-in capital	1,711,233	721,997
Retained earnings	1,492,538	1,552,014
Accumulated other comprehensive income (loss)	(365)	(365)
Less treasury stock, at cost: 9,892,680 shares in 2016 and 2015, respectively	(306,835)	(306,835)
Total stockholders' equity	2,944,060	2,009,188
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 5,702,708	$ 5,253,038

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEET (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Common stock, authorized (shares)	960,000,000	960,000,000
Common stock, par value (in dollars per share)	$ 0.10	$ 0.10
Common stock, issued (shares)	474,892,215	423,768,593
Treasury stock (shares)	9,892,680	9,892,680

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
OPERATING REVENUES
Natural gas	$ 227,578	$ 360,191
Crude oil and condensate	30,676	62,558
Gain (loss) on derivative instruments	18,994	34,123
Brokered natural gas	3,180	4,827
Other	1,513	3,066
TOTAL OPERATING REVENUES	281,941	464,765
OPERATING EXPENSES
Direct operations	26,035	36,017
Transportation and gathering	109,652	121,235
Brokered natural gas	2,566	3,739
Taxes other than income	5,994	11,280
Exploration	6,383	8,732
Depreciation, depletion and amortization	161,887	175,497
General and administrative	28,376	22,529
TOTAL OPERATING EXPENSES	340,893	379,029
Earnings (loss) on equity method investments	2,009	1,421
Gain (loss) on sale of assets	1,354	138
INCOME (LOSS) FROM OPERATIONS	(55,589)	87,295
Interest expense	24,375	23,566
Income (loss) before income taxes	(79,964)	63,729
Income tax expense (benefit)	(28,770)	23,474
NET INCOME (LOSS)	$ (51,194)	$ 40,255
Earnings (loss) per share
Basic (in dollars per share)	$ (0.12)	$ 0.10
Diluted (in dollars per share)	$ (0.12)	$ 0.10
Weighted-average common shares outstanding
Basic (in shares)	431,841	413,344
Diluted (in shares)	431,841	414,771
Dividends per common share (in dollars per share)	$ 0.02	$ 0.02

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ (51,194)	$ 40,255
Adjustments to reconcile net income (loss) to cash provided by operating activities:
Depreciation, depletion and amortization	161,887	175,497
Deferred income tax expense (benefit)	(28,973)	15,081
(Gain) loss on sale of assets	(1,354)	(138)
Exploratory dry hole cost	0	162
(Gain) loss on derivative instruments	(18,994)	(34,123)
Net cash received (paid) in settlement of derivative instruments	0	37,685
Earnings of equity method investments	(2,009)	(1,421)
Amortization of debt issuance costs	1,191	1,267
Stock-based compensation	10,606	5,911
Changes in assets and liabilities:
Accounts receivable, net	19,358	49,615
Income taxes	233	8,979
Inventories	1,101	(61)
Other current assets	1,300	(192)
Accounts payable, accrued liabilities and interest payable	(31,292)	(29,629)
Other assets and liabilities	230	1,930
Stock-based compensation tax benefit	0	(3,437)
Net cash provided by operating activities	62,090	267,381
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(92,237)	(395,242)
Proceeds from sale of assets	49,828	3,081
Investment in equity method investments	(11,652)	(5,078)
Net cash used in investing activities	(54,061)	(397,239)
CASH FLOWS FROM FINANCING ACTIVITIES
Borrowings from debt	90,000	382,000
Repayments of debt	(503,000)	(257,000)
Sale of common stock, net	995,278	0
Dividends paid	(8,282)	(8,263)
Stock-based compensation tax benefit	0	3,437
Capitalized debt issuance costs	(3,223)	0
Other	0	2,678
Net cash provided by financing activities	570,773	122,852
Net increase (decrease) in cash and cash equivalents	578,802	(7,006)
Cash and cash equivalents, beginning of period	514	20,954
Cash and cash equivalents, end of period	579,316	13,948
Supplemental non-cash transactions:
Change in accrued capital costs	$ (549)	$ (91,644)

Financial Statement Presentatio

Financial Statement Presentation	3 Months Ended
	Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Financial Statement Presentation	Financial Statement Presentation During interim periods, Cabot Oil & Gas Corporation (the Company) follows the same accounting policies disclosed in its Annual Report on Form 10-K for the year ended December 31, 2015 (Form 10-K) filed with the Securities and Exchange Commission (SEC). The interim financial statements should be read in conjunction with the notes to the consolidated financial statements and information presented in the Form 10-K. In management’s opinion, the accompanying interim condensed consolidated financial statements contain all material adjustments, consisting only of normal recurring adjustments, necessary for a fair statement. The results for any interim period are not necessarily indicative of the expected results for the entire year. Certain reclassifications have been made to prior year statements to conform with the current year presentation. These reclassifications have no impact on previously reported net income (loss). Recently Adopted Accounting Pronouncements In March 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2015-03, Simplifying the Presentation of Debt Issuance Costs. The amendments in this update require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this update. In August 2015, the FASB issued ASU No. 2015-15, Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements. The update provides authoritative guidance for debt issuance costs related to line-of-credit arrangements, noting the SEC staff would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. The guidance is effective for interim and annual periods beginning after December 15, 2015. Effective January 1, 2016, the Company adopted ASU No. 2015-03 as a change in accounting principle. The Condensed Consolidated Balance Sheet as of December 31, 2015 has been retrospectively adjusted to reflect the adoption of this guidance, resulting in a $8.9 million decrease in both other assets and long term debt related to the debt issuance costs on our senior notes. There was no impact to the Company’s Condensed Consolidated Statement of Operations or Statement of Cash Flows. Recently Issued Accounting Pronouncements In March 2016, the FASB issued ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting, as a new Topic, Accounting Standards Codification Topic 718. The areas for simplification in this update involve several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. Some of the areas for simplification apply only to nonpublic entities. The guidance is effective for interim and annual periods beginning after December 15, 2016. Early adoption is permitted. An entity that elects early adoption must adopt all of the amendments in the same period. Amendments related to the timing of when excess tax benefits are recognized, minimum statutory withholding requirements, forfeitures, and intrinsic value should be applied using a modified retrospective transition method by means of a cumulative-effect adjustment to equity as of the beginning of the period in which the guidance is adopted. Amendments related to the presentation of employee taxes paid on the statement of cash flows when an employer withholds shares to meet the minimum statutory withholding requirement should be applied retrospectively. Amendments requiring recognition of excess tax benefits and tax deficiencies in the income statement and the practical expedient for estimating expected term should be applied prospectively. An entity may elect to apply the amendments related to the presentation of excess tax benefits on the statement of cash flows using either a prospective transition method or a retrospective transition method. The Company is currently evaluating the effect that adopting this guidance will have on its financial position, results of operations or cash flows. In February 2016, the FASB issued ASU No. 2016-02, Leases, as a new Topic, Accounting Standards Codification Topic 842. The new lease guidance supersedes Topic 840. The core principle of the guidance is that a company should recognize the assets and liabilities that arise from leases. The guidance is effective for interim and annual periods beginning after December 15, 2018. This ASU can be adopted using a modified retrospective approach. The Company is currently evaluating the effect that adopting this guidance will have on its financial position, results of operations or cash flows. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, as a new Topic, Accounting Standards Codification Topic 606. The new revenue recognition standard provides a five-step analysis of transactions to determine when and how revenue is recognized. The core principle of the guidance is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In August 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers (Topic 606), which deferred the effective date of ASU No. 2014-09 by one year, making the new standard effective for interim and annual periods beginning after December 15, 2017. This ASU can be adopted either retrospectively or as a cumulative-effect adjustment as of the date of adoption; however, entities reporting under U.S. GAAP are not permitted to adopt the standard earlier than the original effective date for public entities (that is, no earlier than 2017 for calendar year-end entities). Additionally, in March 2016, the FASB issued ASU No. 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus agent considerations (reporting revenue gross versus net), which clarifies the implementation guidance on principal versus agent considerations on such matters. The Company is currently evaluating the effect that adopting this guidance will have on its financial position, results of operations or cash flows.

Properties and Equipment, Net

Properties and Equipment, Net	3 Months Ended
	Mar. 31, 2016
Property, Plant and Equipment [Abstract]
Properties and Equipment, Net	Properties and Equipment, Net Properties and equipment, net are comprised of the following: (In thousands) March 31, December 31, Proved oil and gas properties $ 7,483,181 $ 8,821,146 Unproved oil and gas properties 324,488 390,434 Gathering and pipeline systems 242,962 243,672 Land, building and other equipment 114,596 117,848 8,165,227 9,573,100 Accumulated depreciation, depletion and amortization (3,327,413 ) (4,596,221 ) $ 4,837,814 $ 4,976,879 At March 31, 2016 , the Company did not have any projects that had exploratory well costs capitalized for a period of greater than one year after drilling. In February 2016, the Company completed the divestiture of certain proved and unproved oil and gas properties in east Texas for approximately $55.9 million (subject to customary post close adjustments) and recognized a $1.4 million gain on sale of assets. The purchase price included a $6.3 million deposit that was received in the fourth quarter of 2015.

Equity Method Investments

Equity Method Investments	3 Months Ended
	Mar. 31, 2016
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	Equity Method Investments The Company holds a 25% equity interest in Constitution Pipeline Company, LLC (Constitution) and a 20% equity interest in Meade Pipeline Co LLC (Meade). Activity related to these equity method investments is as follows: Constitution Meade Total Three Months Ended March 31, Three Months Ended March 31, Three Months Ended March 31, (In thousands) 2016 2015 2016 2015 2016 2015 Balance at beginning of period $ 90,345 $ 64,268 $ 13,172 $ 3,761 $ 103,517 $ 68,029 Contributions 6,250 3,000 5,402 2,078 11,652 5,078 Earnings (loss) on equity method investments 2,011 1,427 (2 ) (6 ) 2,009 1,421 Balance at end of period $ 98,606 $ 68,695 $ 18,572 $ 5,833 $ 117,178 $ 74,528 On April 22, 2016, Constitution announced that the New York State Department of Environmental Conservation (NYSDEC) denied Constitution's application for a section 401 Water Quality Certification (Certification) for the New York State portion of its proposed 124-mile route. Constitution stated that it remains committed to pursuing the project and that it intends to pursue all available options to challenge the legality and appropriateness of NYDEC's decision. In light of the denial of the Certification and the anticipated actions to challenge the decision, Constitution has revised its target in-service date to the second half of 2018, assuming that the challenge process is satisfactorily and promptly concluded. Constitution is evaluating the impacts of the denial of the certification on the project, and the Company is evaluating the impact on its investment in Constitution. During 2016, the Company expects to contribute between approximately $30.0 million and $35.0 million to its equity method investments. For further information regarding the Company’s equity method investments, refer to Note 4 of the Notes to the Consolidated Financial Statements in the Form 10-K.

Debt and Credit Agreements

Debt and Credit Agreements	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Debt and Credit Agreements	Debt and Credit Agreements The Company’s debt and credit agreements consisted of the following: (In thousands) March 31, December 31, Total Debt 7.33% weighted-average senior notes $ 20,000 $ 20,000 6.51% weighted-average senior notes 425,000 425,000 9.78% senior notes 67,000 67,000 5.58% weighted-average senior notes 175,000 175,000 3.65% weighted-average senior notes 925,000 925,000 Revolving credit facility — 413,000 $ 1,612,000 $ 2,025,000 Unamortized debt issuance costs (8,808 ) (8,861 ) Total debt, net (1) $ 1,603,192 $ 2,016,139 (1) Includes $20.0 million of current portion of long-term debt at March 31, 2016 and December 31, 2015 , respectively. At March 31, 2016 , the Company was in compliance with all restrictive financial covenants, as amended, for both its revolving credit facility and senior notes. As of March 31, 2016 , based on the Company's asset coverage and leverage ratios, there were no interest rate adjustments required for the Company's senior notes. At March 31, 2016 , the Company had no borrowings outstanding under its credit facility and had unused commitments of $1.8 billion . The Company’s weighted-average effective interest rates for the revolving credit facility for the three months ended March 31, 2016 and 2015 were approximately 2.3% and 2.6% , respectively. Subsequent Event The borrowing base is redetermined annually under the terms of the revolving credit facility on April 1. In addition, either the Company or the banks may request an interim redetermination twice a year or in connection with certain acquisitions or sales of oil and gas properties. Effective April 19, 2016 , the Company’s borrowing base was reduced from $3.4 billion to $3.2 billion . The maximum credit amount under the revolving credit facility remained unchanged at $1.8 billion ; however, the available commitments were reduced to $1.6 billion .

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	3 Months Ended
	Mar. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities As of March 31, 2016 , the Company had the following outstanding commodity derivatives: Collars Swaps Floor Ceiling Type of Contract Volume Contract Period Range Weighted-Average Range Weighted- Average Weighted- Average Natural gas 52.0 Bcf Apr. 2016 - Oct. 2016 $ 2.51 Crude oil 1.4 Mmbbl Apr. 2016 - Dec. 2016 $ 38.00 $ 38.00 $47.10-$47.50 $ 47.28 In the table above, natural gas prices are stated per Mcf and crude oil prices are stated per barrel. Effect of Derivative Instruments on the Condensed Consolidated Balance Sheet Fair Values of Derivative Instruments Derivative Assets Derivative Liabilities (In thousands) Balance Sheet Location March 31, December 31, March 31, December 31, Commodity contracts Derivative instruments (current assets) $ 18,994 $ — $ — $ — Offsetting of Derivative Assets and Liabilities in the Condensed Consolidated Balance Sheet (In thousands) March 31, December 31, Derivative assets Gross amounts of recognized assets $ 18,994 $ — Gross amounts offset in the statement of financial position — — Net amounts of assets presented in the statement of financial position 18,994 — Gross amounts of financial instruments not offset in the statement of financial position — — Net amount $ 18,994 $ — Effect of Derivative Instruments on the Condensed Consolidated Statement of Operations Three Months Ended (In thousands) 2016 2015 Cash received (paid) on settlement of derivative instruments Gain (loss) on derivative instruments $ — $ 37,685 Non-cash gain (loss) on derivative instruments Gain (loss) on derivative instruments 18,994 (3,562 ) $ 18,994 $ 34,123

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The Company follows the authoritative guidance for measuring fair value of assets and liabilities in its financial statements. For further information regarding the fair value hierarchy, refer to Note 1 of the Notes to the Consolidated Financial Statements in the Form 10-K. Financial Assets and Liabilities The following fair value hierarchy table presents information about the Company’s financial assets and liabilities measured at fair value on a recurring basis: (In thousands) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance at March 31, 2016 Assets Deferred compensation plan $ 13,013 $ — $ — $ 13,013 Derivative instruments — 15,347 3,647 18,994 Total assets $ 13,013 $ 15,347 $ 3,647 $ 32,007 Liabilities Deferred compensation plan $ 25,144 $ — $ — $ 25,144 Total liabilities $ 25,144 $ — $ — $ 25,144 (In thousands) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance at December 31, 2015 Assets Deferred compensation plan $ 12,921 $ — $ — $ 12,921 Total assets $ 12,921 $ — $ — $ 12,921 Liabilities Deferred compensation plan $ 22,371 $ — $ — $ 22,371 Total liabilities $ 22,371 $ — $ — $ 22,371 The Company’s investments associated with its deferred compensation plan consist of mutual funds and deferred shares of the Company’s common stock that are publicly traded and for which market prices are readily available. The derivative instruments were measured based on quotes from the Company’s counterparties. Such quotes have been derived using an income approach that considers various inputs including current market and contractual prices for the underlying instruments, quoted forward prices for natural gas and crude oil, basis differentials, volatility factors and interest rates, such as a LIBOR curve for a similar length of time as the derivative contract term as applicable. Estimates are verified using relevant NYMEX futures contracts and/or are compared to multiple quotes obtained from counterparties for reasonableness. The determination of the fair values presented above also incorporates a credit adjustment for non-performance risk. The Company measured the non-performance risk of its counterparties by reviewing credit default swap spreads for the various financial institutions with which it has derivative transactions, while non-performance risk of the Company is evaluated using a market credit spread provided by the Company’s bank. The Company has not incurred any losses related to non-performance risk of its counterparties and does not anticipate any material impact on its financial results due to non-performance by third parties. The most significant unobservable inputs relative to the Company’s Level 3 derivative contracts are basis differentials and volatility factors. An increase (decrease) in these unobservable inputs would result in an increase (decrease) in fair value, respectively. The Company does not have access to the specific assumptions used in its counterparties’ valuation models. Consequently, additional disclosures regarding significant Level 3 unobservable inputs were not provided. The following table sets forth a reconciliation of changes in the fair value of financial assets and liabilities classified as Level 3 in the fair value hierarchy: Three Months Ended (In thousands) 2016 2015 Balance at beginning of period $ — $ 85,958 Total gains (losses) (realized or unrealized): Included in earnings 3,647 17,840 Included in other comprehensive income — — Settlements — (20,473 ) Transfers in and/or out of level 3 — — Balance at end of period $ 3,647 $ 83,325 Change in unrealized gains (losses) relating to assets and liabilities still held at the end of the period $ 3,647 $ (2,663 ) There were no transfers between Level 1 and Level 2 fair value measurements for the three months ended March 31, 2016 and 2015 . Non-Financial Assets and Liabilities The Company discloses or recognizes its non-financial assets and liabilities, such as impairments, at fair value on a nonrecurring basis. As none of the Company’s non-financial assets and liabilities were measured at fair value as of March 31, 2016 and 2015 , additional disclosures were not required. The estimated fair value of the Company’s asset retirement obligation at inception is determined by utilizing the income approach by applying a credit-adjusted risk-free rate, which takes into account the Company’s credit risk, the time value of money, and the current economic state to the undiscounted expected abandonment cash flows. Given the unobservable nature of the inputs, the measurement of the asset retirement obligations was classified as Level 3 in the fair value hierarchy. Fair Value of Other Financial Instruments The estimated fair value of other financial instruments is the amount at which the instrument could be exchanged currently between willing parties. The carrying amount reported in the Condensed Consolidated Balance Sheet for cash and cash equivalents approximates fair value due to the short-term maturities of these instruments. Cash and cash equivalents are classified as Level 1 in the fair value hierarchy and the remaining financial instruments are classified as Level 2. The Company uses available market data and valuation methodologies to estimate the fair value of debt. The fair value of debt is the estimated amount the Company would have to pay a third party to assume the debt, including a credit spread for the difference between the issue rate and the period end market rate. The credit spread is the Company’s default or repayment risk. The credit spread (premium or discount) is determined by comparing the Company’s senior notes and revolving credit facility to new issuances (secured and unsecured) and secondary trades of similar size and credit statistics for both public and private debt. The fair value of all senior notes and the revolving credit facility is based on interest rates currently available to the Company. The Company’s debt is valued using an income approach and classified as Level 3 in the fair value hierarchy. The carrying amount and fair value of debt is as follows: March 31, 2016 December 31, 2015 (In thousands) Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Debt $ 1,603,192 $ 1,506,177 $ 2,016,139 $ 1,839,530 Current maturities (20,000 ) (20,219 ) (20,000 ) (20,378 ) Long-term debt $ 1,583,192 $ 1,485,958 $ 1,996,139 $ 1,819,152

Asset Retirement Obligations

Asset Retirement Obligations	3 Months Ended
	Mar. 31, 2016
Asset Retirement Obligation Disclosure [Abstract]
Asset Retirement Obligations	Asset Retirement Obligations Activity related to the Company’s asset retirement obligations is as follows: (In thousands) Three Months Ended Balance at beginning of period $ 145,606 Liabilities incurred 1,746 Liabilities settled (53 ) Liabilities divested (16,353 ) Accretion expense 1,849 Balance at end of period $ 132,795 As of March 31, 2016 and December 31, 2015 , approximately $2.0 million is included in accrued liabilities in the Condensed Consolidated Balance Sheet, which represents the current portion of the Company’s asset retirement obligation.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Contractual Obligations The Company has various contractual obligations in the normal course of its operations. There have been no material changes to the Company’s contractual obligations described under “Transportation and Gathering Agreements,” “Drilling Rig Commitments” and “Lease Commitments” as disclosed in Note 9 in the Notes to Consolidated Financial Statements included in the Form 10-K. Legal Matters The Company is a defendant in various other legal proceedings arising in the normal course of business. All known liabilities are accrued when management determines they are probable based on its best estimate of the potential loss. While the outcome and impact of these legal proceedings on the Company cannot be predicted with certainty, management believes that the resolution of these proceedings will not have a material effect on the Company’s financial position, results of operations or cash flows. Contingency Reserves When deemed necessary, the Company establishes reserves for certain legal proceedings. The establishment of a reserve is based on an estimation process that includes the advice of legal counsel and subjective judgment of management. While management believes these reserves to be adequate, it is reasonably possible that the Company could incur additional losses with respect to those matters in which reserves have been established. The Company believes that any such amount above the amounts accrued would not be material to the Condensed Consolidated Financial Statements. Future changes in facts and circumstances not currently foreseeable could result in the actual liability exceeding the estimated ranges of loss and amounts accrued.

Capital Stock

Capital Stock	3 Months Ended
	Mar. 31, 2016
Equity [Abstract]
Capital Stock	Capital Stock On February 22, 2016 , the Company entered into an underwriting agreement, pursuant to which the Company sold an aggregate of 44,000,000 shares of common stock at a price to the Company of $19.675 per share. On February 26, 2016 , the Company received $865.7 million in net proceeds, after deducting underwriting discounts and commissions. On March 2, 2016 , the Company sold an additional 6,600,000 shares of common stock as a result of the exercise of the underwriters’ option to purchase additional shares and received $129.9 million in net proceeds. These net proceeds were used for general corporate purposes, including repaying indebtedness under the Company’s revolving credit facility and funding a portion of our capital program.

Stock-based Compensation

Stock-based Compensation	3 Months Ended
	Mar. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-based Compensation	Stock-based Compensation General Stock-based compensation expense in the first quarter of 2016 and 2015 was $10.6 million and $5.9 million , respectively, and is included in general and administrative expense in the Condensed Consolidated Statement of Operations. During the first three months of 2016 , the Company recorded a shortfall of $2.0 million as a result of book compensation cost for employee stock-based compensation exceeding the federal and state tax deductions for certain awards that vested during the period, resulting in a reduction of the Company's windfall tax benefit that is recorded in additional paid in capital in the Condensed Consolidated Balance Sheet. During the first three months of 2015 , the Company realized a $3.4 million tax benefit related to the federal and state tax deductions in excess of book compensation cost for employee stock-based compensation. The Company is able to recognize a tax benefit only to the extent it reduces the Company’s income taxes payable. Refer to Note 13 of the Notes to the Consolidated Financial Statements in the Form 10-K for further description of the various types of stock-based compensation awards and the applicable award terms. Restricted Stock Units During the first three months of 2016 , 61,805 restricted stock units were granted to non-employee directors of the Company with a weighted-average grant date value of $20.28 per unit. The fair value of these units is measured based on the closing stock price on grant date and compensation expense is recorded immediately. These units immediately vest and are issued when the director ceases to be a director of the Company. Performance Share Awards The performance period for the awards granted in 2016 commenced on January 1, 2016 and ends on December 31, 2018 . The Company used an annual forfeiture rate assumption ranging from 0% to 5% for purposes of recognizing stock-based compensation expense for its performance share awards. Performance Share Awards Based on Internal Performance Metrics The fair value of performance share award grants based on internal performance metrics is based on the closing stock price on the grant date. Each performance share award represents the right to receive up to 100% of the award in shares of common stock. Employee Performance Share Awards. During the first three months of 2016 , 435,990 Employee Performance Share Awards were granted at a grant date value of $20.49 per share. The performance metrics are set by the Company’s compensation committee and are based on the Company’s average production, average finding costs and average reserve replacement over a three -year performance period. Based on the Company’s probability assessment at March 31, 2016 , it is considered probable that the criteria for these awards will be met. Hybrid Performance Share Awards. During the first three months of 2016 , 271,938 Hybrid Performance Share Awards were granted at a grant date value of $20.49 per share. The 2016 awards vest 25% on each of the first and second anniversary dates and 50% on the third anniversary , provided that the Company has $100 million or more of operating cash flow for the year preceding the vesting date, as set by the Company’s compensation committee. If the Company does not meet the performance metric for the applicable period, then the portion of the performance shares that would have been issued on that anniversary date will be forfeited. Based on the Company’s probability assessment at March 31, 2016 , it is considered probable that the criteria for these awards will be met. Performance Share Awards Based on Market Conditions These awards have both an equity and liability component, with the right to receive up to the first 100% of the award in shares of common stock and the right to receive up to an additional 100% of the value of the award in excess of the equity component in cash. The equity portion of these awards is valued on the grant date and is not marked to market, while the liability portion of the awards is valued as of the end of each reporting period on a mark-to-market basis. The Company calculates the fair value of the equity and liability portions of the awards using a Monte Carlo simulation model. TSR Performance Share Awards. During the first three months of 2016 , 407,907 TSR Performance Share Awards were granted and are earned, or not earned, based on the comparative performance of the Company’s common stock measured against a predetermined group of companies in the Company’s peer group over a three -year performance period. The following assumptions were used to determine the grant date fair value of the equity component (February 17, 2016) and the period-end fair value of the liability component of the TSR Performance Share Awards: Grant Date March 31, 2016 Fair value per performance share award $ 18.57 $5.40 - $11.24 Assumptions: Stock price volatility 34.4 % 36.1% - 51.9% Risk free rate of return 0.9 % 0.5% - 0.8%

Earnings per Common Share

Earnings per Common Share	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Earnings per Common Share	Earnings per Common Share Basic earnings per share (EPS) is computed by dividing net income by the weighted-average number of common shares outstanding for the period. Diluted EPS is similarly calculated except that the common shares outstanding for the period is increased using the treasury stock method to reflect the potential dilution that could occur if outstanding stock appreciation rights were exercised and stock awards were vested at the end of the applicable period. The following is a calculation of basic and diluted weighted-average shares outstanding: Three Months Ended (In thousands) 2016 2015 Weighted-average shares - basic 431,841 413,344 Dilution effect of stock appreciation rights and stock awards at end of period — 1,427 Weighted-average shares - diluted 431,841 414,771 Weighted-average shares excluded from diluted EPS due to the anti-dilutive effect 700 401

Additional Balance Sheet Inform

Additional Balance Sheet Information	3 Months Ended
	Mar. 31, 2016
Balance Sheet Related Disclosures [Abstract]
Additional Balance Sheet Information	Additional Balance Sheet Information Certain balance sheet amounts are comprised of the following: (In thousands) March 31, December 31, Accounts receivable, net Trade accounts $ 97,205 $ 116,772 Joint interest accounts 2,215 2,013 Other accounts 2,484 2,557 101,904 121,342 Allowance for doubtful accounts (1,033 ) (1,113 ) $ 100,871 $ 120,229 Inventories Tubular goods and well equipment $ 14,186 $ 14,655 Natural gas in storage 1,762 2,364 Other accounts — 30 $ 15,948 $ 17,049 Other assets Deferred compensation plan $ 13,013 $ 12,921 Debt issuance costs 13,957 14,871 Other accounts 59 64 $ 27,029 $ 27,856 Accounts payable Trade accounts $ 28,942 $ 30,038 Natural gas purchases 1,101 2,231 Royalty and other owners 69,776 75,106 Accrued capital costs 26,930 27,479 Taxes other than income 16,904 14,628 Other accounts 4,341 10,925 $ 147,994 $ 160,407 Accrued liabilities Employee benefits $ 8,725 $ 13,870 Taxes other than income 6,104 5,073 Income taxes payable 97 — Other accounts 2,900 5,980 $ 17,826 $ 24,923 Other liabilities Deferred compensation plan $ 25,144 $ 22,371 Other accounts 3,596 3,653 $ 28,740 $ 26,024

Financial Statement Presentat18

Financial Statement Presentation (Policies)	3 Months Ended
	Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Recent Accounting Pronouncements	Recently Adopted Accounting Pronouncements In March 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2015-03, Simplifying the Presentation of Debt Issuance Costs. The amendments in this update require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this update. In August 2015, the FASB issued ASU No. 2015-15, Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements. The update provides authoritative guidance for debt issuance costs related to line-of-credit arrangements, noting the SEC staff would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. The guidance is effective for interim and annual periods beginning after December 15, 2015. Effective January 1, 2016, the Company adopted ASU No. 2015-03 as a change in accounting principle. The Condensed Consolidated Balance Sheet as of December 31, 2015 has been retrospectively adjusted to reflect the adoption of this guidance, resulting in a $8.9 million decrease in both other assets and long term debt related to the debt issuance costs on our senior notes. There was no impact to the Company’s Condensed Consolidated Statement of Operations or Statement of Cash Flows. Recently Issued Accounting Pronouncements In March 2016, the FASB issued ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting, as a new Topic, Accounting Standards Codification Topic 718. The areas for simplification in this update involve several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. Some of the areas for simplification apply only to nonpublic entities. The guidance is effective for interim and annual periods beginning after December 15, 2016. Early adoption is permitted. An entity that elects early adoption must adopt all of the amendments in the same period. Amendments related to the timing of when excess tax benefits are recognized, minimum statutory withholding requirements, forfeitures, and intrinsic value should be applied using a modified retrospective transition method by means of a cumulative-effect adjustment to equity as of the beginning of the period in which the guidance is adopted. Amendments related to the presentation of employee taxes paid on the statement of cash flows when an employer withholds shares to meet the minimum statutory withholding requirement should be applied retrospectively. Amendments requiring recognition of excess tax benefits and tax deficiencies in the income statement and the practical expedient for estimating expected term should be applied prospectively. An entity may elect to apply the amendments related to the presentation of excess tax benefits on the statement of cash flows using either a prospective transition method or a retrospective transition method. The Company is currently evaluating the effect that adopting this guidance will have on its financial position, results of operations or cash flows. In February 2016, the FASB issued ASU No. 2016-02, Leases, as a new Topic, Accounting Standards Codification Topic 842. The new lease guidance supersedes Topic 840. The core principle of the guidance is that a company should recognize the assets and liabilities that arise from leases. The guidance is effective for interim and annual periods beginning after December 15, 2018. This ASU can be adopted using a modified retrospective approach. The Company is currently evaluating the effect that adopting this guidance will have on its financial position, results of operations or cash flows. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, as a new Topic, Accounting Standards Codification Topic 606. The new revenue recognition standard provides a five-step analysis of transactions to determine when and how revenue is recognized. The core principle of the guidance is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In August 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers (Topic 606), which deferred the effective date of ASU No. 2014-09 by one year, making the new standard effective for interim and annual periods beginning after December 15, 2017. This ASU can be adopted either retrospectively or as a cumulative-effect adjustment as of the date of adoption; however, entities reporting under U.S. GAAP are not permitted to adopt the standard earlier than the original effective date for public entities (that is, no earlier than 2017 for calendar year-end entities). Additionally, in March 2016, the FASB issued ASU No. 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus agent considerations (reporting revenue gross versus net), which clarifies the implementation guidance on principal versus agent considerations on such matters. The Company is currently evaluating the effect that adopting this guidance will have on its financial position, results of operations or cash flows.

Properties and Equipment, Net (

Properties and Equipment, Net (Tables)	3 Months Ended
	Mar. 31, 2016
Property, Plant and Equipment [Abstract]
Schedule of properties and equipment, net	Properties and equipment, net are comprised of the following: (In thousands) March 31, December 31, Proved oil and gas properties $ 7,483,181 $ 8,821,146 Unproved oil and gas properties 324,488 390,434 Gathering and pipeline systems 242,962 243,672 Land, building and other equipment 114,596 117,848 8,165,227 9,573,100 Accumulated depreciation, depletion and amortization (3,327,413 ) (4,596,221 ) $ 4,837,814 $ 4,976,879

Equity Method Investments (Tabl

Equity Method Investments (Tables)	3 Months Ended
	Mar. 31, 2016
Equity Method Investments and Joint Ventures [Abstract]
Activity Related to the Company's Equity Method Investments	Activity related to these equity method investments is as follows: Constitution Meade Total Three Months Ended March 31, Three Months Ended March 31, Three Months Ended March 31, (In thousands) 2016 2015 2016 2015 2016 2015 Balance at beginning of period $ 90,345 $ 64,268 $ 13,172 $ 3,761 $ 103,517 $ 68,029 Contributions 6,250 3,000 5,402 2,078 11,652 5,078 Earnings (loss) on equity method investments 2,011 1,427 (2 ) (6 ) 2,009 1,421 Balance at end of period $ 98,606 $ 68,695 $ 18,572 $ 5,833 $ 117,178 $ 74,528

Debt and Credit Agreements (Tab

Debt and Credit Agreements (Tables)	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Debt and credit agreement components	The Company’s debt and credit agreements consisted of the following: (In thousands) March 31, December 31, Total Debt 7.33% weighted-average senior notes $ 20,000 $ 20,000 6.51% weighted-average senior notes 425,000 425,000 9.78% senior notes 67,000 67,000 5.58% weighted-average senior notes 175,000 175,000 3.65% weighted-average senior notes 925,000 925,000 Revolving credit facility — 413,000 $ 1,612,000 $ 2,025,000 Unamortized debt issuance costs (8,808 ) (8,861 ) Total debt, net (1) $ 1,603,192 $ 2,016,139 (1) Includes $20.0 million of current portion of long-term debt at March 31, 2016 and December 31, 2015 , respectively.

Derivative Instruments and He22

Derivative Instruments and Hedging Activities (Tables)	3 Months Ended
	Mar. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Outstanding commodity derivatives	As of March 31, 2016 , the Company had the following outstanding commodity derivatives: Collars Swaps Floor Ceiling Type of Contract Volume Contract Period Range Weighted-Average Range Weighted- Average Weighted- Average Natural gas 52.0 Bcf Apr. 2016 - Oct. 2016 $ 2.51 Crude oil 1.4 Mmbbl Apr. 2016 - Dec. 2016 $ 38.00 $ 38.00 $47.10-$47.50 $ 47.28
Effect of derivative instruments on the condensed consolidated balance sheet	Effect of Derivative Instruments on the Condensed Consolidated Balance Sheet Fair Values of Derivative Instruments Derivative Assets Derivative Liabilities (In thousands) Balance Sheet Location March 31, December 31, March 31, December 31, Commodity contracts Derivative instruments (current assets) $ 18,994 $ — $ — $ —
Schedule of offsetting of derivative liabilities in the condensed consolidated balance sheet	Offsetting of Derivative Assets and Liabilities in the Condensed Consolidated Balance Sheet (In thousands) March 31, December 31, Derivative assets Gross amounts of recognized assets $ 18,994 $ — Gross amounts offset in the statement of financial position — — Net amounts of assets presented in the statement of financial position 18,994 — Gross amounts of financial instruments not offset in the statement of financial position — — Net amount $ 18,994 $ —
Schedule of offsetting of derivative assets in the condensed consolidated balance sheet	Offsetting of Derivative Assets and Liabilities in the Condensed Consolidated Balance Sheet (In thousands) March 31, December 31, Derivative assets Gross amounts of recognized assets $ 18,994 $ — Gross amounts offset in the statement of financial position — — Net amounts of assets presented in the statement of financial position 18,994 — Gross amounts of financial instruments not offset in the statement of financial position — — Net amount $ 18,994 $ —
Effect of derivatives on the condensed consolidated statement of operations	Effect of Derivative Instruments on the Condensed Consolidated Statement of Operations Three Months Ended (In thousands) 2016 2015 Cash received (paid) on settlement of derivative instruments Gain (loss) on derivative instruments $ — $ 37,685 Non-cash gain (loss) on derivative instruments Gain (loss) on derivative instruments 18,994 (3,562 ) $ 18,994 $ 34,123

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Financial assets and liabilities measured at fair value on a recurring basis	The following fair value hierarchy table presents information about the Company’s financial assets and liabilities measured at fair value on a recurring basis: (In thousands) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance at March 31, 2016 Assets Deferred compensation plan $ 13,013 $ — $ — $ 13,013 Derivative instruments — 15,347 3,647 18,994 Total assets $ 13,013 $ 15,347 $ 3,647 $ 32,007 Liabilities Deferred compensation plan $ 25,144 $ — $ — $ 25,144 Total liabilities $ 25,144 $ — $ — $ 25,144 (In thousands) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance at December 31, 2015 Assets Deferred compensation plan $ 12,921 $ — $ — $ 12,921 Total assets $ 12,921 $ — $ — $ 12,921 Liabilities Deferred compensation plan $ 22,371 $ — $ — $ 22,371 Total liabilities $ 22,371 $ — $ — $ 22,371
Reconciliation of changes in the fair value of financial assets and liabilities classified as level 3	The following table sets forth a reconciliation of changes in the fair value of financial assets and liabilities classified as Level 3 in the fair value hierarchy: Three Months Ended (In thousands) 2016 2015 Balance at beginning of period $ — $ 85,958 Total gains (losses) (realized or unrealized): Included in earnings 3,647 17,840 Included in other comprehensive income — — Settlements — (20,473 ) Transfers in and/or out of level 3 — — Balance at end of period $ 3,647 $ 83,325 Change in unrealized gains (losses) relating to assets and liabilities still held at the end of the period $ 3,647 $ (2,663 )
Carrying amounts and fair values of debt	The carrying amount and fair value of debt is as follows: March 31, 2016 December 31, 2015 (In thousands) Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Debt $ 1,603,192 $ 1,506,177 $ 2,016,139 $ 1,839,530 Current maturities (20,000 ) (20,219 ) (20,000 ) (20,378 ) Long-term debt $ 1,583,192 $ 1,485,958 $ 1,996,139 $ 1,819,152

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	3 Months Ended
	Mar. 31, 2016
Asset Retirement Obligation Disclosure [Abstract]
Activity Related to Asset Retirement Obligations	Activity related to the Company’s asset retirement obligations is as follows: (In thousands) Three Months Ended Balance at beginning of period $ 145,606 Liabilities incurred 1,746 Liabilities settled (53 ) Liabilities divested (16,353 ) Accretion expense 1,849 Balance at end of period $ 132,795

Stock-based Compensation (Table

Stock-based Compensation (Tables)	3 Months Ended
	Mar. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions	The following assumptions were used to determine the grant date fair value of the equity component (February 17, 2016) and the period-end fair value of the liability component of the TSR Performance Share Awards: Grant Date March 31, 2016 Fair value per performance share award $ 18.57 $5.40 - $11.24 Assumptions: Stock price volatility 34.4 % 36.1% - 51.9% Risk free rate of return 0.9 % 0.5% - 0.8%

Earnings per Common Share (Tabl

Earnings per Common Share (Tables)	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Calculation of basic and diluted weighted-average shares outstanding	The following is a calculation of basic and diluted weighted-average shares outstanding: Three Months Ended (In thousands) 2016 2015 Weighted-average shares - basic 431,841 413,344 Dilution effect of stock appreciation rights and stock awards at end of period — 1,427 Weighted-average shares - diluted 431,841 414,771 Weighted-average shares excluded from diluted EPS due to the anti-dilutive effect 700 401

Additional Balance Sheet Info27

Additional Balance Sheet Information (Tables)	3 Months Ended
	Mar. 31, 2016
Balance Sheet Related Disclosures [Abstract]
Additional Balance Sheet Information	Certain balance sheet amounts are comprised of the following: (In thousands) March 31, December 31, Accounts receivable, net Trade accounts $ 97,205 $ 116,772 Joint interest accounts 2,215 2,013 Other accounts 2,484 2,557 101,904 121,342 Allowance for doubtful accounts (1,033 ) (1,113 ) $ 100,871 $ 120,229 Inventories Tubular goods and well equipment $ 14,186 $ 14,655 Natural gas in storage 1,762 2,364 Other accounts — 30 $ 15,948 $ 17,049 Other assets Deferred compensation plan $ 13,013 $ 12,921 Debt issuance costs 13,957 14,871 Other accounts 59 64 $ 27,029 $ 27,856 Accounts payable Trade accounts $ 28,942 $ 30,038 Natural gas purchases 1,101 2,231 Royalty and other owners 69,776 75,106 Accrued capital costs 26,930 27,479 Taxes other than income 16,904 14,628 Other accounts 4,341 10,925 $ 147,994 $ 160,407 Accrued liabilities Employee benefits $ 8,725 $ 13,870 Taxes other than income 6,104 5,073 Income taxes payable 97 — Other accounts 2,900 5,980 $ 17,826 $ 24,923 Other liabilities Deferred compensation plan $ 25,144 $ 22,371 Other accounts 3,596 3,653 $ 28,740 $ 26,024

Financial Statement Presentat28

Financial Statement Presentation - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Mar. 31, 2016
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Debt issuance costs	$ (8,861,000)	$ (8,808,000)
Accounting Standards Update 2015-03
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Change in income statement	0
Change in cash flow	0
Accounting Standards Update 2015-03 | Long-term Debt
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Debt issuance costs	(8,900,000)
Accounting Standards Update 2015-03 | Other Assets
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Debt issuance costs	$ 8,900,000

Properties and Equipment, Net -

Properties and Equipment, Net - Schedule of PPE (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Property, Plant and Equipment [Abstract]
Proved oil and gas properties	$ 7,483,181	$ 8,821,146
Unproved oil and gas properties	324,488	390,434
Gathering and pipeline systems	242,962	243,672
Land, building and other equipment	114,596	117,848
Properties and equipment, gross, total	8,165,227	9,573,100
Accumulated depreciation, depletion and amortization	(3,327,413)	(4,596,221)
Properties and equipment, net	$ 4,837,814	$ 4,976,879

Properties and Equipment, Net30

Properties and Equipment, Net - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Feb. 29, 2016	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Property, Plant and Equipment [Line Items]
Proceeds from sale of assets		$ 49,828	$ 3,081
Gain (loss) on sale of assets		$ 1,354	$ 138
East Texas | Oil and Gas Properties, Proved and Unproved
Property, Plant and Equipment [Line Items]
Proceeds from sale of assets	$ 55,900
Gain (loss) on sale of assets	$ 1,400
Escrow deposit				$ 6,300

Equity Method Investments - Act

Equity Method Investments - Activity Related to Equity Method Investments (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Equity Method Investments
Balance at beginning of period	$ 103,517,000	$ 68,029,000
Contributions	11,652,000	5,078,000
Earnings (loss) on equity method investments	2,009,000	1,421,000
Balance at end of period	$ 117,178,000	74,528,000
Constitution
Schedule of Equity Method Investments [Line Items]
Ownership percentage	25.00%
Equity Method Investments
Balance at beginning of period	$ 90,345,000	64,268,000
Contributions	6,250,000	3,000,000
Earnings (loss) on equity method investments	2,011,000	1,427,000
Balance at end of period	$ 98,606,000	68,695,000
Meade
Schedule of Equity Method Investments [Line Items]
Ownership percentage	20.00%
Equity Method Investments
Balance at beginning of period	$ 13,172,000	3,761,000
Contributions	5,402,000	2,078,000
Earnings (loss) on equity method investments	(2,000)	(6,000)
Balance at end of period	18,572,000	$ 5,833,000
Minimum | Investment Commitment
Equity Method Investments
Commitment to fund equity method investments	30,000,000
Maximum | Investment Commitment
Equity Method Investments
Commitment to fund equity method investments	$ 35,000,000

Debt and Credit Agreements - Sc

Debt and Credit Agreements - Schedule of Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Long-term debt including unamortized debt issuance costs	$ 1,612,000	$ 2,025,000
Unamortized debt issuance costs	(8,808)	(8,861)
Debt	1,603,192	2,016,139
Current portion of long-term debt	20,000	20,000
7.33% weighted-average senior notes
Debt Instrument [Line Items]
Long-term debt including unamortized debt issuance costs	$ 20,000	$ 20,000
Long-term debt, weighted average interest rate	7.33%	7.33%
6.51% weighted-average senior notes
Debt Instrument [Line Items]
Long-term debt including unamortized debt issuance costs	$ 425,000	$ 425,000
Long-term debt, weighted average interest rate	6.51%	6.51%
9.78% senior notes
Debt Instrument [Line Items]
Long-term debt including unamortized debt issuance costs	$ 67,000	$ 67,000
Long-term debt, interest rate, stated percentage	9.78%	9.78%
5.58% weighted-average senior notes
Debt Instrument [Line Items]
Long-term debt including unamortized debt issuance costs	$ 175,000	$ 175,000
Long-term debt, weighted average interest rate	5.58%	5.58%
3.65% weighted-average senior notes
Debt Instrument [Line Items]
Long-term debt including unamortized debt issuance costs	$ 925,000	$ 925,000
Long-term debt, weighted average interest rate	3.65%	3.65%
Revolving credit facility
Debt Instrument [Line Items]
Long-term debt including unamortized debt issuance costs	$ 0	$ 413,000

Debt and Credit Agreements - Na

Debt and Credit Agreements - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Apr. 19, 2016	Apr. 18, 2016
Debt Instrument [Line Items]
Change in interest rate during period	0.00%
Revolving credit facility
Debt Instrument [Line Items]
Line of credit	$ 0
Remaining borrowing capacity	$ 1,800,000,000
Interest rate	2.30%	2.60%
Subsequent Event | Revolving credit facility
Debt Instrument [Line Items]
Remaining borrowing capacity			$ 1,600,000,000
Borrowing base			3,200,000,000	$ 3,400,000,000
Current borrowing capacity			$ 1,800,000,000

Derivative Instruments and He34

Derivative Instruments and Hedging Activities - Outstanding Commodity Derivatives (Details) bbl in Millions, Mcf in Millions	3 Months Ended
	Mar. 31, 2016$ / bbl$ / McfMcfbbl
Natural Gas Collar With Contract Period Of April 2016 to October 2016
Derivative [Line Items]
Volume (in mmcf for gas and mbbls for oil) | Mcf	52
Natural Gas Swap With Contract Period Of April 2016 to October 2016
Derivative [Line Items]
Swaps Weighted Average (in usd per Mcf or usd per bbl) | $ / Mcf	2.51
Crude Oil Collar With Contract Period Of April 2016 to December 2016
Derivative [Line Items]
Volume (in mmcf for gas and mbbls for oil) | bbl	1.4
Crude Oil Collar With Contract Period Of April 2016 to December 2016 | Minimum
Derivative [Line Items]
Collar Floor Price (in usd per Mcf or usd per bbl)	38
Collar Ceiling Price (in usd per Mcf or usd per bbl)	47.10
Crude Oil Collar With Contract Period Of April 2016 to December 2016 | Maximum
Derivative [Line Items]
Collar Floor Price (in usd per Mcf or usd per bbl)	38
Collar Ceiling Price (in usd per Mcf or usd per bbl)	47.50
Crude Oil Collar With Contract Period Of April 2016 to December 2016 | Weighted Average
Derivative [Line Items]
Collar Floor Price (in usd per Mcf or usd per bbl)	38
Collar Ceiling Price (in usd per Mcf or usd per bbl)	47.28

Derivative Instruments and He35

Derivative Instruments and Hedging Activities - Effect of Derivative Instruments on the Condensed Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Effect of derivative instruments on the Consolidated Balance Sheet
Derivative Assets	$ 18,994	$ 0
Derivatives Not Designated as Hedges | Commodity contracts | Derivative instruments (current assets)
Effect of derivative instruments on the Consolidated Balance Sheet
Derivative Assets	18,994	0
Derivative Liabilities	$ 0	$ 0

Derivative Instruments and He36

Derivative Instruments and Hedging Activities - Offsetting of Derivative Assets and Liabilities in the Condensed Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Derivative Assets
Gross amounts of recognized assets	$ 18,994	$ 0
Gross amounts offset in the statement of financial position	0	0
Net amounts of assets presented in the statement of financial position	18,994	0
Gross amounts of financial instruments not offset in the statement of financial position	0	0
Net amount	$ 18,994	$ 0

Derivative Instruments and He37

Derivative Instruments and Hedging Activities - Effect of Derivative Instruments on the Condensed Consolidated Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Derivative instruments and hedging activities
Gain (loss) on derivative instruments	$ 18,994	$ 34,123
Unrealized gain (loss) on derivative instruments	18,994	34,123
Gain (loss) on derivative instruments	18,994	34,123
Derivatives Not Designated as Hedges | Gain (loss) on derivative instruments
Derivative instruments and hedging activities
Gain (loss) on derivative instruments	0	37,685
Unrealized gain (loss) on derivative instruments	$ 18,994	$ (3,562)

Fair Value Measurements - Finan

Fair Value Measurements - Financial Assets and Liabilities, Recurring (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Assets
Deferred compensation plan	$ 13,013	$ 12,921
Derivative instruments	18,994	0
Liabilities
Deferred compensation plan	25,144	22,371
Recurring basis
Assets
Deferred compensation plan	13,013	12,921
Derivative instruments	18,994
Total assets	32,007	12,921
Liabilities
Deferred compensation plan	25,144	22,371
Total liabilities	25,144	22,371
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring basis
Assets
Deferred compensation plan	13,013	12,921
Derivative instruments	0
Total assets	13,013	12,921
Liabilities
Deferred compensation plan	25,144
Total liabilities	25,144	22,371
Significant Other Observable Inputs (Level 2) | Recurring basis
Assets
Deferred compensation plan	0	0
Derivative instruments	15,347
Total assets	15,347	0
Liabilities
Deferred compensation plan	0	0
Total liabilities	0	0
Significant Unobservable Inputs (Level 3) | Recurring basis
Assets
Deferred compensation plan	0	0
Derivative instruments	3,647
Total assets	3,647	0
Liabilities
Deferred compensation plan	0	0
Total liabilities	$ 0	$ 0

Fair Value Measurements - Recon

Fair Value Measurements - Reconciliation of Changes in Fair Value of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Reconciliation of changes in the fair value of financial assets and liabilities classified as Level 3 in the fair value hierarchy
Balance at beginning of period	$ 0	$ 85,958
Total gains (losses) (realized or unrealized):
Included in earnings	3,647	17,840
Included in other comprehensive income	0	0
Settlements	0	(20,473)
Transfers in and/or out of level 3	0	0
Balance at end of period	3,647	83,325
Change in unrealized gains (losses) relating to assets and liabilities still held at the end of the period	$ 3,647	$ (2,663)

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details)	3 Months Ended
	Mar. 31, 2016USD ($)impaired_asset_and_liability	Mar. 31, 2015impaired_asset_and_liability	Dec. 31, 2015USD ($)
Fair Value Disclosures [Abstract]
Fair value assets, level 1 to level 2	$ 0		$ 0
Fair value liabilities, level 1 to level 2	0		0
Fair value assets, level 2 to level 1	0		0
Fair value liabilities, level 2 to level 1	$ 0		$ 0
Number of non-financial assets and liabilities impaired | impaired_asset_and_liability	0	0

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value of Other Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Fair value disclosures
Debt	$ 1,603,192	$ 2,016,139
Current maturities	(20,000)	(20,000)
Long-term debt, excluding current maturities	1,583,192	1,996,139
Carrying amount
Fair value disclosures
Debt	1,603,192	2,016,139
Current maturities	(20,000)	(20,000)
Long-term debt, excluding current maturities	1,583,192	1,996,139
Estimated fair value
Fair value disclosures
Debt	1,506,177	1,839,530
Current maturities	(20,219)	(20,378)
Long-term debt, excluding current maturities	$ 1,485,958	$ 1,819,152

Asset Retirement Obligations -

Asset Retirement Obligations - Schedule of ARO (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Asset Retirement Obligation
Balance at beginning of period	$ 145,606
Liabilities incurred	1,746
Liabilities settled	(53)
Liabilities divested	(16,353)
Accretion expense	1,849
Balance at end of period	132,795
Current portion of asset retirement obligation	$ 2,000	$ 2,000

Capital Stock - Narrative (Deta

Capital Stock - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	Mar. 02, 2016	Feb. 26, 2016	Feb. 22, 2016	Mar. 31, 2016	Mar. 31, 2015
Equity [Abstract]
Shares issued during period (in shares)	6,600,000		44,000,000
Price of share sold (in USD per share)			$ 19.675
Sale of common stock, net	$ 129,900	$ 865,700		$ 995,278	$ 0

Stock-based Compensation - Narr

Stock-based Compensation - Narrative (Details) - USD ($)	Feb. 20, 2014	Mar. 31, 2016	Mar. 31, 2015
Stock-based Compensation arrangements
Stock based compensation expense		$ 10,600,000	$ 5,900,000
Tax deficiency on share-based compensation		$ 2,000,000
Tax benefits realized for stock-based compensation			$ 3,400,000
Restricted Stock Units
Stock-based Compensation arrangements
Granted (in shares)		61,805
Granted (in dollars per share)		$ 20.28
Performance Share Awards | Minimum
Stock-based Compensation arrangements
Annual forfeiture rate assumption (as a percent)		0.00%
Performance Share Awards | Maximum
Stock-based Compensation arrangements
Annual forfeiture rate assumption (as a percent)		5.00%
Performance Share Awards Based on Internal Performance Metrics
Stock-based Compensation arrangements
Right to receive additional shares, maximum (as a percent)		100.00%
Employee Performance Share Awards
Stock-based Compensation arrangements
Granted (in shares)		435,990
Granted (in dollars per share)		$ 20.49
Number of years over which performance criteria is to be met		3 years
Hybrid Performance Share Awards
Stock-based Compensation arrangements
Granted (in shares)		271,938
Granted (in dollars per share)		$ 20.49
Vesting rights		The 2016 awards vest 25% on each of the first and second anniversary dates and 50% on the third anniversary
Minimum operating cash flow for the year preceding the performance period		$ 100,000,000
Hybrid Performance Share Awards | Hybrid performance share awards, percentage vesting on the first anniversary
Stock-based Compensation arrangements
Award vesting rights, percentage		25.00%
Hybrid Performance Share Awards | Hybrid performance share awards, percentage vesting on the second anniversary
Stock-based Compensation arrangements
Award vesting rights, percentage		25.00%
Hybrid Performance Share Awards | Hybrid performance share awards, percentage vesting on the third anniversary
Stock-based Compensation arrangements
Award vesting rights, percentage		50.00%
Performance Shares Based on Market Conditions
Stock-based Compensation arrangements
Right to receive shares (as a percent)		100.00%
Right to receive an additional award in cash (as a percent)		100.00%
TSR Performance Share Awards
Stock-based Compensation arrangements
Granted (in shares)		407,907
Granted (in dollars per share)	$ 18.57
Performance period		3 years
TSR Performance Share Awards | Minimum
Stock-based Compensation arrangements
Granted (in dollars per share)		$ 5.40
TSR Performance Share Awards | Maximum
Stock-based Compensation arrangements
Granted (in dollars per share)		$ 11.24

Stock-based Compensation - Assu

Stock-based Compensation - Assumptions for TSR Shares (Details) - TSR Performance Share Awards - $ / shares	Feb. 20, 2014	Mar. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in dollars per share)	$ 18.57
Stock price volatility	34.40%
Risk free rate of return	0.90%
Minimum expected volatility		36.10%
Maximum expected volatility		51.90%
Minimum risk free interest rate		0.50%
Maximum risk free interest rate		0.80%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in dollars per share)		$ 5.40
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in dollars per share)		$ 11.24

Earnings per Common Share - Sch

Earnings per Common Share - Schedule of EPS (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Earnings Per Share [Abstract]
Weighted-average shares - basic (in shares)	431,841	413,344
Dilution effect of stock appreciation rights and stock awards at end of period (in shares)	0	1,427
Weighted-average shares - diluted (in shares)	431,841	414,771
Weighted-average shares excluded from diluted EPS due to the anti-dilutive effect (in shares)	700	401

Additional Balance Sheet Info47

Additional Balance Sheet Information - Schedule of Additional Balance Sheet Information (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Accounts receivable, net
Trade accounts	$ 97,205	$ 116,772
Joint interest accounts	2,215	2,013
Other accounts	2,484	2,557
Receivables Gross Current	101,904	121,342
Allowance for doubtful accounts	(1,033)	(1,113)
Accounts receivable, net	100,871	120,229
Inventories
Tubular goods and well equipment	14,186	14,655
Natural gas in storage	1,762	2,364
Other accounts	0	30
Inventories	15,948	17,049
Other assets
Deferred compensation plan	13,013	12,921
Debt issuance costs	13,957	14,871
Other accounts	59	64
Other assets	27,029	27,856
Accounts payable
Trade accounts	28,942	30,038
Natural gas purchases	1,101	2,231
Royalty and other owners	69,776	75,106
Accrued capital costs	26,930	27,479
Taxes other than income	16,904	14,628
Other accounts	4,341	10,925
Accounts payable current	147,994	160,407
Accrued liabilities
Employee benefits	8,725	13,870
Taxes other than income	6,104	5,073
Income taxes payable	97	0
Other accounts	2,900	5,980
Accrued liabilities	17,826	24,923
Other liabilities
Deferred compensation plan	25,144	22,371
Other accounts	3,596	3,653
Other liabilities	$ 28,740	$ 26,024