Coterra Energy (CTRA) 10-Q 28 Oct 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2016	Oct. 24, 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	Sep. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Common Stock, Shares Outstanding		465,149,507

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEET (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Current assets
Cash and cash equivalents	$ 501,193	$ 514
Accounts receivable, net	121,301	120,229
Income taxes receivable	15,558	4,323
Inventories	13,487	17,049
Other current assets	4,106	2,671
Total current assets	655,645	144,786
Properties and equipment, net (Successful efforts method)	4,722,598	4,976,879
Equity method investments	127,901	103,517
Other assets	25,777	27,856
TOTAL ASSETS	5,531,921	5,253,038
Current liabilities
Accounts payable	160,142	160,407
Current portion of long-term debt	0	20,000
Accrued liabilities	18,199	24,923
Interest payable	12,604	30,222
Derivative instruments	5,818	0
Total current liabilities	196,763	235,552
Long-term debt, net	1,520,190	1,996,139
Deferred income taxes	749,976	807,236
Asset retirement obligations	134,701	143,606
Postretirement benefits	37,623	35,293
Other liabilities	29,418	26,024
Total liabilities	2,668,671	3,243,850
Commitments and contingencies
Stockholders' equity
Issued — 475,041,453 shares and 423,768,593 shares in 2016 and 2015, respectively	47,504	42,377
Additional paid-in capital	1,722,129	721,997
Retained earnings	1,400,765	1,552,014
Accumulated other comprehensive income (loss)	(313)	(365)
Less treasury stock, at cost: 9,892,680 shares in 2016 and 2015, respectively	(306,835)	(306,835)
Total stockholders' equity	2,863,250	2,009,188
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 5,531,921	$ 5,253,038

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEET (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 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)	475,041,453	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		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
OPERATING REVENUES
Natural gas	$ 260,200	$ 222,963	$ 711,010	$ 807,960
Crude oil and condensate	37,777	59,014	114,610	202,804
Gain (loss) on derivative instruments	6,904	17,364	(1,286)	44,668
Brokered natural gas	3,641	4,010	9,417	12,650
Other	1,907	1,945	5,435	8,277
TOTAL OPERATING REVENUES	310,429	305,296	839,186	1,076,359
OPERATING EXPENSES
Direct operations	24,626	34,818	77,139	106,947
Transportation and gathering	105,671	102,121	322,883	321,652
Brokered natural gas	2,939	3,020	7,526	9,643
Taxes other than income	8,771	11,407	23,737	34,298
Exploration	2,988	4,930	13,109	18,960
Depreciation, depletion and amortization	139,490	144,326	448,910	472,335
General and administrative	19,776	11,102	68,399	53,611
TOTAL OPERATING EXPENSES	304,261	311,724	961,703	1,017,446
Earnings (loss) on equity method investments	(1,727)	1,648	208	4,581
Gain (loss) on sale of assets	(1,245)	3,756	(768)	3,814
INCOME (LOSS) FROM OPERATIONS	3,196	(1,024)	(123,077)	67,308
Loss on debt extinguishment	0	0	4,709	0
Interest expense	21,483	24,510	67,821	72,244
Income (loss) before income taxes	(18,287)	(25,534)	(195,607)	(4,936)
Income tax expense (benefit)	(8,027)	(10,020)	(71,243)	(2,169)
NET INCOME (LOSS)	$ (10,260)	$ (15,514)	$ (124,364)	$ (2,767)
Earnings (loss) per share
Basic (in dollars per share)	$ (0.02)	$ (0.04)	$ (0.27)	$ (0.01)
Diluted (in dollars per share)	$ (0.02)	$ (0.04)	$ (0.27)	$ (0.01)
Weighted-average common shares outstanding
Basic (in shares)	465,149	413,846	454,060	413,636
Diluted (in shares)	465,149	413,846	454,060	413,636
Dividends per common share (in dollars per share)	$ 0.02	$ 0.02	$ 0.06	$ 0.06

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ (124,364)	$ (2,767)
Adjustments to reconcile net income (loss) to cash provided by operating activities:
Depreciation, depletion and amortization	448,910	472,335
Deferred income tax expense (benefit)	(59,413)	8,226
(Gain) loss on sale of assets	768	(3,814)
Exploratory dry hole cost	18	184
(Gain) loss on derivative instruments	1,286	(44,668)
Net cash received (paid) in settlement of derivative instruments	3,204	133,827
Earnings on equity method investments	(208)	(4,581)
Amortization of debt issuance costs	3,888	3,395
Stock-based compensation and other	23,051	11,622
Changes in assets and liabilities:
Accounts receivable, net	(1,135)	112,712
Income taxes	(11,235)	(10,158)
Inventories	2,860	(4,256)
Other current assets	(917)	(2,106)
Accounts payable and accrued liabilities	(17,230)	(66,350)
Interest payable	17,618	17,082
Other assets and liabilities	784	(1,565)
Net cash provided by operating activities	252,649	584,954
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(245,033)	(819,839)
Acquisitions	0	(16,312)
Proceeds from sale of assets	49,068	7,380
Investment in equity method investments	(24,176)	(20,798)
Net cash used in investing activities	(220,141)	(849,569)
CASH FLOWS FROM FINANCING ACTIVITIES
Borrowings from debt	90,000	790,000
Repayments of debt	(587,000)	(505,000)
Sale of common stock, net	995,279	0
Dividends paid	(26,885)	(24,812)
Capitalized debt issuance costs	(3,223)	(7,838)
Other	0	84
Net cash provided by financing activities	468,171	252,434
Net increase (decrease) in cash and cash equivalents	500,679	(12,181)
Cash and cash equivalents, beginning of period	514	20,954
Cash and cash equivalents, end of period	501,193	8,773
Supplemental non-cash investing transactions:
Change in accrued capital costs	$ 17,072	$ (159,102)

Financial Statement Presentatio

Financial Statement Presentation	9 Months Ended
	Sep. 30, 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 stockholder's equity, net income (loss) or cash flows. Recently Adopted Accounting Pronouncements Debt Issuance Costs. 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 decrease of $8.9 million 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 Stock-based Compensation. In March 2016, the FASB issued ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting, as an amendment to Accounting Standards Codification (ASC) 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, forfeitures, classification of awards as either equity or liabilities, and classification on the statement of cash flows. 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 expects to adopt this guidance effective January 1, 2017. The recognition of previously unrecognized windfall tax benefits is expected to result in a cumulative-effect adjustment of between $45.0 million and $50.0 million (net of tax), which would increase retained earnings and decrease net deferred tax liabilities by the same amount as of the beginning of 2017. The remaining provisions of this amendment are not expected to have a material effect on the Company's financial position, results of operations or cash flows. Leases. In February 2016, the FASB issued ASU No. 2016-02, Leases, as a new Topic, ASC 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. This ASU does not apply to leases to explore for or use minerals, oil, natural gas and similar nonregenerative resources, including the intangible right to explore for those natural resources and rights to use the land in which those natural resources are contained. 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 expects to adopt this standard effective January 1, 2019 and is currently evaluating the effect that adopting this guidance will have on its financial position, results of operations or cash flows. Revenue Recognition. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, as a new Topic, ASC 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. 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. In April 2016, the FASB issued ASU No. 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying performance obligations and licensing, which clarifies guidance related to identifying performance obligations and licensing implementation guidance contained in the new revenue recognition standard. In May 2016, the FASB issued ASU No. 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-scope improvements and practical expedients, which addresses narrow-scope improvements to the guidance on collectibility, non-cash consideration, and completed contracts at transition. Additionally, the amendments in this update provide a practical expedient for contract modifications at transition and an accounting policy election related to the presentation of sales taxes and other similar taxes collected from customers. The Company is currently evaluating the effect that adopting this guidance will have on its financial position, results of operations or cash flows. Statement of Cash Flows. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230), which is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. The guidance addresses eight specific cash flow issues for which current GAAP is either unclear or does not include specific guidance. The guidance is effective for annual periods beginning after December 15, 2017 and interim periods within those annual periods. Early adoption is permitted, provided that all of the amendments are adopted in the same period. This guidance must be adopted using a retrospective transition method. The Company is currently evaluating the effect that adopting this guidance will have on its cash flows.

Properties and Equipment, Net

Properties and Equipment, Net	9 Months Ended
	Sep. 30, 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) September 30, December 31, Proved oil and gas properties $ 7,669,157 $ 8,821,146 Unproved oil and gas properties 287,007 390,434 Gathering and pipeline systems 189,393 243,672 Land, building and other equipment 81,537 117,848 8,227,094 9,573,100 Accumulated depreciation, depletion and amortization (3,504,496 ) (4,596,221 ) $ 4,722,598 $ 4,976,879 At September 30, 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 $56.4 million and recognized a $0.5 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	9 Months Ended
	Sep. 30, 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 Nine Months Ended September 30, Nine Months Ended September 30, Nine Months Ended September 30, (In thousands) 2016 2015 2016 2015 2016 2015 Balance at beginning of period $ 90,345 $ 64,269 $ 13,172 $ 3,760 $ 103,517 $ 68,029 Contributions 8,325 13,500 15,851 7,298 24,176 20,798 Earnings (loss) on equity method investments 211 4,608 (3 ) (27 ) 208 4,581 Balance at end of period $ 98,881 $ 82,377 $ 29,020 $ 11,031 $ 127,901 $ 93,408 During 2016, the Company expects to contribute approximately $30.0 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. Constitution The following table represents summarized financial information for Constitution as derived from the respective unaudited financial statements of Constitution for the nine months ended September 30, 2016 and 2015 , respectively: Nine Months Ended (In thousands) 2016 2015 Revenues $ — $ — Income (loss) from continuing operations $ (10,974 ) $ 19,366 Net income (loss) $ (10,974 ) $ 19,366 The Company records the activity for its equity method investments on a one month lag; however, the above summarized financial information represents Constitution's operations for the nine months ended September 30, 2016 and 2015 , respectively. 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. During second quarter of 2016, Constitution filed legal actions in the U.S Court of Appeals for the Second Circuit and the U.S District Court for the Northern District of New York challenging the legality and appropriateness of the NYSDEC’s decision. Both courts have granted Constitution's motions to expedite the schedules for the legal actions. Constitution stated that it remains committed to pursuing the project and that it intends to pursue all available options to challenge the NYSDEC’s decision. In light of the denial of the Certification and ongoing litigation, Constitution has revised its target in-service date to the second half of 2018, assuming that the challenge process is satisfactorily and promptly concluded. In light of the NYSDEC’s denial and resulting litigation, the Company evaluated its investment in Constitution for other-than-temporary impairment (OTTI) and as of September 30, 2016, does not believe there is an indication of an OTTI. The Company’s evaluation considered various factors, including but not limited to prior Federal Energy Regulatory Commission approval and the related economic viability of the project, legal actions filed by Constitution and the expected duration of the legal proceedings, which are at very early stages, and the other members’ commitment to the project. To the extent that the legal and regulatory proceedings have unfavorable outcomes, or if Constitution concludes that the project is no longer viable or elects to not go forward as legal and regulatory actions progress, the Company will reevaluate the facts and circumstances relative to its conclusions with respect to OTTI. In the event that facts and circumstances change, the Company may be required to recognize an impairment charge up to its investment value at such time, net of any cash and working capital held by Constitution. The Company will continue to monitor the carrying value of its investment as required. At this time, the Company remains committed to funding the project in an amount in proportion to its ownership interest for the development and construction of the new pipeline. The Company's total contributions for this project are expected to be approximately $240.0 million . As of September 30, 2016 , the Company has made contributions of approximately $87.9 million since inception of the project. Meade In October 2016, Meade revised its expected in-service date to mid-2018; however, this estimate is contingent on the timely issuance of remaining outstanding permits.

Debt and Credit Agreements

Debt and Credit Agreements	9 Months Ended
	Sep. 30, 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) September 30, December 31, 7.33% weighted-average senior notes $ — $ 20,000 6.51% weighted-average senior notes 361,000 425,000 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 1,528,000 2,025,000 Unamortized debt issuance costs (7,810 ) (8,861 ) Total debt, net (1) $ 1,520,190 $ 2,016,139 (1) Includes $20.0 million of current portion of long-term debt at December 31, 2015 . The borrowing base under the terms of the Company's revolving credit facility is redetermined annually in April. In addition, either the Company or the banks may request an interim redetermination twice a year or in connection with certain acquisitions or divestitures 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 at the time of the redetermination. In May 2016, the Company repurchased $64.0 million principal amount of its 6.51% weighted-average senior notes for approximately $68.3 million . A $4.7 million extinguishment loss was recognized in the second quarter of 2016 associated with the premium paid and the write-off of a portion of the associated deferred financing costs due to early repayment . As a result of the repurchase of these senior notes, the available commitments under the revolving credit facility increased to $1.7 billion and remained at that level as of September 30, 2016 . At September 30, 2016 , the Company was in compliance with all restrictive financial covenants for both its revolving credit facility and senior notes. As of September 30, 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 September 30, 2016 , the Company had no borrowings outstanding under its revolving credit facility and had unused commitments of $1.7 billion . There were no borrowings under the revolving credit facility during the second and third quarters of 2016 . The Company’s weighted-average effective interest rate for the revolving credit facility for the three months ended September 30, 2015 was approximately 2.1% and for the nine months ended September 30, 2016 and 2015 was approximately 2.3% and 2.2% , respectively.

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	9 Months Ended
	Sep. 30, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities As of September 30, 2016 , the Company had the following outstanding commodity derivatives: Collars Basis Swaps Floor Ceiling Swaps Type of Contract Volume Contract Period Range Weighted-Average Range Weighted-Average Weighted-Average Weighted-Average Natural gas 7.5 Bcf Oct. 2016 $ 2.51 Natural gas 35.5 Bcf Jan. 2017 - Dec. 2017 $ 3.12 Natural gas 35.5 Bcf Jan. 2017 - Dec. 2017 $ — $ 3.09 $3.42-$3.45 $ 3.43 Natural gas 17.7 Bcf Jan. 2018 - Dec. 2019 $ 0.42 Crude oil 0.5 Mmbbl Oct. 2016 - Dec. 2016 $ — $ 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 Derivative Assets Derivative Liabilities (In thousands) Balance Sheet Location September 30, December 31, September 30, December 31, Commodity contracts Other current assets $ 518 $ — $ — $ — Commodity contracts Other assets (non-current) 1,144 — — — Commodity contracts Derivative instruments (current) — — 5,818 — Commodity contracts Other liabilities (non-current) — — 335 — $ 1,662 $ — $ 6,153 $ — Offsetting of Derivative Assets and Liabilities in the Condensed Consolidated Balance Sheet (In thousands) September 30, December 31, Derivative assets Gross amounts of recognized assets $ 2,668 $ — Gross amounts offset in the statement of financial position (1,006 ) — Net amounts of assets presented in the statement of financial position 1,662 — Gross amounts of financial instruments not offset in the statement of financial position — — Net amount $ 1,662 $ — Derivative liabilities Gross amounts of recognized liabilities $ 7,159 $ — Gross amounts offset in the statement of financial position (1,006 ) — Net amounts of liabilities presented in the statement of financial position 6,153 — Gross amounts of financial instruments not offset in the statement of financial position — — Net amount $ 6,153 $ — Effect of Derivative Instruments on the Condensed Consolidated Statement of Operations Three Months Ended Nine Months Ended (In thousands) 2016 2015 2016 2015 Cash received (paid) on settlement of derivative instruments Gain (loss) on derivative instruments $ (8,101 ) $ 45,097 $ 3,204 $ 133,827 Non-cash gain (loss) on derivative instruments Gain (loss) on derivative instruments 15,005 (27,733 ) (4,490 ) (89,159 ) $ 6,904 $ 17,364 $ (1,286 ) $ 44,668

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 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 Assets Deferred compensation plan $ 12,297 $ — $ — $ 12,297 Derivative instruments — (233 ) 1,895 1,662 Total assets $ 12,297 $ (233 ) $ 1,895 $ 13,959 Liabilities Deferred compensation plan $ 25,088 $ — $ — $ 25,088 Derivative instruments — 4,722 1,431 6,153 Total liabilities $ 25,088 $ 4,722 $ 1,431 $ 31,241 (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: Nine Months Ended (In thousands) 2016 2015 Balance at beginning of period $ — $ 85,958 Total gain (loss) included in earnings 381 23,867 Settlement (gain) loss 83 (77,532 ) Transfers in and/or out of level 3 — — Balance at end of period $ 464 $ 32,293 Change in unrealized gain (loss) relating to assets and liabilities still held at the end of the period $ 464 $ (53,665 ) There were no transfers between Level 1 and Level 2 fair value measurements for the nine months ended September 30, 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 September 30, 2016 and December 31, 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: September 30, 2016 December 31, 2015 (In thousands) Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Debt, net $ 1,520,190 $ 1,507,258 $ 2,016,139 $ 1,839,530 Current maturities — — (20,000 ) (20,378 ) Long-term debt, excluding current maturities $ 1,520,190 $ 1,507,258 $ 1,996,139 $ 1,819,152

Asset Retirement Obligations

Asset Retirement Obligations	9 Months Ended
	Sep. 30, 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) Nine Months Ended Balance at beginning of period $ 145,606 Liabilities incurred 2,861 Liabilities settled (708 ) Liabilities divested (16,353 ) Accretion expense 5,295 Balance at end of period $ 136,701

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 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 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	9 Months Ended
	Sep. 30, 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 certain of our senior notes and funding a portion of our capital program.

Stock-based Compensation

Stock-based Compensation	9 Months Ended
	Sep. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-based Compensation	Stock-based Compensation General From time to time the Company grants certain stock-based compensation awards, including restricted stock awards, restricted stock units and performance share awards. Stock-based compensation expense (benefit) associated with these awards was $5.1 million and $(2.9) million in the third quarter of 2016 and 2015 , respectively, and $23.0 million and $11.6 million during the first nine months of 2016 and 2015 , respectively. Stock-based compensation expense is included in general and administrative expense in the Condensed Consolidated Statement of Operations. During the first nine months of 2016 , the Company recorded a tax shortfall of $2.1 million , 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. There was no tax benefit recognized from stock-based compensation during the first nine months of 2015 . The tax shortfall is 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. 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 nine months of 2016 , 67,000 restricted stock units were granted to non-employee directors of the Company with a weighted-average grant date value of $20.55 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 6% 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. Based on the Company’s probability assessment at September 30, 2016 , it is considered probable that the criteria for all performance awards based on internal metrics awards will be met. Employee Performance Share Awards. During the first nine 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. Hybrid Performance Share Awards. During the first nine 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. 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 nine 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 September 30, 2016 Fair value per performance share award $ 18.57 $5.26 - $9.14 Assumptions: Stock price volatility 34.4 % 30.4% - 38.4% Risk free rate of return 0.9 % 0.3% - 0.8%

Earnings per Common Share

Earnings per Common Share	9 Months Ended
	Sep. 30, 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. Anti-dilutive shares represent potentially dilutive securities that which are excluded from the computation of diluted income or loss per share as their impact would be anti-dilutive. The following is a calculation of basic and diluted weighted-average shares outstanding: Three Months Ended Nine Months Ended (In thousands) 2016 2015 2016 2015 Weighted-average shares - basic 465,149 413,846 454,060 413,636 Dilution effect of stock appreciation rights and stock awards at end of period — — — — Weighted-average shares - diluted 465,149 413,846 454,060 413,636 The following is a calculation of weighted-average shares excluded from diluted EPS due to the anti-dilutive effect: Three Months Ended Nine Months Ended (In thousands) 2016 2015 2016 2015 Weighted-average stock appreciation rights and stock awards excluded from diluted EPS due to the anti-dilutive effect due to net loss 1,784 1,692 1,326 1,390 Weighted-average stock appreciation rights and stock awards excluded from diluted EPS due to the anti-dilutive effect calculated using the treasury stock method — — 1 3 Weighted-average stock appreciation rights and stock awards excluded from diluted EPS due to the anti-dilutive effect 1,784 1,692 1,327 1,393

Additional Balance Sheet Inform

Additional Balance Sheet Information	9 Months Ended
	Sep. 30, 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) September 30, December 31, Accounts receivable, net Trade accounts $ 118,840 $ 116,772 Joint interest accounts 1,618 2,013 Other accounts 1,986 2,557 122,444 121,342 Allowance for doubtful accounts (1,143 ) (1,113 ) $ 121,301 $ 120,229 Inventories Tubular goods and well equipment $ 10,962 $ 14,685 Natural gas in storage 2,525 2,364 $ 13,487 $ 17,049 Other current assets Prepaid balances and other $ 3,588 $ 2,671 Derivative instruments 518 — $ 4,106 $ 2,671 Other assets Deferred compensation plan $ 12,297 $ 12,921 Debt issuance costs 12,258 14,871 Derivative instruments 1,144 — Other accounts 78 64 $ 25,777 $ 27,856 Accounts payable Trade accounts $ 26,439 $ 30,038 Natural gas purchases 2,815 2,231 Royalty and other owners 70,631 75,106 Accrued capital costs 44,551 27,479 Taxes other than income 10,349 14,628 Other accounts 5,357 10,925 $ 160,142 $ 160,407 Accrued liabilities Employee benefits $ 8,040 $ 13,870 Taxes other than income 5,910 5,073 Asset retirement obligations 2,000 2,000 Other accounts 2,249 3,980 $ 18,199 $ 24,923 Other liabilities Deferred compensation plan $ 25,088 $ 22,371 Other accounts 4,330 3,653 $ 29,418 $ 26,024

Financial Statement Presentat18

Financial Statement Presentation (Policies)	9 Months Ended
	Sep. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Recent Accounting Pronouncements	Recently Adopted Accounting Pronouncements Debt Issuance Costs. 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 decrease of $8.9 million 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 Stock-based Compensation. In March 2016, the FASB issued ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting, as an amendment to Accounting Standards Codification (ASC) 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, forfeitures, classification of awards as either equity or liabilities, and classification on the statement of cash flows. 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 expects to adopt this guidance effective January 1, 2017. The recognition of previously unrecognized windfall tax benefits is expected to result in a cumulative-effect adjustment of between $45.0 million and $50.0 million (net of tax), which would increase retained earnings and decrease net deferred tax liabilities by the same amount as of the beginning of 2017. The remaining provisions of this amendment are not expected to have a material effect on the Company's financial position, results of operations or cash flows. Leases. In February 2016, the FASB issued ASU No. 2016-02, Leases, as a new Topic, ASC 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. This ASU does not apply to leases to explore for or use minerals, oil, natural gas and similar nonregenerative resources, including the intangible right to explore for those natural resources and rights to use the land in which those natural resources are contained. 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 expects to adopt this standard effective January 1, 2019 and is currently evaluating the effect that adopting this guidance will have on its financial position, results of operations or cash flows. Revenue Recognition. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, as a new Topic, ASC 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. 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. In April 2016, the FASB issued ASU No. 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying performance obligations and licensing, which clarifies guidance related to identifying performance obligations and licensing implementation guidance contained in the new revenue recognition standard. In May 2016, the FASB issued ASU No. 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-scope improvements and practical expedients, which addresses narrow-scope improvements to the guidance on collectibility, non-cash consideration, and completed contracts at transition. Additionally, the amendments in this update provide a practical expedient for contract modifications at transition and an accounting policy election related to the presentation of sales taxes and other similar taxes collected from customers. The Company is currently evaluating the effect that adopting this guidance will have on its financial position, results of operations or cash flows. Statement of Cash Flows. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230), which is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. The guidance addresses eight specific cash flow issues for which current GAAP is either unclear or does not include specific guidance. The guidance is effective for annual periods beginning after December 15, 2017 and interim periods within those annual periods. Early adoption is permitted, provided that all of the amendments are adopted in the same period. This guidance must be adopted using a retrospective transition method. The Company is currently evaluating the effect that adopting this guidance will have on its cash flows.

Properties and Equipment, Net (

Properties and Equipment, Net (Tables)	9 Months Ended
	Sep. 30, 2016
Property, Plant and Equipment [Abstract]
Schedule of properties and equipment, net	Properties and equipment, net are comprised of the following: (In thousands) September 30, December 31, Proved oil and gas properties $ 7,669,157 $ 8,821,146 Unproved oil and gas properties 287,007 390,434 Gathering and pipeline systems 189,393 243,672 Land, building and other equipment 81,537 117,848 8,227,094 9,573,100 Accumulated depreciation, depletion and amortization (3,504,496 ) (4,596,221 ) $ 4,722,598 $ 4,976,879

Equity Method Investments (Tabl

Equity Method Investments (Tables)	9 Months Ended
	Sep. 30, 2016
Equity Method Investments and Joint Ventures [Abstract]
Summary of Information Related to the Company's Equity Method Investments	Activity related to these equity method investments is as follows: Constitution Meade Total Nine Months Ended September 30, Nine Months Ended September 30, Nine Months Ended September 30, (In thousands) 2016 2015 2016 2015 2016 2015 Balance at beginning of period $ 90,345 $ 64,269 $ 13,172 $ 3,760 $ 103,517 $ 68,029 Contributions 8,325 13,500 15,851 7,298 24,176 20,798 Earnings (loss) on equity method investments 211 4,608 (3 ) (27 ) 208 4,581 Balance at end of period $ 98,881 $ 82,377 $ 29,020 $ 11,031 $ 127,901 $ 93,408 The following table represents summarized financial information for Constitution as derived from the respective unaudited financial statements of Constitution for the nine months ended September 30, 2016 and 2015 , respectively: Nine Months Ended (In thousands) 2016 2015 Revenues $ — $ — Income (loss) from continuing operations $ (10,974 ) $ 19,366 Net income (loss) $ (10,974 ) $ 19,366

Debt and Credit Agreements (Tab

Debt and Credit Agreements (Tables)	9 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
Debt and credit agreement components	The Company’s debt and credit agreements consisted of the following: (In thousands) September 30, December 31, 7.33% weighted-average senior notes $ — $ 20,000 6.51% weighted-average senior notes 361,000 425,000 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 1,528,000 2,025,000 Unamortized debt issuance costs (7,810 ) (8,861 ) Total debt, net (1) $ 1,520,190 $ 2,016,139 (1) Includes $20.0 million of current portion of long-term debt at December 31, 2015 .

Derivative Instruments and He22

Derivative Instruments and Hedging Activities (Tables)	9 Months Ended
	Sep. 30, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Outstanding commodity derivatives	As of September 30, 2016 , the Company had the following outstanding commodity derivatives: Collars Basis Swaps Floor Ceiling Swaps Type of Contract Volume Contract Period Range Weighted-Average Range Weighted-Average Weighted-Average Weighted-Average Natural gas 7.5 Bcf Oct. 2016 $ 2.51 Natural gas 35.5 Bcf Jan. 2017 - Dec. 2017 $ 3.12 Natural gas 35.5 Bcf Jan. 2017 - Dec. 2017 $ — $ 3.09 $3.42-$3.45 $ 3.43 Natural gas 17.7 Bcf Jan. 2018 - Dec. 2019 $ 0.42 Crude oil 0.5 Mmbbl Oct. 2016 - Dec. 2016 $ — $ 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 Derivative Assets Derivative Liabilities (In thousands) Balance Sheet Location September 30, December 31, September 30, December 31, Commodity contracts Other current assets $ 518 $ — $ — $ — Commodity contracts Other assets (non-current) 1,144 — — — Commodity contracts Derivative instruments (current) — — 5,818 — Commodity contracts Other liabilities (non-current) — — 335 — $ 1,662 $ — $ 6,153 $ —
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) September 30, December 31, Derivative assets Gross amounts of recognized assets $ 2,668 $ — Gross amounts offset in the statement of financial position (1,006 ) — Net amounts of assets presented in the statement of financial position 1,662 — Gross amounts of financial instruments not offset in the statement of financial position — — Net amount $ 1,662 $ — Derivative liabilities Gross amounts of recognized liabilities $ 7,159 $ — Gross amounts offset in the statement of financial position (1,006 ) — Net amounts of liabilities presented in the statement of financial position 6,153 — Gross amounts of financial instruments not offset in the statement of financial position — — Net amount $ 6,153 $ —
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) September 30, December 31, Derivative assets Gross amounts of recognized assets $ 2,668 $ — Gross amounts offset in the statement of financial position (1,006 ) — Net amounts of assets presented in the statement of financial position 1,662 — Gross amounts of financial instruments not offset in the statement of financial position — — Net amount $ 1,662 $ — Derivative liabilities Gross amounts of recognized liabilities $ 7,159 $ — Gross amounts offset in the statement of financial position (1,006 ) — Net amounts of liabilities presented in the statement of financial position 6,153 — Gross amounts of financial instruments not offset in the statement of financial position — — Net amount $ 6,153 $ —
Effect of derivatives on the condensed consolidated statement of operations	Effect of Derivative Instruments on the Condensed Consolidated Statement of Operations Three Months Ended Nine Months Ended (In thousands) 2016 2015 2016 2015 Cash received (paid) on settlement of derivative instruments Gain (loss) on derivative instruments $ (8,101 ) $ 45,097 $ 3,204 $ 133,827 Non-cash gain (loss) on derivative instruments Gain (loss) on derivative instruments 15,005 (27,733 ) (4,490 ) (89,159 ) $ 6,904 $ 17,364 $ (1,286 ) $ 44,668

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 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 Assets Deferred compensation plan $ 12,297 $ — $ — $ 12,297 Derivative instruments — (233 ) 1,895 1,662 Total assets $ 12,297 $ (233 ) $ 1,895 $ 13,959 Liabilities Deferred compensation plan $ 25,088 $ — $ — $ 25,088 Derivative instruments — 4,722 1,431 6,153 Total liabilities $ 25,088 $ 4,722 $ 1,431 $ 31,241 (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: Nine Months Ended (In thousands) 2016 2015 Balance at beginning of period $ — $ 85,958 Total gain (loss) included in earnings 381 23,867 Settlement (gain) loss 83 (77,532 ) Transfers in and/or out of level 3 — — Balance at end of period $ 464 $ 32,293 Change in unrealized gain (loss) relating to assets and liabilities still held at the end of the period $ 464 $ (53,665 )
Carrying amounts and fair values of debt	The carrying amount and fair value of debt is as follows: September 30, 2016 December 31, 2015 (In thousands) Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Debt, net $ 1,520,190 $ 1,507,258 $ 2,016,139 $ 1,839,530 Current maturities — — (20,000 ) (20,378 ) Long-term debt, excluding current maturities $ 1,520,190 $ 1,507,258 $ 1,996,139 $ 1,819,152

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	9 Months Ended
	Sep. 30, 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) Nine Months Ended Balance at beginning of period $ 145,606 Liabilities incurred 2,861 Liabilities settled (708 ) Liabilities divested (16,353 ) Accretion expense 5,295 Balance at end of period $ 136,701

Stock-based Compensation (Table

Stock-based Compensation (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2016 Fair value per performance share award $ 18.57 $5.26 - $9.14 Assumptions: Stock price volatility 34.4 % 30.4% - 38.4% Risk free rate of return 0.9 % 0.3% - 0.8%

Earnings per Common Share (Tabl

Earnings per Common Share (Tables)	9 Months Ended
	Sep. 30, 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 Nine Months Ended (In thousands) 2016 2015 2016 2015 Weighted-average shares - basic 465,149 413,846 454,060 413,636 Dilution effect of stock appreciation rights and stock awards at end of period — — — — Weighted-average shares - diluted 465,149 413,846 454,060 413,636
Calculation of weighted-average shares excluded from diluted EPS due to the anti-dilutive effect	The following is a calculation of weighted-average shares excluded from diluted EPS due to the anti-dilutive effect: Three Months Ended Nine Months Ended (In thousands) 2016 2015 2016 2015 Weighted-average stock appreciation rights and stock awards excluded from diluted EPS due to the anti-dilutive effect due to net loss 1,784 1,692 1,326 1,390 Weighted-average stock appreciation rights and stock awards excluded from diluted EPS due to the anti-dilutive effect calculated using the treasury stock method — — 1 3 Weighted-average stock appreciation rights and stock awards excluded from diluted EPS due to the anti-dilutive effect 1,784 1,692 1,327 1,393

Additional Balance Sheet Info27

Additional Balance Sheet Information (Tables)	9 Months Ended
	Sep. 30, 2016
Balance Sheet Related Disclosures [Abstract]
Additional Balance Sheet Information	Certain balance sheet amounts are comprised of the following: (In thousands) September 30, December 31, Accounts receivable, net Trade accounts $ 118,840 $ 116,772 Joint interest accounts 1,618 2,013 Other accounts 1,986 2,557 122,444 121,342 Allowance for doubtful accounts (1,143 ) (1,113 ) $ 121,301 $ 120,229 Inventories Tubular goods and well equipment $ 10,962 $ 14,685 Natural gas in storage 2,525 2,364 $ 13,487 $ 17,049 Other current assets Prepaid balances and other $ 3,588 $ 2,671 Derivative instruments 518 — $ 4,106 $ 2,671 Other assets Deferred compensation plan $ 12,297 $ 12,921 Debt issuance costs 12,258 14,871 Derivative instruments 1,144 — Other accounts 78 64 $ 25,777 $ 27,856 Accounts payable Trade accounts $ 26,439 $ 30,038 Natural gas purchases 2,815 2,231 Royalty and other owners 70,631 75,106 Accrued capital costs 44,551 27,479 Taxes other than income 10,349 14,628 Other accounts 5,357 10,925 $ 160,142 $ 160,407 Accrued liabilities Employee benefits $ 8,040 $ 13,870 Taxes other than income 5,910 5,073 Asset retirement obligations 2,000 2,000 Other accounts 2,249 3,980 $ 18,199 $ 24,923 Other liabilities Deferred compensation plan $ 25,088 $ 22,371 Other accounts 4,330 3,653 $ 29,418 $ 26,024

Financial Statement Presentat28

Financial Statement Presentation - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Sep. 30, 2016
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Debt issuance costs	$ (8,861,000)	$ (7,810,000)
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
Minimum | New Accounting Pronouncement, Early Adoption, Effect [Member] | Accounting Standards Update 2016-09
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect adjustment		45,000,000
Deferred tax liabilities, net		(45,000,000)
Maximum | New Accounting Pronouncement, Early Adoption, Effect [Member] | Accounting Standards Update 2016-09
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect adjustment		50,000,000
Deferred tax liabilities, net		$ (50,000,000)

Properties and Equipment, Net -

Properties and Equipment, Net - Schedule of PPE (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Property, Plant and Equipment [Abstract]
Proved oil and gas properties	$ 7,669,157	$ 8,821,146
Unproved oil and gas properties	287,007	390,434
Gathering and pipeline systems	189,393	243,672
Land, building and other equipment	81,537	117,848
Properties and equipment, gross, total	8,227,094	9,573,100
Accumulated depreciation, depletion and amortization	(3,504,496)	(4,596,221)
Properties and equipment, net	$ 4,722,598	$ 4,976,879

Properties and Equipment, Net30

Properties and Equipment, Net - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Feb. 29, 2016	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Property, Plant and Equipment [Line Items]
Proceeds from sale of assets				$ 49,068	$ 7,380
Gain (loss) on sale of assets		$ (1,245)	$ 3,756	$ (768)	$ 3,814
East Texas | Oil and Gas Properties, Proved and Unproved
Property, Plant and Equipment [Line Items]
Proceeds from sale of assets	$ 56,400
Gain (loss) on sale of assets	$ 500
Escrow deposit						$ 6,300

Equity Method Investments - Act

Equity Method Investments - Activity Related to Equity Method Investments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Equity Method Investments
Balance at beginning of period			$ 103,517	$ 68,029
Contributions			24,176	20,798
Earnings (loss) on equity method investments	$ (1,727)	$ 1,648	208	4,581
Balance at end of period	$ 127,901	93,408	$ 127,901	93,408
Constitution
Schedule of Equity Method Investments [Line Items]
Ownership percentage	25.00%		25.00%
Equity Method Investments
Balance at beginning of period			$ 90,345	64,269
Contributions			8,325	13,500
Earnings (loss) on equity method investments			211	4,608
Balance at end of period	$ 98,881	82,377	98,881	82,377
Contributions to date	$ 87,900		$ 87,900
Meade
Schedule of Equity Method Investments [Line Items]
Ownership percentage	20.00%		20.00%
Equity Method Investments
Balance at beginning of period			$ 13,172	3,760
Contributions			15,851	7,298
Earnings (loss) on equity method investments			(3)	(27)
Balance at end of period	$ 29,020	$ 11,031	29,020	$ 11,031
Investment Commitment
Equity Method Investments
Expected future contributions	30,000		30,000
Investment Commitment | Constitution
Equity Method Investments
Anticipated contributions	$ 240,000		$ 240,000

Equity Method Investments - Sum

Equity Method Investments - Summarized Financial Information of Investment - Constitution - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Schedule of Equity Method Investments [Line Items]
Revenues	$ 0	$ 0
Income (loss) from continuing operations	(10,974)	19,366
Net income (loss)	$ (10,974)	$ 19,366

Debt and Credit Agreements - Sc

Debt and Credit Agreements - Schedule of Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Long-term debt including unamortized debt issuance costs	$ 1,528,000	$ 2,025,000
Unamortized debt issuance costs	(7,810)	(8,861)
Debt, net	1,520,190	2,016,139
Current portion of long-term debt	0	20,000
7.33% weighted-average senior notes
Debt Instrument [Line Items]
Long-term debt including unamortized debt issuance costs	$ 0	$ 20,000
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	$ 361,000	$ 425,000
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
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
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 ($)	1 Months Ended	3 Months Ended			9 Months Ended
	May 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Jun. 01, 2016	Apr. 19, 2016	Apr. 18, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Amount paid to repurchase debt					$ 587,000,000	$ 505,000,000
Loss on repurchase of debt		$ 0		$ 0	$ 4,709,000	$ 0
Change in interest rate during period					0.00%
Revolving credit facility
Debt Instrument [Line Items]
Borrowing base								$ 3,200,000,000	$ 3,400,000,000
Current borrowing capacity								1,800,000,000
Remaining borrowing capacity		1,700,000,000			$ 1,700,000,000			$ 1,600,000,000
Borrowings on revolving line of credit		0	$ 0
Line of credit		$ 0			$ 0
Interest rate				2.10%	2.30%	2.20%
6.51% weighted-average senior notes
Debt Instrument [Line Items]
Weighted average interest rate		6.51%			6.51%					6.51%
Senior Notes | Revolving credit facility
Debt Instrument [Line Items]
Remaining borrowing capacity							$ 1,700,000,000
Senior Notes | 6.51% weighted-average senior notes
Debt Instrument [Line Items]
Amount of principal repurchased	$ 64,000,000
Weighted average interest rate		6.51%			6.51%
Amount paid to repurchase debt	$ 68,300,000
Loss on repurchase of debt			$ 4,700,000

Derivative Instruments and He35

Derivative Instruments and Hedging Activities - Outstanding Commodity Derivatives (Details) bbl in Millions, Mcf in Millions	9 Months Ended
	Sep. 30, 2016$ / bbl$ / McfMcfbbl
Natural Gas Swap With Contract Period of October 2016
Derivative [Line Items]
Volume (in mmcf for gas and mbbls for oil) | Mcf	7.5
Swaps Weighted Average (in usd per Mcf or usd per bbl)	2.51
Natural Gas Swap With Contract Period of January 2017 to December 2017
Derivative [Line Items]
Volume (in mmcf for gas and mbbls for oil) | Mcf	35.5
Swaps Weighted Average (in usd per Mcf or usd per bbl)	3.12
Natural Gas Collar With Contract Period of January 2017 to December 2017
Derivative [Line Items]
Volume (in mmcf for gas and mbbls for oil) | Mcf	35.5
Natural Gas Collar With Contract Period of January 2017 to December 2017 | Minimum
Derivative [Line Items]
Collar Ceiling Price (in usd per Mcf or usd per bbl)	3.42
Natural Gas Collar With Contract Period of January 2017 to December 2017 | Maximum
Derivative [Line Items]
Collar Ceiling Price (in usd per Mcf or usd per bbl)	3.45
Natural Gas Collar With Contract Period of January 2017 to December 2017 | Weighted Average
Derivative [Line Items]
Collar Floor Price (in usd per Mcf or usd per bbl)	3.09
Collar Ceiling Price (in usd per Mcf or usd per bbl)	3.43
Natural Gas Basis Swap With Contract Period of January 2018 to December 2019
Derivative [Line Items]
Volume (in mmcf for gas and mbbls for oil) | Mcf	17.7
Swaps Weighted Average (in usd per Mcf or usd per bbl)	0.42
Crude Oil Collar With Contract Period Of July 2016 to December 2016
Derivative [Line Items]
Volume (in mmcf for gas and mbbls for oil) | bbl	0.5
Crude Oil Collar With Contract Period Of July 2016 to December 2016 | Minimum
Derivative [Line Items]
Collar Ceiling Price (in usd per Mcf or usd per bbl) | $ / bbl	47.10
Crude Oil Collar With Contract Period Of July 2016 to December 2016 | Maximum
Derivative [Line Items]
Collar Ceiling Price (in usd per Mcf or usd per bbl) | $ / bbl	47.50
Crude Oil Collar With Contract Period Of July 2016 to December 2016 | Weighted Average
Derivative [Line Items]
Collar Floor Price (in usd per Mcf or usd per bbl) | $ / bbl	38
Collar Ceiling Price (in usd per Mcf or usd per bbl) | $ / bbl	47.28

Derivative Instruments and He36

Derivative Instruments and Hedging Activities - Effect of Derivative Instruments on the Condensed Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Effect of derivative instruments on the Consolidated Balance Sheet
Derivative Assets	$ 1,662	$ 0
Derivative Liabilities	6,153	0
Other current assets | Derivatives Not Designated as Hedges | Commodity contracts
Effect of derivative instruments on the Consolidated Balance Sheet
Derivative Assets	518	0
Derivative Liabilities	0	0
Other assets (non-current) | Derivatives Not Designated as Hedges | Commodity contracts
Effect of derivative instruments on the Consolidated Balance Sheet
Derivative Assets	1,144	0
Derivative Liabilities	0	0
Derivative instruments (current) | Derivatives Not Designated as Hedges | Commodity contracts
Effect of derivative instruments on the Consolidated Balance Sheet
Derivative Assets	0	0
Derivative Liabilities	5,818	0
Other liabilities (non-current) | Derivatives Not Designated as Hedges | Commodity contracts
Effect of derivative instruments on the Consolidated Balance Sheet
Derivative Assets	0	0
Derivative Liabilities	$ 335	$ 0

Derivative Instruments and He37

Derivative Instruments and Hedging Activities - Offsetting of Derivative Assets and Liabilities in the Condensed Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Derivative assets
Gross amounts of recognized assets	$ 2,668	$ 0
Gross amounts offset in the statement of financial position	1,006	0
Net amounts of assets presented in the statement of financial position	1,662	0
Gross amounts of financial instruments not offset in the statement of financial position	0	0
Net amount	1,662	0
Derivative liabilities
Gross amounts of recognized liabilities	7,159	0
Gross amounts offset in the statement of financial position	(1,006)	0
Net amounts of liabilities presented in the statement of financial position	6,153	0
Gross amounts of financial instruments not offset in the statement of financial position	0	0
Net amount	$ 6,153	$ 0

Derivative Instruments and He38

Derivative Instruments and Hedging Activities - Effect of Derivative Instruments on the Condensed Consolidated Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Derivative instruments and hedging activities
Gain (loss) on derivative instruments	$ 6,904	$ 17,364	$ (1,286)	$ 44,668
Derivatives Not Designated as Hedges | Gain (loss) on derivative instruments
Derivative instruments and hedging activities
Gain (loss) on derivative instruments	(8,101)	45,097	3,204	133,827
Non-cash gain (loss) on derivative instruments	$ 15,005	$ (27,733)	$ (4,490)	$ (89,159)

Fair Value Measurements - Finan

Fair Value Measurements - Financial Assets and Liabilities, Recurring (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Assets
Deferred compensation plan	$ 12,297	$ 12,921
Derivative instruments	2,668	0
Liabilities
Deferred compensation plan	25,088	22,371
Derivative instruments	6,153	0
Recurring basis
Assets
Deferred compensation plan	12,297	12,921
Derivative instruments	1,662
Total assets	13,959	12,921
Liabilities
Deferred compensation plan	25,088	22,371
Derivative instruments	6,153
Total liabilities	31,241	22,371
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring basis
Assets
Deferred compensation plan	12,297	12,921
Derivative instruments	0
Total assets	12,297	12,921
Liabilities
Deferred compensation plan	25,088	22,371
Derivative instruments	0
Total liabilities	25,088	22,371
Significant Other Observable Inputs (Level 2) | Recurring basis
Assets
Deferred compensation plan	0	0
Derivative instruments	(233)
Total assets	(233)	0
Liabilities
Deferred compensation plan	0	0
Derivative instruments	4,722
Total liabilities	4,722	0
Significant Unobservable Inputs (Level 3) | Recurring basis
Assets
Deferred compensation plan	0	0
Derivative instruments	1,895
Total assets	1,895	0
Liabilities
Deferred compensation plan	0	0
Derivative instruments	1,431
Total liabilities	$ 1,431	$ 0

Fair Value Measurements - Recon

Fair Value Measurements - Reconciliation of Changes in Fair Value of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 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 gain (loss) included in earnings	381	23,867
Settlement (gain) loss	83	(77,532)
Transfers in and/or out of level 3	0	0
Balance at end of period	464	32,293
Change in unrealized gain (loss) relating to assets and liabilities still held at the end of the period	$ 464	$ (53,665)

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details)	9 Months Ended
	Sep. 30, 2016USD ($)impaired_asset_and_liability	Sep. 30, 2015impaired_asset_and_liability	Dec. 31, 2015USD ($)
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	Sep. 30, 2016	Dec. 31, 2015
Fair value disclosures
Debt, net	$ 1,520,190	$ 2,016,139
Current maturities	0	(20,000)
Long-term debt, excluding current maturities	1,520,190	1,996,139
Carrying amount
Fair value disclosures
Debt, net	1,520,190	2,016,139
Current maturities	0	(20,000)
Long-term debt, excluding current maturities	1,520,190	1,996,139
Estimated fair value
Fair value disclosures
Debt, net	1,507,258	1,839,530
Current maturities	0	(20,378)
Long-term debt, excluding current maturities	$ 1,507,258	$ 1,819,152

Asset Retirement Obligations -

Asset Retirement Obligations - Schedule of ARO (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2016USD ($)
Asset Retirement Obligation
Balance at beginning of period	$ 145,606
Liabilities incurred	2,861
Liabilities settled	(708)
Liabilities divested	(16,353)
Accretion expense	5,295
Balance at end of period	$ 136,701

Capital Stock - Narrative (Deta

Capital Stock - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	Mar. 02, 2016	Feb. 26, 2016	Feb. 22, 2016	Sep. 30, 2016	Sep. 30, 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		$ 995,279	$ 0

Stock-based Compensation - Narr

Stock-based Compensation - Narrative (Details) - USD ($)	Feb. 17, 2016	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Stock-based Compensation arrangements
Stock based compensation expense		$ 5,100,000	$ (2,900,000)	$ 23,000,000	$ 11,600,000
Tax deficiency on share-based compensation				$ 2,100,000
Tax benefits realized for stock-based compensation					$ 0
Restricted Stock Units
Stock-based Compensation arrangements
Granted (in shares)				67,000
Granted (in dollars per share)				$ 20.55
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)				6.00%
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
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)				$ 5.26
TSR Performance Share Awards | Maximum
Stock-based Compensation arrangements
Granted (in dollars per share)				$ 9.14

Stock-based Compensation - Assu

Stock-based Compensation - Assumptions for TSR Shares (Details) - TSR Performance Share Awards - $ / shares	Feb. 17, 2016	Sep. 30, 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		30.40%
Maximum expected volatility		38.40%
Minimum risk free interest rate		0.30%
Maximum risk free interest rate		0.80%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in dollars per share)		$ 5.26
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in dollars per share)		$ 9.14

Earnings per Common Share - Sch

Earnings per Common Share - Schedule of EPS (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Earnings Per Share [Abstract]
Weighted-average shares - basic (in shares)	465,149	413,846	454,060	413,636
Dilution effect of stock appreciation rights and stock awards at end of period (in shares)	0	0	0	0
Weighted-average shares - diluted (in shares)	465,149	413,846	454,060	413,636

Earnings per Common Share - Cal

Earnings per Common Share - Calculation of Weighted-Average Shares Excluded from Diluted EPS (Details) - Stock appreciation rights and stock awards - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted-average stock appreciation rights and stock awards excluded from diluted EPS due to the anti-dilutive effect due to net loss	1,784	1,692	1,326	1,390
Weighted-average stock appreciation rights and stock awards excluded from diluted EPS due to the anti-dilutive effect calculated using the treasury stock method	0	0	1	3
Weighted-average stock appreciation rights and stock awards excluded from diluted EPS due to the anti-dilutive effect	1,784	1,692	1,327	1,393

Additional Balance Sheet Info49

Additional Balance Sheet Information - Schedule of Additional Balance Sheet Information (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Accounts receivable, net
Trade accounts	$ 118,840	$ 116,772
Joint interest accounts	1,618	2,013
Other accounts	1,986	2,557
Accounts receivable, net	122,444	121,342
Allowance for doubtful accounts	(1,143)	(1,113)
Accounts receivable, net	121,301	120,229
Inventories
Tubular goods and well equipment	10,962	14,685
Natural gas in storage	2,525	2,364
Inventories	13,487	17,049
Other assets
Deferred compensation plan	12,297	12,921
Debt issuance costs	12,258	14,871
Derivative instruments	1,144	0
Other accounts	78	64
Other assets	25,777	27,856
Other current assets
Prepaid balances and other	3,588	2,671
Derivative instruments	518	0
Other current assets	4,106	2,671
Accounts payable
Trade accounts	26,439	30,038
Natural gas purchases	2,815	2,231
Royalty and other owners	70,631	75,106
Accrued capital costs	44,551	27,479
Taxes other than income	10,349	14,628
Other accounts	5,357	10,925
Accounts payable current	160,142	160,407
Accrued liabilities
Employee benefits	8,040	13,870
Taxes other than income	5,910	5,073
Asset retirement obligations	2,000	2,000
Other accounts	2,249	3,980
Accrued liabilities	18,199	24,923
Other liabilities
Deferred compensation plan	25,088	22,371
Other accounts	4,330	3,653
Other liabilities	$ 29,418	$ 26,024