Gulfport Energy (GPOR) 10-Q 7 Aug 20 2020 Q2 Quarterly report Financial data

COVER PAGE

COVER PAGE - shares	6 Months Ended
	Jun. 30, 2020	Jul. 31, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2020
Document Transition Report	false
Entity File Number	000-19514
Entity Registrant Name	Gulfport Energy Corp
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	73-1521290
Entity Address, Address Line One	3001 Quail Springs Parkway
Entity Address, City or Town	Oklahoma City,
Entity Address, State or Province	OK
Entity Address, Postal Zip Code	73134
City Area Code	405
Local Phone Number	252-4600
Title of 12(b) Security	Common stock, par value $0.01 per share
Trading Symbol	GPOR
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		160,115,829
Amendment Flag	false
Entity Central Index Key	0000874499
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 2,817	$ 6,060
Accounts receivable—oil and natural gas sales	65,645	121,210
Accounts receivable—joint interest and other	19,389	47,975
Prepaid expenses and other current assets	10,862	4,431
Short-term derivative instruments	53,188	126,201
Total current assets	151,901	305,877
Property and equipment:
Oil and natural gas properties, full-cost accounting, $1,564,189 and $1,686,666 excluded from amortization in 2020 and 2019, respectively	10,730,992	10,595,735
Other property and equipment	96,838	96,719
Accumulated depletion, depreciation, amortization and impairment	(8,457,464)	(7,228,660)
Property and equipment, net	2,370,366	3,463,794
Other assets:
Equity investments	13,052	32,044
Long-term derivative instruments	4,298	563
Deferred tax asset	0	7,563
Operating lease assets	3,640	14,168
Operating lease assets—related parties	0	43,270
Other assets	37,000	15,540
Total other assets	57,990	113,148
Total assets	2,580,257	3,882,819
Current liabilities:
Accounts payable and accrued liabilities	315,575	415,218
Short-term derivative instruments	8,540	303
Current portion of operating lease liabilities	3,356	13,826
Current portion of operating lease liabilities—related parties	0	21,220
Current maturities of long-term debt	649	631
Total current liabilities	328,120	451,198
Long-term derivative instruments	45,615	53,135
Asset retirement obligation	61,371	60,355
Uncertain tax position liability	3,209	3,127
Non-current operating lease liabilities	284	342
Non-current operating lease liabilities—related parties	0	22,050
Long-term debt, net of current maturities	1,910,318	1,978,020
Total liabilities	2,348,917	2,568,227
Commitments and contingencies (Note 9)
Preferred stock, $0.01 par value; 5.0 million shares authorized (30 thousand authorized as redeemable 12% cumulative preferred stock, Series A), and none issued and outstanding	0	0
Stockholders’ equity:
Common stock - $0.01 par value, 200.0 million shares authorized, 160.1 million issued and outstanding at June 30, 2020 and 159.7 million at December 31, 2019	1,601	1,597
Paid-in capital	4,211,062	4,207,554
Accumulated other comprehensive loss	(54,991)	(46,833)
Accumulated deficit	(3,926,332)	(2,847,726)
Total stockholders’ equity	231,340	1,314,592
Total liabilities and stockholders’ equity	$ 2,580,257	$ 3,882,819

CONSOLIDATED BALANCE SHEETS (PA

CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Capitalized costs of oil and natural gas properties excluded from amortization	$ 1,564,189	$ 1,686,666
Preferred stock, par value (in usd per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares authorized (in shares)	30,000	30,000
Preferred stock, dividend rate	12.00%	12.00%
Preferred stock Series A, issued (in shares)	0	0
Preferred stock Series A, outstanding (in shares)	0	0
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares, issued (in shares)	160,100,000	159,700,000
Common stock, shares, outstanding (in shares)	160,100,000	159,700,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
REVENUES:
Net gain on natural gas, oil and NGL derivatives	$ 26,971,000	$ 171,140,000	$ 125,237,000	$ 151,095,000
Total Revenues	132,410,000	458,994,000	379,287,000	779,572,000
OPERATING EXPENSES:
Lease operating expenses	15,686,000	22,388,000	31,672,000	42,195,000
Production taxes	3,605,000	8,098,000	8,404,000	16,019,000
Midstream gathering and processing expenses	59,974,000	72,015,000	117,870,000	142,297,000
Depreciation, depletion and amortization	64,790,000	124,951,000	142,818,000	243,384,000
Impairment of oil and natural gas properties	532,880,000	0	1,086,225,000	0
General and administrative expenses	10,470,000	11,727,000	26,639,000	21,784,000
Accretion expense	755,000	1,359,000	1,496,000	2,426,000
Total Operating Expenses	688,160,000	240,538,000	1,415,124,000	468,105,000
(LOSS) INCOME FROM OPERATIONS	(555,750,000)	218,456,000	(1,035,837,000)	311,467,000
OTHER EXPENSE (INCOME):
Interest expense	32,366,000	36,418,000	65,356,000	72,039,000
Interest income	(78,000)	(159,000)	(230,000)	(311,000)
Gain on debt extinguishment	(34,257,000)	0	(49,579,000)	0
Loss from equity method investments, net	45,000	125,582,000	10,834,000	121,309,000
Other expense	7,242,000	990,000	9,098,000	563,000
Total Other Expense	5,318,000	162,831,000	35,479,000	193,600,000
(LOSS) INCOME BEFORE INCOME TAXES	(561,068,000)	55,625,000	(1,071,316,000)	117,867,000
Income Tax Expense (Benefit)	0	(179,331,000)	7,290,000	(179,331,000)
NET (LOSS) INCOME	$ (561,068,000)	$ 234,956,000	$ (1,078,606,000)	$ 297,198,000
NET (LOSS) INCOME PER COMMON SHARE:
Basic (in usd per share)	$ (3.51)	$ 1.47	$ (6.75)	$ 1.85
Diluted (in usd per share)	$ (3.51)	$ 1.47	$ (6.75)	$ 1.84
Weighted average common shares outstanding - Basic (in shares)	159,933,739	159,324,909	159,846,981	161,064,787
Weighted average common shares outstanding - Diluted (in shares)	159,933,739	159,506,826	159,846,981	161,590,087
Natural gas sales
REVENUES:
Revenue from contract with customer	$ 86,797,000	$ 225,257,000	$ 195,344,000	$ 501,273,000
Oil and condensate sales
REVENUES:
Revenue from contract with customer	8,390,000	36,910,000	31,541,000	69,392,000
Natural gas liquid sales
REVENUES:
Revenue from contract with customer	$ 10,252,000	$ 25,687,000	$ 27,165,000	$ 57,812,000

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (561,068)	$ (517,538)	$ 234,956	$ 62,242	$ (1,078,606)	$ 297,198
Foreign currency translation adjustment	6,872		3,610		(8,158)	7,411
Other comprehensive income (loss)	6,872	$ (15,030)	3,610	$ 3,801	(8,158)	7,411
Comprehensive (loss) income	$ (554,196)		$ 238,566		$ (1,086,764)	$ 304,609

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Paid-in Capital	Accumulated Other Comprehensive (Loss) Income	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2018		162,986
Beginning balance at Dec. 31, 2018	$ 3,327,768	$ 1,630	$ 4,227,532	$ (56,026)	$ (845,368)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	62,242				62,242
Other Comprehensive Income (Loss)	3,801			3,801
Stock Compensation	2,785		2,785
Shares Repurchased (in shares)		(3,619)
Shares Repurchased	(28,330)	$ (37)	(28,293)
Issuance of Restricted Stock (in shares)		55
Issuance of Restricted Stock	0	$ 1	(1)
Ending balance (in shares) at Mar. 31, 2019		159,422
Ending balance at Mar. 31, 2019	3,368,266	$ 1,594	4,202,023	(52,225)	(783,126)
Beginning balance (in shares) at Dec. 31, 2018		162,986
Beginning balance at Dec. 31, 2018	3,327,768	$ 1,630	4,227,532	(56,026)	(845,368)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	297,198
Other Comprehensive Income (Loss)	7,411
Ending balance (in shares) at Jun. 30, 2019		159,396
Ending balance at Jun. 30, 2019	3,607,408	$ 1,594	4,202,599	(48,615)	(548,170)
Beginning balance (in shares) at Mar. 31, 2019		159,422
Beginning balance at Mar. 31, 2019	3,368,266	$ 1,594	4,202,023	(52,225)	(783,126)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	234,956				234,956
Other Comprehensive Income (Loss)	3,610			3,610
Stock Compensation	2,846		2,846
Shares Repurchased (in shares)		(297)
Shares Repurchased	(2,270)	$ (3)	(2,267)
Issuance of Restricted Stock (in shares)		271
Issuance of Restricted Stock	0	$ 3	(3)
Ending balance (in shares) at Jun. 30, 2019		159,396
Ending balance at Jun. 30, 2019	$ 3,607,408	$ 1,594	4,202,599	(48,615)	(548,170)
Beginning balance (in shares) at Dec. 31, 2019	159,700	159,711
Beginning balance at Dec. 31, 2019	$ 1,314,592	$ 1,597	4,207,554	(46,833)	(2,847,726)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(517,538)				(517,538)
Other Comprehensive Income (Loss)	(15,030)			(15,030)
Stock Compensation	2,104		2,104
Shares Repurchased (in shares)		(80)
Shares Repurchased	(79)	$ (1)	(78)
Issuance of Restricted Stock (in shares)		211
Issuance of Restricted Stock	0	$ 2	(2)
Ending balance (in shares) at Mar. 31, 2020		159,842
Ending balance at Mar. 31, 2020	$ 784,049	$ 1,598	4,209,578	(61,863)	(3,365,264)
Beginning balance (in shares) at Dec. 31, 2019	159,700	159,711
Beginning balance at Dec. 31, 2019	$ 1,314,592	$ 1,597	4,207,554	(46,833)	(2,847,726)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(1,078,606)
Other Comprehensive Income (Loss)	$ (8,158)
Ending balance (in shares) at Jun. 30, 2020	160,100	160,116
Ending balance at Jun. 30, 2020	$ 231,340	$ 1,601	4,211,062	(54,991)	(3,926,332)
Beginning balance (in shares) at Mar. 31, 2020		159,842
Beginning balance at Mar. 31, 2020	784,049	$ 1,598	4,209,578	(61,863)	(3,365,264)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(561,068)				(561,068)
Other Comprehensive Income (Loss)	6,872			6,872
Stock Compensation	1,515		1,515
Shares Repurchased (in shares)		(27)
Shares Repurchased	(28)		(28)
Issuance of Restricted Stock (in shares)		301
Issuance of Restricted Stock	$ 0	$ 3	(3)
Ending balance (in shares) at Jun. 30, 2020	160,100	160,116
Ending balance at Jun. 30, 2020	$ 231,340	$ 1,601	$ 4,211,062	$ (54,991)	$ (3,926,332)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Cash flows from operating activities:
Net (loss) income	$ (1,078,606,000)	$ 297,198,000
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depletion, depreciation and amortization	142,818,000	243,384,000
Impairment of oil and natural gas properties	1,086,225,000	0
Loss (income) from equity investments	10,834,000	121,449,000
Gain on debt extinguishment	(49,579,000)	0
Net gain on derivative instruments	(125,237,000)	(151,095,000)
Net cash receipts (payments) on settled derivative instruments	195,232,000	(1,494,000)
Deferred income tax expense	7,290,000	(179,331,000)
Other, net	9,844,000	11,341,000
Changes in operating assets and liabilities:
Decrease in accounts receivable—oil and natural gas sales	55,565,000	78,525,000
Decrease (increase) in accounts receivable—joint interest and other	29,159,000	(24,148,000)
(Decrease) increase in accounts payable and accrued liabilities	(30,620,000)	3,220,000
Other, net	(5,703,000)	720,000
Net cash provided by operating activities	247,222,000	399,769,000
Cash flows from investing activities:
Additions to oil and natural gas properties	(274,851,000)	(508,315,000)
Proceeds from sale of oil and natural gas properties	45,185,000	745,000
Additions to other property and equipment	(575,000)	(4,298,000)
Proceeds from sale of other property and equipment	151,000	130,000
Contributions to equity method investments	0	(432,000)
Distributions from equity method investments	0	1,945,000
Net cash used in investing activities	(230,090,000)	(510,225,000)
Cash flows from financing activities:
Principal payments on borrowings	(323,322,000)	(345,350,000)
Borrowings on line of credit	326,000,000	455,000,000
Repurchases of senior notes	(22,827,000)	0
Payments for repurchases of stock under approved stock repurchase program	0	(30,000,000)
Other, net	(226,000)	(714,000)
Net cash (used in) provided by financing activities	(20,375,000)	78,936,000
Net (decrease) increase in cash, cash equivalents and restricted cash	(3,243,000)	(31,520,000)
Cash, cash equivalents and restricted cash at beginning of period	6,060,000	52,297,000
Cash, cash equivalents and restricted cash at end of period	2,817,000	20,777,000
Supplemental disclosure of cash flow information:
Interest payments	60,523,000	67,472,000
Income tax receipts	0	(1,794,000)
Supplemental disclosure of non-cash transactions:
Capitalized stock-based compensation	1,891,000	2,252,000
Asset retirement obligation capitalized	1,553,000	6,230,000
Asset retirement obligation removed due to divestiture	(2,033,000)	0
Interest capitalized	710,000	1,771,000
Fair value of contingent consideration asset on date of divestiture	23,090,000	0
Foreign currency translation (loss) gain on equity method investments	$ (8,158,000)	$ 7,411,000

BASIS OF PRESENTATION, SUMMARY

BASIS OF PRESENTATION, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND LIQUIDITY, MANAGEMENT'S PLANS AND GOING CONCERN	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND LIQUIDITY, MANAGEMENT'S PLANS AND GOING CONCERN	BASIS OF PRESENTATION, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND LIQUIDITY, MANAGEMENT'S PLANS AND GOING CONCERN Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared by Gulfport Energy Corporation (the “Company” or “Gulfport”) pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”), and reflect all adjustments that, in the opinion of management, are necessary for a fair presentation of the results for the interim periods reported in all material respects, on a basis consistent with the annual audited consolidated financial statements. All such adjustments are of a normal, recurring nature. Certain information, accounting policies, and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles ("GAAP") have been omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading. The consolidated financial statements should be read in conjunction with the consolidated financial statements and the summary of significant accounting policies and notes included in the Company’s most recent annual report on Form 10-K. Results for the three and six months ended June 30, 2020 are not necessarily indicative of the results expected for the full year. COVID-19 I n March 2020, the World Health Organization classified the outbreak of COVID-19 as a pandemic and recommended containment and mitigation measures worldwide. The measures have led to worldwide shutdowns and halting of commercial and interpersonal activity, as governments around the world have imposed regulations in efforts to control the spread of COVID-19 such as shelter-in-place orders, quarantines, executive orders and similar restrictions. Gulfport remains focused on protecting the health and well-being of its employees and the communities in which it operates while assuring the continuity of its business operations. The Company implemented preventative measures and developed corporate and field response plans to minimize unnecessary risk of exposure and prevent infection. Additionally, the Company has a crisis management team for health, safety and environmental matters and personnel issues, and has established a COVID-19 Response Team to address various impacts of the situation, as they have been developing. Gulfport has modified certain business practices (including remote working for its corporate employees and restricted employee business travel) to conform to government restrictions and best practices encouraged by the Centers for Disease Control and Prevention, the World Health Organization and other governmental and regulatory authorities. In May 2020, the Company began its phased transition back to the office for its corporate employees. As part of this transition, the Company put into place preventative measures to focus on social distancing and minimizing unnecessary risk of exposure. As of the date of this filing, Gulfport has transitioned approximately 60% of its corporate employees back to the corporate office. The Company will continue to monitor trends and governmental guidelines and may adjust its return to office plans accordingly to ensure the health and safety of its employees. As a result of its business continuity measures, the Company has not experienced significant disruptions in executing its business operations in 2020. Gulfport is closely monitoring the impact of COVID-19 on all aspects of its business and the current commodity price environment and is unable to predict the impact it will have on its future financial position or operating results. I n response to the current commodity price environment, the Company voluntarily shut-in a portion of its production during the second quarter of 2020 and announced tiered salary reduction for most employees, senior management team and the Board of Directors beginning in June 2020 with such measures expected to last through December 2020. Additionally, select furloughs were implemented to reduce costs and preserve liquidity. On March 27, 2020, the U.S. government enacted the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”). The CARES Act did not have a material impact on the Company’s consolidated financial statements. Liquidity, Management's Plans and Going Concern As noted above, decreased demand for oil and natural gas as a result of the COVID-19 pandemic and the accompanying decrease in commodity prices has significantly impaired the Company's ability to access capital markets and to refinance its existing indebtedness. Further, these conditions have made amendments or waivers to its revolving credit facility more difficult to obtain and available on terms less favorable to the Company. If depressed commodity prices persist or decline further, the borrowing base under the Company's revolving credit facility could be further reduced at its next scheduled redetermination date in November 2020. Any such reduction would constrain the Company's liquidity and may impair its ability to fund its planned capital expenditures and meet its obligations under its existing indebtedness. Further, a reduction in the Company's capital expenditures would decrease its production, revenues, operating cash flow and EBITDA, which could limit its ability to comply with the restrictive covenants in its revolving credit facility and other existing indebtedness. Finally, the Company's existing revolving credit facility matures in December 2021 and therefore will become a current liability at year end 2020 unless the Company is able to refinance the credit facility with a new credit facility or other financing. Considering the current state of the first lien market and the Company's elevated leverage profile, there is substantial risk that a refinancing will not be available to the Company on reasonable terms. A current liability under the revolving credit facility at year end 2020 may result in a qualified audit opinion which could result in a default under the terms of the current revolving credit facility. As a result of these uncertainties and other factors, management has concluded that there is substantial doubt about the Company's ability to continue as a going concern. Failure to meet the Company's obligations under its existing indebtedness or failure to comply with any of its covenants, if not waived, would result in an event of default under such indebtedness and result in the potential acceleration of outstanding indebtedness thereunder and, with respect to the revolving credit facility, the potential foreclosure on the collateral securing such debt, and could cause a cross-default under its other outstanding indebtedness. In the current depressed commodity price environment and period of economic uncertainty, the Company has taken various steps over the last several months to improve its balance sheet and preserve liquidity including (1) exercising capital discipline by reducing 2020 capital spending by 50% as compared to 2019, (2) focusing on operational efficiencies to reduce operating costs as evidenced by the recent reductions in Development and Completion costs per lateral foot, (3) reducing corporate general and administrative costs significantly, (4) and repurchasing unsecured notes at a deep discount. Although management’s actions listed above have helped to improve our liquidity and leverage profile, continued macro headwinds including the depressed state of energy capital markets and the extraordinarily low commodity price environments present significant risks to the Company's ability to fund its operations going forward. Accordingly, management has determined there is substantial doubt about its ability to continue as a going concern over the next twelve months from the issuance of these financial statements. The Company has engaged financial and legal advisors to assist with the evaluation of a range of liability management alternatives. Additionally, the Company maintains an active dialogue with its senior lenders and bondholders regarding liability management alternatives to improve its balance sheet. There can be no assurances that the Company will be able to successfully complete a liability management transaction that materially improves the Company’s leverage profile or liquidity position. The consolidated financial statements (i) have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities and other commitments in the normal course of business and (ii) do not include any adjustments to reflect the possible future effects of the uncertainty on the recoverability or classification of recorded asset amounts or the amounts or classifications of liabilities. Impact on Previously Reported Results During the third quarter of 2019, the Company identified that certain activities were misclassified between cash flows from operating activities and cash flows from investing activities. These activities had been included in accounts payable, accrued liabilities and other and presented as cash flows from operating activities while they should have been presented as additions to oil and natural gas properties in cash flows from investing activities. The Company corrected the previously presented statements of cash flows for these additions and in doing so, for the six months ended June 30, 2019 contained herein, the consolidated statements of cash flows and the condensed consolidating statements of cash flows were adjusted to increase net cash flows provided by operating activities by $90.8 million with a corresponding increase in net cash flows used in investing activities. The Company has evaluated the effect of the previous presentation, both qualitatively and quantitatively, and concluded that it did not have a material impact on any previously filed annual or quarterly consolidated financial statements. Recently Adopted Accounting Standards On January 1, 2020, the Company adopted ASU No. 2016-13, Financial Instruments-Credit Losses: Measurement of Credit Losses on Financial Instruments , which replaces the incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions and reasonable and supportable forecasts that affect the collectibility of the

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	6 Months Ended
	Jun. 30, 2020
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT	PROPERTY AND EQUIPMENT The major categories of property and equipment and related accumulated depletion, depreciation, amortization ("DD&A") and impairment as of June 30, 2020 and December 31, 2019 are as follows: June 30, 2020 December 31, 2019 (In thousands) Oil and natural gas properties $ 10,730,992 $ 10,595,735 Accumulated DD&A and impairment (8,415,756) (7,191,957) Oil and natural gas properties, net 2,315,236 3,403,778 Other depreciable property and equipment 91,317 91,198 Land 5,521 5,521 Accumulated DD&A (41,708) (36,703) Other property and equipment, net 55,130 60,016 Property and equipment, net $ 2,370,366 $ 3,463,794 Under the full cost method of accounting, the Company is required to perform a ceiling test each quarter. The test determines a limit, or ceiling, on the book value of the Company's oil and natural gas properties. At June 30, 2020, the net book value of the Company's oil and gas properties, less related deferred income taxes, was above the calculated ceiling primarily as a result of reduced commodity prices for the period leading up to June 30, 2020. As a result, the Company was required to record impairments of its oil and natural gas properties of $532.9 million and $1.1 billion for the three and six months ended June 30, 2020, respectively. No impairments were required for oil and natural gas properties for the three and six months ended June 30, 2019. Based on prices for the last nine months and the short-term pricing outlook for the third quarter of 2020, the Company expects to recognize additional full cost impairments in the third quarter of 2020. The amount of any future impairments is difficult to predict as it depends on future commodity prices, production rates, proved reserves, evaluation of costs excluded from amortization, future development costs and production costs. Any future full cost impairments are not expected to have an impact to the Company's future cash flows or liquidity. General and administrative costs capitalized to the full cost pool represent management’s estimate of costs incurred directly related to exploration and development activities such as geological and other costs associated with overseeing exploration and development activities. All general and administrative costs not directly associated with exploration and development activities are charged to expense as they are incurred. Capitalized general and administrative costs were approximately $8.2 million and $13.6 million for the three and six months ended June 30, 2020, respectively, and $8.8 million and $16.5 million for the three and six months ended June 30, 2019, respectively. The average depletion rate per Mcfe, which is a function of capitalized costs, future development costs and the related underlying reserves in the periods presented, was $0.73 and $1.00 per Mcfe for the six months ended June 30, 2020 and 2019, respectively. The following table summarizes the Company’s unevaluated properties excluded from amortization by area at June 30, 2020: June 30, 2020 (In thousands) Utica $ 874,886 MidContinent 687,169 Other 2,134 $ 1,564,189 At December 31, 2019, approximately $1.7 billion of unevaluated properties were not subject to amortization. The Company evaluates the costs excluded from its amortization calculation at least annually. Individually insignificant unevaluated properties are grouped for evaluation and periodically transferred to evaluated properties over a timeframe consistent with their expected development schedule. Asset Retirement Obligation A reconciliation of the Company’s asset retirement obligation for the six months ended June 30, 2020 and 2019 is as follows: June 30, 2020 June 30, 2019 (In thousands) Asset retirement obligation, beginning of period $ 60,355 $ 79,952 Liabilities incurred 1,553 5,153 Liabilities settled — (117) Liabilities removed due to divestitures (2,033) — Accretion expense 1,496 2,426 Revisions in estimated cash flows — 1,077 Asset retirement obligation as of end of period 61,371 88,491

DIVESTITURES

DIVESTITURES	6 Months Ended
	Jun. 30, 2020
Discontinued Operations and Disposal Groups [Abstract]
DIVESTITURES	DIVESTITURESSale of Water Infrastructure Assets On January 2, 2020, the Company closed on the sale of its SCOOP water infrastructure assets to a third-party water service provider. The Company received $50.0 million in cash proceeds upon closing and has an opportunity to earn potential additional incentive payments over the next 15 years, subject to the Company's ability to meet certain thresholds which will be driven by, among other things, the Company's future development program and water production levels. The agreement contained no minimum volume commitments. The fair value of the contingent consideration as of the closing date was $23.1 million. The divested assets were included in the amortization base of the full cost pool and no gain or loss was recognized in the accompanying consolidated statements of operations as a result of the sale.

EQUITY INVESTMENTS

EQUITY INVESTMENTS	6 Months Ended
	Jun. 30, 2020
Equity Method Investments and Joint Ventures [Abstract]
EQUITY INVESTMENTS	EQUITY INVESTMENTS Investments accounted for by the equity method consist of the following as of June 30, 2020 and December 31, 2019: Carrying value (Loss) income from equity method investments Approximate ownership % June 30, 2020 December 31, 2019 Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 (In thousands) Investment in Grizzly Oil Sands ULC 24.6 % $ 13,013 $ 21,000 $ (45) $ 54 (188) $ (339) Investment in Mammoth Energy Services, Inc. 21.5 % — 11,005 — (127,581) (10,646) (123,055) Investment in Windsor Midstream LLC 22.5 % 39 39 — — — — Investment in Tatex Thailand II, LLC 23.5 % — — — 1,945 — 2,085 $ 13,052 $ 32,044 $ (45) $ (125,582) $ (10,834) $ (121,309) The tables below summarize financial information for the Company’s equity investments as of June 30, 2020 and December 31, 2019. Summarized balance sheet information: June 30, 2020 December 31, 2019 (In thousands) Current assets $ 434,966 $ 421,326 Noncurrent assets $ 1,107,221 $ 1,260,075 Current liabilities $ 115,281 $ 132,569 Noncurrent liabilities $ 172,478 $ 163,241 Summarized results of operations: Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 (In thousands) Gross revenue $ 60,109 $ 179,114 $ 157,492 $ 443,958 Net (loss) income $ (14,922) $ (4,072) $ (99,953) $ 20,684 Grizzly Oil Sands ULC The Company, through its wholly owned subsidiary Grizzly Holdings Inc. (“Grizzly Holdings”), owns an approximate 24.6% interest in Grizzly Oil Sands ULC (“Grizzly”), a Canadian unlimited liability company. The remaining interest in Grizzly is owned by Grizzly Oil Sands Inc. As of June 30, 2020, Grizzly had approximately 830,000 acres under lease in the Athabasca, Peace River and Cold Lake oil sands regions of Alberta, Canada. The Company reviewed its investment in Grizzly for impairment at June 30, 2020 and 2019 and determined no impairment was required. The Company paid $0.4 million in cash calls during the six months ended June 30, 2019 prior to its election to cease funding further capital calls. Grizzly’s functional currency is the Canadian dollar. The Company’s investment in Grizzly increased by $6.9 million as a result of a foreign currency translation gain and decreased by $7.8 million as a result of a foreign currency translation loss for the three and six months ended June 30, 2020, respectively. The Company's investment in Grizzly was increased by $3.5 million and $7.3 million for the three and six months ended June 30, 2019, respectively, as a result of a foreign currency translation gain. Mammoth Energy Services, Inc. At June 30, 2020, the Company owned 9,829,548 shares, or approximately 21.5%, of the outstanding common stock of Mammoth Energy Services, Inc. ("Mammoth Energy"). The approximate fair value of the Company's investment in Mammoth Energy at June 30, 2020 was $11.6 million based on the quoted market price of Mammoth Energy's common stock At March 31, 2020, the Company's share of net loss of Mammoth was in excess of the carrying value of its investment. As such, the Company's investment value was reduced to zero at March 31, 2020. During the second quarter of 2020, the Company's share of net loss of Mammoth continued to be in excess of the carrying value of its investment and, therefore, the Company's investment value remained at zero at June 30, 2020. The Company received no distributions from Mammoth Energy during the six months ended June 30, 2020 and distributions of $2.5 million during the six months ended June 30, 2019 as a result of $0.125 per share dividends in February 2019 and May 2019. The loss (income) from equity method investments presented in the table above reflects any intercompany profit eliminations. Windsor Midstream LLC At June 30, 2020, the Company held a 22.5% interest in Windsor Midstream LLC (“Midstream”), an entity controlled and managed by an unrelated third party. The Company received no distributions from Midstream during the six months ended June 30, 2020.

LONG-TERM DEBT

LONG-TERM DEBT	6 Months Ended
	Jun. 30, 2020
Long-term Debt, Unclassified [Abstract]
LONG-TERM DEBT	LONG-TERM DEBT Long-term debt consisted of the following items as of June 30, 2020 and December 31, 2019: June 30, 2020 December 31, 2019 (In thousands) Revolving credit agreement (1) $ 123,000 $ 120,000 6.625% senior unsecured notes due 2023 324,583 329,467 6.000% senior unsecured notes due 2024 579,568 603,428 6.375% senior unsecured notes due 2025 507,870 529,525 6.375% senior unsecured notes due 2026 374,617 397,529 Net unamortized debt issuance costs (2) (20,802) (23,751) Construction loan 22,131 22,453 Less: current maturities of long term debt (649) (631) Debt reflected as long term $ 1,910,318 $ 1,978,020 (1) The Company has entered into a senior secured revolving credit facility, as amended (the "revolving credit facility"), with The Bank of Nova Scotia, as the lead arranger and administrative agent and other lenders. The credit agreement provides for a maximum facility of $1.5 billion and matures on December 13, 2021. On May 1, 2020, the Company entered into the fifteenth amendment to the Amended and Restated Credit Agreement. As part of the amendment, the Company's borrowing base and elected commitment were reduced from $1.2 billion and $1.0 billion, respectively, to $700.0 million. Additionally, the amendment added a requirement to maintain a ratio of Net Secured Debt to EBITDAX (as defined under the revolving credit agreement) not exceeding 2.00 to 1.00, deferred the requirement to maintain a ratio of Net Funded Debt to EBITDAX of 4.00 to 1.00 until September 30, 2021 and added a limitation on the repurchase of unsecured notes, among other amendments. On July 27, 2020, the Company entered into the sixteenth amendment to the Amended and Restated Credit Agreement. The sixteenth amendment allows for the Company to issue up to $750 million in second lien debt subject to certain conditions. See Note 16 for further information on this amendment. As of June 30, 2020, $123.0 million was outstanding under the revolving credit facility and the total availability for future borrowings under this facility, after giving effect to an aggregate of $324.1 million letters of credit, was $252.9 million. The Company’s wholly owned subsidiaries have guaranteed the obligations of the Company under the revolving credit facility. At June 30, 2020, amounts borrowed under the revolving credit facility bore interest at a weighted average rate of 2.44%. The Company was in compliance with its financial covenants under the revolving credit facility at June 30, 2020. (2) Loan issuance costs related to the 6.625% Senior Notes due 2023 (the "2023 Notes"), the 6.000% Senior Notes due 2024 (the "2024 Notes"), the 6.375% Senior Notes due 2025 (the "2025 Notes") and the 6.375% Senior Notes due 2026 (the "2026 Notes") (collectively the “Notes”) have been presented as a reduction to the principal amount of the Notes. At June 30, 2020, total unamortized debt issuance costs were $2.8 million for the 2023 Notes, $6.1 million for the 2024 Notes, $8.5 million for the 2025 Notes and $3.4 million for the 2026 Notes. In addition, loan commitment fee costs for the Company's construction loan agreement were $0.1 million at June 30, 2020. The Company capitalized approximately $0.5 million and $0.7 million in interest expense to its unevaluated oil and natural gas properties during the three and six months ended June 30, 2020, respectively. The Company capitalized approximately $1.0 million and $1.8 million in interest expense to its unevaluated oil and natural gas properties during the three and six months ended June 30, 2019, respectively. Debt Repurchases In 2019, the Company's Board of Directors authorized $200 million of cash to be used to repurchase its senior notes in the open market at discounted values to par. The Company used borrowings under its revolving credit facility to repurchase in the open market $47.5 million and $73.3 million aggregate principal amount of its outstanding Notes for $12.6 million and $22.8 million during the three and six months ended June 30, 2020, respectively. For the three months ended June 30, 2020, this included $4.9 million principal amount of the 2023 Notes, $16.3 million principal amount of the 2024 Notes, $13.5 million principal amount of the 2025 Notes, and $12.8 million principal amount of the 2026 Notes. The Company recognized a $34.3 million and $49.6 million gain on debt extinguishment, which included retirement of unamortized issuance costs and fees associated with the repurchased debt, during the three and six months ended June 30, 2020, respectively. This gain is included in gain on debt extinguishment in the accompanying consolidated statements of operations. As of May 1, 2020, further repurchases under this program are limited due to the agreements entered into under the fifteenth amendment to the Amended and Restated Credit Agreement of the Company's credit facility. Fair Value of Debt At June 30, 2020, the carrying value of the outstanding debt represented by the Notes was approximately $1.8 billion. Based on the quoted market prices (Level 1), the fair value of the Notes was determined to be approximately $930.2 million at June 30, 2020.

CHANGES IN CAPITALIZATION

CHANGES IN CAPITALIZATION	6 Months Ended
	Jun. 30, 2020
Equity [Abstract]
CHANGES IN CAPITALIZATION	CHANGES IN CAPITALIZATION Stock Repurchases In January 2019, the Company's Board of Directors approved a stock repurchase program to acquire a portion of the Company's outstanding common stock within a 24-month period. The program was suspended in the fourth quarter of 2019, and the May 1, 2020 amendment to the Company's revolving credit facility prohibits further stock repurchases. For the three and six months ended June 30, 2019, the Company repurchased 0.2 million and 3.8 million shares for a cost of approximately $1.8 million and $30.0 million, respectively, under this repurchase program. Additionally, during the three and six months ended June 30, 2020, the Company repurchased approximately 27,000 and 107,000 shares, respectively, for a cost of $28 thousand and $0.1 million, respectively, to satisfy tax withholding requirements incurred upon the vesting of restricted stock. During the three and six months ended June 30, 2019, the Company repurchased approximately 72,000 and 87,000 shares, respectively, for a cost of $0.5 million and $0.6 million, respectively, to satisfy tax withholding requirements incurred upon the vesting of restricted stock. All repurchased shares have been canceled and returned to the status of authorized but unissued shares.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	6 Months Ended
	Jun. 30, 2020
Share-based Payment Arrangement, Noncash Expense [Abstract]
STOCK-BASED COMPENSATION	STOCK-BASED COMPENSATION The Company has granted restricted stock units to employees and directors pursuant to the 2019 Amended and Restated Incentive Stock Plan ("2019 Plan"), as discussed below. During the three and six months ended June 30, 2020, the Company’s stock-based compensation cost was $2.2 million and $4.3 million, respectively, of which the Company capitalized $1.0 million and $1.9 million, respectively, relating to its exploration and development efforts. During the three and six months ended June 30, 2019, the Company’s stock-based compensation cost was $2.8 million and $5.6 million, respectively, of which the Company capitalized $1.1 million and $2.3 million, respectively, relating to its exploration and development efforts. Stock compensation costs, net of the amounts capitalized, are included in general and administrative expenses in the accompanying consolidated statements of operations. The following table summarizes restricted stock unit activity for the six months ended June 30, 2020: Number of Weighted Number of Weighted Unvested shares as of January 1, 2020 4,098,318 $ 4.73 1,783,660 $ 2.96 Granted 1,985,452 0.67 — — Vested (512,283) 7.19 — — Forfeited (979,929) 3.82 (830,323) 1.98 Unvested shares as of June 30, 2020 4,591,558 $ 3.00 953,337 $ 3.82 Restricted Stock Units Restricted stock units awarded under the 2019 Plan generally vest over a period of one year in the case of directors and three years in the case of employees and vesting is dependent upon the recipient meeting applicable service requirements. Stock-based compensation costs are recorded ratably over the service period. The grant date fair value of restricted stock units represents the closing market price of the Company's common stock on the date of grant. Unrecognized compensation expense as of June 30, 2020 related to restricted stock units was $9.4 million . The expense is expected to be recognized over a weighted average period of 1.75 years. Performance Vesting Restricted Stock Units The Company has awarded performance vesting units to certain of its executive officers under the 2019 Plan. The number of shares of common stock issued pursuant to the award will be based on relative total shareholder return ("RTSR"). RTSR is an incentive measure whereby participants will earn from 0% to 200% of the target award based on the Company’s RTSR ranking compared to the RTSR of the companies in the Company’s designated peer group at the end of the performance period. Awards will be earned and vested over a performance period measured from January 1, 2019 to December 31, 2021, subject to earlier termination of the performance period in the event of a change in control. Unrecognized compensation expense as of June 30, 2020 related to performance vesting restricted shares was $2.2 million . The expense is expected to be recognized over a weighted average period of 1.78 years. Cash Incentive Awards On March 16, 2020, the Board of Directors of the Company approved the Company's 2020 Incentive Plan (the "2020 Incentive Plan"). The 2020 Incentive Plan provides for incentive compensation opportunities ("Incentive Awards") for select employees of the Company that are tied to the achievement of one or more performance goals relating to certain financial and operational metrics over a period of time. The earning of an Incentive Award and payout opportunity is contingent upon meeting the Incentive Award's applicable threshold performance levels. If such threshold performance levels are satisfied, the payout amount varies for performance above or below the pre-established target performance levels.

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHAREReconciliations of the components of basic and diluted net income per common share are presented in the tables below: Three months ended June 30, 2020 2019 Loss Shares Per Income Shares Per (In thousands, except share data) Basic: Net (loss) income $ (561,068) 159,933,739 $ (3.51) $ 234,956 159,324,909 $ 1.47 Effect of dilutive securities: Stock awards — — — 181,917 Diluted: Net (loss) income $ (561,068) 159,933,739 $ (3.51) $ 234,956 159,506,826 $ 1.47 Six months ended June 30, 2020 2019 Loss Shares Per Income Shares Per (In thousands, except share data) Basic: Net (loss) income $ (1,078,606) 159,846,981 $ (6.75) $ 297,198 161,064,787 $ 1.85 Effect of dilutive securities: Stock options and awards — — — 525,300 Diluted: Net (loss) income $ (1,078,606) 159,846,981 $ (6.75) $ 297,198 161,590,087 $ 1.84 There were 1,281,773 and 1,610,572 shares of common stock that were considered anti-dilutive for the three and six months ended June 30, 2020, respectively. There were no potential shares of common stock that were considered anti-dilutive for the three and six months ended June 30, 2019.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Future Firm Sales Commitments The Company has entered into various firm sales contracts to deliver and sell natural gas. The Company expects to fulfill its delivery commitments primarily with production from proved developed reserves. The Company's proved reserves have generally been sufficient to satisfy its delivery commitments during the three most recent years, and it expects such reserves will continue to be the primary means of fulfilling its future commitments. However, where the Company's proved reserves are not sufficient to satisfy its delivery commitments, it can and may use spot market purchases to satisfy the commitments. A summary of these commitments at June 30, 2020 are set forth in the table below: (MMBtu per day) Remaining 2020 311,000 2021 192,000 2022 70,000 2023 17,000 Total 590,000 Future Firm Transportation Commitments The Company has contractual commitments with pipeline carriers for future transportation of natural gas from the Company's production areas to downstream markets. Commitments related to future firm transportation agreements are not recorded as obligations in the accompanying consolidated balance sheets; however, the costs associated with these commitments are reflected in the Company's estimates of proved reserves and future net revenues. A summary of these commitments at June 30, 2020 are set forth in the table below: Total MMBtu (In thousands) Remaining 2020 267,720,000 $ 138,495 2021 531,075,000 285,779 2022 531,075,000 286,616 2023 515,775,000 282,936 2024 489,490,000 265,558 Thereafter 3,767,959,000 2,160,634 Total 6,103,094,000 $ 3,420,018 As of June 30, 2020, the Company had entered into firm transportation contracts to deliver approximately 1,455,000 MMBtu per day for the remainder of 2020 and 2021, respectively. Under these firm transportation contracts, the Company is obligated to deliver minimum daily volumes or pay fees for any deficiencies in deliveries. As a result of the reduced production from the Company's Utica Shale or SCOOP acreage due to decreased developmental activities, taking into consideration the current low commodity price environment, the Company expects that it will be unable to meet its obligations under the existing firm transportation contracts, resulting in fees, which may be significant and may have a material adverse effect on its operations. Other Commitments Effective October 1, 2014, the Company entered into a Sand Supply Agreement with Muskie Proppant LLC (“Muskie”), a subsidiary of Mammoth Energy and a related party. Pursuant to this agreement, as amended effective August 3, 2018, the Company agreed to purchase annual and monthly amounts of proppant sand subject to exceptions specified in the agreement at agreed pricing plus agreed costs and expenses through 2021. Failure by either Muskie or the Company to deliver or accept the minimum monthly amount results in damages calculated per ton based on the difference between the monthly obligation amount and the amount actually delivered or accepted, as applicable. The Company incurred $1.9 million and $3.8 million in non-utilization fees under this agreement during the three and six months ended June 30, 2020, respectively. The Company did not incur any non-utilization fees under this agreement during the three months ended June 30, 2019 and incurred $0.3 million of such fees during the six months ended June 30, 2019. Future minimum commitments under this agreement at June 30, 2020 are: (In thousands) Remaining 2020 $ 3,750 2021 7,500 Total $ 11,250 Litigation and Regulatory Proceedings The Company is involved in a number of litigation and regulatory proceedings including those described below. Many of these proceedings are in early stages, and many of them seek or may seek damages and penalties, the amount of which is indeterminate. The Company's total accrued liabilities in respect of litigation and regulatory proceedings is determined on a case-by-case basis and represents an estimate of probable losses after considering, among other factors, the progress of each case or proceeding, its experience and the experience of others in similar cases or proceedings, and the opinions and views of legal counsel. Significant judgment is required in making these estimates and their final liabilities may ultimately be materially different. The Company, along with a number of other oil and gas companies, has been named as a defendant in two separate complaints, one filed by the State of Louisiana and the Parish of Cameron in the 38th Judicial District Court for the Parish of Cameron on February 9, 2016 and the other filed by the State of Louisiana and the District Attorney for the 15th Judicial District of the State of Louisiana in the 15th Judicial District Court for the Parish of Vermilion on July 29, 2016 (together, the "Complaints"). The Complaints allege that certain of the defendants’ operations violated the State and Local Coastal Resources Management Act of 1978, as amended, and the rules, regulations, orders and ordinances adopted thereunder (the "CZM Laws") by causing substantial damage to land and waterbodies located in the coastal zone of the relevant Parish. The plaintiffs seek damages and other appropriate relief under the CZM Laws, including the payment of costs necessary to clear, re-vegetate, detoxify and otherwise restore the affected coastal zone of the relevant Parish to its original condition, actual restoration of such coastal zone to its original condition, and the payment of reasonable attorney fees and legal expenses and interest. The United States District Court for the Western District of Louisiana issued orders remanding the cases to their respective state court, and the defendants have appealed the remand orders to the 5th Circuit Court of Appeals. In July 2019, Pigeon Land Company, Inc., a successor in interest to certain of the Company’s legacy Louisiana properties, filed an action against the Company and many other oil and gas companies in the 16th Judicial District Court for the Parish of Iberia in Louisiana. The suit alleges negligence, strict liability and various violations of Louisiana statutes relating to property damage in connection with the historic development of the Company’s Louisiana properties and seeks unspecified damages (including punitive damages), an injunction to return the affected property to its original condition, and the payment of reasonable attorney fees and legal expenses and interest. In September 2019, a stockholder of Mammoth Energy filed a derivative action on behalf of Mammoth Energy against members of Mammoth Energy’s board of directors, including a director designated by the Company, and its significant stockholders, including the Company, in the United States District Court for the Western District of Oklahoma. The complaint alleges, among other things, that the members of Mammoth Energy’s board of directors breached their fiduciary duties and violated the Securities Exchange Act of 1934, as amended, in connection with Mammoth Energy’s activities in Puerto Rico following Hurricane Maria. The complaint seeks unspecified damages, the payment of reasonable attorney fees and legal expenses and interest and to force Mammoth Energy and its board of directors to make specified corporate governance reforms. In October 2019, Kelsie Wagner, in her capacity as trustee of various trusts and on behalf of the trusts and other similarly situated royalty owners, filed an action against the Company in the District Court of Grady County, Oklahoma. The suit alleges that the Company underpaid royalty owners and seeks unspecified damages for violations of the Oklahoma Production Revenue Standards Act and fraud. In March 2020, Robert F. Woodley, individually and on behalf of all others similarly situated, filed a federal securities class action against the Company, David M. Wood, Keri Crowell and Quentin R. Hicks in the United States District Court for the Southern District of New York. The complaint alleges that the Company made materially false and misleading statements regarding the Company’s business and operations in violation of the federal securities laws and seeks unspecified damages, the payment of reasonable attorneys’ fees, expert fees and other costs, pre-judgment and post-judgment interest, and such other and further relief that may be deemed just and proper. In June 2020, Sam L. Carter, derivatively on behalf of the Company, filed an action against certain of our current and former executive officers and directors in the United States District Court for the District of Delaware. The complaint alleges that the defendants breached their fiduciary duties to the Company in connection with certain alleged materially false and misleading statements regarding our business and operations in violation of the federal securities laws. The complaint seeks to recover unspecified damages from the defendants, the implementation of specified corporate governance reforms, reasonable attorneys’ and experts’ fees, costs and expenses, and such other relief as may be deemed just and proper. In December 2019, the Company filed a lawsuit against Stingray Pressure Pumping LLC, a subsidiary of Mammoth Energy (“Stingray”), for breach of contract and to terminate the Master Services Agreement for pressure pumping services, effective as of October 1, 2014, as amended (the “Master Services Agreement”), between Stingray and the Company. In March 2020, Stingray filed a counterclaim against the Company in the Superior Court of the State of Delaware. The counterclaim alleges that the Company has breached the Master Services Agreement. The counterclaim seeks actual damages, which the complaint calculates to be approximately $28.0 million as of June 2020 (such amount to increase each month), the payment of reasonable attorney fees and legal expenses and pre- and post-judgment interest as allowed, and such other and further relief which it may be justly entitled. In April 2020, Bryon Lefort, individually and on behalf of similarly situated individuals, filed an action against the Company in the United States District Court for the Southern District of Ohio Eastern Division. The complaint alleges that the Company violated the Fair Labor Standards Act (“FLSA”), the Ohio Wage Act and the Ohio Prompt Pay Act by classifying the plaintiffs as independent contractors and paying them a daily rate with no overtime compensation for hours worked in excess of 40 hours per week. The complaint seeks to recover unpaid regular and overtime wages, liquidated damages in an amount equal to six of all unpaid overtime compensation, the payment of reasonable attorney fees and legal expenses and pre-judgment and post-judgment interest, and such other damages that may be owed to the workers. These cases are still in their early stages. As a result, the Company has not had the opportunity to evaluate the allegations made in the plaintiffs' complaints and intends to vigorously defend the suits. SEC Investigation The SEC has commenced an investigation with respect to certain actions by former Company management, including alleged improper personal use of Company assets, and potential violations by former management and the Company of the Sarbanes-Oxley Act of 2002 in connection with such actions. The Company has fully cooperated and intends to continue to cooperate fully with the SEC’s investigation. Although it is not possible to predict the ultimate resolution or financial liability with respect to this matter, the Company believes that the outcome of this matter will not have a material effect on the Company’s business, financial condition or results of operations. Business Operations The Company is involved in various lawsuits and disputes incidental to its business operations, including commercial disputes, personal injury claims, royalty claims, property damage claims and contract actions. Environmental Contingencies The nature of the oil and gas business carries with it certain environmental risks for Gulfport and its subsidiaries. They have implemented various policies, programs, procedures, training and audits to reduce and mitigate environmental risks. They conduct periodic reviews, on a company-wide basis, to assess changes in their environmental risk profile. Environmental reserves are established for environmental liabilities for which economic losses are probable and reasonably estimable. The Company manages its exposure to environmental liabilities in acquisitions by using an evaluation process that seeks to identify pre-existing contamination or compliance concerns and address the potential liability. Depending on the extent of an identified environmental concern, they may, among other things, exclude a property from the transaction, require the seller to remediate the property to their satisfaction in an acquisition or agree to assume liability for the remediation of the property. The Company received several Finding of Violation (“FOVs”) from the United States Environmental Protection Agency ("USEPA") alleging violations of the Clean Air Act at approximately 17 locations in Ohio. The first FOV for one site was dated December 11, 2013. Two subsequent FOVs incorporated and expanded the scope on January 4, 2017 and April 15, 2019. The Company has exchanged information with the USEPA and is engaged in discussions aimed at resolving the allegations. Resolution of the matter resulted in monetary sanctions of approximately $1.7 million. In October 2018, the company submitted a Voluntary Disclosure document to the Oklahoma Department of Environmental Quality (ODEQ) stemming from improper air permitting at several sites in Midcon between 2014 and 2017. The sites were permitted by Vitruvian prior to the Company's purchase of those assets. The sites were permitted utilizing the “permit by rule” regulation but actually required Title V air permits. The Company has agreed in a draft Consent Order to obtain the proper permits and to pay the costs from not having the proper permits in place in the amount of $180,000 to the ODEQ. The Order received final approval at the ODEQ and is expected to be finalized in the third quarter of 2020. Other Matters Based on management’s current assessment, they are of the opinion that no pending or threatened lawsuit or dispute relating to its business operations is likely to have a material adverse effect on their future consolidated financial position, results of operations or cash flows. The final resolution of such matters could exceed amounts accrued, however, and actual results could differ materially from management’s estimates.

DERIVATIVE INSTRUMENTS

DERIVATIVE INSTRUMENTS	6 Months Ended
	Jun. 30, 2020
General Discussion of Derivative Instruments and Hedging Activities [Abstract]
DERIVATIVE INSTRUMENTS	DERIVATIVE INSTRUMENTS Natural Gas, Oil and Natural Gas Liquids Derivative Instruments The Company seeks to reduce its exposure to unfavorable changes in natural gas, oil and natural gas liquids ("NGL") prices, which are subject to significant and often volatile fluctuation, by entering into over-the-counter fixed price swaps, basis swaps, costless collars and various types of option contracts. These contracts allow the Company to predict with greater certainty the effective natural gas, oil and NGL prices to be received for hedged production and benefit operating cash flows and earnings when market prices are less than the fixed prices provided in the contracts. However, the Company will not benefit from market prices that are higher than the fixed prices in the contracts for hedged production. Fixed price swaps are settled monthly based on differences between the fixed price specified in the contract and the referenced settlement price. When the referenced settlement price is less than the price specified in the contract, the Company receives an amount from the counterparty based on the price difference multiplied by the volume. Similarly, when the referenced settlement price exceeds the price specified in the contract, the Company pays the counterparty an amount based on the price difference multiplied by the volume. The prices contained in these fixed price swaps are based on the NYMEX Henry Hub for natural gas, the NYMEX West Texas Intermediate for oil and Mont Belvieu for propane, pentane and ethane. Below is a summary of the Company’s open fixed price swap positions as of June 30, 2020. Location Daily Volume Weighted Remaining 2020 NYMEX Henry Hub 357,000 $ 2.86 Location Daily Volume Weighted Remaining 2020 NYMEX WTI 3,000 $ 35.49 Location Daily Volume Weighted Remaining 2020 Mont Belvieu C3 1,500 $ 20.27 The Company sold call options in exchange for a premium, and used the associated premiums to enhance the fixed price for a portion of the fixed price natural gas swaps primarily for 2020 listed above. Each call option has an established ceiling price. When the referenced settlement price is above the price ceiling established by these call options, the Company pays its counterparty an amount equal to the difference between the referenced settlement price and the price ceiling multiplied by the hedged contract volumes. Location Daily Volume Weighted Average Price 2022 NYMEX Henry Hub 628,000 $ 2.90 2023 NYMEX Henry Hub 628,000 $ 2.90 The Company entered into costless collars based off the NYMEX Henry Hub natural gas index. Each two-way price collar has a set floor and ceiling price for the hedged production. If the applicable monthly price indices are outside of the ranges set by the floor and ceiling prices in the various collars, the Company will cash-settle the difference with the counterparty. Location Daily Volume (MMBtu/day) Weighted Average Floor Price Weighted Average Ceiling Price 2021 NYMEX Henry Hub 250,000 $ 2.46 $ 2.81 In addition, the Company entered into natural gas basis swap positions. As of June 30, 2020, the Company had the following natural gas basis swap positions open: Gulfport Pays Gulfport Receives Daily Volume Weighted Average Fixed Spread Remaining 2020 Transco Zone 4 NYMEX Plus Fixed Spread 60,000 $ (0.05) Remaining 2020 Fixed Spread ONEOK Minus NYMEX 10,000 $ (0.54) During the three months ended June 30, 2020, we early terminated oil fixed price swaps which represented approximately 6,000 BBls of oil per day for the remainder of 2020. The early termination resulted in a cash settlement of $40.5 million. Contingent Consideration Arrangement The Company sold its non-core assets located in the West Cote Blanche Bay and Hackberry fields of Louisiana in July 2019. The sale price included the potential for the Company to receive contingent payments based on commodity prices exceeding specified thresholds over the two years following the closing date. This contingent consideration arrangement was determined to be an embedded derivative. See below for threshold and potential payment amounts. Period Threshold (1) Payment to be received (2) July 2020 - June 2021 Greater than or equal to $60.65 $ 150,000 Between $52.62 - $60.65 Calculated Value (3) Less than or equal to $52.62 $ — (1) Based on the "WTI NYMEX + Argus LLS Differential," as published by Argus Media. (2) Payment will be assessed monthly from July 2020 through June 2021. If threshold is met, payment shall be received within five business days after the end of each calendar month. (3) If average daily price, as defined in (1), is greater than $52.62 but less than $60.65, payment received will be $150,000 multiplied by a fraction, the numerator of which is the amount determined by subtracting $52.62 from such average daily price, and the denominator of which is $8.03. Balance Sheet Presentation The Company reports the fair value of derivative instruments on the consolidated balance sheets as derivative instruments under current assets, noncurrent assets, current liabilities and noncurrent liabilities on a gross basis. The Company determines the current and noncurrent classification based on the timing of expected future cash flows of individual trades. The following table presents the fair value of the Company’s derivative instruments on a gross basis at June 30, 2020 and December 31, 2019: June 30, 2020 December 31, 2019 (In thousands) Commodity Contracts: Short-term derivative asset $ 53,188 $ 125,383 Long-term derivative asset 4,298 — Short-term derivative liability (8,540) (303) Long-term derivative liability (45,615) (53,135) Total commodity derivative position $ 3,331 $ 71,945 Contingent consideration arrangement: Short-term derivative asset $ — $ 818 Long-term derivative asset — 563 Total contingent consideration derivative position $ — $ 1,381 Total net asset derivative position $ 3,331 $ 73,326 Gains and Losses The following table presents the gain and loss recognized in net gain on natural gas, oil and NGL derivatives in the accompanying consolidated statements of operations for the three and six months ended June 30, 2020 and 2019. Net gain (loss) on derivative instruments Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 (In thousands) Natural gas derivatives $ 35,689 $ 152,475 $ 81,542 $ 136,044 Oil derivatives (7,937) 11,871 44,937 11,417 NGL derivatives (781) 6,794 139 3,634 Contingent consideration arrangement — — (1,381) — Total $ 26,971 $ 171,140 $ 125,237 $ 151,095 Offsetting of Derivative Assets and Liabilities As noted above, the Company records the fair value of derivative instruments on a gross basis. The following table presents the gross amounts of recognized derivative assets and liabilities in the consolidated balance sheets and the amounts that are subject to offsetting under master netting arrangements with counterparties, all at fair value. As of June 30, 2020 Gross Assets (Liabilities) Gross Amounts Presented in the Subject to Master Net Consolidated Balance Sheets Netting Agreements Amount (In thousands) Derivative assets $ 57,486 $ (48,761) $ 8,725 Derivative liabilities $ (54,155) $ 48,761 $ (5,394) As of December 31, 2019 Gross Assets (Liabilities) Gross Amounts Presented in the Subject to Master Net Consolidated Balance Sheets Netting Agreements Amount (In thousands) Derivative assets $ 126,764 $ (53,438) $ 73,326 Derivative liabilities $ (53,438) $ 53,438 $ — Concentration of Credit Risk By using derivative instruments that are not traded on an exchange, the Company is exposed to the credit risk of its counterparties. Credit risk is the risk of loss from counterparties not performing under the terms of the derivative instrument. When the fair value of a derivative instrument is positive, the counterparty is expected to owe the Company, which creates credit risk. To minimize the credit risk in derivative instruments, it is the Company’s policy to enter into derivative contracts only with counterparties that are creditworthy financial institutions deemed by management as competent and competitive market makers. The Company’s derivative contracts are with multiple counterparties to lessen its exposure to any individual counterparty. Additionally, the Company uses master netting agreements to minimize credit risk exposure. The creditworthiness of the Company’s counterparties is subject to periodic review. None of the Company’s derivative instrument contracts contain credit-risk related contingent features. Other than as provided by the Company’s revolving credit facility, the Company is not required to provide credit support or collateral to any of its counterparties under its derivative instruments, nor are the counterparties required to provide credit support to the Company.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Jun. 30, 2020
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS The Company records certain financial and non-financial assets and liabilities on the balance sheet at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability (exit price) in an orderly transaction between market participants at the measurement date. Market or observable inputs are the preferred sources of values, followed by assumptions based on hypothetical transactions in the absence of market inputs. Fair value measurements are classified and disclosed in one of the following categories: Level 1 – Quoted prices in active markets for identical assets and liabilities. Level 2 – Quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar instruments in markets that are not active and model-derived valuations whose inputs are observable or whose significant value drivers are observable. Level 3 – Significant inputs to the valuation model are unobservable. Valuation techniques that maximize the use of observable inputs are favored. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the placement of assets and liabilities within the levels of the fair value hierarchy. Reclassifications of fair value between Level 1, Level 2 and Level 3 of the fair value hierarchy, if applicable, are made at the end of each quarter. The following tables summarize the Company’s financial and non-financial assets and liabilities by valuation level as of June 30, 2020 and December 31, 2019: June 30, 2020 Level 1 Level 2 Level 3 (In thousands) Assets: Derivative Instruments $ — $ 57,486 $ — Liabilities: Derivative Instruments $ — $ 54,155 $ — December 31, 2019 Level 1 Level 2 Level 3 (In thousands) Assets: Derivative Instruments $ — $ 126,764 $ — Liabilities: Derivative Instruments $ — $ 53,438 $ — The Company estimates the fair value of all derivative instruments using industry-standard models that consider various assumptions, including current market and contractual prices for the underlying instruments, implied volatility, time value, nonperformance risk, as well as other relevant economic measures. Substantially all of these inputs are observable in the marketplace throughout the full term of the instrument and can be supported by observable data. As discussed in Note 3 , the water infrastructure sale included a contingent consideration arrangement. As of June 30, 2020, the fair value of the contingent consideration was $19.8 million, of which $0.8 million is included in prepaid expenses and other assets and $19.0 million is included in other assets in the accompanying consolidated balance sheets. The fair value of the contingent consideration arrangement is calculated using discounted cash flow techniques and is based on internal estimates of the Company's future development program and water production levels. Given the unobservable nature of the inputs, the fair value measurement of the contingent consideration arrangement is deemed to use Level 3 inputs. The Company has elected the fair value option for this contingent consideration arrangement and, therefore, records changes in fair value in earnings. The Company recognized a loss of $3.2 million and $3.0 million on changes in fair value of the contingent consideration during the three and six months ended June 30, 2020, respectively, which is included in other expense (income) in the accompanying consolidated statements of operations. Settlements under the contingent consideration arrangement totaled $0.3 million during the six months ended June 30, 2020. The initial measurement of asset retirement obligations at fair value is calculated using discounted cash flow techniques and based on internal estimates of future retirement costs associated with oil and gas properties. Given the unobservable nature of the inputs, including plugging costs and reserve lives, the initial measurement of the asset retirement obligation liability is deemed to use Level 3 inputs. See Note 2 for further discussion of the Company’s asset retirement obligations. Asset retirement obligations incurred during the six months ended June 30, 2020 were approximately $1.6 million . Fair value of financial instruments

REVENUE FROM CONTRACTS WITH CUS

REVENUE FROM CONTRACTS WITH CUSTOMERS	6 Months Ended
	Jun. 30, 2020
Revenue from Contract with Customer [Abstract]
REVENUE FROM CONTRACTS WITH CUSTOMERS	REVENUE FROM CONTRACTS WITH CUSTOMERS Revenue Recognition The Company’s revenues are primarily derived from the sale of natural gas, oil and condensate and NGL. Sales of natural gas, oil and condensate and NGL are recognized in the period that the performance obligations are satisfied. The Company generally considers the delivery of each unit (MMBtu or Bbl) to be separately identifiable and represents a distinct performance obligation that is satisfied at the time control of the product is transferred to the customer. Revenue is measured based on consideration specified in the contract with the customer, and excludes any amounts collected on behalf of third parties. These contracts typically include variable consideration that is based on pricing tied to market indices and volumes delivered in the current month. As such, this market pricing may be constrained (i.e., not estimable) at the inception of the contract but will be recognized based on the applicable market pricing, which will be known upon transfer of the goods to the customer. The payment date is usually within 30 days of the end of the calendar month in which the commodity is delivered. Transaction Price Allocated to Remaining Performance Obligations A significant number of the Company's product sales are short-term in nature generally through evergreen contracts with contract terms of one year or less. These contracts typically automatically renew under the same provisions. For those contracts, the Company has utilized the practical expedient allowed in the new revenue accounting standard that exempts the Company from disclosure of the transaction price allocated to remaining performance obligations if the performance obligation is part of a contract that has an original expected duration of one year or less. For product sales that have a contract term greater than one year, the Company has utilized the practical expedient that exempts the Company from disclosure of the transaction price allocated to remaining performance obligations if the variable consideration is allocated entirely to a wholly unsatisfied performance obligation. Under these sales contracts, each unit of product generally represents a separate performance obligation; therefore, future volumes are wholly unsatisfied and disclosure of the transaction price allocated to remaining performance obligations is not required. Currently, the Company's product sales that have a contractual term greater than one year have no long-term fixed consideration. Contract Balances Receivables from contracts with customers are recorded when the right to consideration becomes unconditional, generally when control of the product has been transferred to the customer. Receivables from contracts with customers were $65.6 and $121.2 million as of June 30, 2020 and December 31, 2019, respectively, and are reported in accounts receivable - oil and natural gas sales on the consolidated balance sheets. The Company currently has no assets or liabilities related to its revenue contracts, including no upfront or rights to deficiency payments. Prior-Period Performance Obligations The Company records revenue in the month production is delivered to the purchaser. However, settlement statements for certain sales may be received for 30 to 90 days after the date production is delivered, and as a result, the Company is required to

LEASES

LEASES	6 Months Ended
	Jun. 30, 2020
Leases [Abstract]
LEASES	LEASES Nature of Leases The Company has operating leases associated with drilling rig commitments, field offices and other equipment with remaining lease terms with contractual durations in excess of one year. Short-term leases that have an initial term of one year or less are not capitalized. The Company has entered into a contract for a drilling rig with a third party to ensure rig availability. The Company has concluded its drilling rig contracts are operating leases as the assets are identifiable and the evaluation that the Company has the right to control the identified assets. The Company's drilling rig commitments are typically structured with an initial term of one Effective October 1, 2014, the Company entered into an Amended and Restated Master Services Agreement for pressure pumping services with Stingray Pressure Pumping LLC (“Stingray Pressure”), a subsidiary of Mammoth Energy and a related party. Pursuant to this agreement, as amended effective July 1, 2018, Stingray Pressure has agreed to provide hydraulic fracturing, stimulation and related completion and rework services to the Company through 2021 and the Company has agreed to pay Stingray Pressure a monthly service fee plus the associated costs of the services provided. As discussed further in Note 9 , the Company has terminated the Master Services Agreement for pressure pumping with Stingray Pressure. As a result, in the first quarter of 2020, Gulfport has removed the related right of use assets and lease liabilities associated with the terminated contract. The Company rents office space for its field locations and certain other equipment from third parties, which expire at various dates through 2024. These agreements are typically structured with non-cancelable terms of one Discount Rate As most of the Company's leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The Company's incremental borrowing rate reflects the estimated rate of interest that it would pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. Maturities of operating lease liabilities as of June 30, 2020 were as follows: (In thousands) Remaining 2020 $ 3,321 2021 129 2022 115 2023 90 2024 30 Total lease payments $ 3,685 Less: Imputed interest (45) Total $ 3,640 Lease cost for the three and six months ended June 30, 2020 and 2019 consisted of the following: Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 (In thousands) Operating lease cost $ 2,196 $ 7,748 $ 6,278 $ 16,284 Operating lease cost—related party — 5,610 — 11,220 Variable lease cost 235 531 460 960 Variable lease cost—related party — 28,158 — 59,611 Short-term lease cost 2,629 183 5,439 183 Total lease cost (1) $ 5,060 $ 42,230 $ 12,177 $ 88,258 (1) The majority of the Company's total lease cost was capitalized to the full cost pool, and the remainder was included in general and administrative expenses in the accompanying consolidated statements of operations. Supplemental cash flow information for the six months ended June 30, 2020 and 2019 related to leases was as follows: Six months ended June 30, 2020 2019 Cash paid for amounts included in the measurement of lease liabilities (In thousands) Operating cash flows from operating leases $ 72 $ 120 Investing cash flow from operating leases $ 7,727 $ 12,288 Investing cash flow from operating leases—related party $ 6,800 $ 43,925

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2020
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company records its quarterly tax provision based on an estimate of the annual effective tax rate expected to apply to continuing operations for the various jurisdictions in which it operates. The tax effects of certain items, such as tax rate changes, significant unusual or infrequent items, and certain changes in the assessment of the realizability of deferred taxes, are recognized as discrete items in the period in which they occur and are excluded from the estimated annual effective tax rate. For the three and six months ended June 30, 2020, the Company's estimated annual effective tax rate before discrete items remained near zero as a result of the valuation allowance on its deferred tax assets. During the first quarter of 2020, the Company recognized $7.3 million of income tax expense discretely in the quarter as a result of the sale of assets and a corresponding adjustment to the valuation allowance on remaining state net operating loss carryforwards. The Company anticipates remaining in a net deferred tax position based on the analysis performed for three and six months ended June 30, 2020. The Company expects a full valuation allowance against its deferred tax assets based on its conclusion, considering all available evidence (both positive and negative), that it was more likely than not that the deferred tax assets would not be realized. A valuation allowance for deferred tax assets, including net operating losses, is recognized when it is more likely than not that some or all of the benefit from the deferred tax assets will not be realized. To assess that likelihood, the Company uses estimates and judgment regarding future taxable income, and considers the tax laws in the jurisdiction where such taxable income is generated, to determine whether a valuation allowance is required. Such evidence can include current financial position, results of operations, both actual and forecasted, the reversal of deferred tax liabilities and tax planning strategies as well as the current and forecasted business economics of the oil and gas industry. On March 27, 2020, the CARES Act was enacted in response to the COVID-19 pandemic. The Act includes several significant provisions for corporations including allowing companies to carryback certain NOLs, increasing the amount of NOLs that corporations can use to offset income, and increasing the amount of deductible interest under section 163(j). The Company does not expect to be materially impacted by the CARES Act provision and does not anticipate the CARES Act to have a material effect on its ability to realized deferred tax assets. The Company’s ability to utilize NOL carryforwards and other tax attributes to reduce future federal taxable income is subject to potential limitations under Internal Revenue Code Section 382 (“Section 382”) and its related tax regulations. The utilization of these attributes may be limited if certain ownership changes by 5% stockholders (as defined in Treasury regulations pursuant to Section 382) and the effects of stock issuances by the Company during any three-year period result in a cumulative change of more than 50% in the beneficial ownership of Gulfport. The Company updates its Section 382 analysis to determine if an ownership change has occurred at each reporting period. If it is determined that an ownership change has occurred under these rules, the Company would generally be subject to an annual limitation on the use of pre-ownership change NOL carryforwards and certain other losses and/or credits. In addition, certain future transactions regarding the Company's equity, including the cumulative effects of small transactions as well as transactions beyond the Company’s control, could cause an ownership change and therefore a potential limitation on the annual utilization of its deferred tax assets. On April 30, 2020, the board of directors of the Company adopted a tax benefits preservation plan in order to protect against a possible limitation on the Company’s ability to use its tax net operating losses and certain other tax benefits to reduce potential future U.S. federal income tax obligations. The Tax Benefits Preservation Plan is intended to prevent against such an ownership change by deterring any person or group from acquiring beneficial ownership of 4.9% or more of the Company’s securities.

CONDENSED CONSOLIDATING FINANCI

CONDENSED CONSOLIDATING FINANCIAL INFORMATION	6 Months Ended
	Jun. 30, 2020
Condensed Financial Information Disclosure [Abstract]
CONDENSED CONSOLIDATING FINANCIAL INFORMATION	CONDENSED CONSOLIDATING FINANCIAL INFORMATION The 2023 Notes, the 2024 Notes, the 2025 Notes and the 2026 Notes are guaranteed on a senior unsecured basis by all existing consolidated subsidiaries that guarantee the Company’s secured revolving credit facility or certain other debt (the “Guarantors”). The Notes are not guaranteed by Grizzly Holdings or Mule Sky LLC ("Mule Sky") (the “Non-Guarantors”). The Guarantors are 100% owned by Gulfport (the “Parent”), and the guarantees are full, unconditional, joint and several. There are no significant restrictions on the ability of the Parent or the Guarantors to obtain funds from each other in the form of a dividend or loan. Effective June 1, 2019, the Parent contributed interests in certain oil and gas assets and related liabilities to certain of the Guarantors. The following condensed consolidating balance sheets, statements of operations, statements of comprehensive income and statements of cash flows are provided for the Parent, the Guarantors and the Non-Guarantors and include the consolidating adjustments and eliminations necessary to arrive at the information for the Company on a condensed consolidated basis. The information has been presented using the equity method of accounting for the Parent’s ownership of the Guarantors and the Non-Guarantors. CONDENSED CONSOLIDATING BALANCE SHEETS (Amounts in thousands) June 30, 2020 Parent Guarantors Non-Guarantors Eliminations Consolidated Assets Current assets: Cash and cash equivalents $ 823 $ 1,748 $ 246 $ — $ 2,817 Accounts receivable - oil and natural gas sales 860 64,785 — — 65,645 Accounts receivable - joint interest and other 2,949 16,440 — — 19,389 Accounts receivable - intercompany 1,482,102 1,150,631 — (2,632,733) — Prepaid expenses and other current assets 10,781 5 76 — 10,862 Short-term derivative instruments 53,188 — — — 53,188 Total current assets 1,550,703 1,233,609 322 (2,632,733) 151,901 Property and equipment: Oil and natural gas properties, full-cost accounting 1,247,631 9,478,228 5,862 (729) 10,730,992 Other property and equipment 92,768 51 4,019 — 96,838 Accumulated depletion, depreciation, amortization and impairment (1,423,539) (7,032,075) (1,850) — (8,457,464) Property and equipment, net (83,140) 2,446,204 8,031 (729) 2,370,366 Other assets: Equity investments and investments in subsidiaries 1,930,479 6,332 13,013 (1,936,772) 13,052 Long-term derivative instruments 4,298 — — — 4,298 Operating lease assets 3,640 — — — 3,640 Other assets 29,216 7,784 — — 37,000 Total other assets 1,967,633 14,116 13,013 (1,936,772) 57,990 Total assets $ 3,435,196 $ 3,693,929 $ 21,366 $ (4,570,234) $ 2,580,257 Liabilities and Stockholders ’ Equity Current liabilities: Accounts payable and accrued liabilities $ 46,085 $ 269,490 $ — $ — $ 315,575 Accounts payable - intercompany 1,185,800 1,442,144 4,789 (2,632,733) — Short-term derivative instruments 8,540 — — — 8,540 Current portion of operating lease liabilities 3,356 — — — 3,356 Current maturities of long-term debt 649 — — — 649 Total current liabilities 1,244,430 1,711,634 4,789 (2,632,733) 328,120 Long-term derivative instruments 45,615 — — — 45,615 Asset retirement obligation - long-term — 61,371 — — 61,371 Uncertain tax position liability 3,209 — — — 3,209 Non-current operating lease liabilities 284 — — — 284 Long-term debt, net of current maturities 1,910,318 — — — 1,910,318 Total liabilities 3,203,856 1,773,005 4,789 (2,632,733) 2,348,917 Stockholders’ equity: Common stock 1,601 — — — 1,601 Paid-in capital 4,211,062 4,171,409 267,559 (4,438,968) 4,211,062 Accumulated other comprehensive loss (54,991) — (52,562) 52,562 (54,991) Accumulated deficit (3,926,332) (2,250,485) (198,420) 2,448,905 (3,926,332) Total stockholders’ equity 231,340 1,920,924 16,577 (1,937,501) 231,340 Total liabilities and stockholders ’ equity $ 3,435,196 $ 3,693,929 $ 21,366 $ (4,570,234) $ 2,580,257 CONDENSED CONSOLIDATING BALANCE SHEETS (Amounts in thousands) December 31, 2019 Parent Guarantors Non-Guarantor Eliminations Consolidated Assets Current assets: Cash and cash equivalents $ 2,768 $ 3,097 $ 195 $ — $ 6,060 Accounts receivable - oil and natural gas sales 859 120,351 — — 121,210 Accounts receivable - joint interest and other 5,279 42,696 — — 47,975 Accounts receivable - intercompany 1,065,593 843,223 — (1,908,816) — Prepaid expenses and other current assets 4,047 308 76 — 4,431 Short-term derivative instruments 126,201 — — — 126,201 Total current assets 1,204,747 1,009,675 271 (1,908,816) 305,877 Property and equipment: Oil and natural gas properties, full-cost accounting, 1,314,933 9,273,681 7,850 (729) 10,595,735 Other property and equipment 92,650 50 4,019 — 96,719 Accumulated depletion, depreciation, amortization and impairment (1,418,888) (5,808,254) (1,518) — (7,228,660) Property and equipment, net (11,305) 3,465,477 10,351 (729) 3,463,794 Other assets: Equity investments and investments in subsidiaries 3,064,503 6,332 21,000 (3,059,791) 32,044 Long-term derivative instruments 563 — — — 563 Deferred tax asset 7,563 — — — 7,563 Operating lease assets 14,168 — — — 14,168 Operating lease assets - related parties 43,270 — — — 43,270 Other assets 10,026 5,514 — — 15,540 Total other assets 3,140,093 11,846 21,000 (3,059,791) 113,148 Total assets $ 4,333,535 $ 4,486,998 $ 31,622 $ (4,969,336) $ 3,882,819 Liabilities and Stockholders ’ Equity Current liabilities: Accounts payable and accrued liabilities $ 48,006 $ 367,088 $ 124 $ — $ 415,218 Accounts payable - intercompany 878,283 1,026,249 4,285 (1,908,817) — Short-term derivative instruments 303 — — — 303 Current portion of operating lease liabilities 13,826 — — — 13,826 Current portion of operating lease liabilities - related parties 21,220 — — — 21,220 Current maturities of long-term debt 631 — — — 631 Total current liabilities 962,269 1,393,337 4,409 (1,908,817) 451,198 Long-term derivative instruments 53,135 — — — 53,135 Asset retirement obligation - long-term — 58,322 2,033 — 60,355 Uncertain tax position liability 3,127 — — — 3,127 Non-current operating lease liabilities 342 — — — 342 Non-current operating lease liabilities - related parties 22,050 — — — 22,050 Long-term debt, net of current maturities 1,978,020 — — — 1,978,020 Total liabilities 3,018,943 1,451,659 6,442 (1,908,817) 2,568,227 Stockholders’ equity: Common stock 1,597 — — — 1,597 Paid-in capital 4,207,554 4,171,408 267,557 (4,438,965) 4,207,554 Accumulated other comprehensive loss (46,833) — (44,763) 44,763 (46,833) Accumulated deficit (2,847,726) (1,136,069) (197,614) 1,333,683 (2,847,726) Total stockholders’ equity 1,314,592 3,035,339 25,180 (3,060,519) 1,314,592 Total liabilities and stockholders ’ equity $ 4,333,535 $ 4,486,998 $ 31,622 $ (4,969,336) $ 3,882,819 CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (Amounts in thousands) Three months ended June 30, 2020 Parent Guarantors Non-Guarantors Eliminations Consolidated Total revenues $ 26,970 $ 105,440 $ — $ — $ 132,410 Costs and expenses: Lease operating expenses — 15,686 — — 15,686 Production taxes — 3,605 — — 3,605 Midstream gathering and processing expenses — 59,974 — — 59,974 Depreciation, depletion and amortization 2,388 62,236 166 — 64,790 Impairment of oil and natural gas properties — 532,880 — — 532,880 General and administrative expenses 21,731 (11,374) 113 — 10,470 Accretion expense — 755 — — 755 Total Operating Expenses 24,119 663,762 279 — 688,160 INCOME (LOSS) FROM OPERATIONS 2,851 (558,322) (279) — (555,750) OTHER EXPENSE (INCOME): Interest expense 32,825 (459) — — 32,366 Interest income (28) (50) — — (78) Gain on debt extinguishment (34,257) — — — (34,257) Loss from equity method investments and investments in subsidiaries 562,502 — 45 (562,502) 45 Other expense 2,877 4,365 — — 7,242 Total Other Expense 563,919 3,856 45 (562,502) 5,318 LOSS BEFORE INCOME TAXES (561,068) (562,178) (324) 562,502 (561,068) INCOME TAX EXPENSE — — — — — NET LOSS $ (561,068) $ (562,178) $ (324) $ 562,502 $ (561,068) CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (Amounts in thousands) Three months ended June 30, 2019 Parent Guarantors Non-Guarantor Eliminations Consolidated Total revenues $ 280,291 $ 178,703 $ — $ — $ 458,994 Costs and expenses: Lease operating expenses 12,256 10,132 — — 22,388 Production taxes 2,820 5,278 — — 8,098 Midstream gathering and processing expenses 28,121 43,894 — — 72,015 Depreciation, depletion and amortization 80,132 44,764 55 — 124,951 General and administrative expenses 15,207 (3,583) 103 — 11,727 Accretion expense 438 921 — — 1,359 Total Operating Expenses 138,974 101,406 158 — 240,538 INCOME (LOSS) FROM OPERATIONS 141,317 77,297 (158) — 218,456 OTHER EXPENSE (INCOME): Interest expense 37,373 (955) — — 36,418 Interest income (120) (39) — — (159) Loss (income) from equity method investments and investments in subsidiaries 47,449 — (54) 78,187 125,582 Other expense 990 — — — 990 Total Other Expense (Income) 85,692 (994) (54) 78,187 162,831 INCOME (LOSS) BEFORE INCOME TAXES 55,625 78,291 (104) (78,187) 55,625 INCOME TAX BENEFIT (179,331) — — — (179,331) NET INCOME (LOSS) $ 234,956 $ 78,291 $ (104) $ (78,187) $ 234,956 CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (Amounts in thousands) Six months ended June 30, 2020 Parent Guarantors Non-Guarantors Eliminations Consolidated Total revenues $ 125,238 $ 254,049 $ — $ — $ 379,287 Costs and expenses: Lease operating expenses — 31,672 — — 31,672 Production taxes — 8,404 — — 8,404 Midstream gathering and processing expenses — 117,870 — — 117,870 Depreciation, depletion, and amortization 4,890 137,596 332 — 142,818 Impairment of oil and gas properties — 1,086,225 — — 1,086,225 General and administrative expenses 46,377 (20,024) 286 — 26,639 Accretion expense — 1,496 — — 1,496 Total Operating Expenses 51,267 1,363,239 618 — 1,415,124 INCOME (LOSS) FROM OPERATIONS 73,971 (1,109,190) (618) — (1,035,837) OTHER EXPENSE (INCOME): Interest expense 66,002 (646) — — 65,356 Interest income (87) (143) — — (230) Gain on debt extinguishment (49,579) — — — (49,579) Loss from equity method investments and investments in subsidiaries 1,125,868 — 188 (1,115,222) 10,834 Other expense 3,083 6,015 — — 9,098 Total Other Expense 1,145,287 5,226 188 (1,115,222) 35,479 LOSS BEFORE INCOME TAXES (1,071,316) (1,114,416) (806) 1,115,222 (1,071,316) INCOME TAX EXPENSE 7,290 — — — 7,290 NET LOSS $ (1,078,606) $ (1,114,416) $ (806) $ 1,115,222 $ (1,078,606) CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (Amounts in thousands) Six months ended June 30, 2019 Parent Guarantors Non-Guarantor Eliminations Consolidated Total revenues $ 466,537 $ 313,035 $ — $ — $ 779,572 Costs and expenses: Lease operating expenses 27,149 15,046 — — 42,195 Production taxes 6,081 9,938 — — 16,019 Midstream gathering and processing expenses 71,420 70,877 — — 142,297 Depreciation, depletion, and amortization 198,564 44,765 55 — 243,384 General and administrative expenses 25,938 (4,258) 104 — 21,784 Accretion expense 1,389 1,037 — — 2,426 Total Operating Expenses 330,541 137,405 159 — 468,105 INCOME (LOSS) FROM OPERATIONS 135,996 175,630 (159) — 311,467 OTHER EXPENSE (INCOME): Interest expense 73,298 (1,259) — — 72,039 Interest income (267) (44) — — (311) (Income) loss from equity method investments and investments in subsidiaries (55,465) — 339 176,435 121,309 Other expense 563 — — — 563 Total Other Expense (Income) 18,129 (1,303) 339 176,435 193,600 INCOME (LOSS) BEFORE INCOME TAXES 117,867 176,933 (498) (176,435) 117,867 INCOME TAX BENEFIT (179,331) — — — (179,331) NET INCOME (LOSS) $ 297,198 $ 176,933 $ (498) $ (176,435) $ 297,198 Three months ended June 30, 2020 Parent Guarantors Non-Guarantors Eliminations Consolidated Net loss $ (561,068) $ (562,178) $ (324) $ 562,502 $ (561,068) Foreign currency translation adjustment 6,872 — 6,872 (6,872) 6,872 Other comprehensive loss 6,872 — 6,872 (6,872) 6,872 Comprehensive loss $ (554,196) $ (562,178) $ 6,548 $ 555,630 $ (554,196) Three months ended June 30, 2019 Parent Guarantors Non-Guarantor Eliminations Consolidated Net income (loss) $ 234,956 $ 78,291 $ (104) $ (78,187) $ 234,956 Foreign currency translation adjustment 3,610 61 3,549 (3,610) 3,610 Other comprehensive income 3,610 61 3,549 (3,610) 3,610 Comprehensive income $ 238,566 $ 78,352 $ 3,445 $ (81,797) $ 238,566 Six months ended June 30, 2020 Parent Guarantors Non-Guarantors Eliminations Consolidated Net loss $ (1,078,606) $ (1,114,416) $ (806) $ 1,115,222 $ (1,078,606) Foreign currency translation adjustment (8,158) (360) (7,798) 8,158 (8,158) Other comprehensive loss (8,158) (360) (7,798) 8,158 (8,158) Comprehensive loss $ (1,086,764) $ (1,114,776) $ (8,604) $ 1,123,380 $ (1,086,764) Six months ended June 30, 2019 Parent Guarantors Non-Guarantor Eliminations Consolidated Net income (loss) $ 297,198 $ 176,933 $ (498) $ (176,435) $ 297,198 Foreign currency translation adjustment 7,411 155 7,256 (7,411) 7,411 Other comprehensive income 7,411 155 7,256 (7,411) 7,411 Comprehensive income $ 304,609 $ 177,088 $ 6,758 $ (183,846) $ 304,609 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (Amounts in thousands) Six months ended June 30, 2020 Parent Guarantors Non-Guarantors Eliminations Consolidated Net cash provided by (used in) operating activities $ 18,854 $ 228,317 $ (384) $ 435 $ 247,222 Net cash used in investing activities (424) (229,666) — — (230,090) Net cash (used in) provided by financing activities (20,375) — 435 (435) (20,375) Net (decrease) increase in cash, cash equivalents and restricted cash (1,945) (1,349) 51 — (3,243) Cash, cash equivalents and restricted cash at beginning of period 2,768 3,097 195 — 6,060 Cash, cash equivalents and restricted cash at end of period $ 823 $ 1,748 $ 246 $ — $ 2,817 Six months ended June 30, 2019 Parent Guarantors Non-Guarantor Eliminations Consolidated Net cash provided by (used in) operating activities $ 312,267 $ 84,146 $ 3,355 $ 1 $ 399,769 Net cash used in investing activities (405,848) (101,058) (3,751) 432 (510,225) Net cash (used in) provided by financing activities 78,936 — 433 (433) 78,936 Net decrease in cash, cash equivalents and restricted cash (14,645) (16,912) 37 — (31,520) Cash, cash equivalents and restricted cash at beginning of period 25,585 26,711 1 — 52,297 Cash, cash equivalents and restricted cash at end of period $ 10,940 $ 9,799 $ 38 $ — $ 20,777

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2020
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Amendment to Credit Facility On July 27, 2020, Gulfport entered into a Sixteenth Amendment to the Amended and Restated Credit Agreement. Among other changes, the Sixteenth Amendment amends the Credit Agreement to: (i) require that, in the event of any issuances of Senior Notes, including Second Lien Notes, after the effective date, the then effective borrowing base will be reduced by a variable amount prescribed in the Credit Agreement to the extent the proceeds are not used to satisfy previously issued senior notes within 90 days of such issuance; (ii) require that each Loan Notice specify the amount of the then effective Borrowing Base and Pro Forma Borrowing Base, the Aggregate Elected Commitment Amount, and the current Total Outstandings, both with and without regard to the requested Borrowing; (iii) permit the Borrower or any Restricted Subsidiary to enter into obligations in connection with a Permitted Bond Hedge Transaction or Permitted Warrant Transaction; (iv) permit the Borrower to make any payments of Senior Notes and Subordinated Obligation prior to their scheduled maturity, in any event not to exceed $750,000,000 or, if lesser, the net cash proceeds of any Senior Notes issued within 90 days before such payment; (v) require that the Senior Notes have a stated maturity date of no earlier than March 13, 2024, as well as not require payment of principal prior to such date, in order for the Borrower to be permitted to secure indebtedness under the Senior Notes; (vi) permit certain additional liens securing obligations in respect of the incurrence or issuance of any Permitted Refinancing Notes (as such term is defined in the Credit Agreement) not to exceed $750,000,000, subject to the terms of an intercreditor agreement; and (vii) amend and restate the Applicable Rate Grid to provide as follows: Applicable Rate Applicable Usage Level Commitment fee Eurodollar Rate Loans and Letters of Credit Base Rate Loans Level 1 0.375% 2.00% 1.00% Level 2 0.375% 2.25% 1.25% Level 3 0.50% 2.50% 1.50% Level 4 0.50% 2.75% 1.75% Level 5 0.50% 3.00% 2.00%

BASIS OF PRESENTATION, SUMMAR_2

BASIS OF PRESENTATION, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND LIQUIDITY, MANAGEMENT'S PLANS AND GOING CONCERN (Policies)	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared by Gulfport Energy Corporation (the “Company” or “Gulfport”) pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”), and reflect all adjustments that, in the opinion of management, are necessary for a fair presentation of the results for the interim periods reported in all material respects, on a basis consistent with the annual audited consolidated financial statements. All such adjustments are of a normal, recurring nature. Certain information, accounting policies, and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles ("GAAP") have been omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading.
Recently Adopted Accounting Standards	Recently Adopted Accounting Standards On January 1, 2020, the Company adopted ASU No. 2016-13, Financial Instruments-Credit Losses: Measurement of Credit Losses on Financial Instruments , which replaces the incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions and reasonable and supportable forecasts that affect the collectibility of the

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	6 Months Ended
	Jun. 30, 2020
Property, Plant and Equipment [Abstract]
Schedule of property and equipment	The major categories of property and equipment and related accumulated depletion, depreciation, amortization ("DD&A") and impairment as of June 30, 2020 and December 31, 2019 are as follows: June 30, 2020 December 31, 2019 (In thousands) Oil and natural gas properties $ 10,730,992 $ 10,595,735 Accumulated DD&A and impairment (8,415,756) (7,191,957) Oil and natural gas properties, net 2,315,236 3,403,778 Other depreciable property and equipment 91,317 91,198 Land 5,521 5,521 Accumulated DD&A (41,708) (36,703) Other property and equipment, net 55,130 60,016 Property and equipment, net $ 2,370,366 $ 3,463,794
Schedule of non-producing properties excluded from amortization by area	The following table summarizes the Company’s unevaluated properties excluded from amortization by area at June 30, 2020: June 30, 2020 (In thousands) Utica $ 874,886 MidContinent 687,169 Other 2,134 $ 1,564,189
Schedule of asset retirement obligation	A reconciliation of the Company’s asset retirement obligation for the six months ended June 30, 2020 and 2019 is as follows: June 30, 2020 June 30, 2019 (In thousands) Asset retirement obligation, beginning of period $ 60,355 $ 79,952 Liabilities incurred 1,553 5,153 Liabilities settled — (117) Liabilities removed due to divestitures (2,033) — Accretion expense 1,496 2,426 Revisions in estimated cash flows — 1,077 Asset retirement obligation as of end of period 61,371 88,491

EQUITY INVESTMENTS (Tables)

EQUITY INVESTMENTS (Tables)	6 Months Ended
	Jun. 30, 2020
Equity Method Investments and Joint Ventures [Abstract]
Schedule of equity method investments	Investments accounted for by the equity method consist of the following as of June 30, 2020 and December 31, 2019: Carrying value (Loss) income from equity method investments Approximate ownership % June 30, 2020 December 31, 2019 Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 (In thousands) Investment in Grizzly Oil Sands ULC 24.6 % $ 13,013 $ 21,000 $ (45) $ 54 (188) $ (339) Investment in Mammoth Energy Services, Inc. 21.5 % — 11,005 — (127,581) (10,646) (123,055) Investment in Windsor Midstream LLC 22.5 % 39 39 — — — — Investment in Tatex Thailand II, LLC 23.5 % — — — 1,945 — 2,085 $ 13,052 $ 32,044 $ (45) $ (125,582) $ (10,834) $ (121,309)
Schedule of equity investments - balance sheet	The tables below summarize financial information for the Company’s equity investments as of June 30, 2020 and December 31, 2019. Summarized balance sheet information: June 30, 2020 December 31, 2019 (In thousands) Current assets $ 434,966 $ 421,326 Noncurrent assets $ 1,107,221 $ 1,260,075 Current liabilities $ 115,281 $ 132,569 Noncurrent liabilities $ 172,478 $ 163,241
Schedule of equity investments - income statement	Summarized results of operations: Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 (In thousands) Gross revenue $ 60,109 $ 179,114 $ 157,492 $ 443,958 Net (loss) income $ (14,922) $ (4,072) $ (99,953) $ 20,684

LONG-TERM DEBT (Tables)

LONG-TERM DEBT (Tables)	6 Months Ended
	Jun. 30, 2020
Long-term Debt, Unclassified [Abstract]
Schedule of long-term debt	Long-term debt consisted of the following items as of June 30, 2020 and December 31, 2019: June 30, 2020 December 31, 2019 (In thousands) Revolving credit agreement (1) $ 123,000 $ 120,000 6.625% senior unsecured notes due 2023 324,583 329,467 6.000% senior unsecured notes due 2024 579,568 603,428 6.375% senior unsecured notes due 2025 507,870 529,525 6.375% senior unsecured notes due 2026 374,617 397,529 Net unamortized debt issuance costs (2) (20,802) (23,751) Construction loan 22,131 22,453 Less: current maturities of long term debt (649) (631) Debt reflected as long term $ 1,910,318 $ 1,978,020 (1) The Company has entered into a senior secured revolving credit facility, as amended (the "revolving credit facility"), with The Bank of Nova Scotia, as the lead arranger and administrative agent and other lenders. The credit agreement provides for a maximum facility of $1.5 billion and matures on December 13, 2021. On May 1, 2020, the Company entered into the fifteenth amendment to the Amended and Restated Credit Agreement. As part of the amendment, the Company's borrowing base and elected commitment were reduced from $1.2 billion and $1.0 billion, respectively, to $700.0 million. Additionally, the amendment added a requirement to maintain a ratio of Net Secured Debt to EBITDAX (as defined under the revolving credit agreement) not exceeding 2.00 to 1.00, deferred the requirement to maintain a ratio of Net Funded Debt to EBITDAX of 4.00 to 1.00 until September 30, 2021 and added a limitation on the repurchase of unsecured notes, among other amendments. On July 27, 2020, the Company entered into the sixteenth amendment to the Amended and Restated Credit Agreement. The sixteenth amendment allows for the Company to issue up to $750 million in second lien debt subject to certain conditions. See Note 16 for further information on this amendment. As of June 30, 2020, $123.0 million was outstanding under the revolving credit facility and the total availability for future borrowings under this facility, after giving effect to an aggregate of $324.1 million letters of credit, was $252.9 million. The Company’s wholly owned subsidiaries have guaranteed the obligations of the Company under the revolving credit facility. At June 30, 2020, amounts borrowed under the revolving credit facility bore interest at a weighted average rate of 2.44%. The Company was in compliance with its financial covenants under the revolving credit facility at June 30, 2020. (2) Loan issuance costs related to the 6.625% Senior Notes due 2023 (the "2023 Notes"), the 6.000% Senior Notes due 2024 (the "2024 Notes"), the 6.375% Senior Notes due 2025 (the "2025 Notes") and the 6.375% Senior Notes due 2026 (the "2026 Notes") (collectively the “Notes”) have been presented as a reduction to the principal amount of the Notes. At June 30, 2020, total unamortized debt issuance costs were $2.8 million for the 2023 Notes, $6.1 million for the 2024 Notes, $8.5 million for the 2025 Notes and $3.4 million for the 2026 Notes. In addition, loan commitment fee costs for the Company's construction loan agreement were $0.1 million at June 30, 2020.

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	6 Months Ended
	Jun. 30, 2020
Share-based Payment Arrangement, Noncash Expense [Abstract]
Schedule of restricted stock activity	The following table summarizes restricted stock unit activity for the six months ended June 30, 2020: Number of Weighted Number of Weighted Unvested shares as of January 1, 2020 4,098,318 $ 4.73 1,783,660 $ 2.96 Granted 1,985,452 0.67 — — Vested (512,283) 7.19 — — Forfeited (979,929) 3.82 (830,323) 1.98 Unvested shares as of June 30, 2020 4,591,558 $ 3.00 953,337 $ 3.82

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
Schedule of earnings per share	Reconciliations of the components of basic and diluted net income per common share are presented in the tables below: Three months ended June 30, 2020 2019 Loss Shares Per Income Shares Per (In thousands, except share data) Basic: Net (loss) income $ (561,068) 159,933,739 $ (3.51) $ 234,956 159,324,909 $ 1.47 Effect of dilutive securities: Stock awards — — — 181,917 Diluted: Net (loss) income $ (561,068) 159,933,739 $ (3.51) $ 234,956 159,506,826 $ 1.47 Six months ended June 30, 2020 2019 Loss Shares Per Income Shares Per (In thousands, except share data) Basic: Net (loss) income $ (1,078,606) 159,846,981 $ (6.75) $ 297,198 161,064,787 $ 1.85 Effect of dilutive securities: Stock options and awards — — — 525,300 Diluted: Net (loss) income $ (1,078,606) 159,846,981 $ (6.75) $ 297,198 161,590,087 $ 1.84

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	6 Months Ended
	Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Schedule of firm transportation commitments	A summary of these commitments at June 30, 2020 are set forth in the table below: (MMBtu per day) Remaining 2020 311,000 2021 192,000 2022 70,000 2023 17,000 Total 590,000
Schedule of other commitments	A summary of these commitments at June 30, 2020 are set forth in the table below: Total MMBtu (In thousands) Remaining 2020 267,720,000 $ 138,495 2021 531,075,000 285,779 2022 531,075,000 286,616 2023 515,775,000 282,936 2024 489,490,000 265,558 Thereafter 3,767,959,000 2,160,634 Total 6,103,094,000 $ 3,420,018 Future minimum commitments under this agreement at June 30, 2020 are: (In thousands) Remaining 2020 $ 3,750 2021 7,500 Total $ 11,250

DERIVATIVE INSTRUMENTS (Tables)

DERIVATIVE INSTRUMENTS (Tables)	6 Months Ended
	Jun. 30, 2020
General Discussion of Derivative Instruments and Hedging Activities [Abstract]
Schedule of open fixed price swap positions and natural gas basis swap positions	Below is a summary of the Company’s open fixed price swap positions as of June 30, 2020. Location Daily Volume Weighted Remaining 2020 NYMEX Henry Hub 357,000 $ 2.86 Location Daily Volume Weighted Remaining 2020 NYMEX WTI 3,000 $ 35.49 Location Daily Volume Weighted Remaining 2020 Mont Belvieu C3 1,500 $ 20.27 The Company sold call options in exchange for a premium, and used the associated premiums to enhance the fixed price for a portion of the fixed price natural gas swaps primarily for 2020 listed above. Each call option has an established ceiling price. When the referenced settlement price is above the price ceiling established by these call options, the Company pays its counterparty an amount equal to the difference between the referenced settlement price and the price ceiling multiplied by the hedged contract volumes. Location Daily Volume Weighted Average Price 2022 NYMEX Henry Hub 628,000 $ 2.90 2023 NYMEX Henry Hub 628,000 $ 2.90 Location Daily Volume (MMBtu/day) Weighted Average Floor Price Weighted Average Ceiling Price 2021 NYMEX Henry Hub 250,000 $ 2.46 $ 2.81 Gulfport Pays Gulfport Receives Daily Volume Weighted Average Fixed Spread Remaining 2020 Transco Zone 4 NYMEX Plus Fixed Spread 60,000 $ (0.05) Remaining 2020 Fixed Spread ONEOK Minus NYMEX 10,000 $ (0.54)
Schedule of purchase and sale agreement for sale of the company's non-core assets	See below for threshold and potential payment amounts. Period Threshold (1) Payment to be received (2) July 2020 - June 2021 Greater than or equal to $60.65 $ 150,000 Between $52.62 - $60.65 Calculated Value (3) Less than or equal to $52.62 $ — (1) Based on the "WTI NYMEX + Argus LLS Differential," as published by Argus Media. (2) Payment will be assessed monthly from July 2020 through June 2021. If threshold is met, payment shall be received within five business days after the end of each calendar month. (3) If average daily price, as defined in (1), is greater than $52.62 but less than $60.65, payment received will be $150,000 multiplied by a fraction, the numerator of which is the amount determined by subtracting $52.62 from such average daily price, and the denominator of which is $8.03.
Schedule of derivative instruments in balance sheet	The following table presents the fair value of the Company’s derivative instruments on a gross basis at June 30, 2020 and December 31, 2019: June 30, 2020 December 31, 2019 (In thousands) Commodity Contracts: Short-term derivative asset $ 53,188 $ 125,383 Long-term derivative asset 4,298 — Short-term derivative liability (8,540) (303) Long-term derivative liability (45,615) (53,135) Total commodity derivative position $ 3,331 $ 71,945 Contingent consideration arrangement: Short-term derivative asset $ — $ 818 Long-term derivative asset — 563 Total contingent consideration derivative position $ — $ 1,381 Total net asset derivative position $ 3,331 $ 73,326
Schedule of net gain (loss) on derivatives	The following table presents the gain and loss recognized in net gain on natural gas, oil and NGL derivatives in the accompanying consolidated statements of operations for the three and six months ended June 30, 2020 and 2019. Net gain (loss) on derivative instruments Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 (In thousands) Natural gas derivatives $ 35,689 $ 152,475 $ 81,542 $ 136,044 Oil derivatives (7,937) 11,871 44,937 11,417 NGL derivatives (781) 6,794 139 3,634 Contingent consideration arrangement — — (1,381) — Total $ 26,971 $ 171,140 $ 125,237 $ 151,095
Schedule of recognized derivative assets	The following table presents the gross amounts of recognized derivative assets and liabilities in the consolidated balance sheets and the amounts that are subject to offsetting under master netting arrangements with counterparties, all at fair value. As of June 30, 2020 Gross Assets (Liabilities) Gross Amounts Presented in the Subject to Master Net Consolidated Balance Sheets Netting Agreements Amount (In thousands) Derivative assets $ 57,486 $ (48,761) $ 8,725 Derivative liabilities $ (54,155) $ 48,761 $ (5,394) As of December 31, 2019 Gross Assets (Liabilities) Gross Amounts Presented in the Subject to Master Net Consolidated Balance Sheets Netting Agreements Amount (In thousands) Derivative assets $ 126,764 $ (53,438) $ 73,326 Derivative liabilities $ (53,438) $ 53,438 $ —
Schedule of recognized derivative liabilities	The following table presents the gross amounts of recognized derivative assets and liabilities in the consolidated balance sheets and the amounts that are subject to offsetting under master netting arrangements with counterparties, all at fair value. As of June 30, 2020 Gross Assets (Liabilities) Gross Amounts Presented in the Subject to Master Net Consolidated Balance Sheets Netting Agreements Amount (In thousands) Derivative assets $ 57,486 $ (48,761) $ 8,725 Derivative liabilities $ (54,155) $ 48,761 $ (5,394) As of December 31, 2019 Gross Assets (Liabilities) Gross Amounts Presented in the Subject to Master Net Consolidated Balance Sheets Netting Agreements Amount (In thousands) Derivative assets $ 126,764 $ (53,438) $ 73,326 Derivative liabilities $ (53,438) $ 53,438 $ —

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Jun. 30, 2020
Fair Value Disclosures [Abstract]
Schedule of financial and non-financial assets and liabilities by valuation level	The following tables summarize the Company’s financial and non-financial assets and liabilities by valuation level as of June 30, 2020 and December 31, 2019: June 30, 2020 Level 1 Level 2 Level 3 (In thousands) Assets: Derivative Instruments $ — $ 57,486 $ — Liabilities: Derivative Instruments $ — $ 54,155 $ — December 31, 2019 Level 1 Level 2 Level 3 (In thousands) Assets: Derivative Instruments $ — $ 126,764 $ — Liabilities: Derivative Instruments $ — $ 53,438 $ —

LEASES (Tables)

LEASES (Tables)	6 Months Ended
	Jun. 30, 2020
Leases [Abstract]
Schedule of operating lease liability	Maturities of operating lease liabilities as of June 30, 2020 were as follows: (In thousands) Remaining 2020 $ 3,321 2021 129 2022 115 2023 90 2024 30 Total lease payments $ 3,685 Less: Imputed interest (45) Total $ 3,640
Schedule of lease cost	Lease cost for the three and six months ended June 30, 2020 and 2019 consisted of the following: Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 (In thousands) Operating lease cost $ 2,196 $ 7,748 $ 6,278 $ 16,284 Operating lease cost—related party — 5,610 — 11,220 Variable lease cost 235 531 460 960 Variable lease cost—related party — 28,158 — 59,611 Short-term lease cost 2,629 183 5,439 183 Total lease cost (1) $ 5,060 $ 42,230 $ 12,177 $ 88,258 (1) The majority of the Company's total lease cost was capitalized to the full cost pool, and the remainder was included in general and administrative expenses in the accompanying consolidated statements of operations. Supplemental cash flow information for the six months ended June 30, 2020 and 2019 related to leases was as follows: Six months ended June 30, 2020 2019 Cash paid for amounts included in the measurement of lease liabilities (In thousands) Operating cash flows from operating leases $ 72 $ 120 Investing cash flow from operating leases $ 7,727 $ 12,288 Investing cash flow from operating leases—related party $ 6,800 $ 43,925

CONDENSED CONSOLIDATING FINAN_2

CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Tables)	6 Months Ended
	Jun. 30, 2020
Condensed Financial Information Disclosure [Abstract]
CONDENSED CONSOLIDATING BALANCE SHEETS	CONDENSED CONSOLIDATING BALANCE SHEETS (Amounts in thousands) June 30, 2020 Parent Guarantors Non-Guarantors Eliminations Consolidated Assets Current assets: Cash and cash equivalents $ 823 $ 1,748 $ 246 $ — $ 2,817 Accounts receivable - oil and natural gas sales 860 64,785 — — 65,645 Accounts receivable - joint interest and other 2,949 16,440 — — 19,389 Accounts receivable - intercompany 1,482,102 1,150,631 — (2,632,733) — Prepaid expenses and other current assets 10,781 5 76 — 10,862 Short-term derivative instruments 53,188 — — — 53,188 Total current assets 1,550,703 1,233,609 322 (2,632,733) 151,901 Property and equipment: Oil and natural gas properties, full-cost accounting 1,247,631 9,478,228 5,862 (729) 10,730,992 Other property and equipment 92,768 51 4,019 — 96,838 Accumulated depletion, depreciation, amortization and impairment (1,423,539) (7,032,075) (1,850) — (8,457,464) Property and equipment, net (83,140) 2,446,204 8,031 (729) 2,370,366 Other assets: Equity investments and investments in subsidiaries 1,930,479 6,332 13,013 (1,936,772) 13,052 Long-term derivative instruments 4,298 — — — 4,298 Operating lease assets 3,640 — — — 3,640 Other assets 29,216 7,784 — — 37,000 Total other assets 1,967,633 14,116 13,013 (1,936,772) 57,990 Total assets $ 3,435,196 $ 3,693,929 $ 21,366 $ (4,570,234) $ 2,580,257 Liabilities and Stockholders ’ Equity Current liabilities: Accounts payable and accrued liabilities $ 46,085 $ 269,490 $ — $ — $ 315,575 Accounts payable - intercompany 1,185,800 1,442,144 4,789 (2,632,733) — Short-term derivative instruments 8,540 — — — 8,540 Current portion of operating lease liabilities 3,356 — — — 3,356 Current maturities of long-term debt 649 — — — 649 Total current liabilities 1,244,430 1,711,634 4,789 (2,632,733) 328,120 Long-term derivative instruments 45,615 — — — 45,615 Asset retirement obligation - long-term — 61,371 — — 61,371 Uncertain tax position liability 3,209 — — — 3,209 Non-current operating lease liabilities 284 — — — 284 Long-term debt, net of current maturities 1,910,318 — — — 1,910,318 Total liabilities 3,203,856 1,773,005 4,789 (2,632,733) 2,348,917 Stockholders’ equity: Common stock 1,601 — — — 1,601 Paid-in capital 4,211,062 4,171,409 267,559 (4,438,968) 4,211,062 Accumulated other comprehensive loss (54,991) — (52,562) 52,562 (54,991) Accumulated deficit (3,926,332) (2,250,485) (198,420) 2,448,905 (3,926,332) Total stockholders’ equity 231,340 1,920,924 16,577 (1,937,501) 231,340 Total liabilities and stockholders ’ equity $ 3,435,196 $ 3,693,929 $ 21,366 $ (4,570,234) $ 2,580,257 CONDENSED CONSOLIDATING BALANCE SHEETS (Amounts in thousands) December 31, 2019 Parent Guarantors Non-Guarantor Eliminations Consolidated Assets Current assets: Cash and cash equivalents $ 2,768 $ 3,097 $ 195 $ — $ 6,060 Accounts receivable - oil and natural gas sales 859 120,351 — — 121,210 Accounts receivable - joint interest and other 5,279 42,696 — — 47,975 Accounts receivable - intercompany 1,065,593 843,223 — (1,908,816) — Prepaid expenses and other current assets 4,047 308 76 — 4,431 Short-term derivative instruments 126,201 — — — 126,201 Total current assets 1,204,747 1,009,675 271 (1,908,816) 305,877 Property and equipment: Oil and natural gas properties, full-cost accounting, 1,314,933 9,273,681 7,850 (729) 10,595,735 Other property and equipment 92,650 50 4,019 — 96,719 Accumulated depletion, depreciation, amortization and impairment (1,418,888) (5,808,254) (1,518) — (7,228,660) Property and equipment, net (11,305) 3,465,477 10,351 (729) 3,463,794 Other assets: Equity investments and investments in subsidiaries 3,064,503 6,332 21,000 (3,059,791) 32,044 Long-term derivative instruments 563 — — — 563 Deferred tax asset 7,563 — — — 7,563 Operating lease assets 14,168 — — — 14,168 Operating lease assets - related parties 43,270 — — — 43,270 Other assets 10,026 5,514 — — 15,540 Total other assets 3,140,093 11,846 21,000 (3,059,791) 113,148 Total assets $ 4,333,535 $ 4,486,998 $ 31,622 $ (4,969,336) $ 3,882,819 Liabilities and Stockholders ’ Equity Current liabilities: Accounts payable and accrued liabilities $ 48,006 $ 367,088 $ 124 $ — $ 415,218 Accounts payable - intercompany 878,283 1,026,249 4,285 (1,908,817) — Short-term derivative instruments 303 — — — 303 Current portion of operating lease liabilities 13,826 — — — 13,826 Current portion of operating lease liabilities - related parties 21,220 — — — 21,220 Current maturities of long-term debt 631 — — — 631 Total current liabilities 962,269 1,393,337 4,409 (1,908,817) 451,198 Long-term derivative instruments 53,135 — — — 53,135 Asset retirement obligation - long-term — 58,322 2,033 — 60,355 Uncertain tax position liability 3,127 — — — 3,127 Non-current operating lease liabilities 342 — — — 342 Non-current operating lease liabilities - related parties 22,050 — — — 22,050 Long-term debt, net of current maturities 1,978,020 — — — 1,978,020 Total liabilities 3,018,943 1,451,659 6,442 (1,908,817) 2,568,227 Stockholders’ equity: Common stock 1,597 — — — 1,597 Paid-in capital 4,207,554 4,171,408 267,557 (4,438,965) 4,207,554 Accumulated other comprehensive loss (46,833) — (44,763) 44,763 (46,833) Accumulated deficit (2,847,726) (1,136,069) (197,614) 1,333,683 (2,847,726) Total stockholders’ equity 1,314,592 3,035,339 25,180 (3,060,519) 1,314,592 Total liabilities and stockholders ’ equity $ 4,333,535 $ 4,486,998 $ 31,622 $ (4,969,336) $ 3,882,819
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS	CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (Amounts in thousands) Three months ended June 30, 2020 Parent Guarantors Non-Guarantors Eliminations Consolidated Total revenues $ 26,970 $ 105,440 $ — $ — $ 132,410 Costs and expenses: Lease operating expenses — 15,686 — — 15,686 Production taxes — 3,605 — — 3,605 Midstream gathering and processing expenses — 59,974 — — 59,974 Depreciation, depletion and amortization 2,388 62,236 166 — 64,790 Impairment of oil and natural gas properties — 532,880 — — 532,880 General and administrative expenses 21,731 (11,374) 113 — 10,470 Accretion expense — 755 — — 755 Total Operating Expenses 24,119 663,762 279 — 688,160 INCOME (LOSS) FROM OPERATIONS 2,851 (558,322) (279) — (555,750) OTHER EXPENSE (INCOME): Interest expense 32,825 (459) — — 32,366 Interest income (28) (50) — — (78) Gain on debt extinguishment (34,257) — — — (34,257) Loss from equity method investments and investments in subsidiaries 562,502 — 45 (562,502) 45 Other expense 2,877 4,365 — — 7,242 Total Other Expense 563,919 3,856 45 (562,502) 5,318 LOSS BEFORE INCOME TAXES (561,068) (562,178) (324) 562,502 (561,068) INCOME TAX EXPENSE — — — — — NET LOSS $ (561,068) $ (562,178) $ (324) $ 562,502 $ (561,068) CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (Amounts in thousands) Three months ended June 30, 2019 Parent Guarantors Non-Guarantor Eliminations Consolidated Total revenues $ 280,291 $ 178,703 $ — $ — $ 458,994 Costs and expenses: Lease operating expenses 12,256 10,132 — — 22,388 Production taxes 2,820 5,278 — — 8,098 Midstream gathering and processing expenses 28,121 43,894 — — 72,015 Depreciation, depletion and amortization 80,132 44,764 55 — 124,951 General and administrative expenses 15,207 (3,583) 103 — 11,727 Accretion expense 438 921 — — 1,359 Total Operating Expenses 138,974 101,406 158 — 240,538 INCOME (LOSS) FROM OPERATIONS 141,317 77,297 (158) — 218,456 OTHER EXPENSE (INCOME): Interest expense 37,373 (955) — — 36,418 Interest income (120) (39) — — (159) Loss (income) from equity method investments and investments in subsidiaries 47,449 — (54) 78,187 125,582 Other expense 990 — — — 990 Total Other Expense (Income) 85,692 (994) (54) 78,187 162,831 INCOME (LOSS) BEFORE INCOME TAXES 55,625 78,291 (104) (78,187) 55,625 INCOME TAX BENEFIT (179,331) — — — (179,331) NET INCOME (LOSS) $ 234,956 $ 78,291 $ (104) $ (78,187) $ 234,956 CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (Amounts in thousands) Six months ended June 30, 2020 Parent Guarantors Non-Guarantors Eliminations Consolidated Total revenues $ 125,238 $ 254,049 $ — $ — $ 379,287 Costs and expenses: Lease operating expenses — 31,672 — — 31,672 Production taxes — 8,404 — — 8,404 Midstream gathering and processing expenses — 117,870 — — 117,870 Depreciation, depletion, and amortization 4,890 137,596 332 — 142,818 Impairment of oil and gas properties — 1,086,225 — — 1,086,225 General and administrative expenses 46,377 (20,024) 286 — 26,639 Accretion expense — 1,496 — — 1,496 Total Operating Expenses 51,267 1,363,239 618 — 1,415,124 INCOME (LOSS) FROM OPERATIONS 73,971 (1,109,190) (618) — (1,035,837) OTHER EXPENSE (INCOME): Interest expense 66,002 (646) — — 65,356 Interest income (87) (143) — — (230) Gain on debt extinguishment (49,579) — — — (49,579) Loss from equity method investments and investments in subsidiaries 1,125,868 — 188 (1,115,222) 10,834 Other expense 3,083 6,015 — — 9,098 Total Other Expense 1,145,287 5,226 188 (1,115,222) 35,479 LOSS BEFORE INCOME TAXES (1,071,316) (1,114,416) (806) 1,115,222 (1,071,316) INCOME TAX EXPENSE 7,290 — — — 7,290 NET LOSS $ (1,078,606) $ (1,114,416) $ (806) $ 1,115,222 $ (1,078,606) CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (Amounts in thousands) Six months ended June 30, 2019 Parent Guarantors Non-Guarantor Eliminations Consolidated Total revenues $ 466,537 $ 313,035 $ — $ — $ 779,572 Costs and expenses: Lease operating expenses 27,149 15,046 — — 42,195 Production taxes 6,081 9,938 — — 16,019 Midstream gathering and processing expenses 71,420 70,877 — — 142,297 Depreciation, depletion, and amortization 198,564 44,765 55 — 243,384 General and administrative expenses 25,938 (4,258) 104 — 21,784 Accretion expense 1,389 1,037 — — 2,426 Total Operating Expenses 330,541 137,405 159 — 468,105 INCOME (LOSS) FROM OPERATIONS 135,996 175,630 (159) — 311,467 OTHER EXPENSE (INCOME): Interest expense 73,298 (1,259) — — 72,039 Interest income (267) (44) — — (311) (Income) loss from equity method investments and investments in subsidiaries (55,465) — 339 176,435 121,309 Other expense 563 — — — 563 Total Other Expense (Income) 18,129 (1,303) 339 176,435 193,600 INCOME (LOSS) BEFORE INCOME TAXES 117,867 176,933 (498) (176,435) 117,867 INCOME TAX BENEFIT (179,331) — — — (179,331) NET INCOME (LOSS) $ 297,198 $ 176,933 $ (498) $ (176,435) $ 297,198
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS)	Three months ended June 30, 2020 Parent Guarantors Non-Guarantors Eliminations Consolidated Net loss $ (561,068) $ (562,178) $ (324) $ 562,502 $ (561,068) Foreign currency translation adjustment 6,872 — 6,872 (6,872) 6,872 Other comprehensive loss 6,872 — 6,872 (6,872) 6,872 Comprehensive loss $ (554,196) $ (562,178) $ 6,548 $ 555,630 $ (554,196) Three months ended June 30, 2019 Parent Guarantors Non-Guarantor Eliminations Consolidated Net income (loss) $ 234,956 $ 78,291 $ (104) $ (78,187) $ 234,956 Foreign currency translation adjustment 3,610 61 3,549 (3,610) 3,610 Other comprehensive income 3,610 61 3,549 (3,610) 3,610 Comprehensive income $ 238,566 $ 78,352 $ 3,445 $ (81,797) $ 238,566 Six months ended June 30, 2020 Parent Guarantors Non-Guarantors Eliminations Consolidated Net loss $ (1,078,606) $ (1,114,416) $ (806) $ 1,115,222 $ (1,078,606) Foreign currency translation adjustment (8,158) (360) (7,798) 8,158 (8,158) Other comprehensive loss (8,158) (360) (7,798) 8,158 (8,158) Comprehensive loss $ (1,086,764) $ (1,114,776) $ (8,604) $ 1,123,380 $ (1,086,764) Six months ended June 30, 2019 Parent Guarantors Non-Guarantor Eliminations Consolidated Net income (loss) $ 297,198 $ 176,933 $ (498) $ (176,435) $ 297,198 Foreign currency translation adjustment 7,411 155 7,256 (7,411) 7,411 Other comprehensive income 7,411 155 7,256 (7,411) 7,411 Comprehensive income $ 304,609 $ 177,088 $ 6,758 $ (183,846) $ 304,609
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS	CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (Amounts in thousands) Six months ended June 30, 2020 Parent Guarantors Non-Guarantors Eliminations Consolidated Net cash provided by (used in) operating activities $ 18,854 $ 228,317 $ (384) $ 435 $ 247,222 Net cash used in investing activities (424) (229,666) — — (230,090) Net cash (used in) provided by financing activities (20,375) — 435 (435) (20,375) Net (decrease) increase in cash, cash equivalents and restricted cash (1,945) (1,349) 51 — (3,243) Cash, cash equivalents and restricted cash at beginning of period 2,768 3,097 195 — 6,060 Cash, cash equivalents and restricted cash at end of period $ 823 $ 1,748 $ 246 $ — $ 2,817 Six months ended June 30, 2019 Parent Guarantors Non-Guarantor Eliminations Consolidated Net cash provided by (used in) operating activities $ 312,267 $ 84,146 $ 3,355 $ 1 $ 399,769 Net cash used in investing activities (405,848) (101,058) (3,751) 432 (510,225) Net cash (used in) provided by financing activities 78,936 — 433 (433) 78,936 Net decrease in cash, cash equivalents and restricted cash (14,645) (16,912) 37 — (31,520) Cash, cash equivalents and restricted cash at beginning of period 25,585 26,711 1 — 52,297 Cash, cash equivalents and restricted cash at end of period $ 10,940 $ 9,799 $ 38 $ — $ 20,777

SUBSEQUENT EVENTS (Tables)

SUBSEQUENT EVENTS (Tables)	6 Months Ended
	Jun. 30, 2020
Subsequent Events [Abstract]
Schedule Of Credit Facility, Applicable Rate	Applicable Rate Applicable Usage Level Commitment fee Eurodollar Rate Loans and Letters of Credit Base Rate Loans Level 1 0.375% 2.00% 1.00% Level 2 0.375% 2.25% 1.25% Level 3 0.50% 2.50% 1.50% Level 4 0.50% 2.75% 1.75% Level 5 0.50% 3.00% 2.00%

BASIS OF PRESENTATION, SUMMAR_3

BASIS OF PRESENTATION, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND LIQUIDITY, MANAGEMENT'S PLANS AND GOING CONCERN - Narrative (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Aug. 05, 2020
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net cash provided by (used in) operating activities	$ 247,222	$ 399,769
Adjusted to increase net cash flows provided by investing activities	$ (230,090)	(510,225)
Subsequent Event
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Percentage of employees transitioned back to the corporate office after COVID-19			60.00%
Misclassification between Operation and Financing Activities
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net cash provided by (used in) operating activities		90,800
Adjusted to increase net cash flows provided by investing activities		$ 90,800

PROPERTY AND EQUIPMENT (Schedul

PROPERTY AND EQUIPMENT (Schedule of Property and Equipment) (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Property, Plant and Equipment [Abstract]
Oil and natural gas properties	$ 10,730,992	$ 10,595,735
Accumulated DD&A and impairment	(8,415,756)	(7,191,957)
Oil and natural gas properties, net	2,315,236	3,403,778
Other depreciable property and equipment	91,317	91,198
Land	5,521	5,521
Accumulated DD&A	(41,708)	(36,703)
Other property and equipment, net	55,130	60,016
Property and equipment, net	$ 2,370,366	$ 3,463,794

PROPERTY AND EQUIPMENT (Narrati

PROPERTY AND EQUIPMENT (Narrative) (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)usd_per_mcf	Jun. 30, 2019USD ($)usd_per_mcf	Dec. 31, 2019USD ($)
Property, Plant and Equipment [Abstract]
Impairment of oil and natural gas properties	$ 532,880,000	$ 0	$ 1,086,225,000	$ 0
Capitalized general and administrative costs	8,200,000	$ 8,800,000	$ 13,600,000	$ 16,500,000
Depletion per Mcfe of gas equivalent (usd per Mcfe) | usd_per_mcf			0.73	1
Non-producing leasehold costs	$ 1,564,189,000		$ 1,564,189,000		$ 1,686,666,000

PROPERTY AND EQUIPMENT (Summary

PROPERTY AND EQUIPMENT (Summary of Non-producing Properties Excluded from Amortization by Area) (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items]
Total non-producing properties not subject to amortization	$ 1,564,189	$ 1,686,666
Utica
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items]
Total non-producing properties not subject to amortization	874,886
MidContinent
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items]
Total non-producing properties not subject to amortization	687,169
Other
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items]
Total non-producing properties not subject to amortization	$ 2,134

PROPERTY AND EQUIPMENT (Sched_2

PROPERTY AND EQUIPMENT (Schedule of Asset Retirement Obligation) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Asset retirement obligation, beginning of period			$ 60,355	$ 79,952
Liabilities incurred			1,553	5,153
Liabilities settled			0	(117)
Liabilities removed due to divestitures			(2,033)	0
Accretion expense	$ 755	$ 1,359	1,496	2,426
Revisions in estimated cash flows			0	1,077
Asset retirement obligation as of end of period	$ 61,371	$ 88,491	$ 61,371	$ 88,491

DIVESTITURES (Details)

DIVESTITURES (Details) - USD ($)	Jan. 02, 2020	Jun. 30, 2020
Discontinued Operations and Disposal Groups [Abstract]
Proceeds from sale of assets	$ 50,000,000
Sale of asset, incentive payments, term	15 years
Fair value of contingent consideration asset	$ 23,100,000	$ 19,800,000
Gain (loss) on sale		$ 0

EQUITY INVESTMENTS (Investments

EQUITY INVESTMENTS (Investments Accounted for by the Equity Method) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Schedule of Equity Method Investments [Line Items]
Equity investments and investments in subsidiaries	$ 13,052		$ 13,052		$ 32,044
Loss from equity method investments, net	$ (45)	$ (125,582)	$ (10,834)	$ (121,309)
Investment in Grizzly Oil Sands ULC
Schedule of Equity Method Investments [Line Items]
Approximate ownership %	24.60%		24.60%
Equity investments and investments in subsidiaries	$ 13,013		$ 13,013		21,000
Loss from equity method investments, net	$ (45)	54	$ (188)	(339)
Investment in Mammoth Energy Services, Inc.
Schedule of Equity Method Investments [Line Items]
Approximate ownership %	21.50%		21.50%
Equity investments and investments in subsidiaries	$ 0		$ 0		11,005
Loss from equity method investments, net	$ 0	(127,581)	$ (10,646)	(123,055)
Investment in Windsor Midstream LLC
Schedule of Equity Method Investments [Line Items]
Approximate ownership %	22.50%		22.50%
Equity investments and investments in subsidiaries	$ 39		$ 39		39
Loss from equity method investments, net	$ 0	0	$ 0	0
Investment in Tatex Thailand II, LLC
Schedule of Equity Method Investments [Line Items]
Approximate ownership %	23.50%		23.50%
Equity investments and investments in subsidiaries	$ 0		$ 0		$ 0
Loss from equity method investments, net	$ 0	$ 1,945	$ 0	$ 2,085

EQUITY INVESTMENTS (Equity Inve

EQUITY INVESTMENTS (Equity Investments Balance Sheet Disclosure) (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Schedule of Equity Method Investments [Line Items]
Current assets	$ 151,901	$ 305,877
Current liabilities	328,120	451,198
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Current assets	434,966	421,326
Noncurrent assets	1,107,221	1,260,075
Current liabilities	115,281	132,569
Noncurrent liabilities	$ 172,478	$ 163,241

EQUITY INVESTMENTS (Equity In_2

EQUITY INVESTMENTS (Equity Investment Income Statement Disclosure) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Schedule of Equity Method Investments [Line Items]
Total revenues	$ 132,410	$ 458,994	$ 379,287	$ 779,572
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Total revenues	60,109	179,114	157,492	443,958
Net (loss) income	$ (14,922)	$ (4,072)	$ (99,953)	$ 20,684

EQUITY INVESTMENTS (Narrative)

EQUITY INVESTMENTS (Narrative) (Details) $ / shares in Units, a in Thousands	1 Months Ended		3 Months Ended		6 Months Ended
	May 31, 2019$ / shares	Feb. 28, 2019$ / shares	Jun. 30, 2020USD ($)shares	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)ashares	Jun. 30, 2019USD ($)	Dec. 31, 2019USD ($)
Schedule of Equity Method Investments [Line Items]
Equity investments			$ 13,052,000		$ 13,052,000		$ 32,044,000
Investment in Mammoth Energy Services, Inc.
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership (in shares) | shares			9,829,548		9,829,548
Approximate fair value, quoted market price			$ 11,600,000		$ 11,600,000
Share dividend (in usd per share) | $ / shares	$ 0.125	$ 0.125
Investment in Grizzly Oil Sands ULC
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership interest, percent			24.60%		24.60%
Equity method investment, impairment					$ 0	$ 0
Equity method investment, amount of cash calls, based on proportionate ownership interest						400,000
Equity method investments, increase (decrease) due to foreign currency translation adjustment			$ 6,900,000	$ 3,500,000	(7,800,000)	7,300,000
Equity investments			$ 13,013,000		$ 13,013,000		21,000,000
Investment in Mammoth Energy Services, Inc.
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership interest, percent			21.50%		21.50%
Equity investments			$ 0		$ 0		11,005,000
Distributions from equity method investments					$ 0	2,500,000
Windsor Midstream LLC
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership interest, percent			22.50%		22.50%
Equity investments			$ 39,000		$ 39,000		39,000
Distributions from equity method investments					$ 0
Tatex Thailand II, LLC
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership interest, percent			23.50%		23.50%
Equity investments			$ 0		$ 0		$ 0
Distributions from equity method investments					$ 0	$ 2,100,000
Athabasca, Peace River And Cold Lake Oil Sands Regions | Investment in Grizzly Oil Sands ULC
Schedule of Equity Method Investments [Line Items]
Gas and oil area, reserve (in acres) | a					830
Phu Horm Field | Apico Llc
Schedule of Equity Method Investments [Line Items]
Gas and oil area, reserve (in acres) | a					108
Apico Llc | Tatex Thailand II, LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage				8.50%		8.50%

LONG-TERM DEBT (Break-Down of L

LONG-TERM DEBT (Break-Down of Long-Term Debt) (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Net unamortized debt issuance costs	$ (20,802)	$ (23,751)
Less: current maturities of long term debt	(649)	(631)
Debt reflected as long term	1,910,318	1,978,020
Construction loan
Debt Instrument [Line Items]
Net unamortized debt issuance costs	(100)
6.625% senior unsecured notes due 2023 | Senior notes
Debt Instrument [Line Items]
Long-term debt	324,583	329,467
Net unamortized debt issuance costs	$ (2,800)
Stated interest rate, percent	6.625%
6.000% senior unsecured notes due 2024 | Senior notes
Debt Instrument [Line Items]
Long-term debt	$ 579,568	603,428
Net unamortized debt issuance costs	$ (6,100)
Stated interest rate, percent	6.00%
6.375% senior unsecured notes due 2025 | Senior notes
Debt Instrument [Line Items]
Long-term debt	$ 507,870	529,525
Net unamortized debt issuance costs	$ (8,500)
Stated interest rate, percent	6.375%
6.375% senior unsecured notes due 2026 | Senior notes
Debt Instrument [Line Items]
Long-term debt	$ 374,617	397,529
Net unamortized debt issuance costs	$ (3,400)
Stated interest rate, percent	6.375%
Nova Scotia, Amegy, KeyBank | Revolving credit agreement | Revolving credit agreement
Debt Instrument [Line Items]
Long-term debt	$ 123,000	120,000
InterBank | Letter of credit | Construction loan
Debt Instrument [Line Items]
Long-term debt	$ 22,131	$ 22,453

LONG-TERM DEBT (Narrative) (Det

LONG-TERM DEBT (Narrative) (Details)	Sep. 30, 2021	May 01, 2020USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Jul. 27, 2020USD ($)	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Nov. 25, 2019USD ($)
Debt Instrument [Line Items]
Debt issuance costs, net			$ 20,802,000		$ 20,802,000				$ 23,751,000
Capitalized interest expense, undeveloped properties			500,000	$ 1,000,000	700,000	$ 1,800,000
Amount of debt to be repurchased			200,000,000		200,000,000
Repayments of debt					323,322,000	345,350,000
Gain on debt extinguishment			34,257,000	$ 0	49,579,000	$ 0
Senior notes | Carry value
Debt Instrument [Line Items]
Carrying value of notes			1,800,000,000		1,800,000,000
Senior notes | Fair value | Level 1
Debt Instrument [Line Items]
Carrying value of notes			930,200,000		930,200,000
Construction loan
Debt Instrument [Line Items]
Debt issuance costs, net			100,000		100,000
Revolving Credit Facility
Debt Instrument [Line Items]
Amount of principal repurchased			47,500,000		73,300,000
Repayments of debt			12,600,000		22,800,000
Gain on debt extinguishment			34,300,000		49,600,000
6.625% senior unsecured notes due 2023 | Senior notes
Debt Instrument [Line Items]
Long-term debt			$ 324,583,000		$ 324,583,000				329,467,000
Stated interest rate, percent			6.625%		6.625%
Debt issuance costs, net			$ 2,800,000		$ 2,800,000
Amount of principal repurchased			4,900,000
6.000% senior unsecured notes due 2024 | Senior notes
Debt Instrument [Line Items]
Long-term debt			$ 579,568,000		$ 579,568,000				603,428,000
Stated interest rate, percent			6.00%		6.00%
Debt issuance costs, net			$ 6,100,000		$ 6,100,000
Amount of principal repurchased			16,300,000
6.375% senior unsecured notes due 2025 | Senior notes
Debt Instrument [Line Items]
Long-term debt			$ 507,870,000		$ 507,870,000				529,525,000
Stated interest rate, percent			6.375%		6.375%
Debt issuance costs, net			$ 8,500,000		$ 8,500,000
Amount of principal repurchased			13,500,000
6.375% senior unsecured notes due 2026 | Senior notes
Debt Instrument [Line Items]
Long-term debt			$ 374,617,000		$ 374,617,000				397,529,000
Stated interest rate, percent			6.375%		6.375%
Debt issuance costs, net			$ 3,400,000		$ 3,400,000
Amount of principal repurchased			12,800,000
Revolving credit agreement | Revolving credit agreement | Subsequent Event
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity							$ 750,000,000
Nova Scotia, Amegy, KeyBank | Revolving credit agreement
Debt Instrument [Line Items]
Credit facility interest rate at the eurodollar rate					2.44%
Nova Scotia, Amegy, KeyBank | Revolving credit agreement | Revolving credit agreement
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity			1,500,000,000		$ 1,500,000,000
Elected commitment amount		$ 700,000,000						$ 1,000,000,000		$ 1,200,000,000
Maximum net secured debt to EBITDAX ratio		2
Long-term debt			123,000,000		123,000,000				$ 120,000,000
Remaining borrowing capacity			252,900,000		252,900,000
Nova Scotia, Amegy, KeyBank | Revolving credit agreement | Revolving credit agreement | Forecast
Debt Instrument [Line Items]
Net funded debt to EBITDAX ratio	4
Nova Scotia, Amegy, KeyBank | Letter of credit | Revolving credit agreement
Debt Instrument [Line Items]
Credit facility outstanding			$ 324,100,000		$ 324,100,000

CHANGES IN CAPITALIZATION (Deta

CHANGES IN CAPITALIZATION (Details) - USD ($) shares in Thousands, $ in Thousands	1 Months Ended	3 Months Ended				6 Months Ended
	Jan. 31, 2019	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019
Class of Stock [Line Items]
Stock repurchase program, period in force	24 months
Value of shares repurchased		$ 28	$ 79	$ 2,270	$ 28,330
Share purchased to satisfy tax withholding requirements (in shares)				72			87
Shares repurchased to satisfy tax withholding requirements		$ 28		$ 500		$ 100	$ 600
Common Stock
Class of Stock [Line Items]
Shares repurchased (in shares)		27	80	297	3,619
Value of shares repurchased			$ 1	$ 3	$ 37
Share Repurchase Program | Common Stock
Class of Stock [Line Items]
Shares repurchased (in shares)		27		200		107	3,800
Value of shares repurchased				$ 1,800			$ 30,000

STOCK-BASED COMPENSATION (Narra

STOCK-BASED COMPENSATION (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation cost	$ 2.2	$ 2.8	$ 4.3	$ 5.6
Capitalized stock-based compensation cost	1	$ 1.1	$ 1.9	$ 2.3
Percent of target based award, minimum			0.00%
Percent of target based award, maximum			200.00%
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	9.4		$ 9.4
Weighted average period of expense recognition period			1 year 9 months
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	2.2		$ 2.2
Weighted average period of expense recognition period			1 year 9 months 10 days
Incentive Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	2.4		$ 2.4
Weighted average period of expense recognition period			1 year 7 months 13 days
Fair value of awards outstanding	$ 3		$ 3
Minimum | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			1 year
Maximum | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			3 years

STOCK-BASED COMPENSATION (Restr

STOCK-BASED COMPENSATION (Restricted Stock Award and Unit Activity) (Details)	6 Months Ended
	Jun. 30, 2020$ / sharesshares
Restricted Stock
Number of Unvested Restricted Shares
Unvested shares, beginning balance (in shares) | shares	4,098,318
Granted (in shares) | shares	1,985,452
Vested (in shares) | shares	(512,283)
Forfeited (in shares) | shares	(979,929)
Unvested shares, ending balance (in shares) | shares	4,591,558
Weighted Average Grant Date Fair Value
Unvested shares, beginning balance (in dollars per share) | $ / shares	$ 4.73
Granted (in dollars per share) | $ / shares	0.67
Vested (in dollars per share) | $ / shares	7.19
Forfeited (in dollars per share) | $ / shares	3.82
Unvested shares, ending balance (in dollars per share) | $ / shares	$ 3
Performance Shares
Number of Unvested Restricted Shares
Unvested shares, beginning balance (in shares) | shares	1,783,660
Granted (in shares) | shares	0
Vested (in shares) | shares	0
Forfeited (in shares) | shares	(830,323)
Unvested shares, ending balance (in shares) | shares	953,337
Weighted Average Grant Date Fair Value
Unvested shares, beginning balance (in dollars per share) | $ / shares	$ 2.96
Granted (in dollars per share) | $ / shares	0
Vested (in dollars per share) | $ / shares	0
Forfeited (in dollars per share) | $ / shares	1.98
Unvested shares, ending balance (in dollars per share) | $ / shares	$ 3.82

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Basic:
Net (loss) income - basic	$ (561,068)	$ 234,956	$ (1,078,606)	$ 297,198
Net income (loss) - basic (in shares)	159,933,739	159,324,909	159,846,981	161,064,787
Net (loss) income - basic (in usd per share)	$ (3.51)	$ 1.47	$ (6.75)	$ 1.85
Effect of dilutive securities:
Stock awards	$ 0	$ 0	$ 0	$ 0
Stock options and awards (in shares)	0	181,917	0	525,300
Diluted:
Net (loss) income - diluted	$ (561,068)	$ 234,956	$ (1,078,606)	$ 297,198
Net (loss) income - diluted (in shares)	159,933,739	159,506,826	159,846,981	161,590,087
Net (loss) income - diluted (in usd per share)	$ (3.51)	$ 1.47	$ (6.75)	$ 1.84
Anti-dilutive shares	1,281,773	0	1,610,572	0

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES (Future Commitments) (Details) MMBTU in Thousands, $ in Thousands	Jun. 30, 2020USD ($)MMBTU
Commitments [Line Items]
Remaining 2020 (in mmbtu)	311
2021 (in mmbtu)	192
2022 (in mmbtu)	70
2023 (in mmbtu)	17
Total (in mmbtu)	590
Remaining 2020 | $	$ 3,750
2021 | $	7,500
Total | $	$ 11,250
Transportation commitment
Commitments [Line Items]
Remaining 2020 (in mmbtu)	267,720
2021 (in mmbtu)	531,075
2022 (in mmbtu)	531,075
2023 (in mmbtu)	515,775
2024 (in mmbtu)	489,490
Thereafter (in mmbtu)	3,767,959
Total (in mmbtu)	6,103,094
Remaining 2020 | $	$ 138,495
2021 | $	285,779
2022 | $	286,616
2023 | $	282,936
2024 | $	265,558
Thereafter | $	2,160,634
Total | $	$ 3,420,018

COMMITMENTS AND CONTINGENCIES_3

COMMITMENTS AND CONTINGENCIES (Narrative) (Details) MMBTU in Thousands, $ in Thousands	Jun. 30, 2020USD ($)MMBTU	Apr. 15, 2019violation	Jan. 04, 2017violation	Dec. 11, 2013	Apr. 30, 2020	Oct. 31, 2018USD ($)	Jun. 30, 2020USD ($)MMBTU	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)MMBTUcomplaint	Jun. 30, 2019USD ($)
Commitments [Line Items]
Number of claims filed (in claims) | complaint									2
Loss contingency, damages sought	$ 28,000
Loss contingency, damages sought, percentages of unpaid overtime compensation					6.00%
FOVs (in sites)		1	1	1					17
Loss contingency accrual	$ 1,700						$ 1,700		$ 1,700
Environmental cost						$ 180
Transportation commitment
Commitments [Line Items]
Firm transportation contracts, remainder of 2020 and 2021 | MMBTU	1,455						1,455		1,455
Loss on long-term purchase commitment | Muskie Proppant LLC
Commitments [Line Items]
Non-utilization fees, accrued damages year to date							$ 1,900	$ 300	$ 3,800	$ 300

COMMITMENTS AND CONTINGENCIES_4

COMMITMENTS AND CONTINGENCIES (Future Minimum Commitments) (Details) $ in Thousands	Jun. 30, 2020USD ($)
Commitments and Contingencies Disclosure [Abstract]
Remaining 2020	$ 3,750
2021	7,500
Total	$ 11,250

DERIVATIVE INSTRUMENTS (Schedul

DERIVATIVE INSTRUMENTS (Schedule of Derivative Instruments) (Details) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2020USD ($)$ / bbl$ / MMBTUbbl	Jun. 30, 2020USD ($)MMBTU$ / bbl$ / MMBTUbbl	Jun. 30, 2019USD ($)
Derivative [Line Items]
Daily Volume (Bbls/day) | bbl	6,000
Net cash receipts (payments) on settled derivative instruments | $	$ 40,500	$ 195,232	$ (1,494)
NYMEX Henry Hub - Remaining 2020
Derivative [Line Items]
Daily Volume (MMBtu/day) | MMBTU		357,000
Weighted average price (in usd per MMBtu or Bbl) | $ / MMBTU	2.86	2.86
NYMEX WTI - Remaining 2020
Derivative [Line Items]
Daily Volume (Bbls/day) | bbl		3,000
Weighted average price (in usd per MMBtu or Bbl) | $ / bbl	35.49	35.49
Mont Belvieu C3 - Remaining 2020
Derivative [Line Items]
Daily Volume (Bbls/day) | bbl		1,500
Weighted average price (in usd per MMBtu or Bbl) | $ / bbl	20.27	20.27
NYMEX Henry Hub - 2022 | Short | Call Option
Derivative [Line Items]
Daily Volume (MMBtu/day) | MMBTU		628,000
Weighted average price (in usd per MMBtu or Bbl) | $ / MMBTU	2.90	2.90
NYMEX Henry Hub - 2023 | Short | Call Option
Derivative [Line Items]
Daily Volume (MMBtu/day) | MMBTU		628,000
Weighted average price (in usd per MMBtu or Bbl) | $ / MMBTU	2.90	2.90
NYMEX Henry Hub - 2021
Derivative [Line Items]
Daily Volume (MMBtu/day) | MMBTU		250,000
Weighted average floor price (in usd per MMBtu) | $ / MMBTU	2.46	2.46
Weighted average ceiling price (in usd per MMBtu) | $ / bbl	2.81	2.81
Transco Zone 4 - Remaining 2020 | Long
Derivative [Line Items]
Daily Volume (MMBtu/day) | MMBTU		60,000
Weighted average price (in usd per MMBtu or Bbl) | $ / MMBTU	(0.05)	(0.05)
Fixed Spread - Remaining 2020 | Long
Derivative [Line Items]
Daily Volume (MMBtu/day) | MMBTU		10,000
Weighted average price (in usd per MMBtu or Bbl) | $ / MMBTU	(0.54)	(0.54)

DERIVATIVE INSTRUMENTS (Conting

DERIVATIVE INSTRUMENTS (Contingent Consideration Arrangement) (Details)	6 Months Ended
	Jun. 30, 2020USD ($)$ / shares
Derivative [Line Items]
Derivative, credit risk related contingent features, payment to be received, denominator (in usd per share)	$ 8.03
Derivative Threshold, Greater Than or Equal to $60.65
Derivative [Line Items]
Payment to be received | $	$ 150,000
Derivative, credit risk related contingent features, commodity price threshold (in usd per share)	$ 60.65
Derivative Threshold, Between $52.62 and $60.65
Derivative [Line Items]
Payment to be received | $	$ 150,000
Derivative Threshold, Between $52.62 and $60.65 | Minimum
Derivative [Line Items]
Derivative, credit risk related contingent features, commodity price threshold (in usd per share)	$ 52.62
Derivative Threshold, Between $52.62 and $60.65 | Maximum
Derivative [Line Items]
Derivative, credit risk related contingent features, commodity price threshold (in usd per share)	$ 60.65
Derivative Threshold, Less Than or Equal to $52.62
Derivative [Line Items]
Payment to be received | $	$ 0
Derivative, credit risk related contingent features, commodity price threshold (in usd per share)	$ 52.62

DERIVATIVE INSTRUMENTS (Derivat

DERIVATIVE INSTRUMENTS (Derivative Instruments in Financial Position) (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Derivatives, Fair Value [Line Items]
Short-term derivative asset	$ 53,188	$ 126,201
Long-term derivative asset	4,298	563
Short-term derivative liability	(8,540)	(303)
Long-term derivative liability	(45,615)	(53,135)
Total net asset derivative position	3,331	73,326
Commodity Contracts
Derivatives, Fair Value [Line Items]
Short-term derivative asset	53,188	125,383
Long-term derivative asset	4,298	0
Short-term derivative liability	(8,540)	(303)
Long-term derivative liability	(45,615)	(53,135)
Total net asset derivative position	3,331	71,945
Contingent consideration arrangement
Derivatives, Fair Value [Line Items]
Short-term derivative asset		818
Long-term derivative asset	0	563
Total contingent consideration derivative position	$ 0	$ 1,381

DERIVATIVE INSTRUMENTS (Net (Lo

DERIVATIVE INSTRUMENTS (Net (Loss) Gain on Derivative Instruments) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Derivative [Line Items]
Net gain on natural gas, oil and NGL derivatives	$ 26,971	$ 171,140	$ 125,237	$ 151,095
Natural gas derivatives
Derivative [Line Items]
Net gain on natural gas, oil and NGL derivatives	35,689	152,475	81,542	136,044
Oil derivatives
Derivative [Line Items]
Net gain on natural gas, oil and NGL derivatives	(7,937)	11,871	44,937	11,417
NGL derivatives
Derivative [Line Items]
Net gain on natural gas, oil and NGL derivatives	(781)	6,794	139	3,634
Contingent consideration arrangement
Derivative [Line Items]
Net gain on natural gas, oil and NGL derivatives	$ 0	$ 0	$ (1,381)	$ 0

DERIVATIVE INSTRUMENTS (Sched_2

DERIVATIVE INSTRUMENTS (Schedule of Offsetting) (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gross assets presented in the consolidated balance sheet	$ 57,486	$ 126,764
Gross assets subject to mater netting agreement - assets	(48,761)	(53,438)
Net amount - assets	8,725	73,326
Gross liabilities presented in the consolidated balance sheet	(54,155)	(53,438)
Gross amounts subject to master netting agreement - liabilities	48,761	53,438
Net amount - liabilities	$ (5,394)	$ 0

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands	Jan. 02, 2020	Jun. 30, 2020	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Liabilities:
Fair value of contingent consideration asset	$ 23,100		$ 19,800
Contingent consideration, gain (loss) due to change in value		$ (3,200)	(3,000)
Contingent consideration, settlements			300
Asset retirement obligation capitalized			1,553	$ 5,153
Level 1
Assets:
Derivative Instruments		0	0		$ 0
Liabilities:
Derivative Instruments		0	0		0
Level 2
Assets:
Derivative Instruments		57,486	57,486		126,764
Liabilities:
Derivative Instruments		54,155	54,155		53,438
Level 3
Assets:
Derivative Instruments		0	0		0
Liabilities:
Derivative Instruments		$ 0	0		$ 0
Prepaid Expenses and Other Current Assets
Liabilities:
Fair value of contingent consideration asset			800
Other Noncurrent Assets
Liabilities:
Fair value of contingent consideration asset			$ 19,000

REVENUE FROM CONTRACTS WITH C_2

REVENUE FROM CONTRACTS WITH CUSTOMERS (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Performance obligation period	However, settlement statements for certain sales may be received for 30 to 90 days after the date production is delivered, and as a result, the Company is required to estimate the amount of production that was delivered to the purchaser and the price that will be received for the sale of the product
Receivables from contracts with customers	$ 65.6	$ 121.2
Maximum
Disaggregation of Revenue [Line Items]
Performance obligation period	30 days

LEASES (Narrative) (Details)

LEASES (Narrative) (Details)	Jun. 30, 2020
Lessee, Lease, Description [Line Items]
Weighted average remaining lease term	9 months 29 days
Weighted-average discount rate - operating leases	2.47%
Minimum
Lessee, Lease, Description [Line Items]
Lease term	1 year
Minimum | Drilling Rig
Lessee, Lease, Description [Line Items]
Lease term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Lease term	5 years
Maximum | Drilling Rig
Lessee, Lease, Description [Line Items]
Lease term	2 years

LEASES (Maturities of Lease Lia

LEASES (Maturities of Lease Liabilities) (Details) $ in Thousands	Jun. 30, 2020USD ($)
Leases [Abstract]
Remaining 2020	$ 3,321
2021	129
2022	115
2023	90
2024	30
Total lease payments	3,685
Less: Imputed interest	(45)
Total	$ 3,640

LEASES (Lease Cost) (Details)

LEASES (Lease Cost) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Leases [Abstract]
Operating lease cost	$ 2,196	$ 7,748	$ 6,278	$ 16,284
Operating lease cost—related party	0	5,610	0	11,220
Variable lease cost	235	531	460	960
Variable lease cost—related party	0	28,158	0	59,611
Short-term lease cost	2,629	183	5,439	183
Total lease cost	$ 5,060	$ 42,230	$ 12,177	$ 88,258

LEASES (Other Information) (Det

LEASES (Other Information) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Leases [Abstract]
Operating cash flows from operating leases	$ 72	$ 120
Investing cash flow from operating leases	7,727	12,288
Investing cash flow from operating leases—related party	$ 6,800	$ 43,925

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Mar. 31, 2020	Jun. 30, 2020	Apr. 30, 2020
Income Tax Disclosure [Abstract]
Tax expense	$ 7.3
Testing period		3 years
Maximum percentage of company's securities allowed to be owned by third party			4.90%

CONDENSED CONSOLIDATING FINAN_3

CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Balance Sheets) (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 2,817		$ 6,060
Accounts receivable - oil and natural gas sales	65,645		121,210
Accounts receivable - joint interest and other	19,389		47,975
Accounts receivable - intercompany	0		0
Prepaid expenses and other current assets	10,862		4,431
Short-term derivative instruments	53,188		126,201
Total current assets	151,901		305,877
Property and equipment:
Oil and natural gas properties	10,730,992		10,595,735
Other property and equipment	96,838		96,719
Accumulated depletion, depreciation, amortization and impairment	(8,457,464)		(7,228,660)
Property and equipment, net	2,370,366		3,463,794
Other assets:
Equity investments and investments in subsidiaries	13,052		32,044
Long-term derivative instruments	4,298		563
Deferred tax asset	0		7,563
Operating lease assets	3,640		14,168
Operating lease assets—related parties	0		43,270
Other assets	37,000		15,540
Total other assets	57,990		113,148
Total assets	2,580,257		3,882,819
Current liabilities:
Accounts payable and accrued liabilities	315,575		415,218
Accounts payable - intercompany	0		0
Short-term derivative instruments	8,540		303
Current portion of operating lease liabilities	3,356		13,826
Current portion of operating lease liabilities—related parties	0		21,220
Current maturities of long-term debt	649		631
Total current liabilities	328,120		451,198
Long-term derivative instruments	45,615		53,135
Asset retirement obligation - long-term	61,371		60,355
Uncertain tax position liability	3,209		3,127
Non-current operating lease liabilities	284		342
Non-current operating lease liabilities—related parties	0		22,050
Long-term debt, net of current maturities	1,910,318		1,978,020
Total liabilities	2,348,917		2,568,227
Stockholders’ equity:
Common stock	1,601		1,597
Paid-in capital	4,211,062		4,207,554
Accumulated other comprehensive loss	(54,991)		(46,833)
Accumulated deficit	(3,926,332)		(2,847,726)
Total stockholders’ equity	231,340	$ 784,049	1,314,592	$ 3,607,408	$ 3,368,266	$ 3,327,768
Total liabilities and stockholders’ equity	2,580,257		3,882,819
Reportable legal entities | Parent
Current assets:
Cash and cash equivalents	823		2,768
Accounts receivable - oil and natural gas sales	860		859
Accounts receivable - joint interest and other	2,949		5,279
Accounts receivable - intercompany	1,482,102		1,065,593
Prepaid expenses and other current assets	10,781		4,047
Short-term derivative instruments	53,188		126,201
Total current assets	1,550,703		1,204,747
Property and equipment:
Oil and natural gas properties	1,247,631		1,314,933
Other property and equipment	92,768		92,650
Accumulated depletion, depreciation, amortization and impairment	(1,423,539)		(1,418,888)
Property and equipment, net	(83,140)		(11,305)
Other assets:
Equity investments and investments in subsidiaries	1,930,479		3,064,503
Long-term derivative instruments			563
Deferred tax asset			7,563
Operating lease assets	3,640		14,168
Operating lease assets—related parties			43,270
Other assets	29,216		10,026
Total other assets	1,967,633		3,140,093
Total assets	3,435,196		4,333,535
Current liabilities:
Accounts payable and accrued liabilities	46,085		48,006
Accounts payable - intercompany	1,185,800		878,283
Short-term derivative instruments	8,540		303
Current portion of operating lease liabilities	3,356		13,826
Current portion of operating lease liabilities—related parties			21,220
Current maturities of long-term debt	649		631
Total current liabilities	1,244,430		962,269
Long-term derivative instruments	45,615		53,135
Asset retirement obligation - long-term	0		0
Uncertain tax position liability	3,209		3,127
Non-current operating lease liabilities	284		342
Non-current operating lease liabilities—related parties			22,050
Long-term debt, net of current maturities	1,910,318		1,978,020
Total liabilities	3,203,856		3,018,943
Stockholders’ equity:
Common stock	1,601		1,597
Paid-in capital	4,211,062		4,207,554
Accumulated other comprehensive loss	(54,991)		(46,833)
Accumulated deficit	(3,926,332)		(2,847,726)
Total stockholders’ equity	231,340		1,314,592
Total liabilities and stockholders’ equity	3,435,196		4,333,535
Reportable legal entities | Guarantors
Current assets:
Cash and cash equivalents	1,748		3,097
Accounts receivable - oil and natural gas sales	64,785		120,351
Accounts receivable - joint interest and other	16,440		42,696
Accounts receivable - intercompany	1,150,631		843,223
Prepaid expenses and other current assets	5		308
Short-term derivative instruments	0		0
Total current assets	1,233,609		1,009,675
Property and equipment:
Oil and natural gas properties	9,478,228		9,273,681
Other property and equipment	51		50
Accumulated depletion, depreciation, amortization and impairment	(7,032,075)		(5,808,254)
Property and equipment, net	2,446,204		3,465,477
Other assets:
Equity investments and investments in subsidiaries	6,332		6,332
Long-term derivative instruments			0
Deferred tax asset			0
Operating lease assets	0		0
Operating lease assets—related parties			0
Other assets	7,784		5,514
Total other assets	14,116		11,846
Total assets	3,693,929		4,486,998
Current liabilities:
Accounts payable and accrued liabilities	269,490		367,088
Accounts payable - intercompany	1,442,144		1,026,249
Short-term derivative instruments	0		0
Current portion of operating lease liabilities	0		0
Current portion of operating lease liabilities—related parties			0
Current maturities of long-term debt	0		0
Total current liabilities	1,711,634		1,393,337
Long-term derivative instruments	0		0
Asset retirement obligation - long-term	61,371		58,322
Uncertain tax position liability	0		0
Non-current operating lease liabilities	0		0
Non-current operating lease liabilities—related parties			0
Long-term debt, net of current maturities	0		0
Total liabilities	1,773,005		1,451,659
Stockholders’ equity:
Common stock	0		0
Paid-in capital	4,171,409		4,171,408
Accumulated other comprehensive loss	0		0
Accumulated deficit	(2,250,485)		(1,136,069)
Total stockholders’ equity	1,920,924		3,035,339
Total liabilities and stockholders’ equity	3,693,929		4,486,998
Reportable legal entities | Non-Guarantors
Current assets:
Cash and cash equivalents	246		195
Accounts receivable - oil and natural gas sales	0		0
Accounts receivable - joint interest and other	0		0
Accounts receivable - intercompany	0		0
Prepaid expenses and other current assets	76		76
Short-term derivative instruments	0		0
Total current assets	322		271
Property and equipment:
Oil and natural gas properties	5,862		7,850
Other property and equipment	4,019		4,019
Accumulated depletion, depreciation, amortization and impairment	(1,850)		(1,518)
Property and equipment, net	8,031		10,351
Other assets:
Equity investments and investments in subsidiaries	13,013		21,000
Long-term derivative instruments			0
Deferred tax asset			0
Operating lease assets	0		0
Operating lease assets—related parties			0
Other assets	0		0
Total other assets	13,013		21,000
Total assets	21,366		31,622
Current liabilities:
Accounts payable and accrued liabilities	0		124
Accounts payable - intercompany	4,789		4,285
Short-term derivative instruments	0		0
Current portion of operating lease liabilities	0		0
Current portion of operating lease liabilities—related parties			0
Current maturities of long-term debt	0		0
Total current liabilities	4,789		4,409
Long-term derivative instruments	0		0
Asset retirement obligation - long-term	0		2,033
Uncertain tax position liability	0		0
Non-current operating lease liabilities	0		0
Non-current operating lease liabilities—related parties			0
Long-term debt, net of current maturities	0		0
Total liabilities	4,789		6,442
Stockholders’ equity:
Common stock	0		0
Paid-in capital	267,559		267,557
Accumulated other comprehensive loss	(52,562)		(44,763)
Accumulated deficit	(198,420)		(197,614)
Total stockholders’ equity	16,577		25,180
Total liabilities and stockholders’ equity	21,366		31,622
Eliminations
Current assets:
Cash and cash equivalents	0		0
Accounts receivable - oil and natural gas sales	0		0
Accounts receivable - joint interest and other	0		0
Accounts receivable - intercompany	(2,632,733)		(1,908,816)
Prepaid expenses and other current assets	0		0
Short-term derivative instruments	0		0
Total current assets	(2,632,733)		(1,908,816)
Property and equipment:
Oil and natural gas properties	(729)		(729)
Other property and equipment	0		0
Accumulated depletion, depreciation, amortization and impairment	0		0
Property and equipment, net	(729)		(729)
Other assets:
Equity investments and investments in subsidiaries	(1,936,772)		(3,059,791)
Long-term derivative instruments			0
Deferred tax asset			0
Operating lease assets	0		0
Operating lease assets—related parties			0
Other assets	0		0
Total other assets	(1,936,772)		(3,059,791)
Total assets	(4,570,234)		(4,969,336)
Current liabilities:
Accounts payable and accrued liabilities	0		0
Accounts payable - intercompany	(2,632,733)		(1,908,817)
Short-term derivative instruments	0		0
Current portion of operating lease liabilities	0		0
Current portion of operating lease liabilities—related parties			0
Current maturities of long-term debt	0		0
Total current liabilities	(2,632,733)		(1,908,817)
Long-term derivative instruments	0		0
Asset retirement obligation - long-term	0		0
Uncertain tax position liability	0		0
Non-current operating lease liabilities	0		0
Non-current operating lease liabilities—related parties			0
Long-term debt, net of current maturities	0		0
Total liabilities	(2,632,733)		(1,908,817)
Stockholders’ equity:
Common stock	0		0
Paid-in capital	(4,438,968)		(4,438,965)
Accumulated other comprehensive loss	52,562		44,763
Accumulated deficit	2,448,905		1,333,683
Total stockholders’ equity	(1,937,501)		(3,060,519)
Total liabilities and stockholders’ equity	$ (4,570,234)		$ (4,969,336)

CONDENSED CONSOLIDATING FINAN_4

CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Statements of Operations) (Details) - USD ($)	3 Months Ended				6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019
REVENUES:
Total revenues	$ 132,410,000		$ 458,994,000		$ 379,287,000	$ 779,572,000
OPERATING EXPENSES:
Lease operating expenses	15,686,000		22,388,000		31,672,000	42,195,000
Production taxes	3,605,000		8,098,000		8,404,000	16,019,000
Midstream gathering and processing expenses	59,974,000		72,015,000		117,870,000	142,297,000
Depreciation, depletion and amortization	64,790,000		124,951,000		142,818,000	243,384,000
Impairment of oil and natural gas properties	532,880,000		0		1,086,225,000	0
General and administrative expenses	10,470,000		11,727,000		26,639,000	21,784,000
Accretion expense	755,000		1,359,000		1,496,000	2,426,000
Total Operating Expenses	688,160,000		240,538,000		1,415,124,000	468,105,000
(LOSS) INCOME FROM OPERATIONS	(555,750,000)		218,456,000		(1,035,837,000)	311,467,000
OTHER EXPENSE (INCOME):
Interest expense	32,366,000		36,418,000		65,356,000	72,039,000
Interest income	(78,000)		(159,000)		(230,000)	(311,000)
Gain on debt extinguishment	(34,257,000)		0		(49,579,000)	0
Loss (income) from equity method investments and investments in subsidiaries	45,000		125,582,000		10,834,000	121,309,000
Other expense	7,242,000		990,000		9,098,000	563,000
Total Other Expense	5,318,000		162,831,000		35,479,000	193,600,000
(LOSS) INCOME BEFORE INCOME TAXES	(561,068,000)		55,625,000		(1,071,316,000)	117,867,000
INCOME TAX EXPENSE	0		(179,331,000)		7,290,000	(179,331,000)
Net (loss) income	(561,068,000)	$ (517,538,000)	234,956,000	$ 62,242,000	(1,078,606,000)	297,198,000
Reportable legal entities | Parent
REVENUES:
Total revenues	26,970,000		280,291,000		125,238,000	466,537,000
OPERATING EXPENSES:
Lease operating expenses	0		12,256,000		0	27,149,000
Production taxes	0		2,820,000		0	6,081,000
Midstream gathering and processing expenses	0		28,121,000		0	71,420,000
Depreciation, depletion and amortization	2,388,000		80,132,000		4,890,000	198,564,000
Impairment of oil and natural gas properties	0				0
General and administrative expenses	21,731,000		15,207,000		46,377,000	25,938,000
Accretion expense	0		438,000		0	1,389,000
Total Operating Expenses	24,119,000		138,974,000		51,267,000	330,541,000
(LOSS) INCOME FROM OPERATIONS	2,851,000		141,317,000		73,971,000	135,996,000
OTHER EXPENSE (INCOME):
Interest expense	32,825,000		37,373,000		66,002,000	73,298,000
Interest income	(28,000)		(120,000)		(87,000)	(267,000)
Gain on debt extinguishment	(34,257,000)				(49,579,000)
Loss (income) from equity method investments and investments in subsidiaries	562,502,000		47,449,000		1,125,868,000	(55,465,000)
Other expense	2,877,000		990,000		3,083,000	563,000
Total Other Expense	563,919,000		85,692,000		1,145,287,000	18,129,000
(LOSS) INCOME BEFORE INCOME TAXES	(561,068,000)		55,625,000		(1,071,316,000)	117,867,000
INCOME TAX EXPENSE	0		(179,331,000)		7,290,000	(179,331,000)
Net (loss) income	(561,068,000)		234,956,000		(1,078,606,000)	297,198,000
Reportable legal entities | Guarantors
REVENUES:
Total revenues	105,440,000		178,703,000		254,049,000	313,035,000
OPERATING EXPENSES:
Lease operating expenses	15,686,000		10,132,000		31,672,000	15,046,000
Production taxes	3,605,000		5,278,000		8,404,000	9,938,000
Midstream gathering and processing expenses	59,974,000		43,894,000		117,870,000	70,877,000
Depreciation, depletion and amortization	62,236,000		44,764,000		137,596,000	44,765,000
Impairment of oil and natural gas properties	532,880,000				1,086,225,000
General and administrative expenses	(11,374,000)		(3,583,000)		(20,024,000)	(4,258,000)
Accretion expense	755,000		921,000		1,496,000	1,037,000
Total Operating Expenses	663,762,000		101,406,000		1,363,239,000	137,405,000
(LOSS) INCOME FROM OPERATIONS	(558,322,000)		77,297,000		(1,109,190,000)	175,630,000
OTHER EXPENSE (INCOME):
Interest expense	(459,000)		(955,000)		(646,000)	(1,259,000)
Interest income	(50,000)		(39,000)		(143,000)	(44,000)
Gain on debt extinguishment	0				0
Loss (income) from equity method investments and investments in subsidiaries	0		0		0	0
Other expense	4,365,000		0		6,015,000	0
Total Other Expense	3,856,000		(994,000)		5,226,000	(1,303,000)
(LOSS) INCOME BEFORE INCOME TAXES	(562,178,000)		78,291,000		(1,114,416,000)	176,933,000
INCOME TAX EXPENSE	0		0		0	0
Net (loss) income	(562,178,000)		78,291,000		(1,114,416,000)	176,933,000
Reportable legal entities | Non-Guarantors
REVENUES:
Total revenues	0		0		0	0
OPERATING EXPENSES:
Lease operating expenses	0		0		0	0
Production taxes	0		0		0	0
Midstream gathering and processing expenses	0		0		0	0
Depreciation, depletion and amortization	166,000		55,000		332,000	55,000
Impairment of oil and natural gas properties	0				0
General and administrative expenses	113,000		103,000		286,000	104,000
Accretion expense	0		0		0	0
Total Operating Expenses	279,000		158,000		618,000	159,000
(LOSS) INCOME FROM OPERATIONS	(279,000)		(158,000)		(618,000)	(159,000)
OTHER EXPENSE (INCOME):
Interest expense	0		0		0	0
Interest income	0		0		0	0
Gain on debt extinguishment	0				0
Loss (income) from equity method investments and investments in subsidiaries	45,000		(54,000)		188,000	339,000
Other expense	0		0		0	0
Total Other Expense	45,000		(54,000)		188,000	339,000
(LOSS) INCOME BEFORE INCOME TAXES	(324,000)		(104,000)		(806,000)	(498,000)
INCOME TAX EXPENSE	0		0		0	0
Net (loss) income	(324,000)		(104,000)		(806,000)	(498,000)
Eliminations
REVENUES:
Total revenues	0		0		0	0
OPERATING EXPENSES:
Lease operating expenses	0		0		0	0
Production taxes	0		0		0	0
Midstream gathering and processing expenses	0		0		0	0
Depreciation, depletion and amortization	0		0		0	0
Impairment of oil and natural gas properties	0				0
General and administrative expenses	0		0		0	0
Accretion expense	0		0		0	0
Total Operating Expenses	0		0		0	0
(LOSS) INCOME FROM OPERATIONS	0		0		0	0
OTHER EXPENSE (INCOME):
Interest expense	0		0		0	0
Interest income	0		0		0	0
Gain on debt extinguishment	0				0
Loss (income) from equity method investments and investments in subsidiaries	(562,502,000)		78,187,000		(1,115,222,000)	176,435,000
Other expense	0		0		0	0
Total Other Expense	(562,502,000)		78,187,000		(1,115,222,000)	176,435,000
(LOSS) INCOME BEFORE INCOME TAXES	562,502,000		(78,187,000)		1,115,222,000	(176,435,000)
INCOME TAX EXPENSE	0		0		0	0
Net (loss) income	$ 562,502,000		$ (78,187,000)		$ 1,115,222,000	$ (176,435,000)

CONDENSED CONSOLIDATING FINAN_5

CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Statements of Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019
Condensed Financial Statements, Captions [Line Items]
Net loss	$ (561,068)	$ (517,538)	$ 234,956	$ 62,242	$ (1,078,606)	$ 297,198
Foreign currency translation adjustment	6,872		3,610		(8,158)	7,411
Other comprehensive income (loss)	6,872	$ (15,030)	3,610	$ 3,801	(8,158)	7,411
Comprehensive (loss) income	(554,196)		238,566		(1,086,764)	304,609
Reportable legal entities | Parent
Condensed Financial Statements, Captions [Line Items]
Net loss	(561,068)		234,956		(1,078,606)	297,198
Foreign currency translation adjustment	6,872		3,610		(8,158)	7,411
Other comprehensive income (loss)	6,872		3,610		(8,158)	7,411
Comprehensive (loss) income	(554,196)		238,566		(1,086,764)	304,609
Reportable legal entities | Guarantors
Condensed Financial Statements, Captions [Line Items]
Net loss	(562,178)		78,291		(1,114,416)	176,933
Foreign currency translation adjustment	0		61		(360)	155
Other comprehensive income (loss)	0		61		(360)	155
Comprehensive (loss) income	(562,178)		78,352		(1,114,776)	177,088
Reportable legal entities | Non-Guarantors
Condensed Financial Statements, Captions [Line Items]
Net loss	(324)		(104)		(806)	(498)
Foreign currency translation adjustment	6,872		3,549		(7,798)	7,256
Other comprehensive income (loss)	6,872		3,549		(7,798)	7,256
Comprehensive (loss) income	6,548		3,445		(8,604)	6,758
Eliminations
Condensed Financial Statements, Captions [Line Items]
Net loss	562,502		(78,187)		1,115,222	(176,435)
Foreign currency translation adjustment	(6,872)		(3,610)		8,158	(7,411)
Other comprehensive income (loss)	(6,872)		(3,610)		8,158	(7,411)
Comprehensive (loss) income	$ 555,630		$ (81,797)		$ 1,123,380	$ (183,846)

CONDENSED CONSOLIDATING FINAN_6

CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Cash Flows) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Condensed Financial Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	$ 247,222	$ 399,769
Net cash used in investing activities	(230,090)	(510,225)
Net cash (used in) provided by financing activities	(20,375)	78,936
Net (decrease) increase in cash, cash equivalents and restricted cash	(3,243)	(31,520)
Cash, cash equivalents and restricted cash at beginning of period	6,060	52,297
Cash, cash equivalents and restricted cash at end of period	2,817	20,777
Reportable legal entities | Parent
Condensed Financial Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	18,854	312,267
Net cash used in investing activities	(424)	(405,848)
Net cash (used in) provided by financing activities	(20,375)	78,936
Net (decrease) increase in cash, cash equivalents and restricted cash	(1,945)	(14,645)
Cash, cash equivalents and restricted cash at beginning of period	2,768	25,585
Cash, cash equivalents and restricted cash at end of period	823	10,940
Reportable legal entities | Guarantors
Condensed Financial Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	228,317	84,146
Net cash used in investing activities	(229,666)	(101,058)
Net cash (used in) provided by financing activities	0	0
Net (decrease) increase in cash, cash equivalents and restricted cash	(1,349)	(16,912)
Cash, cash equivalents and restricted cash at beginning of period	3,097	26,711
Cash, cash equivalents and restricted cash at end of period	1,748	9,799
Reportable legal entities | Non-Guarantors
Condensed Financial Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	(384)	3,355
Net cash used in investing activities	0	(3,751)
Net cash (used in) provided by financing activities	435	433
Net (decrease) increase in cash, cash equivalents and restricted cash	51	37
Cash, cash equivalents and restricted cash at beginning of period	195	1
Cash, cash equivalents and restricted cash at end of period	246	38
Eliminations
Condensed Financial Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	435	1
Net cash used in investing activities	0	432
Net cash (used in) provided by financing activities	(435)	(433)
Net (decrease) increase in cash, cash equivalents and restricted cash	0	0
Cash, cash equivalents and restricted cash at beginning of period	0	0
Cash, cash equivalents and restricted cash at end of period	$ 0	$ 0

SUBSEQUENT EVENT (Narrative) (D

SUBSEQUENT EVENT (Narrative) (Details) - Subsequent Event MMBTU in Thousands	Aug. 05, 2020MMBTU$ / bbl	Jul. 27, 2020USD ($)
2020
Subsequent Event [Line Items]
Daily volume (in MMBtu) | MMBTU	100
Weighted average price (in usd per MMBtu or Bbl) | $ / bbl	2.38
Line of Credit | Revolving credit agreement
Subsequent Event [Line Items]
Maximum repayment amount		$ 750,000,000
Line of credit facility, maximum borrowing capacity		$ 750,000,000

SUBSEQUENT EVENTS (Applicable R

SUBSEQUENT EVENTS (Applicable Rate) (Details) - Subsequent Event - Line of Credit - Revolving credit agreement	Jul. 27, 2020
Level 1
Subsequent Event [Line Items]
Commitment fee	37.50%
Level 2
Subsequent Event [Line Items]
Commitment fee	37.50%
Level 3
Subsequent Event [Line Items]
Commitment fee	50.00%
Level 4
Subsequent Event [Line Items]
Commitment fee	50.00%
Level 5
Subsequent Event [Line Items]
Commitment fee	50.00%
Eurodollar Rate Loans | Level 1
Subsequent Event [Line Items]
Variable interest rate	200.00%
Eurodollar Rate Loans | Level 2
Subsequent Event [Line Items]
Variable interest rate	225.00%
Eurodollar Rate Loans | Level 3
Subsequent Event [Line Items]
Variable interest rate	250.00%
Eurodollar Rate Loans | Level 4
Subsequent Event [Line Items]
Variable interest rate	275.00%
Eurodollar Rate Loans | Level 5
Subsequent Event [Line Items]
Variable interest rate	300.00%
Base Rate Loans | Level 1
Subsequent Event [Line Items]
Variable interest rate	100.00%
Base Rate Loans | Level 2
Subsequent Event [Line Items]
Variable interest rate	125.00%
Base Rate Loans | Level 3
Subsequent Event [Line Items]
Variable interest rate	150.00%
Base Rate Loans | Level 4
Subsequent Event [Line Items]
Variable interest rate	175.00%
Base Rate Loans | Level 5
Subsequent Event [Line Items]
Variable interest rate	200.00%