2017 Q4 Form 10-K Financial Statement

#000089353819000012 Filed on February 21, 2019

View on sec.gov

Income Statement

Concept 2017 Q4 2016 2015 Q4
Revenue $340.0M $1.217B $299.2M
YoY Change -1.79% -21.81% -49.73%
Cost Of Revenue $122.8M $597.6M $169.2M
YoY Change -19.16% -17.42% -13.76%
Gross Profit $217.2M $619.9M $130.0M
YoY Change 11.79% -21.56% -67.42%
Gross Profit Margin 63.88% 50.92% 43.45%
Selling, General & Admin $32.70M $124.8M $33.60M
YoY Change -1.8% -20.86% -35.63%
% of Gross Profit 15.06% 20.13% 25.85%
Research & Development $15.80M $65.00M $37.90M
YoY Change -33.33% -46.1% -23.74%
% of Gross Profit 7.27% 10.49% 29.15%
Depreciation & Amortization $131.4M $790.7M $240.0M
YoY Change -23.38% -14.15% 9.49%
% of Gross Profit 60.5% 127.56% 184.62%
Operating Expenses $183.4M $991.3M $315.2M
YoY Change -20.81% -19.03% -0.32%
Operating Profit $33.80M -$1.057B -$185.2M
YoY Change -190.62% 82.63% -323.67%
Interest Expense -$159.4M $158.7M $91.10M
YoY Change -9.38% 23.83% -84.53%
% of Operating Profit -471.6%
Other Income/Expense, Net -$2.400M -$1.909M $600.0K
YoY Change -2500.0% -394.14% -700.0%
Pretax Income -$143.4M -$1.202B -$537.1M
YoY Change -56.62% 66.27% -201.21%
Income Tax -$53.50M -$444.2M -$196.9M
% Of Pretax Income
Net Earnings -$26.30M -$757.7M -$340.3M
YoY Change -86.91% 69.25% -202.59%
Net Earnings / Revenue -7.74% -62.24% -113.74%
Basic Earnings Per Share -$9.90
Diluted Earnings Per Share -$235.7K -$9.90 -$5.004M
COMMON SHARES
Basic Shares Outstanding 111.6M shares 76.57M shares 67.97M shares
Diluted Shares Outstanding 76.57M shares

Balance Sheet

Concept 2017 Q4 2016 2015 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $313.9M $9.400M $0.00
YoY Change 3239.36% -100.0%
Cash & Equivalents $313.9M $9.400M $18.00K
Short-Term Investments
Other Short-Term Assets $75.10M $69.80M $419.4M
YoY Change 7.59% -83.36% -9.24%
Inventory
Prepaid Expenses
Receivables $160.2M $96.10M $134.1M
Other Receivables $0.00 $49.30M $41.20M
Total Short-Term Assets $549.1M $224.6M $519.0M
YoY Change 144.44% -56.72% -30.34%
LONG-TERM ASSETS
Property, Plant & Equipment $5.555B $6.081B $4.950B
YoY Change -8.66% 22.85% -10.06%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $32.51M $87.50M $31.67M
YoY Change 63.02% -42.59% -29.08%
Total Long-Term Assets $72.87M $6.169B $152.4M
YoY Change -16.74% 20.9% -34.94%
TOTAL ASSETS
Total Short-Term Assets $549.1M $224.6M $519.0M
Total Long-Term Assets $72.87M $6.169B $152.4M
Total Assets $6.177B $6.394B $5.622B
YoY Change -3.39% 13.73% -13.29%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $77.57M
YoY Change -74.12%
Accrued Expenses $126.5M $249.0M $253.3M
YoY Change -1.7% -55.4%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $559.2M $415.2M $302.5M
YoY Change 34.69% 37.26% -61.45%
LONG-TERM LIABILITIES
Long-Term Debt $2.909B $2.898B $2.518B
YoY Change 0.39% 15.08% 7.96%
Other Long-Term Liabilities $48.40M $268.0M $52.94M
YoY Change 2.45% 40.68% 33.59%
Total Long-Term Liabilities $3.223B $3.166B $3.467B
YoY Change -7.42% 16.88% 1.61%
TOTAL LIABILITIES
Total Short-Term Liabilities $559.2M $415.2M $302.5M
Total Long-Term Liabilities $3.223B $3.166B $3.467B
Total Liabilities $3.782B $3.896B $3.769B
YoY Change -2.93% 3.37% -10.18%
SHAREHOLDERS EQUITY
Retained Earnings $665.7M $1.560B
YoY Change -16.17% -22.57%
Common Stock $1.743B $306.3M
YoY Change 1.46% 7.86%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.395B $2.497B $1.852B
YoY Change
Total Liabilities & Shareholders Equity $6.177B $6.394B $5.622B
YoY Change -3.39% 13.73% -13.29%

Cashflow Statement

Concept 2017 Q4 2016 2015 Q4
OPERATING ACTIVITIES
Net Income -$26.30M -$757.7M -$340.3M
YoY Change -86.91% 69.25% -202.59%
Depreciation, Depletion And Amortization $131.4M $790.7M $240.0M
YoY Change -23.38% -14.15% 9.49%
Cash From Operating Activities $144.8M $552.8M $193.6M
YoY Change 5.08% -44.21% -49.25%
INVESTING ACTIVITIES
Capital Expenditures -$265.8M -$2.814B -$232.6M
YoY Change -88.44% 87.38% -68.66%
Acquisitions
YoY Change
Other Investing Activities -$1.700M $0.00 $22.90M
YoY Change -100.21% -100.0% -3916.67%
Cash From Investing Activities -$267.5M -$1.868B -$209.8M
YoY Change -82.24% 63.16% -71.75%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $938.3M
YoY Change 19269.69%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -4.700M $1.327B 16.10M
YoY Change -101.18% 763.32% -95.54%
NET CHANGE
Cash From Operating Activities 144.8M $552.8M 193.6M
Cash From Investing Activities -267.5M -$1.868B -209.8M
Cash From Financing Activities -4.700M $1.327B 16.10M
Net Change In Cash -127.4M $12.35M -100.0K
YoY Change -86.84% -12211.76% 0.0%
FREE CASH FLOW
Cash From Operating Activities $144.8M $552.8M $193.6M
Capital Expenditures -$265.8M -$2.814B -$232.6M
Free Cash Flow $410.6M $3.367B $426.2M
YoY Change -83.15% 35.07% -62.08%

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CY2018Q4 us-gaap Contractual Obligation Due In Third Year
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CostsAndExpenses
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44732000 USD
CY2018Q4 us-gaap Cumulative Effect Of New Accounting Principle In Period Of Adoption
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2932000 USD
CY2017 us-gaap Current Federal Tax Expense Benefit
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CY2016 us-gaap Current State And Local Tax Expense Benefit
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1539000 USD
CY2017 us-gaap Current State And Local Tax Expense Benefit
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3398000 USD
CY2018 us-gaap Current State And Local Tax Expense Benefit
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CY2018 us-gaap Deferred Income Tax Expense Benefit
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CY2018Q4 us-gaap Deferred Income Tax Liabilities
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29463000 USD
CY2018Q4 us-gaap Deferred Tax Assets Derivative Instruments
DeferredTaxAssetsDerivativeInstruments
0 USD
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CY2018Q4 us-gaap Deferred Tax Assets Net
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4217000 USD
CY2017Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards
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22537000 USD
CY2018Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards
DeferredTaxAssetsTaxCreditCarryforwards
22554000 USD
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3545000 USD
CY2018Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
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3263000 USD
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2978000 USD
CY2018Q4 us-gaap Deferred Tax Assets Valuation Allowance
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223278000 USD
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0 USD
CY2018Q4 us-gaap Deferred Tax Liabilities Derivatives
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35247000 USD
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223278000 USD
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3412000 USD
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4812000 USD
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142467000 USD
CY2018Q4 us-gaap Deferred Tax Liabilities Property Plant And Equipment
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218094000 USD
CY2017Q4 us-gaap Defined Benefit Plan Accumulated Other Comprehensive Income Before Tax
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CY2018Q4 us-gaap Defined Benefit Plan Accumulated Other Comprehensive Income Before Tax
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CY2018Q4 us-gaap Defined Benefit Plan Accumulated Other Comprehensive Income Net Gains Losses Before Tax
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CY2017Q4 us-gaap Defined Benefit Plan Accumulated Other Comprehensive Income Net Prior Service Cost Credit Before Tax
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66000 USD
CY2018Q4 us-gaap Defined Benefit Plan Accumulated Other Comprehensive Income Net Prior Service Cost Credit Before Tax
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48000 USD
CY2017 us-gaap Defined Benefit Plan Actual Return On Plan Assets
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2956000 USD
CY2018 us-gaap Defined Benefit Plan Actual Return On Plan Assets
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CY2017 us-gaap Defined Benefit Plan Actuarial Gain Loss
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CY2018 us-gaap Defined Benefit Plan Actuarial Gain Loss
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7155000 USD
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-1582000 USD
CY2017 us-gaap Defined Benefit Plan Amortization Of Gains Losses
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CY2018 us-gaap Defined Benefit Plan Amortization Of Gains Losses
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CY2016 us-gaap Defined Benefit Plan Amortization Of Prior Service Cost Credit
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16000 USD
CY2017 us-gaap Defined Benefit Plan Amortization Of Prior Service Cost Credit
DefinedBenefitPlanAmortizationOfPriorServiceCostCredit
17000 USD
CY2018 us-gaap Defined Benefit Plan Amortization Of Prior Service Cost Credit
DefinedBenefitPlanAmortizationOfPriorServiceCostCredit
18000 USD
CY2017Q4 us-gaap Defined Benefit Plan Assumptions Used Calculating Benefit Obligation Discount Rate
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0.038
CY2018Q4 us-gaap Defined Benefit Plan Assumptions Used Calculating Benefit Obligation Discount Rate
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0.044
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0.062
CY2018Q4 us-gaap Defined Benefit Plan Assumptions Used Calculating Benefit Obligation Rate Of Compensation Increase
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0.062
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0.047
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DefinedBenefitPlanBenefitObligationBenefitsPaid
8048000 USD
CY2016 us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
11000000 USD
CY2017 us-gaap Defined Benefit Plan Contributions By Employer
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7048000 USD
CY2018 us-gaap Defined Benefit Plan Contributions By Employer
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0.042
CY2018 us-gaap Defined Benefit Plan Assumptions Used Calculating Net Periodic Benefit Cost Discount Rate
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0.038
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DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostExpectedLongTermReturnOnAssets
0.075
CY2017 us-gaap Defined Benefit Plan Assumptions Used Calculating Net Periodic Benefit Cost Expected Long Term Return On Assets
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0.065
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0.055
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DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostRateOfCompensationIncrease
0.062
CY2017 us-gaap Defined Benefit Plan Assumptions Used Calculating Net Periodic Benefit Cost Rate Of Compensation Increase
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0.062
CY2018 us-gaap Defined Benefit Plan Assumptions Used Calculating Net Periodic Benefit Cost Rate Of Compensation Increase
DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostRateOfCompensationIncrease
0.062
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DefinedBenefitPlanBenefitObligation
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CY2018Q4 us-gaap Defined Benefit Plan Benefit Obligation
DefinedBenefitPlanBenefitObligation
66086000 USD
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7693000 USD
CY2018Q4 us-gaap Defined Benefit Plan Expected Future Benefit Payments Year Four
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5715000 USD
CY2018Q4 us-gaap Defined Benefit Plan Expected Future Benefit Payments Year Three
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4913000 USD
CY2018Q4 us-gaap Defined Benefit Plan Expected Future Benefit Payments Year Two
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5066000 USD
CY2018Q4 us-gaap Defined Benefit Plan Expected Future Employer Contributions Next Fiscal Year
DefinedBenefitPlanExpectedFutureEmployerContributionsNextFiscalYear
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CY2016 us-gaap Defined Benefit Plan Expected Return On Plan Assets
DefinedBenefitPlanExpectedReturnOnPlanAssets
2235000 USD
CY2017 us-gaap Defined Benefit Plan Expected Return On Plan Assets
DefinedBenefitPlanExpectedReturnOnPlanAssets
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CY2018 us-gaap Defined Benefit Plan Expected Return On Plan Assets
DefinedBenefitPlanExpectedReturnOnPlanAssets
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CY2017Q4 us-gaap Defined Benefit Plan Fair Value Of Plan Assets
DefinedBenefitPlanFairValueOfPlanAssets
30978000 USD
CY2018Q4 us-gaap Defined Benefit Plan Fair Value Of Plan Assets
DefinedBenefitPlanFairValueOfPlanAssets
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CY2017Q4 us-gaap Defined Benefit Plan Funded Status Of Plan
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2689000 USD
CY2018 us-gaap Defined Benefit Plan Interest Cost
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56045000 USD
CY2018Q4 us-gaap Defined Benefit Plan Pension Plans With Accumulated Benefit Obligations In Excess Of Plan Assets Aggregate Accumulated Benefit Obligation
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52368000 USD
CY2017Q4 us-gaap Defined Benefit Plan Pension Plans With Accumulated Benefit Obligations In Excess Of Plan Assets Aggregate Fair Value Of Plan Assets
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30978000 USD
CY2018Q4 us-gaap Defined Benefit Plan Pension Plans With Accumulated Benefit Obligations In Excess Of Plan Assets Aggregate Fair Value Of Plan Assets
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30100000 USD
CY2017Q4 us-gaap Defined Benefit Plan Pension Plans With Accumulated Benefit Obligations In Excess Of Plan Assets Aggregate Projected Benefit Obligation
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71937000 USD
CY2018Q4 us-gaap Defined Benefit Plan Pension Plans With Accumulated Benefit Obligations In Excess Of Plan Assets Aggregate Projected Benefit Obligation
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66086000 USD
CY2016 us-gaap Defined Benefit Plan Plan Assets Benefits Paid
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CY2018 us-gaap Defined Benefit Plan Recognized Net Gain Loss Due To Settlements1
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0 USD
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CY2017 us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
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CY2018 us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
6730000 USD
CY2017Q4 us-gaap Defined Benefit Plan Weighted Average Asset Allocations
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CY2018Q4 us-gaap Defined Benefit Plan Weighted Average Asset Allocations
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CY2018Q4 us-gaap Derivative Asset Fair Value Offset Against Collateral Net Of Not Subject To Master Netting Arrangement Policy Election
DerivativeAssetFairValueOffsetAgainstCollateralNetOfNotSubjectToMasterNettingArrangementPolicyElection
177588000 USD
CY2017Q4 us-gaap Derivative Asset Not Offset Policy Election Deduction
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100035000 USD
CY2018Q4 us-gaap Derivative Asset Not Offset Policy Election Deduction
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56041000 USD
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CY2018Q4 us-gaap Derivative Assets Current
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CY2018Q4 us-gaap Derivative Assets Noncurrent
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CY2018Q4 us-gaap Derivative Fair Value Of Derivative Asset
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CY2017Q4 us-gaap Derivative Fair Value Of Derivative Liability
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243984000 USD
CY2018Q4 us-gaap Derivative Fair Value Of Derivative Liability
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75349000 USD
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CY2018Q4 us-gaap Derivative Fair Value Of Derivative Net
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158300000 USD
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CY2018Q4 us-gaap Derivative Liabilities Noncurrent
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143949000 USD
CY2018Q4 us-gaap Derivative Liability Fair Value Offset Against Collateral Net Of Not Subject To Master Netting Arrangement Policy Election
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19308000 USD
CY2017Q4 us-gaap Derivative Liability Not Offset Policy Election Deduction
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100035000 USD
CY2018Q4 us-gaap Derivative Liability Not Offset Policy Election Deduction
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56041000 USD
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111700000 USD
CY2018Q4 us-gaap Disposal Group Including Discontinued Operation Property Plant And Equipment
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5280000 USD
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CY2017 us-gaap Dividends Common Stock Cash
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CY2018 us-gaap Dividends Common Stock Cash
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CY2016 us-gaap Early Repayment Of Senior Debt
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CY2017 us-gaap Early Repayment Of Senior Debt
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2357000 USD
CY2018 us-gaap Early Repayment Of Senior Debt
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4.54
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EarningsPerShareDiluted
-1.44
CY2018 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
4.48
CY2016 us-gaap Effective Income Tax Rate Continuing Operations
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0.370
CY2017 us-gaap Effective Income Tax Rate Continuing Operations
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0.532
CY2018 us-gaap Effective Income Tax Rate Continuing Operations
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CY2018Q4 us-gaap Employee Related Liabilities Current
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31486000 USD
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80367000 USD
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ExplorationAbandonmentAndImpairmentExpense
12272000 USD
CY2018 us-gaap Exploration Abandonment And Impairment Expense
ExplorationAbandonmentAndImpairmentExpense
49889000 USD
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12272000 USD
CY2018 us-gaap Impairment Of Oil And Gas Properties
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49889000 USD
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64970000 USD
CY2017 us-gaap Exploration Expense
ExplorationExpense
54713000 USD
CY2018 us-gaap Exploration Expense
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55166000 USD
CY2016 us-gaap Gain Loss On Derivative Instruments Net Pretax
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-250633000 USD
CY2017 us-gaap Gain Loss On Derivative Instruments Net Pretax
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-26414000 USD
CY2018 us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
161832000 USD
CY2016 us-gaap Gain Loss On Sale Of Oil And Gas Property
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37074000 USD
CY2017 us-gaap Gain Loss On Sale Of Oil And Gas Property
GainLossOnSaleOfOilAndGasProperty
-131028000 USD
CY2018 us-gaap Gain Loss On Sale Of Oil And Gas Property
GainLossOnSaleOfOilAndGasProperty
426917000 USD
CY2016 us-gaap Gains Losses On Extinguishment Of Debt
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15722000 USD
CY2017 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-35000 USD
CY2018 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-26740000 USD
CY2016 us-gaap General And Administrative Expense
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124828000 USD
CY2017 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
117283000 USD
CY2018 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
116504000 USD
CY2016 us-gaap Impairment Of Oil And Gas Properties
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80367000 USD
CY2016 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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-1201916000 USD
CY2017 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-343813000 USD
CY2018 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
651777000 USD
CY2016 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-444172000 USD
CY2017 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-182970000 USD
CY2018 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
143370000 USD
CY2016 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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-5059000 USD
CY2017 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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-2727000 USD
CY2018 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
105000 USD
CY2016 us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
IncomeTaxReconciliationChangeInEnactedTaxRate
0 USD
CY2017 us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
IncomeTaxReconciliationChangeInEnactedTaxRate
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CY2017 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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CY2018 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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8190000 USD
CY2018 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
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2508000 USD
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1113000 USD
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0 shares
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0 shares
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0 shares
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0 shares
CY2017 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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0 shares
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733000 USD
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1724000 USD
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CY2018 us-gaap Other Comprehensive Income Defined Benefit Plans Adjustment Before Tax Portion Attributable To Parent
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1154000 USD
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570000 USD
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CY2018 us-gaap Other Comprehensive Income Defined Benefit Plans Tax Portion Attributable To Parent
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16000 USD
CY2017 us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Before Tax
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17000 USD
CY2018 us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Before Tax
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18000 USD
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0 USD
CY2017 us-gaap Other Comprehensive Income Loss Finalization Of Pension And Non Pension Postretirement Plan Valuation Before Tax
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3009000 USD
CY2018 us-gaap Other Comprehensive Income Loss Finalization Of Pension And Non Pension Postretirement Plan Valuation Before Tax
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0 USD
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406000000 USD
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57102000 USD
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CY2017 us-gaap Reclassification To Well Facilities And Equipment Based On Determination Of Proved Reserves
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19846000 USD
CY2018 us-gaap Reclassification To Well Facilities And Equipment Based On Determination Of Proved Reserves
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49337000 USD
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1149000000 USD
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406000000 USD
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0 USD
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790745000 USD
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557036000 USD
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22700000 USD
CY2018 us-gaap Share Based Compensation
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23908000 USD
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437194000 USD
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0 USD
CY2018 us-gaap Stock Issued1
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0 shares
CY2018 us-gaap Stock Issued During Period Shares New Issues
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0 shares
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22700000 USD
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23908000 USD
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2394608000 USD
CY2018Q4 us-gaap Stockholders Equity
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2920322000 USD
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2047203000 USD
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1581401000 USD
CY2016 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
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2345000 USD
CY2017 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
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0 USD
CY2018 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
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0 USD
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9000 USD
CY2017 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
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0 USD
CY2018 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
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0 USD
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2782000 USD
CY2016Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
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446000 USD
CY2017Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
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446000 USD
CY2018Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
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446000 USD
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76568000 shares
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111428000 shares
CY2018 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
113502000 shares
CY2016 us-gaap Weighted Average Number Of Shares Outstanding Basic
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76568000 shares
CY2017 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
111428000 shares
CY2018 us-gaap Weighted Average Number Of Shares Outstanding Basic
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111912000 shares
CY2018 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;font-style:italic;">Concentration of Credit Risk and Major Customers</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">The Company is exposed to credit risk in the event of nonpayment by counterparties, a significant portion of which are concentrated in energy related industries.&#160;&#160;The creditworthiness of customers and other counterparties is subject to regular review.</font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">The Company does not believe the loss of any single purchaser of its production would materially impact its operating results, as oil, gas, and NGLs are products with well-established markets and numerous purchasers in the Company&#8217;s operating regions. The Company had the following major customers and sales to entities under common ownership, which accounted for 10 percent or more of its total oil, gas, and NGL production revenue for at least one of the periods presented:</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:557px;border-collapse:collapse;text-align:left;"><tr><td colspan="9" rowspan="1"></td></tr><tr><td style="width:306px;" rowspan="1" colspan="1"></td><td style="width:69px;" rowspan="1" colspan="1"></td><td style="width:10px;" rowspan="1" colspan="1"></td><td style="width:5px;" rowspan="1" colspan="1"></td><td style="width:69px;" rowspan="1" colspan="1"></td><td style="width:10px;" rowspan="1" colspan="1"></td><td style="width:5px;" rowspan="1" colspan="1"></td><td style="width:69px;" rowspan="1" colspan="1"></td><td style="width:10px;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="8" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;font-weight:bold;">For the Years Ended December 31,</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;font-weight:bold;">2018</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;font-weight:bold;">2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;font-weight:bold;">2016</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">Major customer #1</font><font style="font-family:Arial;font-size:9pt;"><sup style="vertical-align:top;line-height:120%;font-size:6pt">&#160;(1)</sup></font><font style="font-family:Arial;font-size:9pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">18</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">6</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">%</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">Major customer #2</font><font style="font-family:Arial;font-size:9pt;"><sup style="vertical-align:top;line-height:120%;font-size:6pt">&#160;(1)</sup></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">10</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">10</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">5</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">%</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">Group #1 of entities under common ownership</font><font style="font-family:Arial;font-size:9pt;"><sup style="vertical-align:top;line-height:120%;font-size:6pt">&#160;(2)</sup></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">18</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">17</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">15</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">%</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">Group #2 of entities under common ownership </font><font style="font-family:Arial;font-size:9pt;"><sup style="vertical-align:top;line-height:120%;font-size:6pt">(2)</sup></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">12</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">8</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">8</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">%</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;font-size:6pt;"><font style="font-family:Arial;font-size:6pt;">____________________________________________</font></div><table cellpadding="0" cellspacing="0" style="padding-top:1px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:9pt;padding-left:0px;"><font style="font-family:Arial;font-size:9pt;"><sup style="vertical-align:top;line-height:120%;font-size:6pt">(1)</sup>&#160;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">These major customers are purchasers of a portion of the Company&#8217;s production from its Permian region.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:9pt;padding-left:0px;"><font style="font-family:Arial;font-size:9pt;"><sup style="vertical-align:top;line-height:120%;font-size:6pt">(2)</sup>&#160;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">In the aggregate, these groups of entities under common ownership represented more than </font><font style="font-family:Arial;font-size:9pt;">10 percent</font><font style="font-family:Arial;font-size:9pt;"> of total oil, gas, and NGL production revenue for at least one of the periods presented; however, </font><font style="font-family:Arial;font-size:9pt;">no</font><font style="font-family:Arial;font-size:9pt;"> individual entity comprising either group represented more than </font><font style="font-family:Arial;font-size:9pt;">10 percent</font><font style="font-family:Arial;font-size:9pt;"> of the Company&#8217;s total oil, gas, and NGL production revenue.</font></div></td></tr></table><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">The Company&#8217;s policy is to use the commodity affiliates of the lenders under its Credit Agreement as its derivative counterparties, and each counterparty must have investment grade senior unsecured debt ratings. Each of the Company&#8217;s </font><font style="font-family:Arial;font-size:9pt;">10</font><font style="font-family:Arial;font-size:9pt;"> derivative counterparties meet both of these requirements as of the filing of this report.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">The Company maintains its primary bank accounts with a large, multinational bank that has branch locations in the Company&#8217;s areas of operations. The Company&#8217;s policy is to diversify its concentration of cash and cash equivalent investments among multiple institutions and investment products to limit the amount of credit exposure to any single institution or investment.&#160; The Company maintains investments in highly rated, highly liquid investment products with numerous banks that are party to its revolving credit facility.</font></div></div>
CY2018 us-gaap Derivatives Methods Of Accounting Nonhedging Derivatives
DerivativesMethodsOfAccountingNonhedgingDerivatives
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;font-style:italic;">Derivatives</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">The Company uses Level 2 inputs to measure the fair value of oil, gas, and NGL commodity derivatives. Fair values are based upon interpolated data. The Company derives internal valuation estimates taking into consideration forward commodity price curves, counterparties&#8217; credit ratings, the Company&#8217;s credit rating, and the time value of money. These valuations are then compared to the respective counterparties&#8217; mark-to-market statements. The considered factors result in an estimated exit price that management believes provides a reasonable and consistent methodology for valuing derivative instruments. The commodity derivative instruments utilized by the Company are not considered by management to be complex, structured, or illiquid. The oil, gas, and NGL commodity derivative markets are highly active.</font></div></div>
CY2018 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;font-style:italic;">Use of Estimates in the Preparation of Financial Statements</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of proved oil and gas reserves, assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Estimates of proved oil and gas reserve quantities provide the basis for the calculation of depletion, depreciation, and amortization expense, impairment of proved properties, and asset retirement obligations, each of which represents a significant component of the accompanying consolidated financial statements.</font></div></div>

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