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Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2020	Jul. 30, 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	001-35167
Entity Registrant Name	Kosmos Energy Ltd.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	98-0686001
Entity Address, Address Line One	8176 Park Lane
Entity Address, City or Town	Dallas,
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75231
Title of 12(b) Security	Common Stock $0.01 par value
Trading Symbol	KOS
Security Exchange Name	NYSE
City Area Code	214
Local Phone Number	445 9600
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		405,410,075
Entity Central Index Key	0001509991
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 164,091	$ 224,502
Restricted cash	186	4,302
Receivables:
Joint interest billings, net	56,267	81,424
Oil sales	33,497	64,142
Other	26,797	28,727
Inventories	130,299	114,412
Prepaid expenses and other	39,573	36,192
Derivatives	30,289	12,856
Total current assets	480,999	566,557
Property and equipment:
Oil and gas properties, net	3,365,746	3,624,751
Other property, net	12,919	17,581
Property and equipment, net	3,378,665	3,642,332
Other assets:
Restricted cash	542	542
Long-term receivables	88,137	43,430
Deferred financing costs, net of accumulated amortization of $15,989 and $14,681 at June 30, 2020 and December 31, 2019, respectively	5,013	6,321
Deferred tax assets	0	32,779
Derivatives	11,271	2,302
Other	21,864	22,969
Total assets	3,986,491	4,317,232
Current liabilities:
Accounts payable	145,670	149,483
Accrued liabilities	203,275	380,704
Current maturities of long-term debt	56,000	0
Derivatives	43,974	8,914
Total current liabilities	448,919	539,101
Long-term liabilities:
Long-term debt, net	2,107,653	2,008,063
Production prepayment agreement, net	49,333	0
Derivatives	9,306	11,478
Asset retirement obligations	239,845	230,526
Deferred tax liabilities	644,091	653,221
Other long-term liabilities	33,157	33,141
Total long-term liabilities	3,083,385	2,936,429
Stockholders’ equity:
Preference shares, $0.01 par value; 200,000,000 authorized shares; zero issued at June 30, 2020 and December 31, 2019	0	0
Common stock, $0.01 par value; 2,000,000,000 authorized shares; 449,574,638 and 445,779,367 issued at June 30, 2020 and December 31, 2019, respectively	4,496	4,458
Additional paid-in capital	2,291,826	2,297,221
Accumulated deficit	(1,605,128)	(1,222,970)
Treasury stock, at cost, 44,263,269 shares at June 30, 2020 and December 31, 2019, respectively	(237,007)	(237,007)
Total stockholders’ equity	454,187	841,702
Total liabilities and stockholders’ equity	$ 3,986,491	$ 4,317,232

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Deferred financing costs, accumulated amortization	$ 15,989	$ 14,681
Preference shares, par value (in dollars per share)	$ 0.01	$ 0.01
Preference shares, authorized shares (in shares)	200,000,000	200,000,000
Preference shares, issued shares (in shares)	0	0
Common shares, par value (in dollars per share)	$ 0.01	$ 0.01
Common shares, authorized shares (in shares)	2,000,000,000	2,000,000,000
Common shares, issued shares (in shares)	449,574,638	445,779,367
Treasury stock shares (in shares)	44,263,269	44,263,269

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands		3 Months Ended				6 Months Ended
	Mar. 26, 2020	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenues and other income:
Oil and gas revenue		$ 127,314,000		$ 395,933,000		$ 305,094,000	$ 692,723,000
Other income, net		0		1,000		1,000	1,000
Total revenues and other income		127,314,000		395,934,000		305,095,000	692,724,000
Costs and expenses:
Oil and gas production		88,747,000		90,977,000		150,350,000	170,776,000
Facilities insurance modifications, net		52,000		2,278,000		8,090,000	(17,743,000)
Exploration expenses		15,711,000		29,905,000		60,316,000	60,249,000
General and administrative		18,186,000		28,072,000		39,097,000	63,980,000
Depletion, depreciation and amortization		121,857,000		151,438,000		215,159,000	269,533,000
Impairment of long-lived assets		0		0		150,820,000	0
Interest and other financing costs, net		28,274,000		59,803,000		56,109,000	94,844,000
Derivatives, net		100,075,000		(14,185,000)		(35,963,000)	62,900,000
Other expenses, net		1,228,000		(1,793,000)		25,157,000	326,000
Total costs and expenses		374,130,000		346,495,000		669,135,000	704,865,000
Income (loss) before income taxes		(246,816,000)		49,439,000		(364,040,000)	(12,141,000)
Income tax expense (benefit)		(47,425,000)		32,602,000		18,118,000	23,928,000
Net income (loss)		$ (199,391,000)	$ (182,767,000)	$ 16,837,000	$ (52,906,000)	$ (382,158,000)	$ (36,069,000)
Net income (loss) per share:
Basic (in dollars per share)		$ (0.49)		$ 0.04		$ (0.94)	$ (0.09)
Diluted (in dollars per share)		$ (0.49)		$ 0.04		$ (0.94)	$ (0.09)
Weighted average number of shares used to compute net income (loss) per share:
Basic (in shares)		405,195		401,323		404,990	401,244
Diluted (in shares)		405,195		408,230		404,990	401,244
Dividends declared per common share (in dollars per share)	$ 0.0452	$ 0	$ 0.0452	$ 0.0452	$ 0.0452	$ 0.0452	$ 0.0904

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Common Shares	Additional Paid-in Capital	Accumulated Deficit	Treasury Stock
Balance at the beginning (in shares) at Dec. 31, 2018		442,915
Balance at the beginning at Dec. 31, 2018	$ 941,478	$ 4,429	$ 2,341,249	$ (1,167,193)	$ (237,007)
Increase (Decrease) in Shareholders' Equity
Dividends ($0.0452 per share)	(18,744)		(18,744)
Equity-based compensation	8,744		8,744
Restricted stock awards and units (in shares)		2,610
Restricted stock awards and units	0	$ 26	(26)
Purchase of treasury stock / tax withholdings	(1,979)		(1,979)
Net loss	(52,906)			(52,906)
Balance at the end (in shares) at Mar. 31, 2019		445,525
Balance at the end at Mar. 31, 2019	876,593	$ 4,455	2,329,244	(1,220,099)	(237,007)
Balance at the beginning (in shares) at Dec. 31, 2018		442,915
Balance at the beginning at Dec. 31, 2018	941,478	$ 4,429	2,341,249	(1,167,193)	(237,007)
Increase (Decrease) in Shareholders' Equity
Net loss	(36,069)
Balance at the end (in shares) at Jun. 30, 2019		445,638
Balance at the end at Jun. 30, 2019	884,211	$ 4,456	2,320,024	(1,203,262)	(237,007)
Balance at the beginning (in shares) at Mar. 31, 2019		445,525
Balance at the beginning at Mar. 31, 2019	876,593	$ 4,455	2,329,244	(1,220,099)	(237,007)
Increase (Decrease) in Shareholders' Equity
Dividends ($0.0452 per share)	(18,740)		(18,740)
Equity-based compensation	9,525		9,525
Restricted stock awards and units (in shares)		113
Restricted stock awards and units	0	$ 1	(1)
Purchase of treasury stock / tax withholdings	(4)		(4)
Net loss	16,837			16,837
Balance at the end (in shares) at Jun. 30, 2019		445,638
Balance at the end at Jun. 30, 2019	884,211	$ 4,456	2,320,024	(1,203,262)	(237,007)
Balance at the beginning (in shares) at Dec. 31, 2019		445,779
Balance at the beginning at Dec. 31, 2019	841,702	$ 4,458	2,297,221	(1,222,970)	(237,007)
Increase (Decrease) in Shareholders' Equity
Dividends ($0.0452 per share)	(18,918)		(18,918)
Equity-based compensation	10,078		10,078
Restricted stock awards and units (in shares)		3,590
Restricted stock awards and units	0	$ 36	(36)
Purchase of treasury stock / tax withholdings	(4,947)		(4,947)
Net loss	(182,767)			(182,767)
Balance at the end (in shares) at Mar. 31, 2020		449,369
Balance at the end at Mar. 31, 2020	645,148	$ 4,494	2,283,398	(1,405,737)	(237,007)
Balance at the beginning (in shares) at Dec. 31, 2019		445,779
Balance at the beginning at Dec. 31, 2019	841,702	$ 4,458	2,297,221	(1,222,970)	(237,007)
Increase (Decrease) in Shareholders' Equity
Net loss	(382,158)
Balance at the end (in shares) at Jun. 30, 2020		449,575
Balance at the end at Jun. 30, 2020	454,187	$ 4,496	2,291,826	(1,605,128)	(237,007)
Balance at the beginning (in shares) at Mar. 31, 2020		449,369
Balance at the beginning at Mar. 31, 2020	645,148	$ 4,494	2,283,398	(1,405,737)	(237,007)
Increase (Decrease) in Shareholders' Equity
Dividends ($0.0452 per share)	24		24
Equity-based compensation	8,406		8,406
Restricted stock awards and units (in shares)		206
Restricted stock awards and units	0	$ 2	(2)
Net loss	(199,391)			(199,391)
Balance at the end (in shares) at Jun. 30, 2020		449,575
Balance at the end at Jun. 30, 2020	$ 454,187	$ 4,496	$ 2,291,826	$ (1,605,128)	$ (237,007)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References + Details

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares		3 Months Ended				6 Months Ended
	Mar. 26, 2020	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019
Statement of Stockholders' Equity [Abstract]
Dividends declared per common stock (in dollars per share)	$ 0.0452	$ 0	$ 0.0452	$ 0.0452	$ 0.0452	$ 0.0452	$ 0.0904

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Jun. 30, 2020	Jun. 30, 2019
Operating activities
Net income (loss)	$ (382,158,000)	$ (36,069,000)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depletion, depreciation and amortization (including deferred financing costs)	219,634,000	274,222,000
Deferred income taxes	23,650,000	(56,730,000)
Unsuccessful well costs and leasehold impairments	20,855,000	7,099,000
Impairment of long-lived assets	150,820,000	0
Change in fair value of derivatives	(31,615,000)	65,686,000
Cash settlements on derivatives, net (including $42.4 million and $(18.7) million on commodity hedges during 2020 and 2019)	34,814,000	(21,044,000)
Equity-based compensation	17,693,000	17,932,000
Loss on extinguishment of debt	2,215,000	24,794,000
Other	6,529,000	7,417,000
Changes in assets and liabilities:
(Increase) decrease in receivables	57,593,000	(23,996,000)
Increase in inventories	(17,715,000)	(19,021,000)
(Increase) decrease in prepaid expenses and other	(3,464,000)	29,380,000
Decrease in accounts payable	(3,813,000)	(76,031,000)
Increase (decrease) in accrued liabilities	(157,874,000)	28,751,000
Net cash provided by (used in) operating activities	(62,836,000)	222,390,000
Investing activities
Oil and gas assets	(135,242,000)	(153,268,000)
Other property	(1,536,000)	(5,230,000)
Proceeds on sale of assets	1,713,000	0
Notes receivable from partners	(42,362,000)	(5,983,000)
Net cash used in investing activities	(177,427,000)	(164,481,000)
Financing activities
Borrowings under long-term debt	150,000,000	175,000,000
Payments on long-term debt	0	(300,000,000)
Advances under production prepayment agreement	50,000,000	0
Net proceeds from issuance of senior notes	0	641,875,000
Redemption of senior secured notes	0	(535,338,000)
Purchase of treasury stock / tax withholdings	(4,947,000)	(1,983,000)
Dividends	(19,181,000)	(36,289,000)
Deferred financing costs	(136,000)	(1,981,000)
Net cash provided by (used in) financing activities	175,736,000	(58,716,000)
Net decrease in cash, cash equivalents and restricted cash	(64,527,000)	(807,000)
Cash, cash equivalents and restricted cash at beginning of period	229,346,000	185,616,000
Cash, cash equivalents and restricted cash at end of period	164,819,000	184,809,000
Cash paid for:
Interest, net of capitalized interest	58,096,000	65,307,000
Income taxes	$ 54,199,000	$ 14,619,000

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Statement of Cash Flows [Abstract]
Cash settlements on derivatives, net (commodity hedges)	$ 42.4	$ (18.7)

Organization	6 Months Ended
Organization	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Kosmos Energy Ltd. changed its jurisdiction of incorporation from Bermuda to the State of Delaware, in the United States of America, (the "Redomestication") in December 2018. As a holding company, Kosmos Energy Ltd.’s management operations are conducted through a wholly-owned subsidiary, Kosmos Energy, LLC. The terms “Kosmos,” the “Company,” “we,” “us,” “our,” “ours,” and similar terms refer to Kosmos Energy Ltd. and its wholly-owned subsidiaries, unless the context indicates otherwise. Kosmos is a full-cycle deepwater independent oil and gas exploration and production company focused along the Atlantic Margins. Our key assets include production offshore Ghana, Equatorial Guinea and U.S. Gulf of Mexico, as well as a world-class gas development offshore Mauritania and Senegal. We also maintain a sustainable exploration program balanced between proven basin infrastructure-led exploration (Equatorial Guinea and U.S. Gulf of Mexico), emerging basins (Mauritania, Senegal and Suriname) and frontier basins (Namibia, Sao Tome and Principe, and South Africa). Kosmos is listed on the New York Stock Exchange and London Stock Exchange and is traded under the ticker symbol KOS. Kosmos is engaged in a single line of business, which is the exploration, development, and production of oil and natural gas. Substantially all of our long-lived assets and all of our product sales are related to operations in four geographic areas: Ghana, Equatorial Guinea, Mauritania/Senegal and U.S. Gulf of Mexico. In addition, we have exploration activities in other countries in the Atlantic Margins.

Accounting Policies

6 Months Ended

Jun. 30, 2020

Accounting Policies [Abstract]

Accounting Policies

General

The interim consolidated financial statements included in this report are unaudited and, in the opinion of management, include all adjustments of a normal recurring nature necessary for a fair presentation of the results for the interim periods. The results of the interim periods shown in this report are not necessarily indicative of the final results to be expected for the full year. The consolidated financial statements were prepared in accordance with the requirements of the Securities and Exchange Commission (“SEC”) for interim reporting. As permitted under those rules, certain notes or other financial information that are normally required by Generally Accepted Accounting Principles in the United States of America (“GAAP”) have been condensed or omitted from these interim consolidated financial statements. These consolidated financial statements and the accompanying notes should be read in conjunction with our audited consolidated financial statements for the year ended December 31, 2019, included in our annual report on Form 10-K and our quarterly report on Form 10-Q for the quarter ended March 31, 2020.

Reclassifications

Certain prior period amounts have been reclassified to conform with the current presentation. Such reclassifications had no significant impact on our reported net income (loss), current assets, total assets, current liabilities, total liabilities, stockholders’ equity or cash flows.

Cash, Cash Equivalents and Restricted Cash



	June 30, 2020		December 31, 2019
	(In thousands)
Cash and cash equivalents	$	164,091	$	224,502
Restricted cash - current	186		4,302
Restricted cash - long-term	542		542
Total cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows	$	164,819	$	229,346

Cash and cash equivalents include demand deposits and funds invested in highly liquid instruments with original maturities of three months or less at the date of purchase.

In accordance with certain of our petroleum contracts, we have posted letters of credit related to performance guarantees for our minimum work obligations. Certain of these letters of credit are cash collateralized in accounts held by us and as such are classified as restricted cash. Upon completion of the minimum work obligations and/or entering into the next phase of the respective petroleum contract, the requirement to post the existing letters of credit will be satisfied and the cash collateral will be released. However, additional letters of credit may be required should we choose to move into the next phase of certain of our petroleum contracts.

Inventories

Inventories consisted of $115.2 million and $112.3 million of materials and supplies and $15.1 million and $2.1 million of hydrocarbons as of June 30, 2020 and December 31, 2019, respectively. The Company’s materials and supplies inventory primarily consists of casing and wellheads and is stated at the lower of cost, using the weighted average cost method, or net realizable value.

Hydrocarbon inventory is carried at the lower of cost, using the weighted average cost method, or net realizable value. Hydrocarbon inventory costs include expenditures and other charges incurred in bringing the inventory to its existing condition. Selling expenses and general and administrative expenses are reported as period costs and excluded from inventory costs.

Revenue Recognition

Our oil and gas revenues are recognized when hydrocarbons have been sold to a purchaser at a fixed or determinable price, title has transferred and collection is probable. Certain revenues are based on provisional price contracts which contain an embedded derivative that is required to be separated from the host contract for accounting purposes. The host contract is the receivable from oil sales at the spot price on the date of sale. The embedded derivative, which is not designated as a hedge, is marked to market through oil and gas revenue each period until the final settlement occurs, which generally is limited to the month after the sale.

Oil and gas revenue is composed of the following:



	Three Months Ended June 30,						Six Months Ended June 30,
	2020			2019			2020			2019
	(In thousands)
Revenues from contract with customer - Equatorial Guinea	$	28,147		$	63,165		$	52,518		$	152,279
Revenues from contract with customer - Ghana	64,577			209,469			114,250			328,800
Revenues from contract with customers - U.S. Gulf of Mexico	39,222			129,364			142,674			214,431
Provisional oil sales contracts	(4,632		)	(6,065		)	(4,348		)	(2,787		)
Oil and gas revenue	$	127,314		$	395,933		$	305,094		$	692,723

Restructuring Charges

The Company accounts for restructuring charges and related termination benefits in accordance with ASC 712—Compensation-Nonretirement Postemployment Benefits. Under this standard, the costs associated with termination benefits are recorded during the period in which the liability is incurred. During the three and six months ended June 30, 2020, we recognized $(0.6) million and $13.3 million, respectively, in restructuring charges for employee severance and related benefit costs incurred as part of a corporate reorganization in Other expenses, net in the consolidated statement of operations.

Concentration of Credit Risk

Our revenue can be materially affected by current economic conditions and the price of oil. However, based on the current demand for crude oil and the fact that alternative purchasers are available, we believe that the loss of our marketing agent and/or any of the purchasers identified by our marketing agent would not have a long‑term material adverse effect on our financial position or results of operations. The continued economic disruption resulting from the COVID-19 pandemic could materially impact the Company’s business in future periods. Any potential disruption will depend on the duration and intensity of these events, which are highly uncertain and cannot be predicted at this time. For our U.S. Gulf of Mexico operations, crude oil and natural gas are transported to customers using third-party pipelines. For the three months ended June 30, 2020 and 2019, revenue from Phillips 66 Company made up approximately 24% and 22%, respectively, and revenue from Shell Trading (US) Company made up approximately 8% and 9%, respectively, of our total consolidated revenue and was included in our U.S. Gulf of Mexico segment. For the six months ended June 30, 2020 and 2019, revenue from Phillips 66 Company made up approximately 37% and 22%, respectively, and revenue from Shell Trading (US) Company made up approximately 15% and 7%, respectively, of our total consolidated revenue and was included in our U.S. Gulf of Mexico segment.

Recent Accounting Standards

In June 2016, ASU 2016-13, "Measurement of Credit Losses on Financial Instruments," was issued requiring measurement of all expected credit losses for certain types of financial instruments, including trade receivables, held at the reporting date based on historical experience, current conditions and reasonable and supportable forecasts. This standard was effective January 1, 2020. We assessed all receivable positions for expected credit losses through the implementation of ASU 2016-13, current expected credit loss standard (CECL). Our receivables are collectible in the original term of the underlying agreements and current expected credit losses under the CECL standard are not significant.

In December 2019, the FASB issued ASU 2019-12, “Simplifying the Accounting for Income Taxes”. The amendments in the ASU are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption is permitted, however, we do not plan to early adopt ASU 2019-12 at this time. ASU 2019-12 is not expected to have a material impact on our income tax expense.

Acquisitions and Divestitures	6 Months Ended
Acquisitions and Divestitures	Jun. 30, 2020
Business Combinations [Abstract]
Acquisitions and Divestitures	Acquisitions and Divestitures 2020 Transactions During the second quarter of 2020, Kosmos made a decision to withdraw from our blocks offshore Cote d'Ivoire following our evaluation of seismic data. In July 2020, we provided notice to Staatsolie that we declined to enter the final exploration phase of the Suriname Block 45 petroleum agreement. 2019 Transactions During the first quarter of 2019, we agreed a petroleum contract covering offshore Marine XXI block with the national oil company of the Republic of the Congo, Societe Nationale des Petroles du Congo. The petroleum contract was subject to a required governmental approval process before the petroleum contract could be made effective. The petroleum contract had not been approved by the government of the Republic of Congo nor entered into force when, in February 2020, we terminated our interests in the Marine XXI block petroleum contract. In March 2019, we completed an agreement to acquire Ophir's remaining interest in Block EG-24, offshore Equatorial Guinea, which increased our participating interest to 80% and named Kosmos as operator.

Joint Interest Billings, Related Party Receivables and Notes Receivables	6 Months Ended
	Jun. 30, 2020
Joint Interest Billings
Joint Interest Billings, Related Party Receivables and Notes Receivables	Joint Interest Billings, Related Party Receivables and Notes Receivables Joint Interest Billings The Company’s joint interest billings generally consist of receivables from partners with interests in common oil and gas properties operated by the Company for shared costs. Joint interest billings are classified on the consolidated balance sheets as current and long-term receivables based on when collection is expected to occur. In Ghana, the contractor group funded GNPC’s 5% share of the TEN development costs. The block partners are being reimbursed for such costs plus interest out of a portion of GNPC’s TEN production revenues. As of June 30, 2020 and December 31, 2019, the current portions of the joint interest billing receivables due from GNPC for the TEN fields development costs were $9.1 million and $14.0 million, respectively, and the long-term portions were $17.0 million and $16.0 million, respectively. Notes Receivables In February 2019, Kosmos and BP signed Carry Advance Agreements with the national oil companies of Mauritania and Senegal which obligate us separately to finance the respective national oil company’s share of certain development costs incurred through first gas production for Greater Tortue Ahmeyim Phase 1, currently projected in 2023. Kosmos’ share for the two agreements combined is up to $239.7 million, which is to be repaid with interest through the national oil companies’ share of future revenues. As of June 30, 2020 and December 31, 2019, the balance due from the national oil companies was $71.1 million and $27.4 million, respectively, which is classified as Long-term receivables on our consolidated balance sheets.

Property and Equipment

6 Months Ended

Jun. 30, 2020

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and equipment is stated at cost and consisted of the following:



	June 30, 2020			December 31, 2019
	(In thousands)
Oil and gas properties:
Proved properties	$	5,129,222		$	4,904,648
Unproved properties	533,393			814,065
Total oil and gas properties	5,662,615			5,718,713
Accumulated depletion	(2,296,869		)	(2,093,962		)
Oil and gas properties, net	3,365,746			3,624,751

Other property	59,686			61,598
Accumulated depreciation	(46,767		)	(44,017		)
Other property, net	12,919			17,581

Property and equipment, net	$	3,378,665		$	3,642,332

We recorded depletion expense of $115.7 million and $144.0 million for the three months ended, June 30, 2020 and 2019, respectively, and $202.9 million and $255.0 million for the six months ended June 30, 2020 and 2019, respectively. As a result of the impact of COVID-19 on the demand for oil and the related significant decrease in oil prices, we reviewed our long-lived assets for impairment at March 31, 2020. Oil prices improved during the three months ended June 30, 2020. During the three months ended June 30, 2020 and 2019, no oil and gas asset impairments were recorded. During the six months ended June 30, 2020 and 2019, we recorded asset impairments totaling $150.8 million and zero, respectively, in our consolidated statement of operations in connection with fair value assessments for oil and gas proved properties in the U.S. Gulf of Mexico.

Suspended Well Costs

6 Months Ended

Jun. 30, 2020

Oil and Gas Exploration and Production Industries Disclosures [Abstract]

Suspended Well Costs

The following table reflects the Company’s capitalized exploratory well costs on drilled wells as of and during the six months ended June 30, 2020. The table excludes $9.6 million in costs that were capitalized and expensed during the same period. During the first quarter of 2020, the exploratory well costs associated with the Greater Tortue Ahmeyim Unit were reclassified to proved property as the execution of the Tortue Phase 1 SPA in February 2020 resulted in recognition of proved undeveloped reserves at that time.



	June 30, 2020
	(In thousands)
Beginning balance	$	445,790
Additions to capitalized exploratory well costs pending the determination of proved reserves	1,140
Reclassification due to determination of proved reserves	(263,849		)
Capitalized exploratory well costs charged to expense	—
Ending balance	$	183,081

The following table provides an aging of capitalized exploratory well costs based on the date drilling was completed and the number of projects for which exploratory well costs have been capitalized for more than one year since the completion of drilling:



	June 30, 2020		December 31, 2019
	(In thousands, except well counts)
Exploratory well costs capitalized for a period of one year or less	$	29,616	$	29,121
Exploratory well costs capitalized for a period of one to two years	—		78,245
Exploratory well costs capitalized for a period of three years or greater	153,465		338,424
Ending balance	$	183,081	$	445,790
Number of projects that have exploratory well costs that have been capitalized for a period greater than one year	2		3

As of June 30, 2020, the projects with exploratory well costs capitalized for more than one year since the completion of drilling are related to the BirAllah discovery (formerly known as the Marsouin discovery) in Block C8 offshore Mauritania and the Yakaar and Teranga discoveries in the Cayar Offshore Profond block offshore Senegal.

BirAllah Discovery — In November 2015, we completed the Marsouin-1 exploration well in the northern part of Block C8 offshore Mauritania, which encountered hydrocarbon pay. Following additional evaluation, a decision regarding commerciality is expected to be made. During the fourth quarter of 2019, we completed the nearby Orca-1 exploration well which encountered hydrocarbon pay. Following additional evaluation, a decision regarding commerciality is expected to be made. The BirAllah and Orca discoveries are being analyzed as a joint development.

Yakaar and Teranga Discoveries — In May 2016, we completed the Teranga-1 exploration well in the Cayar Offshore Profond block offshore Senegal, which encountered hydrocarbon pay. In June 2017, we completed the Yakaar-1 exploration well in the Cayar Offshore Profond block offshore Senegal, which encountered hydrocarbon pay. In November 2017, an integrated Yakaar-Teranga appraisal plan was submitted to the government of Senegal. In September 2019, we completed the Yakaar-2 appraisal well which encountered hydrocarbon pay. The Yakaar-2 well was drilled approximately nine kilometers from the Yakaar-1 exploration well. Following additional evaluation, a decision regarding commerciality is expected to be made. The Yakaar and Teranga discoveries are being analyzed as a joint development.

Leases

6 Months Ended

Jun. 30, 2020

Leases [Abstract]

Leases

We have commitments under operating leases primarily related to office leases. Our leases have initial lease terms ranging from one year to ten years. Certain lease agreements contain provisions for future rent increases.

The components of lease cost for the three and six months ended June 30, 2020 and 2019 are as follows:



	Three Months Ended June 30,				Six months ended June 30,
	2020		2019		2020		2019
	(In thousands)
Operating lease cost	$	1,899	$	1,602	$	3,157	$	3,009
Short-term lease cost(1)	2,434		582		12,802		587
Total lease cost	$	4,333	$	2,184	$	15,959	$	3,596

__________________________________


(1)	Includes $2.3 million and zero during the three months ended June 30, 2020 and 2019, respectively, and $12.2 million and zero during the six months ended June 30, 2020 and 2019, respectively, of costs associated with short-term drilling contracts.

Other information related to operating leases at June 30, 2020 and 2019, is as follows:



	June 30, 2020			December 31, 2019
(In thousands, except lease term and discount rate)
Balance sheet classifications
Other assets (right-of-use assets)	$	18,775		$	20,008
Accrued liabilities (current maturities of leases)	2,005			1,139
Other long-term liabilities (non-current maturities of leases)	21,078			22,240

Weighted average remaining lease term	8.4 years			8.8 years

Weighted average discount rate	9.9		%	9.8		%

The table below presents supplemental cash flow information related to leases during the six months ended June 30, 2020 and 2019:



	Six Months Ended June 30,
	2020		2019
	(In thousands)
Operating cash flows for operating leases	$	1,909	$	1,750
Investing cash flows for operating leases(1)	12,225		—

__________________________________


(1)	Represents costs associated with short-term drilling contracts.

Future minimum rental commitments under our leases at June 30, 2020, are as follows:



	Operating Leases(1)
	(In thousands)
2020(2)	$	2,061
2021	4,174
2022	4,237
2023	4,301
2024	3,464
Thereafter	16,041
Total undiscounted lease payments	$	34,278
Less: Imputed interest	(11,195		)
Total lease liabilities	$	23,083

__________________________________


(1)	Does not include purchase commitments for jointly owned fields and facilities where we are not the operator and excludes commitments for exploration activities, including well commitments, in our petroleum contracts.

(2)

Represents payments for the period from July 1, 2020 through December 31, 2020.

Debt

6 Months Ended

Jun. 30, 2020

Debt Disclosure [Abstract]

Debt



	June 30, 2020			December 31, 2019
	(In thousands)
Outstanding debt principal balances:
Facility	$	1,450,000		$	1,400,000
Corporate Revolver	100,000			—
Senior Notes	650,000			650,000
Total	2,200,000			2,050,000
Unamortized deferred financing costs and discounts(1)	(36,347		)	(41,937		)
Total debt, net	2,163,653			2,008,063
Less: Current maturities of long-term debt	(56,000		)	—
Long-term debt, net	$	2,107,653		$	2,008,063

__________________________________


(1)	Includes $27.8 million and $32.8 million of unamortized deferred financing costs related to the Facility as of June 30, 2020 and December 31, 2019, respectively; $8.5 million and $9.1 million of unamortized deferred financing costs and discounts related to the Senior Notes as of June 30, 2020 and December 31, 2019, respectively.

Facility

In April 2020, following the lenders' annual redetermination, the available borrowing base and Facility size were both reduced from $1.6 billion to $1.5 billion. In addition, as part of the redetermination process, the Company agreed to conduct an additional redetermination in September 2020. The Facility supports our oil and gas exploration, appraisal and development programs and corporate activities. As of June 30, 2020, borrowings under the Facility totaled $1.45 billion and the undrawn availability under the facility was $0.05 billion.

The Facility provides a revolving credit and letter of credit facility. The availability period for the revolving credit facility expires one month prior to the final maturity date. The letter of credit facility expires on the final maturity date. The available facility amount is subject to borrowing base constraints and, beginning on March 31, 2022, outstanding borrowings will be constrained by an amortization schedule. The Facility has a final maturity date of March 31, 2025. As of June 30, 2020, we had no letters of credit issued under the Facility.

As result of the impact of COVID-19 on the demand for oil and the related significant decrease in oil prices, our ability to comply with one of our financial covenants, the debt cover ratio, may be impacted in future periods. Therefore, in July 2020, we proactively worked with our lender group, prior to any inability to comply with the financial covenants thereunder, to amend the debt cover ratio calculation through December 31, 2021. The amendment makes this covenant less restrictive during the stated period up to a maximum of 4.75x and thereafter gradually returns to the originally agreed upon ratio of 3.5x. In addition, as part of the amendment to relax the debt cover ratio, we agreed to include the advanced amounts under the Production Prepayment Agreement as part of the debt cover ratio calculation. We were in compliance with the financial covenants as of the most recent assessment date. The Facility contains customary cross default provisions.

Corporate Revolver

In August 2018, we amended and restated the Corporate Revolver from a number of financial institutions, maintaining the borrowing capacity at $400.0 million, extending the maturity date from November 2018 to May 2022 and lowering the margin 100 basis points to 5%. This results in lower commitment fees on the undrawn portion of the total commitments, which is 30% per annum of the respective margin. The Corporate Revolver is available for general corporate purposes and for oil and gas exploration, appraisal and development programs.

As of June 30, 2020, there were $100.0 million in outstanding borrowings under the Corporate Revolver and the undrawn availability was $300.0 million. As of June 30, 2020, we have $5.0 million of net deferred financing costs related to the Corporate Revolver, which will be amortized over its remaining term.

As result of the impact of COVID-19 on the demand for oil and the related significant decrease in oil prices, our ability to comply with one of our financial covenants, the debt cover ratio, may be impacted in future periods. Therefore, in July 2020, we proactively worked with our lender group, prior to any inability to comply with the financial covenants thereunder, to amend the debt cover ratio calculation through December 31, 2021. The amendment makes this covenant less restrictive during the stated period up to a maximum of 4.75x and thereafter gradually returns to the originally agreed upon ratio of 3.5x. In addition, as part of the amendment to relax the debt cover ratio, we agreed to include the advanced amounts under the Production Prepayment Agreement as part of the debt cover ratio calculation. We were in compliance with the financial covenants as of the most recent assessment date. The Corporate Revolver contains customary cross default provisions.

Revolving Letter of Credit Facility

Our revolving letter of credit facility agreement (“LC Facility”) expired in July 2019.In May 2020, the remaining five outstanding letters of credit under the LC Facility totaling $3.1 million were released and the LC Facility was subsequently terminated in June 2020.

In 2019, we issued two letters of credit totaling $20.4 million under a new letter of credit arrangement, which does not currently require cash collateral.

7.125% Senior Notes due 2026

In April 2019, the Company issued $650.0 million of 7.125% Senior Notes and received net proceeds of approximately $640.0 million after deducting commissions and other expenses. We used the net proceeds to redeem all of the Senior Secured Notes, repay a portion of the outstanding indebtedness under the Corporate Revolver and pay fees and expenses related to the redemption, repayment and the issuance of the Senior Notes.

The Senior Notes mature on April 4, 2026. Interest is payable in arrears each April 4 and October 4, commencing on October 4, 2019. The Senior Notes are senior, unsecured obligations of Kosmos Energy Ltd. and rank equal in right of payment with all of its existing and future senior indebtedness (including all borrowings under the Corporate Revolver) and rank effectively junior in right of payment to all of its existing and future secured indebtedness (including all borrowings under the Facility). The Senior Notes are guaranteed on a senior, unsecured basis by certain subsidiaries owning the Company's Gulf of Mexico assets, and on a subordinated, unsecured basis by certain subsidiaries that guarantee the Facility. We were in compliance with the financial covenants contained in the Senior Notes as of March 31, 2020. The Senior Notes contain customary cross default provisions.

At June 30, 2020, the estimated repayments of debt during the five fiscal year periods and thereafter are as follows:



	Payments Due by Year
	Total		2020(2)		2021		2022		2023		2024		Thereafter
	(In thousands)
Principal debt repayments(1)	$	2,200,000	$	—	$	56,000	$	422,571	$	428,571	$	428,572	$	864,286

__________________________________

(1)

Includes the scheduled principal maturities for the $650.0 million aggregate principal amount of Senior Notes and borrowings under the Facility and Corporate Revolver. The scheduled maturities of debt related to the Facility as of June 30, 2020 are based on our level of borrowings and our estimated future available borrowing base commitment levels in future periods. Any increases or decreases in the level of borrowings or increases or decreases in the available borrowing base would impact the scheduled maturities of debt during the next five years and thereafter.


(2)	Represents payments for the period July 1, 2020 through December 31, 2020.

Interest and other financing costs, net

Interest and other financing costs, net incurred during the periods is comprised of the following:



	Three Months Ended June 30,						Six Months Ended June 30,
	2020			2019			2020			2019
	(In thousands)
Interest expense	$	28,504		$	38,450		$	60,270		$	76,622
Amortization—deferred financing costs	2,192			2,302			4,475			4,689
Loss on extinguishment of debt	2,215			24,794			2,215			24,794
Capitalized interest	(5,729		)	(7,002		)	(12,256		)	(14,253		)
Deferred interest	1,182			433			1,496			1,270
Interest income	(1,023		)	(591		)	(2,102		)	(1,243		)
Other, net	933			1,417			2,011			2,965
Interest and other financing costs, net	$	28,274		$	59,803		$	56,109		$	94,844

Production Prepayment Agreement

6 Months Ended

Jun. 30, 2020

Debt Disclosure [Abstract]

Production Prepayment Agreement

Production Prepayment Agreement, net



	June 30, 2020			December 31, 2019
	(In thousands)
Production prepayment	$	50,000		$	—
Unamortized deferred financing costs	(667		)	—
Production prepayment agreement, net	$	49,333		$	—

In June 2020, the Company received $50 million from Trafigura under a Production Prepayment Agreement of crude oil sales related to a portion of our U.S. Gulf of Mexico production primarily in 2022 and 2023, The Production Prepayment Agreement is for up to $200 million of crude oil sales, with an additional $100 million committed by Trafigura in addition to the $50 million received in June 2020. The Company will sell to Trafigura a specified volume of crude oil each month as defined in the Volume Model, which is expected to be finalized in the third quarter of 2020 in accordance with the terms of the Production Prepayment Agreement (estimated at approximately 2 million barrels total), for no more than 60 months following the funding in June 2020, such final delivery date being the "Final Delivery Date," provided, however, if the market value of the crude oil volumes delivered prior to the Final Delivery Date is equal to $57.5 million, then the Company's obligation would be considered fully satisfied. Under the Production Prepayment Agreement, upon the satisfaction of certain conditions provided in the Production Prepayment Agreement, the Company may elect for Trafigura to prepay for two additional tranches of crude oil in the amount of $100 million

on September 30, 2020 and $50 million on or before March 31, 2021. If the Company makes such election, the total volume of crude oil to be sold will be adjusted accordingly.

Financing costs includes the applicable margin of 5%; LIBOR; and mandatory costs. We recognize interest expense in accordance with ASC 835 — Interest, which requires interest expense to be recognized using the effective interest method. The total financing costs associated with the Production Prepayment Agreement are based on the estimated market value of the crude oil to be delivered to Trafigura compared to the cash proceeds received, which is expected to be $7.5 million as of June 30, 2020.

As a condition to Trafigura’s obligations, the Company will ‎grant a mortgage interest in certain specified production fields located in the U.S. Gulf of Mexico.

During the term of the Production Prepayment Agreement, the Company will be required to ‎maintain certain ongoing ratios as defined in the Production Prepayment Agreement. We were in compliance with the financial covenants contained in the Production Prepayment Agreement as of June 30, 2020, which requires the maintenance of:


•	the Guarantor Liquidity Ratio (as defined in the glossary), not less than 1.20x and


•	the GoM Liquidity Ratio (as defined in the glossary), not less than 1.50x

At June 30, 2020, based on quoted future market prices, the value of the estimated volumes to be delivered under the Production Prepayment Agreement during the five fiscal year periods and thereafter are as follows:



	Payments Due by Year
	Total		2020(2)		2021		2022		2023		2024		Thereafter
	(In thousands)
Production Prepayment Agreement(1)	$	50,000	$	—	$	15,729	$	30,799	$	3,472	$	—	$	—

__________________________________


(1)	Any increases or decreases in future market prices would impact the scheduled maturities during the next five years and thereafter.

(2)

Represents payments for the period July 1, 2020 through December 31, 2020.

Derivative Financial Instruments

6 Months Ended

Jun. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

We use financial derivative contracts to manage exposures to commodity price and interest rate fluctuations. We do not hold or issue derivative financial instruments for trading purposes.

We manage market and counterparty credit risk in accordance with our policies and guidelines. In accordance with these policies and guidelines, our management determines the appropriate timing and extent of derivative transactions. We have included an estimate of non-performance risk in the fair value measurement of our derivative contracts as required by ASC 820 — Fair Value Measurement.

Oil Derivative Contracts

The following table sets forth the volumes in barrels underlying the Company’s outstanding oil derivative contracts and the weighted average prices per Bbl for those contracts as of June 30, 2020. Volumes and weighted average prices are net of any offsetting derivative contracts entered into.



				Weighted Average Price per Bbl
				Net Deferred
				Premium
Term	Type of Contract	Index	MBbl	Payable/(Receivable)			Swap		Sold Put		Floor		Ceiling		Purchased Call
2020:
Jul — Dec	Swaps	Dated Brent	5,275	$	—		$	42.67	$	—	$	—	$	—	$	—
Jul — Dec	Swaps	Argus LLS	3,000	—			29.98		—		—		—		—
Jul — Dec	Call spreads	NYMEX WTI	(1)	1.20			—		—		—		45.00		35.00
Jul — Dec	Swaps with sold puts	Dated Brent	333	—			35.00		25.00		—		—		—
Jul — Dec	Three-way collars	Dated Brent	1,000	—			—		25.00		32.50		40.00		—
Jul — Dec	Sold calls(2)	Dated Brent	4,750	(0.19		)	—		—		—		80.83		—
2021:
Jan — Dec	Swaps with sold puts	Dated Brent	5,000	$	—		$	54.70	$	43.50	$	—	$	—	—
Jan — Dec	Three-way collars	Dated Brent	1,000	1.00			—		30.00		40.00		55.40		—
Jan — Dec	Sold calls(2)	Dated Brent	7,000	—			—		—		—		70.09		—
2022:
Jan — Dec	Sold calls(2)	Dated Brent	1,581	—			—		—		—		60.00		—

__________________________________


(1)	Added call spreads on 1.0 million barrels to open upside for U.S. Gulf of Mexico production.


(2)	Represents call option contracts sold to counterparties to enhance other derivative positions.

In April 2020, we restructured the majority of our May 2020 through December 2020 derivative contracts, whereby we converted the existing hedges into 7.0 MMBbls of Dated Brent swap contracts with an average fixed price of $42.67 per barrel. In July 2020, we entered into Dated Brent costless three-way collar contracts for 1.0 MMBbl from January 2021 through December 2021 with a sold put price of $30.00 per barrel, a floor price of $40.00 per barrel and a ceiling price of $55.00 per barrel. The following tables disclose the Company’s derivative instruments as of June 30, 2020 and December 31, 2019, and gain/(loss) from derivatives during the three and six months ended June 30, 2020 and 2019, respectively:



		Estimated Fair Value
		Asset (Liability)
Type of Contract	Balance Sheet Location	June 30, 2020			December 31, 2019
		(In thousands)
Derivatives not designated as hedging instruments:
Derivative assets:
Commodity	Derivatives assets—current	$	30,289		$	12,856
Provisional oil sales	Receivables: Oil Sales	—			(3,287		)
Commodity	Derivatives assets—long-term	11,271			2,302
Derivative liabilities:
Commodity	Derivatives liabilities—current	(43,974		)	(8,914		)
Commodity	Derivatives liabilities—long-term	(9,306		)	(11,478		)
Total derivatives not designated as hedging instruments		$	(11,720	)	$	(8,521	)



		Amount of Gain/(Loss)						Amount of Gain/(Loss)
		Three Months Ended						Six Months Ended
		June 30,						June 30,
Type of Contract	Location of Gain/(Loss)	2020			2019			2020			2019
		(In thousands)
Derivatives not designated as hedging instruments:
Commodity(1)	Oil and gas revenue	$	(4,632	)	$	(6,064	)	$	(4,348	)	$	(2,786	)
Commodity	Derivatives, net	(100,075		)	14,185			35,963			(62,900		)
Total derivatives not designated as hedging instruments		$	(104,707	)	$	8,121		$	31,615		$	(65,686	)

__________________________________


(1)	Amounts represent the change in fair value of our provisional oil sales contracts.

Offsetting of Derivative Assets and Derivative Liabilities

Our derivative instruments which are subject to master netting arrangements with our counterparties only have the right of offset when there is an event of default. As of June 30, 2020 and December 31, 2019, there was not an event of default and, therefore, the associated gross asset or gross liability amounts related to these arrangements are presented on the consolidated balance sheets.

Fair Value Measurements

6 Months Ended

Jun. 30, 2020

Fair Value Disclosures [Abstract]

Fair Value Measurements

In accordance with ASC 820 — Fair Value Measurement, fair value measurements are based upon inputs that market participants use in pricing an asset or liability, which are classified into two categories: observable inputs and unobservable inputs. Observable inputs represent market data obtained from independent sources, whereas unobservable inputs reflect a company’s own market assumptions, which are used if observable inputs are not reasonably available without undue cost and effort. We prioritize the inputs used in measuring fair value into the following fair value hierarchy:


•	Level 1 — quoted prices for identical assets or liabilities in active markets.


•	Level 2 — quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability and inputs derived principally from or corroborated by observable market data by correlation or other means.


•	Level 3 — unobservable inputs for the asset or liability. The fair value input hierarchy level to which an asset or liability measurement in its entirety falls is determined based on the lowest level input that is significant to the measurement in its entirety.

The following tables present the Company’s assets and liabilities that are measured at fair value on a recurring basis as of June 30, 2020 and December 31, 2019, for each fair value hierarchy level:



	Fair Value Measurements Using:
	Quoted Prices in
	Active Markets for		Significant Other			Significant
	Identical Assets		Observable Inputs			Unobservable Inputs
	(Level 1)		(Level 2)			(Level 3)		Total
	(In thousands)
June 30, 2020
Assets:
Commodity derivatives	$	—	$	41,560		$	—	$	41,560
Provisional oil sales	—		—			—		—
Liabilities:
Commodity derivatives	—		(53,280		)	—		(53,280		)
Total	$	—	$	(11,720	)	$	—	$	(11,720	)
December 31, 2019
Assets:
Commodity derivatives	$	—	$	15,158		$	—	$	15,158
Provisional oil sales	—		(3,287		)	—		(3,287		)
Liabilities:
Commodity derivatives	—		(20,392		)	—		(20,392		)
Total	$	—	$	(8,521	)	$	—	$	(8,521	)

The book values of cash and cash equivalents and restricted cash approximate fair value based on Level 1 inputs. Joint interest billings, oil sales and other receivables, and accounts payable and accrued liabilities approximate fair value due to the short-term nature of these instruments. Our long-term receivables, after any allowances for doubtful accounts, and other long-term assets approximate fair value. The estimates of fair value of these items are based on Level 2 inputs.

Commodity Derivatives

Our commodity derivatives represent crude oil collars, put options, call options and swaps for notional barrels of oil at fixed Dated Brent, NYMEX WTI, or Argus LLS oil prices. The values attributable to our oil derivatives are based on (i) the contracted notional volumes, (ii) independent active futures price quotes for the respective index, (iii) a credit-adjusted yield curve applicable to each counterparty by reference to the credit default swap (“CDS”) market and (iv) an independently sourced estimate of volatility for the respective index. The volatility estimate was provided by certain independent brokers who are active in buying and selling oil options and was corroborated by market-quoted volatility factors. The deferred premium is included in the fair market value of the commodity derivatives. See Note 10 — Derivative Financial Instruments for additional information regarding the Company’s derivative instruments.

Provisional Oil Sales

The value attributable to provisional oil sales derivatives is based on (i) the sales volumes and (ii) the difference in the independent active futures price quotes for the respective index over the term of the pricing period designated in the sales contract and the spot price on the lifting date.

Debt and Production Prepayment Agreement

The following table presents the carrying values and fair values at June 30, 2020 and December 31, 2019:



	June 30, 2020				December 31, 2019
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(In thousands)
Senior Notes	$	643,028	$	580,554	$	642,550	$	664,957
Production Prepayment Agreement	50,000		57,500		—		—
Corporate Revolver	100,000		100,000		—		—
Facility	1,450,000		1,450,000		1,400,000		1,400,000
Total	$	2,243,028	$	2,188,054	$	2,042,550	$	2,064,957

The carrying value of our Senior Notes and Production Prepayment Agreement represents the principal amounts outstanding less unamortized discounts. The fair value of our Senior Notes is based on quoted market prices, which results in a Level 1 fair value measurement. The fair value of the Production Prepayment Agreement represents the estimated value of the crude oil barrels in the Volume Model agreed to be delivered based on quoted market prices which results in a Level 2 fair value measurement. At June 30, 2020, the value of the crude oil volumes to be delivered exceeds $57.5 million prior to the Final Delivery Date, which results in the Company's obligation being fully satisfied when delivered. The carrying value of the Facility approximates fair value since it is subject to short-term floating interest rates that approximate the rates available to us for those periods.

Nonrecurring Fair Value Measurements - Long-lived assets

Certain long-lived assets are reported at fair value on a non-recurring basis on the Company's consolidated balance sheet. These long-lived assets are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances. Our long-lived assets are reviewed for impairment when changes in circumstances indicate that the carrying amount of an asset may not be recoverable.

The Company calculates the estimated fair values of its long-lived assets using the income approach described in the ASC 820, Fair Value Measurements. Significant inputs associated with the calculation of estimated discounted future net cash flows include anticipated future production, pricing estimates, capital and operating costs, market-based weighted average cost of capital, and risk adjustment factors applied to reserves. These are classified as Level 3 fair value assumptions. The Company utilizes an average of third-party industry forecasts of Dated Brent, adjusted for location and quality differentials, to determine our pricing assumptions. In order to evaluate the sensitivity of the assumptions, we analyze sensitivities to prices, production, and risk adjustment factors.

As a result of the impact of COVID-19 on the demand for oil and the related significant decrease in oil prices, we reviewed our long-lived assets for impairment at March 31, 2020, which resulted in impairment charges against earnings of $150.8 million, reducing the carrying value of the properties to their estimated fair values of $243.7 million. As part of our impairment analysis, the average per barrel Dated Brent price of third-party industry forecasts used for purposes of determining discounted future cash flows ranged from the mid-$30s in 2020 increasing to the mid-$50s over several years. The expected future cash flows were discounted using a rate of approximately 10 percent, which the Company believes is a market-based weighted average cost of capital for industry peers determined appropriate at the time of the valuation. These impairment charges are included in Impairments of long-lived assets on the consolidated statement of operations. The Company did not recognize additional impairment of proved oil and gas properties during the three months ended June 30, 2020 as no impairment indicators were identified. If we experience further declines in oil pricing expectations, increases in our estimated future expenditures or a decrease in our estimated production profile, our long-lived assets could be at risk of additional impairment.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Equity-based Compensation

6 Months Ended

Jun. 30, 2020

Share-based Payment Arrangement [Abstract]

Equity-based Compensation

Restricted Stock Units

We record equity-based compensation expense equal to the fair value of share-based payments over the vesting periods of the LTIP awards. We recorded compensation expense from awards granted under our LTIP of $8.3 million and $9.5 million during the three months ended June 30, 2020 and 2019, respectively, and $17.7 million and $17.9 million during the six months ended June 30, 2020 and 2019, respectively. The total tax benefit for the three months ended June 30, 2020 and 2019 was $1.7 million and $1.5 million, respectively, and $3.8 million and $2.8 million during the six months ended June 30, 2020 and 2019, respectively. Additionally, we recorded a net tax shortfall (windfall) related to equity-based compensation of $0.2 million and nil for the three months ended June 30, 2020 and 2019, respectively, and $1.1 million and $1.2 million during the six months ended June 30, 2020 and 2019, respectively. The fair value of awards vested during the three months ended June 30, 2020 and 2019 was $0.4 million and $0.8 million, respectively, and $25.8 million and $14.0 million during the six months ended June 30, 2020 and 2019, respectively. The Company granted restricted stock units with service vesting criteria and a combination of market and service vesting criteria under the LTIP. Substantially all these grants vest over three years. Upon vesting, restricted stock units become issued and outstanding stock.

The following table reflects the outstanding restricted stock units as of June 30, 2020:



			Weighted-		Market / Service		Weighted-
	Service Vesting		Average		Vesting		Average
	Restricted Stock		Grant-Date		Restricted Stock		Grant-Date
	Units		Fair Value		Units		Fair Value
	(In thousands)				(In thousands)
Outstanding at December 31, 2019	4,731		$	5.71	7,798		$	8.42
Granted(1)	3,474		5.49		3,392		8.37
Forfeited(1)	(901	)	6.17		(476	)	8.02
Vested	(2,067	)	5.86		(2,582	)	9.47
Outstanding at June 30, 2020	5,237		5.41		8,132		8.11

__________________________________


(1)	The restricted stock units with a combination of market and service vesting criteria may vest between 0% and 200% of the originally granted units depending upon market performance conditions. Awards vesting over or under target shares of 100% results in additional shares granted or forfeited, respectively, in the period the market vesting criteria is determined.

As of June 30, 2020, total equity-based compensation to be recognized on unvested restricted stock units is $41.6 million over a weighted average period of 2.02 years. In March 2018, the board of directors approved an amendment to the LTIP to add 11.0 million shares to the plan, which was approved by our stockholders at the Annual General Meeting in June 2018. The LTIP provides for the issuance of 50.5 million shares pursuant to awards under the plan. At June 30, 2020, the Company had approximately 6.0 million shares that remain available for issuance under the LTIP.

For restricted stock units with a combination of market and service vesting criteria, the number of common shares to be issued is determined by comparing the Company’s total shareholder return with the total shareholder return of a predetermined group of peer companies over the performance period and can vest in up to 200% of the awards granted. The grant date fair value ranged from $1.06 to $12.96 per award. The Monte Carlo simulation model utilized multiple input variables that determined the probability of satisfying the market condition stipulated in the award grant and calculated the fair value of the award. The expected volatility utilized in the model was estimated using our historical volatility and the historical volatilities of our peer companies and ranged from 44.0% to 52.0%. The risk-free interest rate was based on the U.S. treasury rate for a term commensurate with the expected life of the grant and ranged from 0.8% to 2.5%. For the restricted stock units awarded in 2019 and 2020, the Monte Carlo simulation model included estimated quarterly dividend inputs ranging from $0.045 to $0.050.

Income Taxes

6 Months Ended

Jun. 30, 2020

Income Tax Disclosure [Abstract]

Income Taxes

We provide for income taxes based on the laws and rates in effect in the countries in which our operations are conducted. The relationship between our pre‑tax income or loss from continuing operations and our income tax expense or benefit varies from period to period as a result of various factors, which include changes in total pre‑tax income or loss, the jurisdictions in which our income (loss) is earned, and the tax laws in those jurisdictions. We evaluate our estimated annual effective income tax rate each

quarter, based on current and forecasted business results and enacted tax laws, and apply this tax rate to our ordinary income or loss to calculate our estimated tax expense or benefit. The Company excludes zero tax rate and tax-exempt jurisdictions from our evaluation of the estimated annual effective income tax rate. The tax effect of discrete items are recognized in the period in which they occur at the applicable statutory tax rate.

The income tax provision consists of United States, Ghanaian, and Equatorial Guinean income taxes, and Texas margin taxes. Our operations in other foreign jurisdictions have a 0% effective tax rate because they reside in countries with a 0% statutory rate or we have incurred losses in those jurisdictions and have full valuation allowances against the corresponding net deferred tax assets.

In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. For the three and six months ended June 30, 2020, we increased our valuation allowance associated with our U.S. deferred tax assets by $16.7 million and $86.1 million, respectively, resulting in $30.9 million of net U.S. deferred tax expense. The valuation allowance was necessary due to the recent decline in oil prices and the impact on our expected ability to utilize U.S. tax losses in the future.

In March 2020, the Coronavirus Aid, Relief, and Economic Security ACT ("CARES Act") became law. Among other things, the CARES Act permits taxpayers to carry back U.S. taxable losses generated during tax years 2018 through 2020 to the five tax years preceding the loss year to obtain tax refunds. Certain of our U.S. legal entities qualify for such relief and we recorded a current tax benefit of $4.9 million during the first quarter of 2020, with a total $12.2 million income tax refund claim. Other provisions of the CARES Act are not expected to have a material impact to our tax expense.

Income (loss) before income taxes is composed of the following:



	Three Months Ended June 30,						Six Months Ended June 30,
	2020			2019			2020			2019
	(In thousands)
United States	$	(79,703	)	$	(18,499	)	$	(269,840	)	$	(74,240	)
Foreign—other	(167,113		)	67,938			(94,200		)	62,099
Income (loss) before income taxes	$	(246,816	)	$	49,439		$	(364,040	)	$	(12,141	)

For the three months ended, June 30, 2020 and 2019, our effective tax rate was 19% and 66%, respectively. For the six months ended, June 30, 2020 and 2019, our effective tax rate was 5% and 197%, respectively.

For the three and six months ended June 30, 2020, our overall effective tax rate was impacted by deferred tax expense related to valuation allowances on certain U.S. deferred tax assets and by a current tax benefit related to certain U.S. tax losses incurred in 2018 and carried back to years with a higher income tax rate. Additionally, for the three and six months ended June 30, 2020 and 2019, our overall effective tax rates were impacted by the difference in our 21% U.S. income tax reporting rate and the 35% statutory tax rates applicable to our Ghanaian and Equatorial Guinean operations, non-deductible and non-taxable items associated with our U.S., Ghanaian, and Equatorial Guinean operations, and other losses and expenses, primarily related to exploration operations in tax-exempt jurisdictions or in taxable jurisdictions where we have valuation allowances against our deferred tax assets, and therefore, we do not realize any tax benefit on such losses or expenses.

The Company files income tax returns in all jurisdictions where such requirements exist, however, our primary tax jurisdictions are the United States, Ghana and Equatorial Guinea. The Company is open to tax examinations in the United States for federal income tax return years 2016 through 2019 and in Ghana to federal income tax return years 2014 through 2019.

As of June 30, 2020, the Company had no material uncertain tax positions. The Company’s policy is to recognize potential interest and penalties related to income tax matters in income tax expense.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Net Income (Loss) Per Share

6 Months Ended

Jun. 30, 2020

Earnings Per Share [Abstract]

Net Income (Loss) Per Share

The following table is a reconciliation between net income (loss) and the amounts used to compute basic and diluted net income (loss) per share and the weighted average shares outstanding used to compute basic and diluted net income (loss) per share:



	Three Months Ended					Six Months Ended
	June 30,					June 30,
	2020			2019		2020			2019
	(In thousands, except per share data)
Numerator:
Net income (loss) allocable to common stockholders	$	(199,391	)	$	16,837	$	(382,158	)	$	(36,069	)
Denominator:
Weighted average number of shares outstanding:
Basic	405,195			401,323		404,990			401,244
Restricted stock awards and units(1)(2)	—			6,907		—			—
Diluted	405,195			408,230		404,990			401,244
Net income (loss) per share:
Basic	$	(0.49	)	$	0.04	$	(0.94	)	$	(0.09	)
Diluted	$	(0.49	)	$	0.04	$	(0.94	)	$	(0.09	)

__________________________________

(1)

We excluded outstanding restricted stock awards and units of 11.6 million and 1.1 million for the three months ended June 30, 2020 and 2019, respectively, and 11.3 million and 12.9 million for the six months ended June 30, 2020 and 2019, respectively, from the computations of diluted net income (loss) per share because the effect would have been anti-dilutive.

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies From time to time, we are involved in litigation, regulatory examinations and administrative proceedings primarily arising in the ordinary course of our business in jurisdictions in which we do business. Although the outcome of these matters cannot be predicted with certainty, management believes none of these matters, either individually or in the aggregate, would have a material effect upon the Company’s financial position; however, an unfavorable outcome could have a material adverse effect on our results from operations for a specific interim period or year. We currently have a commitment to drill one exploration well in each of Sao Tome and Principe and Namibia and two exploration wells in Mauritania. In Sao Tome and Principe, we also have 3D seismic acquisition requirements of approximately 8,800 square kilometers, and in Mauritania we have 100 line km requirement for controlled source electromagnetic data acquisition. In South Africa we have 2D seismic acquisition requirements of approximately 500 line kilometers. Performance Obligations As of June 30, 2020 and December 31, 2019, the Company had performance bonds totaling $208.7 million for our supplemental bonding requirements stipulated by the BOEM and $7.2 million to other operators related to costs anticipated for the plugging and abandonment of certain wells and the removal of certain facilities in our U.S. Gulf of Mexico fields. As of June 30, 2020 and December 31, 2019, we had zero cash collateral against these secured performance bonds. Dividends On March 26, 2020, the quarterly cash dividend of $0.0452 per common share was paid to stockholders of record as of March 5, 2020. In March 2020, in response to economic conditions, including oil price volatility and the impact of COVID-19 pandemic, the Board of Directors decided to suspend the dividend.

Additional Financial Information

6 Months Ended

Jun. 30, 2020

Additional Financial Information

Additional Financial Information

Accrued Liabilities

Accrued liabilities consisted of the following:



	June 30, 2020		December 31, 2019
	(In thousands)
Accrued liabilities:
Exploration, development and production	$	83,052	$	152,490
Revenue payable	22,028		32,482
Current asset retirement obligations	2,810		4,527
General and administrative expenses	3,518		44,575
Interest	22,953		33,584
Income taxes	56,649		103,566
Taxes other than income	3,230		3,375
Derivatives	5,340		4,837
Other	3,695		1,268
	$	203,275	$	380,704

Asset Retirement Obligations

The following table summarizes the changes in the Company's asset retirement obligations:



	June 30, 2020
	(In thousands)
Asset retirement obligations:
Beginning asset retirement obligations	$	235,053
Liabilities incurred during period	—
Liabilities settled during period	(3,905		)
Revisions in estimated retirement obligations	2,138
Accretion expense	9,369
Ending asset retirement obligations	$	242,655

Facilities Insurance Modifications, Net

Facilities insurance modifications, net consists of costs associated with the long-term solution to convert the Jubilee FPSO to a permanently spread moored facility, net of related insurance reimbursements. During the three months ended June 30, 2020 and 2019, we incurred approximately $0.1 million and $11.2 million, respectively in expenditures offset by approximately zero and $8.9 million, respectively, in insurance recoveries. During the six months ended, June 30, 2020 and 2019, we incurred approximately $8.1 million and $22.2 million, respectively, in expenditures offset by approximately zero and $39.9 million, respectively, in insurance recoveries.

Other Expenses, Net

Other expenses, net incurred during the period is comprised of the following:



	Three Months Ended June 30,						Six Months Ended June 30,
	2020			2019			2020		2019
	(In thousands)
Loss on disposal of inventory	$	361		$	—		$	1,828	$	187
(Gain) loss on ARO liability settlements	(28		)	(5		)	2,122		1,913
Restructuring charges	(575		)	—			13,340		—
Other, net	1,470			(1,788		)	7,867		(1,774		)
Other expenses, net	$	1,228		$	(1,793	)	$	25,157	$	326

The restructuring charges are for employee severance and related benefit costs incurred as part of a corporate reorganization.

Business Segment Information

6 Months Ended

Jun. 30, 2020

Segment Reporting [Abstract]

Business Segment Information

Kosmos is engaged in a single line of business, which is the exploration and development of oil and gas. At June 30, 2020, the Company had operations in four geographic reporting segments: Ghana, Equatorial Guinea, Mauritania/Senegal and the U.S. Gulf of Mexico. To assess performance of the reporting segments, the Chief Operating Decision Maker ("CODM") reviews capital expenditures. Capital expenditures, as defined by the Company, may not be comparable to similarly titled measures used by other companies and should be considered in conjunction with our consolidated financial statements and notes thereto. Financial information for each area is presented below:



	Ghana			Equatorial Guinea			Mauritania/Senegal			U.S. Gulf of Mexico			Corporate & Other			Eliminations			Total
	(In thousands)
Three months ended June 30, 2020
Revenues and other income:
Oil and gas revenue	$	61,192		$	26,901		$	—		$	39,221		$	—		$	—		$	127,314
Other income, net	—			—			—			4			121,264			(121,268		)	—
Total revenues and other income	61,192			26,901			—			39,225			121,264			(121,268		)	127,314
Costs and expenses:
Oil and gas production	46,568			25,414			—			16,765			—			—			88,747
Facilities insurance modifications, net	52			—			—			—			—			—			52
Exploration expenses	13			2,117			985			6,594			6,002			—			15,711
General and administrative	3,132			1,222			2,176			2,849			28,217			(19,410		)	18,186
Depletion, depreciation and amortization	64,917			19,409			16			36,880			635			—			121,857
Impairment of long-lived assets	—			—			—			—			—			—			—
Interest and other financing costs, net(1)	13,322			(331		)	(6,222		)	2,991			20,297			(1,783		)	28,274
Derivatives, net	—			—			—			—			100,075			—			100,075
Other expenses, net	54,048			6,379			(322		)	40,093			1,105			(100,075		)	1,228
Total costs and expenses	182,052			54,210			(3,367		)	106,172			156,331			(121,268		)	374,130
Income (loss) before income taxes	(120,860		)	(27,309		)	3,367			(66,947		)	(35,067		)	—			(246,816		)
Income tax expense (benefit)	(44,051		)	(13,258		)	—			(1		)	9,885			—			(47,425		)
Net income (loss)	$	(76,809	)	$	(14,051	)	$	3,367		$	(66,946	)	$	(44,952	)	$	—		$	(199,391	)

Consolidated capital expenditures	$	8,590		$	9,335		$	2,202		$	39,897		$	6,360		$	—		$	66,384



	Ghana			Equatorial Guinea			Mauritania/Senegal			U.S. Gulf of Mexico			Corporate & Other			Eliminations			Total
	(In thousands)
Six months ended June 30, 2020
Revenues and other income:
Oil and gas revenue	$	110,900		$	51,520		$	—		$	142,674		$	—		$	—		$	305,094
Other income, net	1			—			—			451			9,255			(9,706		)	1
Total revenues and other income	110,901			51,520			—			143,125			9,255			(9,706		)	305,095
Costs and expenses:
Oil and gas production	64,610			36,889			—			48,851			—			—			150,350
Facilities insurance modifications, net	8,090			—			—			—			—			—			8,090
Exploration expenses	98			4,836			4,459			20,561			30,362			—			60,316
General and administrative	7,022			2,960			4,285			6,853			60,079			(42,102		)	39,097
Depletion, depreciation and amortization	84,648			28,303			31			100,714			1,463			—			215,159
Impairment of long-lived assets	—			—			—			150,820			—			—			150,820
Interest and other financing costs, net(1)	28,153			(700		)	(12,848		)	7,680			37,391			(3,567		)	56,109
Derivatives, net	—			—			—			—			(35,963		)	—			(35,963		)
Other expenses, net	(62,324		)	(9,377		)	2,471			43,745			14,679			35,963			25,157
Total costs and expenses	130,297			62,911			(1,602		)	379,224			108,011			(9,706		)	669,135
Income (loss) before income taxes	(19,396		)	(11,391		)	1,602			(236,099		)	(98,756		)	—			(364,040		)
Income tax expense (benefit)	(5,830		)	(8,670		)	—			30,902			1,716			—			18,118
Net income (loss)	$	(13,566	)	$	(2,721	)	$	1,602		$	(267,001	)	$	(100,472	)	$	—		$	(382,158	)

Consolidated capital expenditures	$	25,076		$	16,106		$	5,323		$	78,551		$	25,795		$	—		$	150,851

As of June 30, 2020
Property and equipment, net	$	1,429,160		$	453,178		$	451,140		$	1,018,586		$	26,601		$	—		$	3,378,665
Total assets	$	1,567,529		$	692,283		$	650,351		$	3,067,724		$	12,404,285		$	(14,395,681	)	$	3,986,491

______________________________________


(1)	Interest expense is recorded based on actual third-party and intercompany debt agreements. Capitalized interest is recorded on the business unit where the assets reside.



	Ghana			Equatorial Guinea			Mauritania/Senegal			U.S. Gulf of Mexico			Corporate & Other			Eliminations			Total
	(In thousands)
Three months ended June 30, 2019
Revenues and other income:
Oil and gas revenue	$	202,085		$	64,484		$	—		$	129,364		$	—		$	—		$	395,933
Other income, net	1			—			—			124			19,079			(19,203		)	1
Total revenues and other income	202,086			64,484			—			129,488			19,079			(19,203		)	395,934
Costs and expenses:
Oil and gas production	44,954			16,670			—			29,353			—			—			90,977
Facilities insurance modifications, net	2,278			—			—			—			—			—			2,278
Exploration expenses	56			2,472			2,043			11,015			14,319			—			29,905
General and administrative	6,002			1,539			1,540			4,893			44,313			(30,215		)	28,072
Depletion, depreciation and amortization	75,898			16,287			15			58,215			1,023			—			151,438
Interest and other financing costs, net(1)	19,026			—			(6,524		)	5,642			43,443			(1,784		)	59,803
Derivatives, net	—			—			—			(1,390		)	(12,795		)	—			(14,185		)
Other expenses, net	(12,982		)	(2,583		)	412			553			11			12,796			(1,793		)
Total costs and expenses	135,232			34,385			(2,514		)	108,281			90,314			(19,203		)	346,495
Income (loss) before income taxes	66,854			30,099			2,514			21,207			(71,235		)	—			49,439
Income tax expense (benefit)	24,683			11,762			—			4,439			(8,282		)	—			32,602
Net income (loss)	$	42,171		$	18,337		$	2,514		$	16,768		$	(62,953	)	$	—		$	16,837

Consolidated capital expenditures	$	33,496		$	6,115		$	4,039		$	41,177		$	15,858		$	—		$	100,685



	Ghana			Equatorial Guinea			Mauritania/Senegal			U.S. Gulf of Mexico			Corporate & Other			Eliminations			Total
	(In thousands)
Six months ended June 30, 2019
Revenues and other income:
Oil and gas revenue	$	325,003		$	153,289		$	—		$	214,431		$	—		$	—		$	692,723
Other income, net	1			—			—			259			91,888			(92,147		)	1
Total revenues and other income	325,004			153,289			—			214,690			91,888			(92,147		)	692,724
Costs and expenses:
Oil and gas production	75,010			39,276			—			56,490			—			—			170,776
Facilities insurance modifications, net	(17,743		)	—			—			—			—			—			(17,743		)
Exploration expenses	107			5,643			8,485			22,209			23,805			—			60,249
General and administrative	11,958			3,584			3,827			12,286			88,519			(56,194		)	63,980
Depletion, depreciation and amortization	130,761			39,304			31			97,409			2,028			—			269,533
Interest and other financing costs, net(1)	39,679			—			(13,317		)	11,571			60,478			(3,567		)	94,844
Derivatives, net	—			—			—			30,513			32,387			—			62,900
Other expenses, net	32,118			(2,243		)	641			2,145			51			(32,386		)	326
Total costs and expenses	271,890			85,564			(333		)	232,623			207,268			(92,147		)	704,865
Income (loss) before income taxes	53,114			67,725			333			(17,933		)	(115,380		)	—			(12,141		)
Income tax expense (benefit)	19,700			27,293			—			(3,766		)	(19,299		)	—			23,928
Net income (loss)	$	33,414		$	40,432		$	333		$	(14,167	)	$	(96,081	)	$	—		$	(36,069	)

Consolidated capital expenditures	$	68,463		$	21,051		$	6,290		$	87,059		$	28,050		$	—		$	210,913

As of June 30, 2019
Property and equipment, net	$	1,643,410		$	460,679		$	422,539		$	1,281,439		$	39,506		$	—		$	3,847,573
Total assets	$	1,872,202		$	498,195		$	546,454		$	3,343,917		$	12,051,009		$	(13,846,043	)	$	4,465,734

______________________________________


(1)	Interest expense is recorded based on actual third-party and intercompany debt agreements. Capitalized interest is recorded on the business unit where the assets reside.



	Six Months Ended June 30,
	2020			2019
	(In thousands)
Consolidated capital expenditures:
Consolidated Statements of Cash Flows - Investing activities:
Oil and gas assets	$	135,242		$	153,268
Other property	1,536			5,230
Adjustments:
Changes in capital accruals	(20,392		)	13,684
Exploration expense, excluding unsuccessful well costs and leasehold impairments(1)	39,461			53,150
Capitalized interest	(12,256		)	(14,253		)
Other	7,260			(166		)
Total consolidated capital expenditures	$	150,851		$	210,913

______________________________________

(1)

Unsuccessful well costs are included in oil and gas assets when incurred.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI http://asc.fasb.org/topic&trid=2134510

+ Details

Accounting Policies (Policies)	6 Months Ended
Accounting Policies (Policies)	Jun. 30, 2020
Accounting Policies [Abstract]
General	General The interim consolidated financial statements included in this report are unaudited and, in the opinion of management, include all adjustments of a normal recurring nature necessary for a fair presentation of the results for the interim periods. The results of the interim periods shown in this report are not necessarily indicative of the final results to be expected for the full year. The consolidated financial statements were prepared in accordance with the requirements of the Securities and Exchange Commission (“SEC”) for interim reporting. As permitted under those rules, certain notes or other financial information that are normally required by Generally Accepted Accounting Principles in the United States of America (“GAAP”) have been condensed or omitted from these interim consolidated financial statements. These consolidated financial statements and the accompanying notes should be read in conjunction with our audited consolidated financial statements for the year ended December 31, 2019, included in our annual report on Form 10-K and our quarterly report on Form 10-Q for the quarter ended March 31, 2020.
Reclassifications	Reclassifications Certain prior period amounts have been reclassified to conform with the current presentation. Such reclassifications had no significant impact on our reported net income (loss), current assets, total assets, current liabilities, total liabilities, stockholders’ equity or cash flows.
Cash, Cash Equivalents and Restricted Cash	Cash and cash equivalents include demand deposits and funds invested in highly liquid instruments with original maturities of three months or less at the date of purchase. In accordance with certain of our petroleum contracts, we have posted letters of credit related to performance guarantees for our minimum work obligations. Certain of these letters of credit are cash collateralized in accounts held by us and as such are classified as restricted cash. Upon completion of the minimum work obligations and/or entering into the next phase of the respective petroleum contract, the requirement to post the existing letters of credit will be satisfied and the cash collateral will be released. However, additional letters of credit may be required should we choose to move into the next phase of certain of our petroleum contracts. Cash, Cash Equivalents and Restricted Cash
Inventories	Inventories The Company’s materials and supplies inventory primarily consists of casing and wellheads and is stated at the lower of cost, using the weighted average cost method, or net realizable value. Hydrocarbon inventory is carried at the lower of cost, using the weighted average cost method, or net realizable value. Hydrocarbon inventory costs include expenditures and other charges incurred in bringing the inventory to its existing condition. Selling expenses and general and administrative expenses are reported as period costs and excluded from inventory costs.
Revenue Recognition	Revenue Recognition Our oil and gas revenues are recognized when hydrocarbons have been sold to a purchaser at a fixed or determinable price, title has transferred and collection is probable. Certain revenues are based on provisional price contracts which contain an embedded derivative that is required to be separated from the host contract for accounting purposes. The host contract is the receivable from oil sales at the spot price on the date of sale. The embedded derivative, which is not designated as a hedge, is marked to market through oil and gas revenue each period until the final settlement occurs, which generally is limited to the month after the sale.
Restructuring Charges	Restructuring Charges The Company accounts for restructuring charges and related termination benefits in accordance with ASC 712—Compensation-Nonretirement Postemployment Benefits. Under this standard, the costs associated with termination benefits are recorded during the period in which the liability is incurred.
Concentration of Credit Risk	Concentration of Credit Risk Our revenue can be materially affected by current economic conditions and the price of oil. However, based on the current demand for crude oil and the fact that alternative purchasers are available, we believe that the loss of our marketing agent and/or any of the purchasers identified by our marketing agent would not have a long‑term material adverse effect on our financial position or results of operations. The continued economic disruption resulting from the COVID-19 pandemic could materially impact the Company’s business in future periods. Any potential disruption will depend on the duration and intensity of these events, which are highly uncertain and cannot be predicted at this time. For our U.S. Gulf of Mexico operations, crude oil and natural gas are transported to customers using third-party pipelines.
Recent Accounting Standards	Recent Accounting Standards In June 2016, ASU 2016-13, "Measurement of Credit Losses on Financial Instruments," was issued requiring measurement of all expected credit losses for certain types of financial instruments, including trade receivables, held at the reporting date based on historical experience, current conditions and reasonable and supportable forecasts. This standard was effective January 1, 2020. We assessed all receivable positions for expected credit losses through the implementation of ASU 2016-13, current expected credit loss standard (CECL). Our receivables are collectible in the original term of the underlying agreements and current expected credit losses under the CECL standard are not significant. In December 2019, the FASB issued ASU 2019-12, “Simplifying the Accounting for Income Taxes”. The amendments in the ASU are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption is permitted, however, we do not plan to early adopt ASU 2019-12 at this time. ASU 2019-12 is not expected to have a material impact on our income tax expense.

- Definition

Disclosure of inventory accounting policy for inventory classes, including, but not limited to, basis for determining inventory amounts, methods by which amounts are added and removed from inventory classes, loss recognition on impairment of inventories, and situations in which inventories are stated above cost.

+ References + Details

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
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-Paragraph 17
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 20
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130566-203045

+ Details

Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2020

Accounting Policies [Abstract]

Schedule of cash and cash equivalents



	June 30, 2020		December 31, 2019
	(In thousands)
Cash and cash equivalents	$	164,091	$	224,502
Restricted cash - current	186		4,302
Restricted cash - long-term	542		542
Total cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows	$	164,819	$	229,346

Schedule of oil and gas revenue

Oil and gas revenue is composed of the following:



	Three Months Ended June 30,						Six Months Ended June 30,
	2020			2019			2020			2019
	(In thousands)
Revenues from contract with customer - Equatorial Guinea	$	28,147		$	63,165		$	52,518		$	152,279
Revenues from contract with customer - Ghana	64,577			209,469			114,250			328,800
Revenues from contract with customers - U.S. Gulf of Mexico	39,222			129,364			142,674			214,431
Provisional oil sales contracts	(4,632		)	(6,065		)	(4,348		)	(2,787		)
Oil and gas revenue	$	127,314		$	395,933		$	305,094		$	692,723

Property and Equipment (Tables)

6 Months Ended

Jun. 30, 2020

Property, Plant and Equipment [Abstract]

Schedule of property and equipment

Property and equipment is stated at cost and consisted of the following:



	June 30, 2020			December 31, 2019
	(In thousands)
Oil and gas properties:
Proved properties	$	5,129,222		$	4,904,648
Unproved properties	533,393			814,065
Total oil and gas properties	5,662,615			5,718,713
Accumulated depletion	(2,296,869		)	(2,093,962		)
Oil and gas properties, net	3,365,746			3,624,751

Other property	59,686			61,598
Accumulated depreciation	(46,767		)	(44,017		)
Other property, net	12,919			17,581

Property and equipment, net	$	3,378,665		$	3,642,332

Suspended Well Costs (Tables)

6 Months Ended

Jun. 30, 2020

Oil and Gas Exploration and Production Industries Disclosures [Abstract]

Schedule of capitalized exploratory well costs



	June 30, 2020
	(In thousands)
Beginning balance	$	445,790
Additions to capitalized exploratory well costs pending the determination of proved reserves	1,140
Reclassification due to determination of proved reserves	(263,849		)
Capitalized exploratory well costs charged to expense	—
Ending balance	$	183,081

Schedule of aging of capitalized exploratory well costs and number of projects for which exploratory well costs were capitalized for more than one year



	June 30, 2020		December 31, 2019
	(In thousands, except well counts)
Exploratory well costs capitalized for a period of one year or less	$	29,616	$	29,121
Exploratory well costs capitalized for a period of one to two years	—		78,245
Exploratory well costs capitalized for a period of three years or greater	153,465		338,424
Ending balance	$	183,081	$	445,790
Number of projects that have exploratory well costs that have been capitalized for a period greater than one year	2		3

Leases (Tables)

6 Months Ended

Jun. 30, 2020

Leases [Abstract]

Schedule of components of lease costs and cash flow information

The table below presents supplemental cash flow information related to leases during the six months ended June 30, 2020 and 2019:



	Six Months Ended June 30,
	2020		2019
	(In thousands)
Operating cash flows for operating leases	$	1,909	$	1,750
Investing cash flows for operating leases(1)	12,225		—

__________________________________

(1)

Represents costs associated with short-term drilling contracts.

The components of lease cost for the three and six months ended June 30, 2020 and 2019 are as follows:



	Three Months Ended June 30,				Six months ended June 30,
	2020		2019		2020		2019
	(In thousands)
Operating lease cost	$	1,899	$	1,602	$	3,157	$	3,009
Short-term lease cost(1)	2,434		582		12,802		587
Total lease cost	$	4,333	$	2,184	$	15,959	$	3,596

__________________________________

(1)

Includes $2.3 million and zero during the three months ended June 30, 2020 and 2019, respectively, and $12.2 million and zero during the six months ended June 30, 2020 and 2019, respectively, of costs associated with short-term drilling contracts.

Schedule of other information on leases

Other information related to operating leases at June 30, 2020 and 2019, is as follows:



	June 30, 2020			December 31, 2019
(In thousands, except lease term and discount rate)
Balance sheet classifications
Other assets (right-of-use assets)	$	18,775		$	20,008
Accrued liabilities (current maturities of leases)	2,005			1,139
Other long-term liabilities (non-current maturities of leases)	21,078			22,240

Weighted average remaining lease term	8.4 years			8.8 years

Weighted average discount rate	9.9		%	9.8		%

Schedule of future minimum rental commitments

Future minimum rental commitments under our leases at June 30, 2020, are as follows:



	Operating Leases(1)
	(In thousands)
2020(2)	$	2,061
2021	4,174
2022	4,237
2023	4,301
2024	3,464
Thereafter	16,041
Total undiscounted lease payments	$	34,278
Less: Imputed interest	(11,195		)
Total lease liabilities	$	23,083

__________________________________


(1)	Does not include purchase commitments for jointly owned fields and facilities where we are not the operator and excludes commitments for exploration activities, including well commitments, in our petroleum contracts.

(2)

Represents payments for the period from July 1, 2020 through December 31, 2020.

Debt (Tables)

6 Months Ended

Jun. 30, 2020

Debt Disclosure [Abstract]

Schedule of debt



	June 30, 2020			December 31, 2019
	(In thousands)
Outstanding debt principal balances:
Facility	$	1,450,000		$	1,400,000
Corporate Revolver	100,000			—
Senior Notes	650,000			650,000
Total	2,200,000			2,050,000
Unamortized deferred financing costs and discounts(1)	(36,347		)	(41,937		)
Total debt, net	2,163,653			2,008,063
Less: Current maturities of long-term debt	(56,000		)	—
Long-term debt, net	$	2,107,653		$	2,008,063

__________________________________

(1)

Includes $27.8 million and $32.8 million of unamortized deferred financing costs related to the Facility as of June 30, 2020 and December 31, 2019, respectively; $8.5 million and $9.1 million of unamortized deferred financing costs and discounts related to the Senior Notes as of June 30, 2020 and December 31, 2019, respectively.

Schedule of estimated repayments of debt

At June 30, 2020, the estimated repayments of debt during the five fiscal year periods and thereafter are as follows:



	Payments Due by Year
	Total		2020(2)		2021		2022		2023		2024		Thereafter
	(In thousands)
Principal debt repayments(1)	$	2,200,000	$	—	$	56,000	$	422,571	$	428,571	$	428,572	$	864,286

__________________________________

(1)


(2)	Represents payments for the period July 1, 2020 through December 31, 2020.

Schedule of interest and other financing costs, net

Interest and other financing costs, net incurred during the periods is comprised of the following:



	Three Months Ended June 30,						Six Months Ended June 30,
	2020			2019			2020			2019
	(In thousands)
Interest expense	$	28,504		$	38,450		$	60,270		$	76,622
Amortization—deferred financing costs	2,192			2,302			4,475			4,689
Loss on extinguishment of debt	2,215			24,794			2,215			24,794
Capitalized interest	(5,729		)	(7,002		)	(12,256		)	(14,253		)
Deferred interest	1,182			433			1,496			1,270
Interest income	(1,023		)	(591		)	(2,102		)	(1,243		)
Other, net	933			1,417			2,011			2,965
Interest and other financing costs, net	$	28,274		$	59,803		$	56,109		$	94,844

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=119993939&loc=d3e28541-108399

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=119993939&loc=d3e28551-108399

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

Production Prepayment Agreement (Tables)

6 Months Ended

Jun. 30, 2020

Debt Disclosure [Abstract]

Schedule of repayment of Production Prepayment Agreement



	Payments Due by Year
	Total		2020(2)		2021		2022		2023		2024		Thereafter
	(In thousands)
Production Prepayment Agreement(1)	$	50,000	$	—	$	15,729	$	30,799	$	3,472	$	—	$	—

__________________________________


(1)	Any increases or decreases in future market prices would impact the scheduled maturities during the next five years and thereafter.


(2)	Represents payments for the period July 1, 2020 through December 31, 2020.



	June 30, 2020			December 31, 2019
	(In thousands)
Production prepayment	$	50,000		$	—
Unamortized deferred financing costs	(667		)	—
Production prepayment agreement, net	$	49,333		$	—

Derivative Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of oil derivative contracts



				Weighted Average Price per Bbl
				Net Deferred
				Premium
Term	Type of Contract	Index	MBbl	Payable/(Receivable)			Swap		Sold Put		Floor		Ceiling		Purchased Call
2020:
Jul — Dec	Swaps	Dated Brent	5,275	$	—		$	42.67	$	—	$	—	$	—	$	—
Jul — Dec	Swaps	Argus LLS	3,000	—			29.98		—		—		—		—
Jul — Dec	Call spreads	NYMEX WTI	(1)	1.20			—		—		—		45.00		35.00
Jul — Dec	Swaps with sold puts	Dated Brent	333	—			35.00		25.00		—		—		—
Jul — Dec	Three-way collars	Dated Brent	1,000	—			—		25.00		32.50		40.00		—
Jul — Dec	Sold calls(2)	Dated Brent	4,750	(0.19		)	—		—		—		80.83		—
2021:
Jan — Dec	Swaps with sold puts	Dated Brent	5,000	$	—		$	54.70	$	43.50	$	—	$	—	—
Jan — Dec	Three-way collars	Dated Brent	1,000	1.00			—		30.00		40.00		55.40		—
Jan — Dec	Sold calls(2)	Dated Brent	7,000	—			—		—		—		70.09		—
2022:
Jan — Dec	Sold calls(2)	Dated Brent	1,581	—			—		—		—		60.00		—

__________________________________


(1)	Added call spreads on 1.0 million barrels to open upside for U.S. Gulf of Mexico production.

(2)

Represents call option contracts sold to counterparties to enhance other derivative positions.

Schedule of derivative instruments by balance sheet location

The following tables disclose the Company’s derivative instruments as of June 30, 2020 and December 31, 2019, and gain/(loss) from derivatives during the three and six months ended June 30, 2020 and 2019, respectively:



		Estimated Fair Value
		Asset (Liability)
Type of Contract	Balance Sheet Location	June 30, 2020			December 31, 2019
		(In thousands)
Derivatives not designated as hedging instruments:
Derivative assets:
Commodity	Derivatives assets—current	$	30,289		$	12,856
Provisional oil sales	Receivables: Oil Sales	—			(3,287		)
Commodity	Derivatives assets—long-term	11,271			2,302
Derivative liabilities:
Commodity	Derivatives liabilities—current	(43,974		)	(8,914		)
Commodity	Derivatives liabilities—long-term	(9,306		)	(11,478		)
Total derivatives not designated as hedging instruments		$	(11,720	)	$	(8,521	)

Schedule of derivative instruments by location of gain/(loss)



		Amount of Gain/(Loss)						Amount of Gain/(Loss)
		Three Months Ended						Six Months Ended
		June 30,						June 30,
Type of Contract	Location of Gain/(Loss)	2020			2019			2020			2019
		(In thousands)
Derivatives not designated as hedging instruments:
Commodity(1)	Oil and gas revenue	$	(4,632	)	$	(6,064	)	$	(4,348	)	$	(2,786	)
Commodity	Derivatives, net	(100,075		)	14,185			35,963			(62,900		)
Total derivatives not designated as hedging instruments		$	(104,707	)	$	8,121		$	31,615		$	(65,686	)

__________________________________

(1)

Amounts represent the change in fair value of our provisional oil sales contracts.

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2020

Fair Value Disclosures [Abstract]

Schedule of company's assets and liabilities that are measured at fair value on a recurring basis



	Fair Value Measurements Using:
	Quoted Prices in
	Active Markets for		Significant Other			Significant
	Identical Assets		Observable Inputs			Unobservable Inputs
	(Level 1)		(Level 2)			(Level 3)		Total
	(In thousands)
June 30, 2020
Assets:
Commodity derivatives	$	—	$	41,560		$	—	$	41,560
Provisional oil sales	—		—			—		—
Liabilities:
Commodity derivatives	—		(53,280		)	—		(53,280		)
Total	$	—	$	(11,720	)	$	—	$	(11,720	)
December 31, 2019
Assets:
Commodity derivatives	$	—	$	15,158		$	—	$	15,158
Provisional oil sales	—		(3,287		)	—		(3,287		)
Liabilities:
Commodity derivatives	—		(20,392		)	—		(20,392		)
Total	$	—	$	(8,521	)	$	—	$	(8,521	)

Schedule of carrying values and fair values of financial instruments that are not carried at fair value

The following table presents the carrying values and fair values at June 30, 2020 and December 31, 2019:



	June 30, 2020				December 31, 2019
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(In thousands)
Senior Notes	$	643,028	$	580,554	$	642,550	$	664,957
Production Prepayment Agreement	50,000		57,500		—		—
Corporate Revolver	100,000		100,000		—		—
Facility	1,450,000		1,450,000		1,400,000		1,400,000
Total	$	2,243,028	$	2,188,054	$	2,042,550	$	2,064,957

Equity-based Compensation (Tables)

6 Months Ended

Jun. 30, 2020

Share-based Payment Arrangement [Abstract]

Schedule of plan activity

The following table reflects the outstanding restricted stock units as of June 30, 2020:



			Weighted-		Market / Service		Weighted-
	Service Vesting		Average		Vesting		Average
	Restricted Stock		Grant-Date		Restricted Stock		Grant-Date
	Units		Fair Value		Units		Fair Value
	(In thousands)				(In thousands)
Outstanding at December 31, 2019	4,731		$	5.71	7,798		$	8.42
Granted(1)	3,474		5.49		3,392		8.37
Forfeited(1)	(901	)	6.17		(476	)	8.02
Vested	(2,067	)	5.86		(2,582	)	9.47
Outstanding at June 30, 2020	5,237		5.41		8,132		8.11

__________________________________


(1)	The restricted stock units with a combination of market and service vesting criteria may vest between 0% and 200% of the originally granted units depending upon market performance conditions. Awards vesting over or under target shares of 100% results in additional shares granted or forfeited, respectively, in the period the market vesting criteria is determined.

Income Taxes (Tables)

6 Months Ended

Jun. 30, 2020

Income Tax Disclosure [Abstract]

Schedule of components of income (loss) before income taxes

Income (loss) before income taxes is composed of the following:



	Three Months Ended June 30,						Six Months Ended June 30,
	2020			2019			2020			2019
	(In thousands)
United States	$	(79,703	)	$	(18,499	)	$	(269,840	)	$	(74,240	)
Foreign—other	(167,113		)	67,938			(94,200		)	62,099
Income (loss) before income taxes	$	(246,816	)	$	49,439		$	(364,040	)	$	(12,141	)

Net Income (Loss) Per Share (Tables)

6 Months Ended

Jun. 30, 2020

Earnings Per Share [Abstract]

Schedule of reconciliation between net income (loss) and amounts used to compute basic and diluted EPS



	Three Months Ended					Six Months Ended
	June 30,					June 30,
	2020			2019		2020			2019
	(In thousands, except per share data)
Numerator:
Net income (loss) allocable to common stockholders	$	(199,391	)	$	16,837	$	(382,158	)	$	(36,069	)
Denominator:
Weighted average number of shares outstanding:
Basic	405,195			401,323		404,990			401,244
Restricted stock awards and units(1)(2)	—			6,907		—			—
Diluted	405,195			408,230		404,990			401,244
Net income (loss) per share:
Basic	$	(0.49	)	$	0.04	$	(0.94	)	$	(0.09	)
Diluted	$	(0.49	)	$	0.04	$	(0.94	)	$	(0.09	)

__________________________________

(1)

Additional Financial Information (Tables)

6 Months Ended

Jun. 30, 2020

Additional Financial Information

Schedule of accrued liabilities

Accrued liabilities consisted of the following:



	June 30, 2020		December 31, 2019
	(In thousands)
Accrued liabilities:
Exploration, development and production	$	83,052	$	152,490
Revenue payable	22,028		32,482
Current asset retirement obligations	2,810		4,527
General and administrative expenses	3,518		44,575
Interest	22,953		33,584
Income taxes	56,649		103,566
Taxes other than income	3,230		3,375
Derivatives	5,340		4,837
Other	3,695		1,268
	$	203,275	$	380,704

Schedule of changes in asset retirement obligations

The following table summarizes the changes in the Company's asset retirement obligations:



	June 30, 2020
	(In thousands)
Asset retirement obligations:
Beginning asset retirement obligations	$	235,053
Liabilities incurred during period	—
Liabilities settled during period	(3,905		)
Revisions in estimated retirement obligations	2,138
Accretion expense	9,369
Ending asset retirement obligations	$	242,655

Schedule of other expenses, net incurred

Other expenses, net incurred during the period is comprised of the following:



	Three Months Ended June 30,						Six Months Ended June 30,
	2020			2019			2020		2019
	(In thousands)
Loss on disposal of inventory	$	361		$	—		$	1,828	$	187
(Gain) loss on ARO liability settlements	(28		)	(5		)	2,122		1,913
Restructuring charges	(575		)	—			13,340		—
Other, net	1,470			(1,788		)	7,867		(1,774		)
Other expenses, net	$	1,228		$	(1,793	)	$	25,157	$	326

Business Segment Information (Tables)

6 Months Ended

Jun. 30, 2020

Segment Reporting [Abstract]

Schedule of business segment information

Financial information for each area is presented below:



	Ghana			Equatorial Guinea			Mauritania/Senegal			U.S. Gulf of Mexico			Corporate & Other			Eliminations			Total
	(In thousands)
Three months ended June 30, 2020
Revenues and other income:
Oil and gas revenue	$	61,192		$	26,901		$	—		$	39,221		$	—		$	—		$	127,314
Other income, net	—			—			—			4			121,264			(121,268		)	—
Total revenues and other income	61,192			26,901			—			39,225			121,264			(121,268		)	127,314
Costs and expenses:
Oil and gas production	46,568			25,414			—			16,765			—			—			88,747
Facilities insurance modifications, net	52			—			—			—			—			—			52
Exploration expenses	13			2,117			985			6,594			6,002			—			15,711
General and administrative	3,132			1,222			2,176			2,849			28,217			(19,410		)	18,186
Depletion, depreciation and amortization	64,917			19,409			16			36,880			635			—			121,857
Impairment of long-lived assets	—			—			—			—			—			—			—
Interest and other financing costs, net(1)	13,322			(331		)	(6,222		)	2,991			20,297			(1,783		)	28,274
Derivatives, net	—			—			—			—			100,075			—			100,075
Other expenses, net	54,048			6,379			(322		)	40,093			1,105			(100,075		)	1,228
Total costs and expenses	182,052			54,210			(3,367		)	106,172			156,331			(121,268		)	374,130
Income (loss) before income taxes	(120,860		)	(27,309		)	3,367			(66,947		)	(35,067		)	—			(246,816		)
Income tax expense (benefit)	(44,051		)	(13,258		)	—			(1		)	9,885			—			(47,425		)
Net income (loss)	$	(76,809	)	$	(14,051	)	$	3,367		$	(66,946	)	$	(44,952	)	$	—		$	(199,391	)

Consolidated capital expenditures	$	8,590		$	9,335		$	2,202		$	39,897		$	6,360		$	—		$	66,384



	Ghana			Equatorial Guinea			Mauritania/Senegal			U.S. Gulf of Mexico			Corporate & Other			Eliminations			Total
	(In thousands)
Six months ended June 30, 2020
Revenues and other income:
Oil and gas revenue	$	110,900		$	51,520		$	—		$	142,674		$	—		$	—		$	305,094
Other income, net	1			—			—			451			9,255			(9,706		)	1
Total revenues and other income	110,901			51,520			—			143,125			9,255			(9,706		)	305,095
Costs and expenses:
Oil and gas production	64,610			36,889			—			48,851			—			—			150,350
Facilities insurance modifications, net	8,090			—			—			—			—			—			8,090
Exploration expenses	98			4,836			4,459			20,561			30,362			—			60,316
General and administrative	7,022			2,960			4,285			6,853			60,079			(42,102		)	39,097
Depletion, depreciation and amortization	84,648			28,303			31			100,714			1,463			—			215,159
Impairment of long-lived assets	—			—			—			150,820			—			—			150,820
Interest and other financing costs, net(1)	28,153			(700		)	(12,848		)	7,680			37,391			(3,567		)	56,109
Derivatives, net	—			—			—			—			(35,963		)	—			(35,963		)
Other expenses, net	(62,324		)	(9,377		)	2,471			43,745			14,679			35,963			25,157
Total costs and expenses	130,297			62,911			(1,602		)	379,224			108,011			(9,706		)	669,135
Income (loss) before income taxes	(19,396		)	(11,391		)	1,602			(236,099		)	(98,756		)	—			(364,040		)
Income tax expense (benefit)	(5,830		)	(8,670		)	—			30,902			1,716			—			18,118
Net income (loss)	$	(13,566	)	$	(2,721	)	$	1,602		$	(267,001	)	$	(100,472	)	$	—		$	(382,158	)

Consolidated capital expenditures	$	25,076		$	16,106		$	5,323		$	78,551		$	25,795		$	—		$	150,851

As of June 30, 2020
Property and equipment, net	$	1,429,160		$	453,178		$	451,140		$	1,018,586		$	26,601		$	—		$	3,378,665
Total assets	$	1,567,529		$	692,283		$	650,351		$	3,067,724		$	12,404,285		$	(14,395,681	)	$	3,986,491

______________________________________


(1)	Interest expense is recorded based on actual third-party and intercompany debt agreements. Capitalized interest is recorded on the business unit where the assets reside.



	Ghana			Equatorial Guinea			Mauritania/Senegal			U.S. Gulf of Mexico			Corporate & Other			Eliminations			Total
	(In thousands)
Three months ended June 30, 2019
Revenues and other income:
Oil and gas revenue	$	202,085		$	64,484		$	—		$	129,364		$	—		$	—		$	395,933
Other income, net	1			—			—			124			19,079			(19,203		)	1
Total revenues and other income	202,086			64,484			—			129,488			19,079			(19,203		)	395,934
Costs and expenses:
Oil and gas production	44,954			16,670			—			29,353			—			—			90,977
Facilities insurance modifications, net	2,278			—			—			—			—			—			2,278
Exploration expenses	56			2,472			2,043			11,015			14,319			—			29,905
General and administrative	6,002			1,539			1,540			4,893			44,313			(30,215		)	28,072
Depletion, depreciation and amortization	75,898			16,287			15			58,215			1,023			—			151,438
Interest and other financing costs, net(1)	19,026			—			(6,524		)	5,642			43,443			(1,784		)	59,803
Derivatives, net	—			—			—			(1,390		)	(12,795		)	—			(14,185		)
Other expenses, net	(12,982		)	(2,583		)	412			553			11			12,796			(1,793		)
Total costs and expenses	135,232			34,385			(2,514		)	108,281			90,314			(19,203		)	346,495
Income (loss) before income taxes	66,854			30,099			2,514			21,207			(71,235		)	—			49,439
Income tax expense (benefit)	24,683			11,762			—			4,439			(8,282		)	—			32,602
Net income (loss)	$	42,171		$	18,337		$	2,514		$	16,768		$	(62,953	)	$	—		$	16,837

Consolidated capital expenditures	$	33,496		$	6,115		$	4,039		$	41,177		$	15,858		$	—		$	100,685



	Ghana			Equatorial Guinea			Mauritania/Senegal			U.S. Gulf of Mexico			Corporate & Other			Eliminations			Total
	(In thousands)
Six months ended June 30, 2019
Revenues and other income:
Oil and gas revenue	$	325,003		$	153,289		$	—		$	214,431		$	—		$	—		$	692,723
Other income, net	1			—			—			259			91,888			(92,147		)	1
Total revenues and other income	325,004			153,289			—			214,690			91,888			(92,147		)	692,724
Costs and expenses:
Oil and gas production	75,010			39,276			—			56,490			—			—			170,776
Facilities insurance modifications, net	(17,743		)	—			—			—			—			—			(17,743		)
Exploration expenses	107			5,643			8,485			22,209			23,805			—			60,249
General and administrative	11,958			3,584			3,827			12,286			88,519			(56,194		)	63,980
Depletion, depreciation and amortization	130,761			39,304			31			97,409			2,028			—			269,533
Interest and other financing costs, net(1)	39,679			—			(13,317		)	11,571			60,478			(3,567		)	94,844
Derivatives, net	—			—			—			30,513			32,387			—			62,900
Other expenses, net	32,118			(2,243		)	641			2,145			51			(32,386		)	326
Total costs and expenses	271,890			85,564			(333		)	232,623			207,268			(92,147		)	704,865
Income (loss) before income taxes	53,114			67,725			333			(17,933		)	(115,380		)	—			(12,141		)
Income tax expense (benefit)	19,700			27,293			—			(3,766		)	(19,299		)	—			23,928
Net income (loss)	$	33,414		$	40,432		$	333		$	(14,167	)	$	(96,081	)	$	—		$	(36,069	)

Consolidated capital expenditures	$	68,463		$	21,051		$	6,290		$	87,059		$	28,050		$	—		$	210,913

As of June 30, 2019
Property and equipment, net	$	1,643,410		$	460,679		$	422,539		$	1,281,439		$	39,506		$	—		$	3,847,573
Total assets	$	1,872,202		$	498,195		$	546,454		$	3,343,917		$	12,051,009		$	(13,846,043	)	$	4,465,734

______________________________________


(1)	Interest expense is recorded based on actual third-party and intercompany debt agreements. Capitalized interest is recorded on the business unit where the assets reside.



	Six Months Ended June 30,
	2020			2019
	(In thousands)
Consolidated capital expenditures:
Consolidated Statements of Cash Flows - Investing activities:
Oil and gas assets	$	135,242		$	153,268
Other property	1,536			5,230
Adjustments:
Changes in capital accruals	(20,392		)	13,684
Exploration expense, excluding unsuccessful well costs and leasehold impairments(1)	39,461			53,150
Capitalized interest	(12,256		)	(14,253		)
Other	7,260			(166		)
Total consolidated capital expenditures	$	150,851		$	210,913

______________________________________

(1)

Unsuccessful well costs are included in oil and gas assets when incurred.

Organization (Details)	6 Months Ended
Organization (Details)	Jun. 30, 2020 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments	4

Accounting Policies - Narrative (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	Dec. 31, 2018
Cash, Cash Equivalents and Restricted Cash
Cash and cash equivalents	$ 164,091		$ 164,091		$ 224,502
Restricted cash - current	186		186		4,302
Restricted cash - long-term	542		542		542
Total cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows	164,819	$ 184,809	164,819	$ 184,809	229,346	$ 185,616
Inventories
Materials and supplies inventory	115,200		115,200		112,300
Hydrocarbons inventory	15,100		15,100		$ 2,100
Restructuring Charges
Restructuring charges	$ (575)	$ 0	$ 13,340	$ 0
Phillips 66 company \| Sales revenue, net \| Customer concentration risk
Concentration of Credit Risk
Concentration risk, percentage	24.00%	22.00%	37.00%	22.00%
Shell trading (us) company \| Sales revenue, net \| Customer concentration risk
Concentration of Credit Risk
Concentration risk, percentage	8.00%	9.00%	15.00%	7.00%

Accounting Policies - Summary of Oil and Gas Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Disaggregation of Revenue [Line Items]
Provisional oil sales contracts	$ (104,707)	$ 8,121	$ 31,615	$ (65,686)
Oil and gas revenue	127,314	395,933	305,094	692,723
Oil and gas revenue
Disaggregation of Revenue [Line Items]
Provisional oil sales contracts	(4,632)	(6,065)	(4,348)	(2,787)
Oil and gas revenue	127,314	395,933	305,094	692,723
Equatorial Guinea
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	28,147	63,165	52,518	152,279
Ghana
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	64,577	209,469	114,250	328,800
Gulf of Mexico
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 39,222	$ 129,364	$ 142,674	$ 214,431

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Acquisitions and Divestitures (Details)	1 Months Ended
Acquisitions and Divestitures (Details)	Mar. 31, 2019
Block EG-24 \| Farm-in agreement
Property Plant and Equipment Acquisitions and Divestitures [Line Items]
Participation interest acquired	80.00%

Joint Interest Billings, Related Party Receivables and Notes Receivables (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Feb. 28, 2019 USD ($) Agreement	Dec. 31, 2014	Jun. 30, 2020 USD ($)	Dec. 31, 2019 USD ($)
Oil and Gas Joint Interest Billing Receivables [Line Items]
Joint interest billings, net			$ 56,267	$ 81,424
Long-term receivables			88,137	43,430
Carry advance agreements \| National oil companies of mauritania and senegal
Oil and Gas Joint Interest Billing Receivables [Line Items]
Long-term receivables			71,100	27,400
Number of agreements \| Agreement	2
Share of development costs to be financed, up to	$ 239,700
TEN discoveries \| GNPC
Oil and Gas Joint Interest Billing Receivables [Line Items]
Joint interest billings, net			9,100	14,000
Long-term receivables			$ 17,000	$ 16,000
GNPC \| TEN discoveries
Oil and Gas Joint Interest Billing Receivables [Line Items]
GNPC's paying interest		5.00%

Property and Equipment (Details) - USD ($)	3 Months Ended		6 Months Ended
Property and Equipment (Details) - USD ($)	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Oil and gas properties:
Proved properties	$ 5,129,222,000		$ 5,129,222,000		$ 4,904,648,000
Unproved properties	533,393,000		533,393,000		814,065,000
Total oil and gas properties	5,662,615,000		5,662,615,000		5,718,713,000
Accumulated depletion	(2,296,869,000)		(2,296,869,000)		(2,093,962,000)
Oil and gas properties, net	3,365,746,000		3,365,746,000		3,624,751,000
Other property	59,686,000		59,686,000		61,598,000
Accumulated depreciation	(46,767,000)		(46,767,000)		(44,017,000)
Other property, net	12,919,000		12,919,000		17,581,000
Property and equipment, net	3,378,665,000	$ 3,847,573,000	3,378,665,000	$ 3,847,573,000	$ 3,642,332,000
Depletion expense	115,700,000	144,000,000.0	202,900,000	255,000,000.0
Impairment of long-lived assets	$ 0	$ 0	$ 150,820,000	$ 0

Suspended Well Costs - Narrative (Details) $ in Millions	6 Months Ended
Suspended Well Costs - Narrative (Details) $ in Millions	Jun. 30, 2020 USD ($)
Extractive Industries [Abstract]
Capitalized exploratory well costs subsequently expensed in the same period	$ 9.6

Suspended Well Costs - Summary of Suspended Well Costs (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2020 USD ($)	Jun. 30, 2020 USD ($) project	Dec. 31, 2019 USD ($) project
Reconciliation of capitalized exploratory well costs on completed wells
Beginning balance	$ 445,790
Additions to capitalized exploratory well costs pending the determination of proved reserves	1,140
Reclassification due to determination of proved reserves	(263,849)
Capitalized exploratory well costs charged to expense	0
Ending balance	183,081
Aging of capitalized exploratory well costs and number of projects for which exploratory well costs were capitalized for more than one year
Exploratory well costs capitalized for a period of one year or less		$ 29,616	$ 29,121
Exploratory well costs capitalized for a period of one to two years		0	78,245
Exploratory well costs capitalized for a period of three years or greater		153,465	338,424
Ending balance	$ 183,081	$ 183,081	$ 445,790
Number of projects that have exploratory well costs that have been capitalized for a period greater than one year \| project		2	3

Leases - Leases (Details) - USD ($)	3 Months Ended		6 Months Ended
Leases - Leases (Details) - USD ($)	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Lease, Cost [Abstract]
Operating lease cost	$ 1,899,000	$ 1,602,000	$ 3,157,000	$ 3,009,000
Short-term lease cost	2,434,000	582,000	12,802,000	587,000
Total lease cost	$ 4,333,000	2,184,000	$ 15,959,000	3,596,000
Balance sheet classifications
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	us-gaap:OtherAssets		us-gaap:OtherAssets		us-gaap:OtherAssets
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	us-gaap:AccruedLiabilitiesCurrent		us-gaap:AccruedLiabilitiesCurrent		us-gaap:AccruedLiabilitiesCurrent
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	us-gaap:OtherLiabilitiesNoncurrent		us-gaap:OtherLiabilitiesNoncurrent		us-gaap:OtherLiabilitiesNoncurrent
Other assets (right-of-use assets)	$ 18,775,000		$ 18,775,000		$ 20,008,000
Accrued liabilities (current maturities of leases)	2,005,000		2,005,000		1,139,000
Other long-term liabilities (non-current maturities of leases)	$ 21,078,000		$ 21,078,000		$ 22,240,000
Weighted average remaining lease term	8 years 4 months 24 days		8 years 4 months 24 days		8 years 9 months 18 days
Weighted average discount rate	9.90%		9.90%		9.80%
Operating cash flows for operating leases			$ 1,909,000	1,750,000
Investing cash flows for operating leases			12,225,000	0
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2020	$ 2,061,000		2,061,000
2021	4,174,000		4,174,000
2022	4,237,000		4,237,000
2023	4,301,000		4,301,000
2024	3,464,000		3,464,000
Thereafter	16,041,000		16,041,000
Total undiscounted lease payments	34,278,000		34,278,000
Less: Imputed interest	(11,195,000)		(11,195,000)
Total lease liabilities	$ 23,083,000		$ 23,083,000
Minimum
Lessee, Lease, Description [Line Items]
Operating lease, initial term	1 year		1 year
Maximum
Lessee, Lease, Description [Line Items]
Operating lease, initial term	10 years		10 years
Short-term drilling contracts
Lease, Cost [Abstract]
Short-term lease cost	$ 2,300,000	$ 0	$ 12,200,000	$ 0

Debt - Schedule of Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Debt
Total	$ 2,200,000	$ 2,050,000
Unamortized deferred financing costs and discounts	(36,347)	(41,937)
Total debt, net	2,163,653	2,008,063
Less: Current maturities of long-term debt	(56,000)	0
Long-term debt, net	2,107,653	2,008,063
Facility \| Revolving credit facility
Debt
Total	1,450,000	1,400,000
Unamortized deferred financing costs	27,800	32,800
Corporate Revolver \| Revolving credit facility
Debt
Total	100,000	0
Senior Notes \| Senior Notes
Debt
Total	650,000	650,000
Unamortized deferred financing costs	$ 8,500	$ 9,100

Debt - Facility (Details) - The facility - Revolving credit facility	1 Months Ended
	Jul. 31, 2020	Feb. 28, 2018	Jun. 30, 2020 USD ($)	Apr. 30, 2020 USD ($)	Mar. 31, 2020 USD ($)
Debt Instrument [Line Items]
Total commitment				$ 1,500,000,000	$ 1,600,000,000
Amount outstanding			$ 1,450,000,000
Undrawn availability			50,000,000.00
Availability period of revolving-credit		1 month
Amount outstanding under letters of credit			$ 0
Stated Period \| Subsequent Event
Debt Instrument [Line Items]
Debt cover ratio	4.75
Normal Period \| Subsequent Event
Debt Instrument [Line Items]
Debt cover ratio	3.5

Debt - Corporate Revolver (Details)	1 Months Ended
Debt - Corporate Revolver (Details)	Jul. 31, 2020	Aug. 31, 2018 USD ($)	Jun. 30, 2020 USD ($)	Dec. 31, 2019 USD ($)
Debt Instrument [Line Items]
Net deferred financing costs			$ 5,013,000	$ 6,321,000
Corporate Revolver \| Revolving credit facility
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 400,000,000.0
Change in basis points		1.00%
Applicable margin		5.00%
Commitment fee percentage		30.00%
Amount outstanding			100,000,000.0
Undrawn availability			300,000,000.0
Net deferred financing costs			$ 5,000,000.0
Subsequent Event \| Stated Period \| Corporate Revolver \| Revolving credit facility
Debt Instrument [Line Items]
Debt cover ratio	4.75
Subsequent Event \| Normal Period \| Corporate Revolver \| Revolving credit facility
Debt Instrument [Line Items]
Debt cover ratio	3.5

Debt - Revolving Letter of Credit Facility (Details) $ in Millions	May 31, 2020 USD ($) letter_of_credit	Jun. 30, 2019 USD ($) letter_of_credit
Revolving letter of credit facility
Debt Instrument [Line Items]
Number of letters of credit \| letter_of_credit	5
Amount outstanding \| $	$ 3.1
Letter of credit arrangement
Debt Instrument [Line Items]
Number of letters of credit \| letter_of_credit		2
Amount outstanding \| $		$ 20.4

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

Debt - 7.125% Senior Notes due 2026 (Details) - Senior Notes - 7.125% Senior Notes due 2026	1 Months Ended
	Apr. 30, 2019 USD ($)
Debt Instrument [Line Items]
Interest rate	7.125%
Senior notes offering face amount	$ 650,000,000.0
Net proceeds from debt	$ 640,000,000.0

Debt - Maturities (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Scheduled maturities of debt during the five year period and thereafter
Total	$ 2,200,000	$ 2,050,000
2020	0
2021	56,000
2022	422,571
2023	428,571
2024	428,572
Thereafter	864,286
Senior Notes \| 7.125% Senior Notes due 2026
Scheduled maturities of debt during the five year period and thereafter
Total	$ 650,000	$ 650,000

Debt - Interest and other financing costs, net (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Debt Disclosure [Abstract]
Interest expense	$ 28,504	$ 38,450	$ 60,270	$ 76,622
Amortization—deferred financing costs	2,192	2,302	4,475	4,689
Loss on extinguishment of debt	2,215	24,794	2,215	24,794
Capitalized interest	(5,729)	(7,002)	(12,256)	(14,253)
Deferred interest	1,182	433	1,496	1,270
Interest income	(1,023)	(591)	(2,102)	(1,243)
Other, net	933	1,417	2,011	2,965
Interest and other financing costs, net	$ 28,274	$ 59,803	$ 56,109	$ 94,844

Production Prepayment Agreement - Summary Of Production Prepayment Agreement (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Debt Disclosure [Abstract]
Production prepayment	$ 50,000	$ 0
Unamortized deferred financing costs	(667)	0
Production prepayment agreement, net	$ 49,333	$ 0

Production Prepayment Agreement - Narrative (Details) bbl in Millions, $ in Millions	1 Months Ended
	Jun. 30, 2020 USD ($) tranche bbl
Debt Instrument [Line Items]
Guarantor liquidity ratio	1.20
GoM liquidity ratio	1.50
Before March 31, 2021 Tranche
Debt Instrument [Line Items]
Applicable margin	5.00%
Trafigura
Debt Instrument [Line Items]
Proceeds from production prepayment agreement	$ 50.0
Maximum crude oil sales from production prepayment agreement	$ 200.0
Volume committed to be sold \| bbl	2
Committed term	60 months
Production prepayment market value	$ 57.5
Number of additional tranches of crude oil \| tranche	2
Financing cost	$ 7.5
Trafigura \| On September 30, 2020 Tranche
Debt Instrument [Line Items]
Additional crude oil sales	100.0
Trafigura \| Before March 31, 2021 Tranche
Debt Instrument [Line Items]
Additional crude oil sales	$ 50.0

Production Prepayment Agreement - Estimated Repayments (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Total	$ 2,200,000	$ 2,050,000
2020	0
2021	56,000
2022	422,571
2023	428,571
2024	428,572
Thereafter	864,286
Production Prepayment Agreement
Debt Instrument [Line Items]
Total	50,000
2020	0
2021	15,729
2022	30,799
2023	3,472
2024	0
Thereafter	$ 0

Derivative Financial Instruments - Schedule of oil derivative contracts (Details)	6 Months Ended
	Jun. 30, 2020 $ / bbl MBbls bbl
Dated Brent \| Term July 2020 to December 2020 \| Swaps
Derivative Financial Instruments
Volume (mbbls) \| MBbls	5,275
Weighted Average Price Per Bbl [Abstract]
Net Deferred Premium Payable/(Receivable)	0
Swap (usd per bbl)	42.67
Sold Put (usd per bbl)	0
Floor (usd per bbl)	0
Ceiling (usd per bbl)	0
Purchased Call (usd per bbl)	0
Dated Brent \| Term July 2020 to December 2020 \| Swaps with sold puts
Derivative Financial Instruments
Volume (mbbls) \| MBbls	333
Weighted Average Price Per Bbl [Abstract]
Net Deferred Premium Payable/(Receivable)	0
Swap (usd per bbl)	35.00
Sold Put (usd per bbl)	25.00
Floor (usd per bbl)	0
Ceiling (usd per bbl)	0
Purchased Call (usd per bbl)	0
Dated Brent \| Term July 2020 to December 2020 \| Three-way collars
Derivative Financial Instruments
Volume (mbbls) \| MBbls	1,000
Weighted Average Price Per Bbl [Abstract]
Net Deferred Premium Payable/(Receivable)	0
Swap (usd per bbl)	0
Sold Put (usd per bbl)	25.00
Floor (usd per bbl)	32.50
Ceiling (usd per bbl)	40.00
Purchased Call (usd per bbl)	0
Dated Brent \| Term July 2020 to December 2020 \| Sold calls
Derivative Financial Instruments
Volume (mbbls) \| MBbls	4,750
Weighted Average Price Per Bbl [Abstract]
Net Deferred Premium Payable/(Receivable)	(0.19)
Swap (usd per bbl)	0
Sold Put (usd per bbl)	0
Floor (usd per bbl)	0
Ceiling (usd per bbl)	80.83
Purchased Call (usd per bbl)	0
Dated Brent \| Term January 2021 To December 2021 \| Swaps with sold puts
Derivative Financial Instruments
Volume (mbbls) \| MBbls	5,000
Weighted Average Price Per Bbl [Abstract]
Net Deferred Premium Payable/(Receivable)	0
Swap (usd per bbl)	54.70
Sold Put (usd per bbl)	43.50
Floor (usd per bbl)	0
Ceiling (usd per bbl)	0
Purchased Call (usd per bbl)	0
Dated Brent \| Term January 2021 To December 2021 \| Three-way collars
Derivative Financial Instruments
Volume (mbbls) \| MBbls	1,000
Weighted Average Price Per Bbl [Abstract]
Net Deferred Premium Payable/(Receivable)	1.00
Swap (usd per bbl)	0
Sold Put (usd per bbl)	30.00
Floor (usd per bbl)	40.00
Ceiling (usd per bbl)	55.40
Purchased Call (usd per bbl)	0
Dated Brent \| Term January 2021 To December 2021 \| Sold calls
Derivative Financial Instruments
Volume (mbbls) \| MBbls	7,000
Weighted Average Price Per Bbl [Abstract]
Net Deferred Premium Payable/(Receivable)	0
Swap (usd per bbl)	0
Sold Put (usd per bbl)	0
Floor (usd per bbl)	0
Ceiling (usd per bbl)	70.09
Purchased Call (usd per bbl)	0
Dated Brent \| Term January 2022 To December 2022 \| Sold calls
Derivative Financial Instruments
Volume (mbbls) \| MBbls	1,581
Weighted Average Price Per Bbl [Abstract]
Net Deferred Premium Payable/(Receivable)	0
Swap (usd per bbl)	0
Sold Put (usd per bbl)	0
Floor (usd per bbl)	0
Ceiling (usd per bbl)	60.00
Purchased Call (usd per bbl)	0
Argus LLS \| Term July 2020 to December 2020 \| Swaps
Derivative Financial Instruments
Volume (mbbls) \| MBbls	3,000
Weighted Average Price Per Bbl [Abstract]
Net Deferred Premium Payable/(Receivable)	0
Swap (usd per bbl)	29.98
Sold Put (usd per bbl)	0
Floor (usd per bbl)	0
Ceiling (usd per bbl)	0
Purchased Call (usd per bbl)	0
NYMEX WTI \| Term July 2020 to December 2020 \| Call spreads
Derivative Financial Instruments
Volume (mbbls) \| bbl	1,000,000.0
Weighted Average Price Per Bbl [Abstract]
Net Deferred Premium Payable/(Receivable)	1.20
Swap (usd per bbl)	0
Sold Put (usd per bbl)	0
Floor (usd per bbl)	0
Ceiling (usd per bbl)	45.00
Purchased Call (usd per bbl)	35.00

Derivative Financial Instruments - Narrative (Details) - Dated Brent	1 Months Ended
	Jul. 31, 2020 $ / bbl MMBbls	Apr. 30, 2020 $ / bbl MMBbls
Subsequent Event \| Three-Way Collars \| Term January 2021 To December 2021
Derivative Financial Instruments
Volume (mmbbls) \| MMBbls	1.0
Sold Put (usd per bbl)	30.00
Floor (usd per bbl)	40.00
Ceiling (usd per bbl)	55.00
Swap Contracts \| Term May 2020 to December 2020
Derivative Financial Instruments
Volume (mmbbls) \| MMBbls		7.0
Swap (usd per bbl)		42.67

Derivative Financial Instruments - Derivatives instrument and gain/loss from derivatives (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Derivative instruments, Balance Sheet Location
Derivatives assets—current	$ 30,289	$ 12,856
Derivatives assets—long-term	11,271	2,302
Derivatives liabilities—current	(43,974)	(8,914)
Derivatives liabilities—long-term	(9,306)	(11,478)
Derivatives not designated as hedging instruments:
Derivative instruments, Balance Sheet Location
Total derivatives not designated as hedging instruments	(11,720)	(8,521)
Derivatives not designated as hedging instruments: \| Commodity
Derivative instruments, Balance Sheet Location
Derivatives assets—current	30,289	12,856
Derivatives assets—long-term	11,271	2,302
Derivatives liabilities—current	(43,974)	(8,914)
Derivatives liabilities—long-term	(9,306)	(11,478)
Receivables: Oil Sales \| Derivatives not designated as hedging instruments: \| Provisional oil sales
Derivative instruments, Balance Sheet Location
Derivatives assets—current	$ 0	$ (3,287)

Derivative Financial Instruments - Schedule of derivative instruments by location of gain/(loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Derivative instruments, Location of Gain/(Loss)
Amount of Gain/(Loss)	$ (104,707)	$ 8,121	$ 31,615	$ (65,686)
Commodity \| Oil and gas revenue
Derivative instruments, Location of Gain/(Loss)
Amount of Gain/(Loss)	(4,632)	(6,064)	(4,348)	(2,786)
Commodity \| Derivatives, net
Derivative instruments, Location of Gain/(Loss)
Amount of Gain/(Loss)	$ (100,075)	$ 14,185	$ 35,963	$ (62,900)

Fair Value Measurements (Details)	3 Months Ended		6 Months Ended
Fair Value Measurements (Details)	Jun. 30, 2020 USD ($)	Jun. 30, 2019 USD ($)	Jun. 30, 2020 USD ($)	Jun. 30, 2019 USD ($)	Dec. 31, 2019 USD ($)
Liabilities:
Production prepayment market value	$ 50,000,000		$ 50,000,000		$ 0
Impairment of long-lived assets	0	$ 0	150,820,000	$ 0
Carrying Value
Liabilities:
Long-term debt	2,243,028,000		2,243,028,000		2,042,550,000
Fair Value
Liabilities:
Long-term debt	2,188,054,000		2,188,054,000		2,064,957,000
7.125% Senior Notes due 2026 \| Senior Notes \| Carrying Value
Liabilities:
Long-term debt	643,028,000		643,028,000		642,550,000
7.125% Senior Notes due 2026 \| Senior Notes \| Fair Value
Liabilities:
Long-term debt	580,554,000		580,554,000		664,957,000
Production Prepayment Agreement(1) \| Production Prepayment Agreement \| Carrying Value
Liabilities:
Long-term debt	50,000,000		50,000,000		0
Production Prepayment Agreement(1) \| Production Prepayment Agreement \| Fair Value
Liabilities:
Long-term debt	57,500,000		57,500,000		0
Corporate Revolver \| Facility \| Carrying Value
Liabilities:
Long-term debt	100,000,000		100,000,000		0
Corporate Revolver \| Facility \| Fair Value
Liabilities:
Long-term debt	100,000,000		100,000,000		0
The facility \| Facility \| Carrying Value
Liabilities:
Long-term debt	1,450,000,000		1,450,000,000		1,400,000,000
The facility \| Facility \| Fair Value
Liabilities:
Long-term debt	1,450,000,000		1,450,000,000		1,400,000,000
Recurring basis
Liabilities:
Total fair value, net	(11,720,000)		(11,720,000)		(8,521,000)
Recurring basis \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Liabilities:
Total fair value, net	0		0		0
Recurring basis \| Significant Other Observable Inputs (Level 2)
Liabilities:
Total fair value, net	(11,720,000)		(11,720,000)		(8,521,000)
Recurring basis \| Significant Unobservable Inputs (Level 3)
Liabilities:
Total fair value, net	0		0		0
Nonrecurring basis
Liabilities:
Proved oil and gas reserves, fair value	243,700,000		243,700,000
Commodity derivatives \| Recurring basis
Assets:
Derivative asset, fair value	41,560,000		41,560,000		15,158,000
Liabilities:
Derivative liability, fair value	(53,280,000)		(53,280,000)		(20,392,000)
Commodity derivatives \| Recurring basis \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets:
Derivative asset, fair value	0		0		0
Liabilities:
Derivative liability, fair value	0		0		0
Commodity derivatives \| Recurring basis \| Significant Other Observable Inputs (Level 2)
Assets:
Derivative asset, fair value	41,560,000		41,560,000		15,158,000
Liabilities:
Derivative liability, fair value	(53,280,000)		(53,280,000)		(20,392,000)
Commodity derivatives \| Recurring basis \| Significant Unobservable Inputs (Level 3)
Assets:
Derivative asset, fair value	0		0		0
Liabilities:
Derivative liability, fair value	0		0		0
Provisional oil sales \| Recurring basis
Assets:
Derivative asset, fair value	0		0		(3,287,000)
Provisional oil sales \| Recurring basis \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets:
Derivative asset, fair value	0		0		0
Provisional oil sales \| Recurring basis \| Significant Other Observable Inputs (Level 2)
Assets:
Derivative asset, fair value	0		0		(3,287,000)
Provisional oil sales \| Recurring basis \| Significant Unobservable Inputs (Level 3)
Assets:
Derivative asset, fair value	$ 0		$ 0		$ 0
Valuation technique, discounted cash flow \| Measurement input, discount rate \| Nonrecurring basis
Liabilities:
Long-lived assets, measurement input	0.10		0.10

Equity-based Compensation - Narrative (Details) - LTIP - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended
	Mar. 31, 2018	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense recognized		$ 8,300,000	$ 9,500,000	$ 17,700,000	$ 17,900,000
Tax benefit		1,700,000	1,500,000	3,800,000	2,800,000
Net tax shortfall (windfall) related to equity-based compensation		200,000	0	1,100,000	1,200,000
Fair value of awards vested		$ 400,000	$ 800,000	$ 25,800,000	$ 14,000,000.0
Vesting period				3 years
Number of additional shares authorized (in shares)	11,000,000.0
Number of shares authorized (in shares)		50,500,000		50,500,000
Number of shares remaining available for grant (in shares)		6,000,000.0		6,000,000.0
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense not yet recognized		$ 41,600,000		$ 41,600,000
Weighted average period over which compensation expense is to be recognized				2 years 7 days
Market/Service Vesting Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date fair value of awards granted (in dollars per share)				$ 8.37
Market/Service Vesting Restricted Stock Units \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage of the awards granted (up to)				0.00%
Grant date fair value of awards granted (in dollars per share)				$ 1.06
Expected volatility				44.00%
Risk-free interest rate				0.80%
Expected quarterly dividends (in dollars per share)				$ 0.045
Market/Service Vesting Restricted Stock Units \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage of the awards granted (up to)				200.00%
Grant date fair value of awards granted (in dollars per share)				$ 12.96
Expected volatility				52.00%
Risk-free interest rate				2.50%
Expected quarterly dividends (in dollars per share)				$ 0.050

Equity-based Compensation - Schedule of awards (Details) - LTIP shares in Thousands	6 Months Ended
	Jun. 30, 2020 $ / shares shares
Service Vesting Restricted Stock Units
Outstanding unvested awards activity
Outstanding at the beginning of the period (in shares) \| shares	4,731
Granted (in shares) \| shares	3,474
Forfeited (in shares) \| shares	(901)
Vested (in shares) \| shares	(2,067)
Outstanding at the end of the period (in shares) \| shares	5,237
Weighted-Average Grant-Date Fair Value
Outstanding at beginning of the period (in dollars per share)	$ 5.71
Granted (in dollars per share)	5.49
Forfeited (in dollars per share)	6.17
Vested (in dollars per share)	5.86
Outstanding at the end of the period (in dollars per share)	$ 5.41
Market/Service Vesting Restricted Stock Units
Outstanding unvested awards activity
Outstanding at the beginning of the period (in shares) \| shares	7,798
Granted (in shares) \| shares	3,392
Forfeited (in shares) \| shares	(476)
Vested (in shares) \| shares	(2,582)
Outstanding at the end of the period (in shares) \| shares	8,132
Weighted-Average Grant-Date Fair Value
Outstanding at beginning of the period (in dollars per share)	$ 8.42
Granted (in dollars per share)	8.37
Forfeited (in dollars per share)	8.02
Vested (in dollars per share)	9.47
Outstanding at the end of the period (in dollars per share)	8.11
Minimum \| Market/Service Vesting Restricted Stock Units
Weighted-Average Grant-Date Fair Value
Granted (in dollars per share)	$ 1.06
Vesting percentage of the awards granted	0.00%
Maximum \| Market/Service Vesting Restricted Stock Units
Weighted-Average Grant-Date Fair Value
Granted (in dollars per share)	$ 12.96
Vesting percentage of the awards granted	200.00%

Income Taxes (Details) - USD ($)	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($)	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income Taxes
Effective tax rate (as a percent)	19.00%	66.00%	5.00%	197.00%
Tax benefit from CARES Act			$ 4,900,000
Income tax refund claim from CARES Act	$ 12,200,000		12,200,000
Income (loss) before income taxes	(246,816,000)	$ 49,439,000	(364,040,000)	$ (12,141,000)
Uncertain tax positions	0		0
United States
Income Taxes
Increase in valuation allowance	16,700,000		86,100,000
Change in deferred tax expense related to valuation allowances			30,900,000
Income (loss) before income taxes	(79,703,000)	(18,499,000)	$ (269,840,000)	(74,240,000)
Foreign—other
Income Taxes
Effective tax rate (as a percent)			0.00%
Statutory tax rate (as a percent)			0.00%
Income (loss) before income taxes	$ (167,113,000)	$ 67,938,000	$ (94,200,000)	$ 62,099,000

Net Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019
Numerator:
Net income (loss) allocable to common stockholders	$ (199,391)	$ (182,767)	$ 16,837	$ (52,906)	$ (382,158)	$ (36,069)
Weighted average number of shares outstanding:
Basic (in shares)	405,195		401,323		404,990	401,244
Restricted stock awards and units (in shares)	0		6,907		0	0
Diluted (in shares)	405,195		408,230		404,990	401,244
Net income (loss) per share:
Basic (in dollars per share)	$ (0.49)		$ 0.04		$ (0.94)	$ (0.09)
Diluted (in dollars per share)	$ (0.49)		$ 0.04		$ (0.94)	$ (0.09)
Outstanding restricted stock awards and units excluded from the computations of diluted net income per share (in shares)	11,600		1,100		11,300	12,900

Commitments and Contingencies (Details)		3 Months Ended				6 Months Ended
Commitments and Contingencies (Details)	Mar. 26, 2020 $ / shares	Jun. 30, 2020 USD ($) $ / shares	Mar. 31, 2020 $ / shares	Jun. 30, 2019 $ / shares	Mar. 31, 2019 $ / shares	Jun. 30, 2020 USD ($) km km² exploration_well $ / shares	Jun. 30, 2019 $ / shares	Dec. 31, 2019 USD ($)
Operating Leased Assets [Line Items]
Dividends declared per common stock (in dollars per share) \| $ / shares	$ 0.0452	$ 0	$ 0.0452	$ 0.0452	$ 0.0452	$ 0.0452	$ 0.0904
Sao Tome and Principe and Nambia
Operating Leased Assets [Line Items]
Number of exploration wells \| exploration_well						1
Mauritania
Operating Leased Assets [Line Items]
Number of exploration wells \| exploration_well						2
3D seismic requirements \| km						100
Sao Tome and Principe
Operating Leased Assets [Line Items]
3D seismic requirements \| km²						8,800
South Africa
Operating Leased Assets [Line Items]
2D seismic requirements \| km						500
Gulf of Mexico \| Surety Bond
Operating Leased Assets [Line Items]
Cash collateral		$ 0				$ 0		$ 0
Gulf of Mexico \| Bureau of ocean energy management \| Surety Bond
Operating Leased Assets [Line Items]
Required performance bonds		208,700,000				208,700,000		208,700,000
Gulf of Mexico \| Third Party \| Surety Bond
Operating Leased Assets [Line Items]
Required performance bonds		$ 7,200,000				$ 7,200,000		$ 7,200,000

Additional Financial Information (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
Accrued liabilities:
Exploration, development and production	$ 83,052		$ 83,052		$ 152,490
Revenue payable	22,028		22,028		32,482
Current asset retirement obligations	2,810		2,810		4,527
General and administrative expenses	3,518		3,518		44,575
Interest	22,953		22,953		33,584
Income taxes	56,649		56,649		103,566
Taxes other than income	3,230		3,230		3,375
Derivatives	5,340		5,340		4,837
Other	3,695		3,695		1,268
Accrued liabilities	203,275		203,275		$ 380,704
Asset retirement obligations:
Beginning asset retirement obligations			235,053
Liabilities incurred during period			0
Liabilities settled during period			(3,905)
Revisions in estimated retirement obligations			2,138
Accretion expense			9,369
Ending asset retirement obligations	242,655		242,655
Facilities insurance modifications, expenditures	100	$ 11,200	8,100	$ 22,200
Facilities insurance modifications, insurance recoveries	0	8,900	0	39,900
Other Expenses, Net
Loss on disposal of inventory	361	0	1,828	187
(Gain) loss on ARO liability settlements	(28)	(5)	2,122	1,913
Restructuring charges	(575)	0	13,340	0
Other, net	1,470	(1,788)	7,867	(1,774)
Other expenses, net	$ 1,228	$ (1,793)	$ 25,157	$ 326

Business Segment Information - Business Segment Information (Details)	3 Months Ended				6 Months Ended
	Jun. 30, 2020 USD ($)	Mar. 31, 2020 USD ($)	Jun. 30, 2019 USD ($)	Mar. 31, 2019 USD ($)	Jun. 30, 2020 USD ($) segment	Jun. 30, 2019 USD ($)	Dec. 31, 2019 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments \| segment					4
Oil and gas revenue	$ 127,314,000		$ 395,933,000		$ 305,094,000	$ 692,723,000
Other income, net	0		1,000		1,000	1,000
Total revenues and other income	127,314,000		395,934,000		305,095,000	692,724,000
Oil and gas production	88,747,000		90,977,000		150,350,000	170,776,000
Facilities insurance modifications, net	52,000		2,278,000		8,090,000	(17,743,000)
Exploration expenses	15,711,000		29,905,000		60,316,000	60,249,000
General and administrative	18,186,000		28,072,000		39,097,000	63,980,000
Depletion, depreciation and amortization	121,857,000		151,438,000		215,159,000	269,533,000
Impairment of long-lived assets	0		0		150,820,000	0
Interest and other financing costs, net	28,274,000		59,803,000		56,109,000	94,844,000
Derivatives, net	100,075,000		(14,185,000)		(35,963,000)	62,900,000
Other expenses, net	1,228,000		(1,793,000)		25,157,000	326,000
Total costs and expenses	374,130,000		346,495,000		669,135,000	704,865,000
Income (loss) before income taxes	(246,816,000)		49,439,000		(364,040,000)	(12,141,000)
Income tax expense (benefit)	(47,425,000)		32,602,000		18,118,000	23,928,000
Net income (loss)	(199,391,000)	$ (182,767,000)	16,837,000	$ (52,906,000)	(382,158,000)	(36,069,000)
Consolidated capital expenditures	66,384,000		100,685,000		150,851,000	210,913,000
Property and equipment, net	3,378,665,000		3,847,573,000		3,378,665,000	3,847,573,000	$ 3,642,332,000
Total assets	3,986,491,000		4,465,734,000		3,986,491,000	4,465,734,000	$ 4,317,232,000
Corporate & Other
Segment Reporting Information [Line Items]
Oil and gas revenue	0		0		0	0
Other income, net	121,264,000		19,079,000		9,255,000	91,888,000
Total revenues and other income	121,264,000		19,079,000		9,255,000	91,888,000
Oil and gas production	0		0		0	0
Facilities insurance modifications, net	0		0		0	0
Exploration expenses	6,002,000		14,319,000		30,362,000	23,805,000
General and administrative	28,217,000		44,313,000		60,079,000	88,519,000
Depletion, depreciation and amortization	635,000		1,023,000		1,463,000	2,028,000
Impairment of long-lived assets	0				0
Interest and other financing costs, net	20,297,000		43,443,000		37,391,000	60,478,000
Derivatives, net	100,075,000		(12,795,000)		(35,963,000)	32,387,000
Other expenses, net	1,105,000		11,000		14,679,000	51,000
Total costs and expenses	156,331,000		90,314,000		108,011,000	207,268,000
Income (loss) before income taxes	(35,067,000)		(71,235,000)		(98,756,000)	(115,380,000)
Income tax expense (benefit)	9,885,000		(8,282,000)		1,716,000	(19,299,000)
Net income (loss)	(44,952,000)		(62,953,000)		(100,472,000)	(96,081,000)
Consolidated capital expenditures	6,360,000		15,858,000		25,795,000	28,050,000
Property and equipment, net	26,601,000		39,506,000		26,601,000	39,506,000
Total assets	12,404,285,000		12,051,009,000		12,404,285,000	12,051,009,000
Eliminations
Segment Reporting Information [Line Items]
Oil and gas revenue	0		0		0	0
Other income, net	(121,268,000)		(19,203,000)		(9,706,000)	(92,147,000)
Total revenues and other income	(121,268,000)		(19,203,000)		(9,706,000)	(92,147,000)
Oil and gas production	0		0		0	0
Facilities insurance modifications, net	0		0		0	0
Exploration expenses	0		0		0	0
General and administrative	(19,410,000)		(30,215,000)		(42,102,000)	(56,194,000)
Depletion, depreciation and amortization	0		0		0	0
Impairment of long-lived assets	0				0
Interest and other financing costs, net	(1,783,000)		(1,784,000)		(3,567,000)	(3,567,000)
Derivatives, net	0		0		0	0
Other expenses, net	(100,075,000)		12,796,000		35,963,000	(32,386,000)
Total costs and expenses	(121,268,000)		(19,203,000)		(9,706,000)	(92,147,000)
Income (loss) before income taxes	0		0		0	0
Income tax expense (benefit)	0		0		0	0
Net income (loss)	0		0		0	0
Consolidated capital expenditures	0		0		0	0
Property and equipment, net	0		0		0	0
Total assets	(14,395,681,000)		(13,846,043,000)		(14,395,681,000)	(13,846,043,000)
Ghana \| Operating Segments
Segment Reporting Information [Line Items]
Oil and gas revenue	61,192,000		202,085,000		110,900,000	325,003,000
Other income, net	0		1,000		1,000	1,000
Total revenues and other income	61,192,000		202,086,000		110,901,000	325,004,000
Oil and gas production	46,568,000		44,954,000		64,610,000	75,010,000
Facilities insurance modifications, net	52,000		2,278,000		8,090,000	(17,743,000)
Exploration expenses	13,000		56,000		98,000	107,000
General and administrative	3,132,000		6,002,000		7,022,000	11,958,000
Depletion, depreciation and amortization	64,917,000		75,898,000		84,648,000	130,761,000
Impairment of long-lived assets	0				0
Interest and other financing costs, net	13,322,000		19,026,000		28,153,000	39,679,000
Derivatives, net	0		0		0	0
Other expenses, net	54,048,000		(12,982,000)		(62,324,000)	32,118,000
Total costs and expenses	182,052,000		135,232,000		130,297,000	271,890,000
Income (loss) before income taxes	(120,860,000)		66,854,000		(19,396,000)	53,114,000
Income tax expense (benefit)	(44,051,000)		24,683,000		(5,830,000)	19,700,000
Net income (loss)	(76,809,000)		42,171,000		(13,566,000)	33,414,000
Consolidated capital expenditures	8,590,000		33,496,000		25,076,000	68,463,000
Property and equipment, net	1,429,160,000		1,643,410,000		1,429,160,000	1,643,410,000
Total assets	1,567,529,000		1,872,202,000		1,567,529,000	1,872,202,000
Equatorial Guinea \| Operating Segments
Segment Reporting Information [Line Items]
Oil and gas revenue	26,901,000		64,484,000		51,520,000	153,289,000
Other income, net	0		0		0	0
Total revenues and other income	26,901,000		64,484,000		51,520,000	153,289,000
Oil and gas production	25,414,000		16,670,000		36,889,000	39,276,000
Facilities insurance modifications, net	0		0		0	0
Exploration expenses	2,117,000		2,472,000		4,836,000	5,643,000
General and administrative	1,222,000		1,539,000		2,960,000	3,584,000
Depletion, depreciation and amortization	19,409,000		16,287,000		28,303,000	39,304,000
Impairment of long-lived assets	0				0
Interest and other financing costs, net	(331,000)		0		(700,000)	0
Derivatives, net	0		0		0	0
Other expenses, net	6,379,000		(2,583,000)		(9,377,000)	(2,243,000)
Total costs and expenses	54,210,000		34,385,000		62,911,000	85,564,000
Income (loss) before income taxes	(27,309,000)		30,099,000		(11,391,000)	67,725,000
Income tax expense (benefit)	(13,258,000)		11,762,000		(8,670,000)	27,293,000
Net income (loss)	(14,051,000)		18,337,000		(2,721,000)	40,432,000
Consolidated capital expenditures	9,335,000		6,115,000		16,106,000	21,051,000
Property and equipment, net	453,178,000		460,679,000		453,178,000	460,679,000
Total assets	692,283,000		498,195,000		692,283,000	498,195,000
Mauritania/Senegal \| Operating Segments
Segment Reporting Information [Line Items]
Oil and gas revenue	0		0		0	0
Other income, net	0		0		0	0
Total revenues and other income	0		0		0	0
Oil and gas production	0		0		0	0
Facilities insurance modifications, net	0		0		0	0
Exploration expenses	985,000		2,043,000		4,459,000	8,485,000
General and administrative	2,176,000		1,540,000		4,285,000	3,827,000
Depletion, depreciation and amortization	16,000		15,000		31,000	31,000
Impairment of long-lived assets	0				0
Interest and other financing costs, net	(6,222,000)		(6,524,000)		(12,848,000)	(13,317,000)
Derivatives, net	0		0		0	0
Other expenses, net	(322,000)		412,000		2,471,000	641,000
Total costs and expenses	(3,367,000)		(2,514,000)		(1,602,000)	(333,000)
Income (loss) before income taxes	3,367,000		2,514,000		1,602,000	333,000
Income tax expense (benefit)	0		0		0	0
Net income (loss)	3,367,000		2,514,000		1,602,000	333,000
Consolidated capital expenditures	2,202,000		4,039,000		5,323,000	6,290,000
Property and equipment, net	451,140,000		422,539,000		451,140,000	422,539,000
Total assets	650,351,000		546,454,000		650,351,000	546,454,000
U.S. Gulf of Mexico \| Operating Segments
Segment Reporting Information [Line Items]
Oil and gas revenue	39,221,000		129,364,000		142,674,000	214,431,000
Other income, net	4,000		124,000		451,000	259,000
Total revenues and other income	39,225,000		129,488,000		143,125,000	214,690,000
Oil and gas production	16,765,000		29,353,000		48,851,000	56,490,000
Facilities insurance modifications, net	0		0		0	0
Exploration expenses	6,594,000		11,015,000		20,561,000	22,209,000
General and administrative	2,849,000		4,893,000		6,853,000	12,286,000
Depletion, depreciation and amortization	36,880,000		58,215,000		100,714,000	97,409,000
Impairment of long-lived assets	0				150,820,000
Interest and other financing costs, net	2,991,000		5,642,000		7,680,000	11,571,000
Derivatives, net	0		(1,390,000)		0	30,513,000
Other expenses, net	40,093,000		553,000		43,745,000	2,145,000
Total costs and expenses	106,172,000		108,281,000		379,224,000	232,623,000
Income (loss) before income taxes	(66,947,000)		21,207,000		(236,099,000)	(17,933,000)
Income tax expense (benefit)	(1,000)		4,439,000		30,902,000	(3,766,000)
Net income (loss)	(66,946,000)		16,768,000		(267,001,000)	(14,167,000)
Consolidated capital expenditures	39,897,000		41,177,000		78,551,000	87,059,000
Property and equipment, net	1,018,586,000		1,281,439,000		1,018,586,000	1,281,439,000
Total assets	$ 3,067,724,000		$ 3,343,917,000		$ 3,067,724,000	$ 3,343,917,000

Business Segment Information - Consolidated Capital Expenditures (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Segment Reporting [Abstract]
Oil and gas assets			$ 135,242	$ 153,268
Other property			1,536	5,230
Changes in capital accruals			(20,392)	13,684
Exploration expense, excluding unsuccessful well costs and leasehold improvements			39,461	53,150
Capitalized interest			(12,256)	(14,253)
Other			7,260	(166)
Consolidated capital expenditures	$ 66,384	$ 100,685	$ 150,851	$ 210,913