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Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2020	Aug. 06, 2020
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Trading Symbol	CRK
Entity Registrant Name	COMSTOCK RESOURCES, INC.
Entity Central Index Key	0000023194
Current Fiscal Year End Date	--12-31
Entity File Number	001-03262
Entity Incorporation, State or Country Code	NV
Entity Tax Identification Number	94-1667468
Entity Address, Address Line One	5300 Town and Country Blvd.
Entity Address, Address Line Two	Suite 500
Entity Address, City or Town	Frisco
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75034
City Area Code	972
Local Phone Number	668-8800
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		232,579,863
Title of 12(b) Security	Common Stock, par value $0.50 (per share)
Security Exchange Name	NYSE

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
ASSETS
Cash and Cash Equivalents	$ 11,595	$ 18,532
Accounts Receivable:
Oil and gas sales	75,369	120,111
Joint interest operations	11,866	24,761
From affiliates	9,934	35,469
Derivative Financial Instruments	55,426	75,304
Income Taxes Receivable	10,218	5,109
Other Current Assets	13,202	10,399
Total current assets	187,610	289,685
Oil and natural gas properties, successful efforts method:
Proved	4,309,659	4,077,513
Unproved	383,958	410,897
Other	6,610	6,866
Accumulated depreciation, depletion and amortization	(699,584)	(486,473)
Net property and equipment	4,000,643	4,008,803
Goodwill	335,897	335,897
Income Taxes Receivable		5,109
Derivative Financial Instruments	5,045	13,888
Operating Lease Right-of-Use Assets	3,992	3,509
Other Assets	231	231
Total Assets	4,533,418	4,657,122
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts Payable	173,411	252,994
Accrued Costs	103,459	137,166
Operating Leases	2,331	1,994
Derivative Financial Instruments	11,765	222
Total current liabilities	290,966	392,376
Long-term Debt	2,501,803	2,500,132
Deferred Income Taxes	211,566	211,772
Derivative Financial Instruments	13,058	4,220
Long-term Operating Leases	1,661	1,515
Reserve for Future Abandonment Costs	18,994	18,151
Other Non-current Liabilities	2,869	6,351
Total liabilities	3,040,917	3,134,517
Commitments and Contingencies
Stockholders' Equity:
Common stock—$0.50 par, 400,000,000 shares authorized, 232,579,863 and 190,006,776 shares issued and outstanding at June 30, 2020 and December 31, 2019, respectively	116,290	95,003
Additional paid-in capital	1,092,662	909,423
Accumulated earnings	108,549	138,596
Total stockholders' equity	1,317,501	1,143,022
Total liabilities and stockholders' equity	4,533,418	4,657,122
Series A 10% Convertible Preferred Stock
Mezzanine Equity:
Preferred Stock		204,583
Series B 10% Convertible Preferred Stock
Mezzanine Equity:
Preferred Stock	$ 175,000	$ 175,000

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2020	Dec. 31, 2019
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	175,000	385,000
Preferred stock, shares outstanding	175,000	385,000
Common stock, par value	$ 0.50	$ 0.50
Common stock, shares authorized	400,000,000	400,000,000
Common stock, shares issued	232,579,863	190,006,776
Common stock, shares outstanding	232,579,863	190,006,776
Series A 10% Convertible Preferred Stock
Preferred stock, shares issued	210,000	210,000
Preferred stock, shares outstanding	210,000	210,000
Preferred stock, dividend rate	10.00%	10.00%
Series B 10% Convertible Preferred Stock
Preferred stock, shares issued	175,000	175,000
Preferred stock, shares outstanding	175,000	175,000
Preferred stock, dividend rate	10.00%	10.00%

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenues:
Total oil and gas sales	$ 179,535	$ 128,116	$ 405,413	$ 254,997
Operating expenses:
Production taxes	6,445	5,827	12,012	11,766
Gathering and transportation	26,590	10,502	55,001	17,932
Lease operating	30,944	14,452	59,656	29,337
Depreciation, depletion and amortization	103,347	46,847	213,772	84,437
General and administrative	8,298	6,841	17,017	14,655
Exploration			27
Loss on sale of oil and gas properties		26		25
Total operating expenses	175,624	84,495	357,485	158,152
Operating income	3,911	43,621	47,928	96,845
Other income (expenses):
Gain (loss) from derivative financial instruments	(12,298)	14,744	49,601	7,087
Other income (expense)	(9)	155	304	248
Transaction costs		(1,443)		(1,443)
Interest expense	(52,064)	(28,568)	(104,874)	(56,419)
Loss on early extinguishment of debt	(861)		(861)
Total other income (expenses)	(65,232)	(15,112)	(55,830)	(50,527)
Income (loss) before income taxes	(61,321)	28,509	(7,902)	46,318
Benefit from (provision for) income taxes	11,445	(7,102)	54	(11,336)
Net income (loss)	(49,876)	21,407	(7,848)	34,982
Preferred stock dividends and accretion	(10,126)		(22,198)
Net income (loss) available to common stockholders	$ (60,002)	$ 21,407	$ (30,046)	$ 34,982
Net income (loss) per share:
Basic	$ (0.29)	$ 0.20	$ (0.15)	$ 0.33
Diluted	$ (0.29)	$ 0.20	$ (0.15)	$ 0.33
Weighted average shares outstanding:
Basic	208,904	105,457	198,910	105,457
Diluted	208,904	105,457	198,910	105,457
Natural Gas Sales
Revenues:
Total oil and gas sales	$ 172,362	$ 91,951	$ 379,601	$ 182,083
Oil Sales
Revenues:
Total oil and gas sales	$ 7,173	$ 36,165	$ 25,812	$ 72,914

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Earnings
Beginning Balance at Dec. 31, 2018	$ 569,571	$ 52,936	$ 452,513	$ 64,122
Beginning Balance, Shares at Dec. 31, 2018		105,871
Stock-based compensation	648	$ (2)	650
Stock-based compensation, Shares		(3)
Net income (loss)	13,575			13,575
Ending Balance at Mar. 31, 2019	583,794	$ 52,934	453,163	77,697
Ending Balance, Shares at Mar. 31, 2019		105,868
Beginning Balance at Dec. 31, 2018	569,571	$ 52,936	452,513	64,122
Beginning Balance, Shares at Dec. 31, 2018		105,871
Net income (loss)	34,982
Ending Balance at Jun. 30, 2019	605,824	$ 52,971	453,749	99,104
Ending Balance, Shares at Jun. 30, 2019		105,942
Beginning Balance at Mar. 31, 2019	583,794	$ 52,934	453,163	77,697
Beginning Balance, Shares at Mar. 31, 2019		105,868
Stock-based compensation	623	$ 37	586
Stock-based compensation, Shares		74
Net income (loss)	21,407			21,407
Ending Balance at Jun. 30, 2019	605,824	$ 52,971	453,749	99,104
Ending Balance, Shares at Jun. 30, 2019		105,942
Beginning Balance at Dec. 31, 2019	1,143,022	$ 95,003	909,423	138,596
Beginning Balance, Shares at Dec. 31, 2019		190,007
Stock-based compensation	1,430	$ (12)	1,442
Stock-based compensation, Shares		(24)
Income tax withholdings related to equity awards	(15)	$ (1)	(14)
Income tax withholdings related to equity awards, Shares		(2)
Net income (loss)	42,028			42,028
Preferred dividend accretion	(2,500)			(2,500)
Payment of preferred dividends	(9,572)			(9,572)
Ending Balance at Mar. 31, 2020	1,174,393	$ 94,990	910,851	168,552
Ending Balance, Shares at Mar. 31, 2020		189,981
Beginning Balance at Dec. 31, 2019	1,143,022	$ 95,003	909,423	138,596
Beginning Balance, Shares at Dec. 31, 2019		190,007
Net income (loss)	(7,848)
Ending Balance at Jun. 30, 2020	1,317,501	$ 116,290	1,092,662	108,549
Ending Balance, Shares at Jun. 30, 2020		232,580
Beginning Balance at Mar. 31, 2020	1,174,393	$ 94,990	910,851	168,552
Beginning Balance, Shares at Mar. 31, 2020		189,981
Stock-based compensation	1,552	$ 254	1,298
Stock-based compensation, Shares		507
Issuances of common stock	211,638	$ 21,046	190,592
Issuances of common stock, Shares		42,092
Stock issuance costs	(10,079)		(10,079)
Net income (loss)	(49,876)			(49,876)
Preferred dividend accretion	(2,917)			(2,917)
Payment of preferred dividends	(7,210)			(7,210)
Ending Balance at Jun. 30, 2020	$ 1,317,501	$ 116,290	$ 1,092,662	$ 108,549
Ending Balance, Shares at Jun. 30, 2020		232,580

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ (7,848)	$ 34,982
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Deferred income taxes	(206)	11,430
Exploration	27
Loss on sale of oil and gas properties		(25)
Depreciation, depletion and amortization	213,772	84,437
Gain on derivative financial instruments	49,601	7,087
Cash settlements of derivative financial instruments	98,703	7,335
Amortization of debt discount and issuance costs	14,726	3,197
Stock-based compensation	2,982	1,271
Loss on early extinguishment of debt	861
Decrease in accounts receivable	83,172	20,734
Decrease (increase) in other current assets	(2,803)	1,592
Increase (decrease) in accounts payable and accrued expenses	(87,694)	15,110
Net cash provided by operating activities	266,091	173,026
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(233,874)	(177,789)
Prepaid drilling costs		8,097
Proceeds from sales of oil and gas properties		390
Net cash used for investing activities	(233,874)	(169,302)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings on bank credit facility	102,000	72,000
Repayments on bank credit facility	(552,000)	(52,000)
Issuance of 9¾% Senior Notes	450,000
Issuance of Common Stock	206,626
Redemption of Preferred Series A Convertible Stock	(210,000)
Preferred stock dividends paid	(16,782)
Debt and stock issuance costs	(18,983)	(170)
Income tax withholdings related to equity awards	(15)
Net cash provided by (used for) financing activities	(39,154)	19,830
Net increase (decrease) in cash and cash equivalents	(6,937)	23,554
Cash and cash equivalents, beginning of period	18,532	23,193
Cash and cash equivalents, end of period	$ 11,595	$ 46,747

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2020

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

(1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES –

Basis of Presentation

These unaudited consolidated financial statements include the accounts of Comstock Resources, Inc. and its wholly-owned subsidiaries (collectively, "Comstock" or the "Company"). In management's opinion, the accompanying unaudited consolidated financial statements contain all adjustments necessary to present fairly the financial position of Comstock as of June 30, 2020, and the related results of operations and cash flows for the periods being presented. Net income and comprehensive income are the same in all periods presented. All adjustments are of a normal recurring nature unless otherwise disclosed.

The accompanying unaudited consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States have been omitted pursuant to those rules and regulations, although Comstock believes that the disclosures made are adequate to make the information presented not misleading. These unaudited consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in Comstock's Annual Report on Form 10-K for the year ended December 31, 2019.

The results of operations for the period through June 30, 2020 are not necessarily an indication of the results expected for the full year.

Covey Park Acquisition

On July 16, 2019, Comstock acquired Covey Park Energy LLC ("Covey Park") for total consideration of $700.0 million of cash, the issuance of Series A Convertible Preferred Stock with a redemption value of $210.0 million, and the issuance of 28,833,000 shares of common stock (the "Covey Park Acquisition"). In addition to the consideration paid, Comstock assumed $625.0 million of Covey Park's 7½% senior notes, repaid $380.0 million of Covey Park's then outstanding borrowings under its bank credit facility and redeemed all of Covey Park's preferred equity for $153.4 million. Based on the fair value of the preferred stock issued and the closing price of the Company's common stock of $5.82 per share on July 16, 2019, the transaction was valued at approximately $2.2 billion. Covey Park's operations were focused primarily in the Haynesville/Bossier shale in North Louisiana and East Texas. Funding for the Covey Park Acquisition was provided by the sale of 50.0 million newly issued shares of common stock for $300.0 million and 175,000 shares of newly issued Series B Convertible Preferred Stock for $175.0 million to the Company's majority stockholder and by borrowings under Comstock's bank credit facility and cash on hand. In connection with the Covey Park Acquisition, Comstock incurred $41.0 million of advisory and legal fees and other acquisition-related costs during the year ended December 31, 2019. These acquisition costs were included in transaction costs in the Company's consolidated statements of operations. The operations of Covey Park are included in the financial results for the three and six months ended June 30, 2020. The following pro forma condensed combined financial information for the three and six months ended June 30, 2019 gives effect to the Covey Park Acquisition as if the acquisition had occurred on January 1, 2019. The unaudited pro forma information reflects adjustments for the issuance of the Company's common stock and preferred stock, debt incurred in connection with the transaction, the impact of the fair value of properties acquired on depletion and other adjustments the Company believes are reasonable for the pro forma presentation. In addition, the pro forma earnings exclude acquisition-related costs. The unaudited pro forma results do not reflect any cost savings or other synergies that may arise in the future.

	Pro Forma		Pro Forma
	Three Months Ended		Six Months Ended
	June 30, 2019		June 30, 2019
	(In thousands, except per share amount)
Revenues:	$	295,547	$	610,850
Net Income	$	102,506	$	164,583

Net income per share:
Basic	$	0.50	$	0.79
Diluted	$	0.36	$	0.59

Property and Equipment

The Company follows the successful efforts method of accounting for its oil and natural gas properties. Costs incurred to acquire oil and gas leasehold are capitalized.

The Company assesses the need for an impairment of the capitalized costs for its proved oil and gas properties on a property basis. No impairments were recognized to adjust the carrying value of the Company's proved oil and gas properties during any of the periods presented. Unproved oil and gas properties are also periodically assessed and any impairment in value is charged to expense. The costs related to unproved properties are transferred to proved oil and gas properties and amortized on an equivalent unit-of-production basis when they are reflected in proved oil and natural gas reserves. Exploratory drilling costs are initially capitalized as unproved property but charged to expense if and when the well is determined not to have found commercial quantities of proved oil and gas reserves. Exploratory drilling costs are evaluated within a one-year period after the completion of drilling.

The Company determines the fair values of its oil and gas properties using a discounted cash flow model and proved and risk-adjusted probable oil and natural gas reserves. Undrilled acreage can also be valued based on sales transactions in comparable areas. Significant Level 3 assumptions associated with the calculation of discounted future cash flows included in the cash flow model include management's outlook for oil and natural gas prices, production costs, capital expenditures, and future production as well as estimated proved oil and gas reserves and risk-adjusted probable oil and natural gas reserves. Management's oil and natural gas price outlook is developed based on third-party longer-term price forecasts as of each measurement date. The expected future net cash flows are discounted using an appropriate discount rate in determining a property's fair value.

It is reasonably possible that the Company's estimates of undiscounted future net cash flows attributable to its oil and gas properties may change in the future. The primary factors that may affect estimates of future cash flows include future adjustments, both positive and negative, to proved and appropriate risk-adjusted probable oil and gas reserves, results of future drilling activities, future prices for oil and natural gas, and increases or decreases in production and capital costs. As a result of these changes, there may be future impairments in the carrying values of these or other properties.

Goodwill

The Company had goodwill of $335.9 million as of June 30, 2020 that was recorded in 2018. Goodwill represents the excess of value of the Company over fair value of net tangible and identifiable intangible assets at the time of the change in control, which occurred on August 14, 2018. The Company is not required to amortize goodwill as a charge to earnings; however, the Company is required to conduct an annual review of goodwill for impairment. The Company performs annual assessment of goodwill on October 1^st of each year to allow sufficient time to assess goodwill impairment and performs interim assessments if indicators of impairment are present. If the carrying value of goodwill exceeds the fair value, an impairment charge would be recorded for the difference between fair value and carrying value.

Leases

The Company has right-of-use lease assets of $4.0 million related to its corporate office lease, certain office equipment and leased vehicles used in oil and gas operations with corresponding short-term and long-term liabilities of $2.3 million and $1.7 million, respectively. The value of the lease assets and liabilities are determined based upon discounted future minimum cash flows contained within each of the respective contracts. The Company determines if contracts contain a lease at inception of the contract. To the extent that contract terms representing a lease are identified, leases are identified as being either an operating lease or a finance-type lease. Comstock currently has no finance-type leases. Right-of-use lease assets representing the Company's right to use an underlying asset for the lease term and the related lease liabilities represent our obligation to make lease payments under the terms of the contracts. Short-term leases that have an initial term of one year or less are not capitalized; however, amounts paid for those leases are included as part of its lease cost disclosures. Short-term lease costs exclude expenses related to leases with a lease term of one month or less. Leases for the right to explore for and develop oil and natural gas reserves and the related rights to use the land associated with those leases are reflected as oil and gas properties.

Comstock contracts for a variety of equipment used in its oil and natural gas exploration and development operations. Contract terms for this equipment vary broadly, including the contract duration, pricing, scope of services included along with the equipment, cancellation terms, and rights of substitution, among others. The Company's drilling operations routinely change due to changes in commodity prices, demand for oil and natural gas, and the overall operating and economic environment. Comstock accordingly manages the terms of its contracts for drilling rigs so as to allow for maximum flexibility in responding to these changing conditions. The Company's rig contracts are presently either for periods of less than one year, or they are on terms that provide for cancellation with 45 days advance notice without a specified expiration date. Accordingly, the Company has elected not to recognize right-of-use lease assets for these rig contracts. The costs associated with drilling rig operations are accounted for under the successful efforts method, which generally require that these costs be capitalized as part of our proved oil and natural gas properties on our balance sheet unless they are incurred on exploration wells that are unsuccessful, in which case they are charged to exploration expense.

Lease costs recognized during the three months and six months ended June 30, 2020 were as follows:

	Three Months Ended June 30, 2020		Six Months Ended June 30, 2020
	(In thousands)
Operating lease cost included in general and administrative expense	$	416	$	827
Operating lease cost included in lease operating expense		212		349
Short-term lease cost (drilling rig costs included in proved oil and gas properties)		7,580		19,281
	$	8,208	$	20,457

Cash payments for operating leases associated with right-of-use assets included in cash provided by operating activities were $0.6 million and $1.2 million for the three months and six months ended June 30, 2020, respectively.

As of June 30, 2020, Comstock had the following liabilities under contracts that contain operating leases:

	(In thousands)
July 1 to December 31, 2020	$	1,278
2021		2,274
2022		473
2023		136
Total lease payments		4,161
Imputed interest		(169	)
Total lease liability	$	3,992

The weighted average term of these operating leases was 1.8 years and the weighted average rate used in lease computations was 4.5%. As of June 30, 2020, the Company also had expected future payments for contracted drilling services of $3.5 million.

Accrued Costs

Accrued costs at June 30, 2020 and December 31, 2019 consisted of the following:


	As of June 30, 2020		As of December 31, 2019
	(In thousands)
Accrued interest payable	$	39,096	$	39,501
Accrued capital expenditures		13,115		42,193
Accrued transportation costs		27,707		28,307
Accrued transaction costs		3,364		10,830
Accrued employee compensation		7,552		8,653
Accrued lease operating expenses		8,695		4,990
Other		3,930		2,692
	$	103,459	$	137,166

Reserve for Future Abandonment Costs

Comstock's asset retirement obligations relate to future plugging and abandonment expenses on its oil and gas properties and related facilities disposal. The following table summarizes the changes in Comstock's total estimated liability for such obligations during the periods presented:

	Six Months Ended June 30,
	2020			2019
	(In thousands)
Reserve for future abandonment costs at beginning of period	$	18,151		$	5,136
New wells placed on production		289			156
Liabilities settled and assets disposed of		(27	)		(29	)
Accretion expense		581			193
Reserve for future abandonment costs at end of period	$	18,994		$	5,456

Derivative Financial Instruments and Hedging Activities

All of the Company's derivative financial instruments are used for risk management purposes and, by policy, none are held for trading or speculative purposes. Comstock minimizes credit risk to counterparties of its derivative financial instruments through formal credit policies, monitoring procedures, and diversification. The Company is not required to provide any credit support to its counterparties other than cross collateralization with the assets securing its bank credit facility. None of the Company's derivative financial instruments involve payment or receipt of premiums. The Company classifies the fair value amounts of derivative financial instruments as net current or noncurrent assets or liabilities, whichever the case may be, by commodity contract.

All of Comstock's natural gas derivative financial instruments, except for certain basis swaps, are tied to the Henry Hub-NYMEX price index and all of its crude oil derivative financial instruments are tied to the WTI-NYMEX index price. The Company had the following oil and natural gas price derivative financial instruments, excluding basis swaps which are discussed separately below, at June 30, 2020:

	Future Production Period
	Six Months Ending December 31, 2020			Year Ending December 31, 2021			Year Ending December 31, 2022			Total
Natural Gas Swap Contracts:
Volume (MMBtu)		94,011,612	⁽¹⁾		142,633,140	⁽²⁾		10,950,000			247,594,752
Average Price per MMBtu		$2.63	⁽¹⁾		$2.55	⁽²⁾		$2.53			$2.58
Natural Gas 2-Way Collar Contracts:
Volume (MMBtu)		8,700,000			98,550,000			—			107,250,000
Price per MMBtu:
Average Ceiling		$2.92			$2.88			—			$2.89
Average Floor		$2.43			$2.45			—			$2.45
Natural Gas 3-Way Collar Contracts:
Volume (MMBtu)		9,200,000		—			—				9,200,000
Price per MMBtu:
Average Ceiling		$2.99		—			—				$2.99
Average Floor		$2.63		—			—				$2.63
Average Put		$2.32		—			—				$2.32
Natural Gas Swaptions Call Contracts:
Volume (MMBtu)	—				71,250,000	⁽³⁾		49,200,000	⁽⁴⁾		120,450,000
Average Price per MMBtu	—				$2.52	⁽³⁾		$2.51	⁽⁴⁾		$2.52
Crude Oil Collar Contracts:
Volume (Barrels)		532,100		—			—				532,100
Price per Barrel:
Average Ceiling		$63.89		—			—				$63.89
Average Floor		$49.25		—			—				$49.25

(1)

For the six months ending December 31, 2020, natural gas price swap contracts include 38,640,000 MMBtu at an average price of $2.52 that are part of certain natural gas price swaption contracts which include a call to extend the price swap by the counterparty as described in (3) below.

(2)

For the year ending December 31, 2021, natural gas price swap contracts include 23,650,000 MMBtu at an average price of $2.52 that are part of certain natural gas price swaption contracts which include a call to extend the price swap by the counterparty as described in (4) below.

(3)

The counterparty has the right to exercise a call option to enter into a price swap with the Company on 71,250,000 MMBtu in 2021 at an average price of $2.52. The call option expires for 47,450,000 MMBtu at an average price of $2.53 in October 2020; for 7,300,000 MMBtu at an average price of $2.50 in November 2020 and for 16,500,000 MMBtu at an average price of $2.50 in March 2021.

(4)

The counterparty has the right to exercise a call option to enter into a price swap with the Company on 49,200,000 MMBtu in 2022 at an average price $2.51. The call option expires for 5,400,000 MMBtu at an average price of $2.50 in March 2021; for 36,500,000 MMBtu at an average price of $2.52 in October 2021 and 7,300,000 MMBtu at an average price of $2.50 in November 2021.

In addition to the swaps, collars and swaptions above, at June 30, 2020, the Company has basis swap contracts that fix the differential between NYMEX Henry Hub and Houston Ship Channel indices. These contracts settle monthly through December 2022 on a total volume of 36,590,000 MMBtu. The fair value of these contracts was a net asset of $1.1 million at June 30, 2020.

The Company has interest rate swap agreements that fix LIBOR at 0.33% for $500.0 million of its floating rate long-term debt. These contracts settle monthly through April 2023. The fair value of these contracts was a net liability of $2.8 million at June 30, 2020.

None of the Company's derivative contracts were designated as cash flow hedges. The aggregate fair value of the Company's derivative instruments reported in the accompanying consolidated balance sheets by type, including the classification between assets and liabilities, consists of the following:

Type	Consolidated Balance Sheet Location	June 30, 2020		December 31, 2019
		(in thousands)
Asset Derivative Financial Instruments:
Natural gas price derivatives	Derivative Financial Instruments – current	$	49,793	$	75,123
Oil price derivatives	Derivative Financial Instruments – current		5,633		181
		$	55,426	$	75,304

Natural gas price derivatives	Derivative Financial Instruments – long-term	$	5,045	$	13,888
Liability Derivative Financial Instruments:
Natural gas price derivatives	Derivative Financial Instruments – current	$	10,849	$	—
Oil price derivatives	Derivative Financial Instruments – current		—		222
Interest rate derivatives	Derivative Financial Instruments – current	916		—
		$	11,765	$	222

Natural gas price derivatives	Derivative Financial Instruments – long-term	$	11,160	$	4,220
Interest rate derivatives	Derivative Financial Instruments – long-term		1,898	—
		$	13,058	$	4,220

The Company recognized cash settlements and changes in the fair value of its derivative financial instruments as a single component of other income (expenses). Gains and losses related cash settlements and changes in the fair value recognized on the Company's derivative contracts recognized in the consolidated statement of operations were as follows:


Gain (Loss) Recognized in	Three Months Ended June 30,					Six Months Ended June 30,
Earnings on Derivatives	2020			2019		2020			2019
	(In thousands)
Natural gas price derivatives	$	(5,140	)	$	7,302	$	37,835		$	10,458
Oil price derivatives		(4,406	)		7,442		14,518			(3,371	)
Interest rate derivatives		(2,752	)		—		(2,752	)		—
	$	(12,298	)	$	14,744	$	49,601		$	7,087

Subsequent to June 30, 2020, the Company entered into additional natural gas 2-way collar contracts to hedge 10,000 MMBtu per day of natural gas production from April 2021 to March 2022 at an average ceiling price of $3.00 per MMBtu and an average floor price of $2.50 per MMBtu and crude oil collar contracts to hedge 182,500 barrels of oil production in 2021 with an average ceiling price of $45.00 per barrel and an average floor price of $40.00 per barrel.

Stock-Based Compensation

Comstock accounts for employee stock-based compensation under the fair value method. Compensation cost is measured at the grant date based on the fair value of the award and is recognized over the award vesting period and included in general and administrative expenses for awards of restricted stock and performance stock units ("PSUs") to the Company's employees and directors. The Company recognized $1.6 million and $0.6 million of stock-based compensation expense within general and administrative expenses related to awards of restricted stock and PSUs to its employees and directors during the three months ended June 30, 2020 and 2019, respectively, and $3.0 million and $1.3 million for the six months ended June 30, 2020 and 2019, respectively.

In June 2020, the Company granted 514,258 shares of restricted stock to its directors and employees. The 2020 grants had a weighted average fair value of $5.38 per share on the grant date. As of June 30, 2020, Comstock had 1,481,889 shares of unvested restricted stock outstanding at a weighted average grant date fair value of $5.96 per share. Total unrecognized compensation cost related to unvested restricted stock grants of $6.6 million as of June 30, 2020 is expected to be recognized over a period of 2.1 years.

As of June 30, 2020, Comstock had 1,136,488 PSUs outstanding at a weighted average grant date fair value of $9.33 per unit. The number of shares of common stock to be issued related to the PSUs is based on the Company's stock price performance as compared to its peers which could result in the issuance of anywhere from zero to 2,272,976 shares of common stock. Total unrecognized compensation cost related to these grants of $6.7 million as of June 30, 2020 is expected to be recognized over a period of 2.1 years.

Revenue Recognition

Comstock produces oil and natural gas and reports revenues separately for each of these two primary products in its statements of operations. Revenues are recognized upon the transfer of produced volumes to the Company's customers, who take control of the volumes and receive all the benefits of ownership upon delivery at designated sales points. Payment is reasonably assured upon delivery of production. All sales are subject to contracts that have commercial substance, contain specific pricing terms, and define the enforceable rights and obligations of both parties. These contracts typically provide for cash settlement within 25 days following each production month and are cancellable upon 30 days' notice by either party for oil and vary for natural gas based upon the terms set out in the confirmations between both parties. Prices for sales of oil and natural gas are generally based upon terms that are common in the oil and gas industry, including index or spot prices, location and quality differentials, as well as market supply and demand conditions. As a result, prices for oil and natural gas routinely fluctuate based on changes in these factors. Each unit of production (barrel of crude oil and thousand cubic feet of natural gas) represents a separate performance obligation under the Company's contracts since each unit has economic benefit on its own and each is priced separately according to the terms of the contracts.

Comstock has elected to exclude all taxes from the measurement of transaction prices, and its revenues are reported net of royalties and exclude revenue interests owned by others because the Company acts as an agent when selling crude oil and natural gas, on behalf of royalty owners and working interest owners. Revenue is recorded in the month of production based on an estimate of the Company's share of volumes produced and prices realized. The Company recognizes any differences between estimates and actual amounts received in the month when payment is received. Historically, differences between estimated revenues and actual revenue received have not been significant. The amount of oil or natural gas sold may differ from the amount to which the Company is entitled based on its revenue interests in the properties. The Company did not have any significant imbalance positions at June 30, 2020. Sales of oil and natural gas generally occur at or near the wellhead. When sales of oil and gas occur at locations other than the wellhead, the Company accounts for costs incurred to transport the production to the delivery point as gathering and transportation expenses. The Company recognized accounts receivable of $75.4 million as of June 30, 2020 from customers for contracts where performance obligations have been satisfied and an unconditional right to consideration exists.

Credit Losses

On January 1, 2020, the Company adopted Financial Accounting Standards Board Accounting Standards Codification 326, Credit Losses ("ASC 326"). In adopting ASC 326, the Company determined Topic 326 is limited to the trade accounts receivables relating to purchaser receivables and joint interest receivables of the Company. The Company performs quarterly impairment analysis using the Current Expected Credit Losses ("CECL") impairment model. The Company concluded there is no cumulative-effect adjustment required as of January 1, 2020 and credit impairment at June 30, 2020 was immaterial.

Income Taxes

Deferred income taxes are provided to reflect the future tax consequences or benefits of differences between the tax basis of assets and liabilities and their reported amounts in the financial statements using enacted tax rates.

In recording deferred income tax assets, the Company considers whether it is more likely than not that its deferred income tax assets will be realized in the future. The ultimate realization of deferred income tax assets is dependent upon the generation of future taxable income during the periods in which those deferred income tax assets would be deductible. The Company believes that after considering all the available objective evidence, historical and prospective, with greater weight given to historical evidence, management is not able to determine that it is more likely than not that all of its deferred tax assets will be realized. As a result, the Company established valuation allowances for its deferred tax assets and U.S. federal and state net operating loss carryforwards that are not expected to be utilized due to the uncertainty of generating taxable income prior to the expiration of the carryforward periods. The Company will continue to assess the valuation allowances against deferred tax assets considering all available information obtained in future periods.

The following is an analysis of the consolidated income tax provision:

	Three Months Ended June 30,					Six Months Ended June 30,
	2020			2019		2020			2019
	(In thousands)
Current - Federal	$	—		$	—	$	—		$	—
Current - State		88			24		149			(94	)
Deferred - Federal		(13,520	)		6,834		(2,017	)		10,776
Deferred - State		1,987			244		1,814			654
	$	(11,445	)	$	7,102	$	(54	)	$	11,336

The difference between the federal statutory rate of 21% and the effective tax rate is due to the following:


	Three Months Ended June 30,						Six Months Ended June 30,
	2020			2019			2020			2019
Tax at statutory rate		21	%		21	%		21	%		21	%
Tax effect of:
Valuation allowance on deferred tax assets		(0.8	)		2.4			5.2			1.7
State income taxes, net of federal benefit		(2.5	)		(0.2	)		(30.0	)		0.5
Nondeductible stock-based compensation		0.8			1.2			2.9			0.9
Other		0.2			0.5			1.6			0.3
Effective tax rate		18.7	%		24.9	%		0.7	%		24.4	%

The Company's federal income tax returns for the years subsequent to December 31, 2015 remain subject to examination. The Company's income tax returns in major state income tax jurisdictions remain subject to examination for various periods subsequent to December 31, 2012. The Company currently believes that all other significant filing positions are highly certain and that all of its other significant income tax positions and deductions would be sustained under audit or the final resolution would not have a material effect on the consolidated financial statements. Therefore, the Company has not established any significant reserves for uncertain tax positions.

Fair Value Measurements

The Company holds or has held certain financial assets and liabilities that are required to be measured at fair value. These include cash and cash equivalents held in bank accounts and derivative financial instruments. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. A three-level hierarchy is followed for disclosure to show the extent and level of judgment used to estimate fair value measurements:

Level 1 — Inputs used to measure fair value are unadjusted quoted prices that are available in active markets for the identical assets or liabilities as of the reporting date.

Level 2 — Inputs used to measure fair value, other than quoted prices included in Level 1, are either directly or indirectly observable as of the reporting date through correlation with market data, including quoted prices for similar assets and liabilities in active markets and quoted prices in markets that are not active. Level 2 also includes assets and liabilities that are valued using models or other pricing methodologies that do not require significant judgment since the input assumptions used in the models, such as interest rates and volatility factors, are corroborated by readily observable data from actively quoted markets for substantially the full term of the financial instrument.

Level 3 — Inputs used to measure fair value are unobservable inputs that are supported by little or no market activity and reflect the use of significant management judgment. These values are generally determined using pricing models for which the assumptions utilize management's estimates of market participant assumptions.

The Company's natural gas price swap agreements, basis swap agreements, interest rate swap agreements and its crude oil and natural gas price collars were not traded on a public exchange, and their value is determined utilizing a discounted cash flow model based on inputs that are readily available in public markets and, accordingly, the valuation of these derivative financial instruments, is categorized as a Level 2 measurement. The Company's natural gas swaption agreements are measured at fair value using a third-party pricing service, categorized as a Level 3 measurement.

The Company had no derivative instruments classified as Level 3 as of June 30, 2019. The following is a reconciliation of the beginning and ending balances for derivative instrument assets (liabilities) classified as Level 3 in the fair value hierarchy:

	Six Months Ended June 30, 2020
	(In thousands)
Balance at beginning of year	$	4,351
Total gain (loss) included in earnings		11,454
Settlements, net		(22,585	)
Balance at end of period	$	(6,780	)

Fair Values – Reported

The following presents the carrying amounts and the fair values of the Company's financial instruments as of June 30, 2020 and December 31, 2019:


	June 30, 2020				December 31, 2019
	Carrying Value		Fair Value		Carrying Value		Fair Value
Assets:	(In thousands)
Derivative financial instruments ⁽¹⁾	$	60,471	$	60,471	$	89,192	$	89,192
Liabilities:
Derivative financial instruments ⁽¹⁾	$	24,823	$	24,823	$	4,442	$	4,442
Bank credit facility ⁽²⁾	$	800,000	$	800,000	$	1,250,000	$	1,250,000
7½% senior notes due 2025 ⁽³⁾	$	462,296	$	551,266	$	455,768	$	534,375
9¾% senior notes due 2026 ⁽³⁾	$	1,271,785	$	1,255,500	$	820,057	$	765,000

_____________

(1)

The Company's natural gas price swaps and basis swap agreements, its interest rate swap agreements and its crude oil and natural gas price collars are classified as Level 2 and measured at fair value using a market approach using third party pricing services and other active markets or broker quotes that are readily available in the public markets. The Company's natural gas swaption contracts provide the counterparty the right, but not the obligation, to extend terms of an existing swap on predetermined dates. Due to subjectivity of the inputs used to value the counterparty rights in the contracts, these contracts are classified as Level 3 in the fair value hierarchy.

(2)

The carrying value of our floating rate debt outstanding approximates fair value.

(3)

The fair value of the Company's fixed rate debt was based on quoted prices as of June 30, 2020 and December 31, 2019, respectively, a Level 1 measurement.

Earnings Per Share

Unvested share-based payment awards containing nonforfeitable rights to dividends are considered to be participating securities and included in the computation of basic and diluted earnings per share pursuant to the two-class method. PSUs represent the right to receive a number of shares of the Company's common stock that may range from zero to up to two times the number of PSUs granted on the award date based on the achievement of certain performance measures during a performance period. The number of potentially dilutive shares related to PSUs is based on the number of shares, if any, which would be issuable at the end of the respective period, assuming that date was the end of the contingency period. The treasury stock method is used to measure the dilutive effect of PSUs.

None of the Company's participating securities participate in losses and as such are excluded from the computation of basic earnings per share during periods of net losses. The Company redeemed all of the shares of Series A Convertible Preferred Stock during the three months ended June 30, 2020. The Series B Convertible Preferred Stock became convertible into an aggregate of 43,750,000 shares of common stock on July 16, 2020 at a conversion price of $4.00 per share. The dilutive effect of preferred stock is computed using the if-converted method as if conversion of the preferred shares had occurred at the earlier of the date of issuance or the beginning of the period.

At June 30, 2020 and December 31, 2019, 1,481,889 and 1,092,309 shares of restricted stock, respectively, are included in common stock outstanding as such shares have a non-forfeitable right to participate in any dividends that might be declared and have the right to vote on matters submitted to the Company's stockholders.

Weighted average shares of unvested restricted stock outstanding were as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
	(in thousands)
Unvested restricted stock		1,184		441		1,135		427

Weighted average unearned PSUs outstanding were as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
	(In thousands, except per unit amounts)
Weighted average PSUs		976		335		951		335
Weighted average grant date fair value per unit	$	9.33	$	12.93	$	9.33	$	12.93

The convertible preferred stock, unvested restricted shares and the PSUs were anti-dilutive in the three months and six months ended June 30, 2020 and 2019.

Basic and diluted income (loss) per share were determined as follows:

	Three Months Ended June 30,
	2020								2019
	Loss			Shares		Per Share			Income			Shares		Per Share
	(In thousands, except per share amounts)
Net income (loss) attributable to common stock	$	(60,002	)						$	21,407
Income allocable to unvested restricted shares		—								(89	)
Basic income (loss) attributable to common stock		(60,002	)		208,904	$	(0.29	)		21,318			105,457	$	0.20
Diluted income (loss) attributable to common stock	$	(60,002	)		208,904	$	(0.29	)	$	21,318			105,457	$	0.20

	Six Months Ended June 30,
	2020								2019
	Loss			Shares		Per Share			Income			Shares		Per Share
	(In thousands, except per share amounts)
Net income (loss) attributable to common stock	$	(30,046	)						$	34,982
Income allocable to unvested restricted shares		—								(141	)
Basic income (loss) attributable to common stock		(30,046	)		198,910	$	(0.15	)		34,841			105,457	$	0.33
Diluted income (loss) attributable to common stock	$	(30,046	)		198,910	$	(0.15	)	$	34,841			105,457	$	0.33

Basic and diluted per share amounts are the same for the three and six months ended June 30, 2020 due to the net loss in those periods.

Supplementary Information with Respect to the Consolidated Statements of Cash Flows

Cash payments made for interest and income taxes and other non-cash investing and financing activities for the six months ended June 30, 2020 and 2019, respectively, were as follows:

	Six Months Ended June 30,
	2020			2019
	(In thousands)
Cash payments for:
Interest payments	$	90,824		$	56,430
Income tax payments	$	—		$	2

Non-cash investing activities include:
Decrease in accrued capital expenditures	$	29,078		$	4,209

Non-cash financing activities include:
Retirement of debt in exchange for common stock	$	(4,151	)	$	—
Issuance of common stock in exchange for debt	$	5,012		$	—

Recent Accounting Pronouncements

In January 2017, the FASB issued Accounting Standards Update No. 2017-04 (ASU 2017-04) "Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment." ASU 2017-04 eliminates step two of the goodwill impairment test and specifies that goodwill impairment should be measured by comparing the fair value of a reporting unit with its carrying amount. ASU 2017-04 is effective for annual or interim goodwill impairment tests performed in fiscal years beginning after December 15, 2019 and early adoption is permitted. We did not early adopt ASU 2017-04 and will implement ASU 2017-04 when we perform our annual impairment assessments following adoption of this standard in 2020. We do not expect the adoption to have a significant effect on our results of operations, liquidity or financial position.

Long-Term Debt

6 Months Ended

Jun. 30, 2020

Debt Disclosure [Abstract]

Long-Term Debt

(2) LONG-TERM DEBT –

At June 30, 2020, long-term debt was comprised of the following:

	(In thousands)
7½% Senior Notes due 2025:
Principal	$	619,400
Discount, net of amortization		(157,104	)
9¾% Senior Notes due 2026:
Principal		1,350,000
Discount, net of amortization		(78,215	)
Bank Credit Facility:
Principal		800,000
Debt issuance costs, net of amortization		(32,278	)
	$	2,501,803

As of June 30, 2020, the Company had a bank credit facility with a $1.4 billion committed borrowing base which is re-determined on a semi-annual basis and upon the occurrence of certain other events which matures on July 16, 2024. Borrowings under the bank credit facility are secured by substantially all of the assets of the Company and its subsidiaries and bear interest at the Company's option, at either LIBOR plus 2.25% to 3.25% or a base rate plus 1.25% to 2.25%, in each case depending on the utilization of the borrowing base. The Company also pays a commitment fee of 0.375% to 0.5% on the unused portion of the borrowing base. The bank credit facility places certain restrictions upon the Company's and its subsidiaries' ability to, among other things, incur additional indebtedness, pay cash dividends, repurchase common stock, make certain loans, investments and divestitures and redeem the senior notes. The only financial covenants are the maintenance of a leverage ratio of less than 4.0 to 1.0 and an adjusted current ratio of at least 1.0 to 1.0. The Company was in compliance with the covenants as of June 30, 2020.

During the three months ended June 30, 2020, the Company exchanged 767,096 shares of its common stock, valued at approximately $5.0 million, to retire $5.6 million aggregate principal amount of the Company's 7½% Senior Notes due 2025, which had a carrying value of $4.2 million. As a result, the Company recognized a $0.9 million loss on early retirement of debt in the three and six months ended June 30, 2020.

On June 23, 2020, the Company issued $500.0 million principal amount of its 9¾% Senior Notes due 2026 in an underwritten offering and received net proceeds of $441.1 million, which were used to repay borrowings under the Company's bank credit facility. The senior notes mature on August 15, 2026 and accrue interest at a rate of 9¾% per annum, payable semi-annually on February 15 and on August 15 of each year.

Preferred Stock

6 Months Ended

Jun. 30, 2020

Temporary Equity Disclosure [Abstract]

Preferred Stock

(3) PREFERRED STOCK –

In connection with the Covey Park Acquisition, the Company issued 210,000 shares of Series A Convertible Preferred Stock with a face value of $210.0 million and a fair value of $200.0 million as part of the consideration for the acquisition and sold 175,000 shares of Series B Convertible Preferred Stock for $175.0 million to its majority stockholder. The holders of the preferred stock are entitled to receive quarterly dividends at a rate of 10% per annum, which are paid in arrears. On May 19, 2020, the Company redeemed the 210,000 outstanding shares of the Series A Preferred Stock for an aggregate redemption price of $210.0 million plus accrued and unpaid dividends of approximately $2.9 million. At any time after July 16, 2020, the holder of the Series B Convertible Preferred Stock may convert any or all shares of such preferred stock into shares of the Company's common stock at $4.00 per share, subject to adjustment pursuant to customary anti-dilution provisions. The Company has the right to redeem the Series B Convertible Preferred Stock at any time at face value plus accrued dividends. The Series B Convertible Preferred Stock is classified as mezzanine equity based on the majority stockholder's ability to control the terms of conversion to common stock.

Common Stock

6 Months Ended

Jun. 30, 2020

Equity [Abstract]

Common Stock

(4) COMMON STOCK –

In May 2020, the Company completed a public underwritten offering of its common stock pursuant to which it issued and sold 41,325,000 shares for net proceeds after offering costs of $196.5 million. The proceeds of the offering were used toward the redemption of the Series A Convertible Preferred Stock.

Commitments and Contingencies

6 Months Ended

Jun. 30, 2020

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

(5) Commitments and Contingencies –

The Company has entered into natural gas transportation contracts which expire beginning February 2021 and extend through October 2031. Commitments under these contracts are $7.3 million for the remainder of 2020, $15.1 million for 2021, $24.8 million per year for 2022 through 2023, $24.9 million for 2024 and $169.6 million for the remaining term of the contracts.

The Company has drilling rig contracts and completion service contracts. Terms of drilling contracts vary from well to well, or are for periods of less than one year. The service contracts are generally cancellable with 45 days' notice. Existing commitments under these contracts is $3.5 million as of June 30, 2020.

From time to time, the Company is involved in certain litigation that arises in the normal course of its operations. The Company records a loss contingency for these matters when it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. The Company does not believe the resolution of these matters will have a material effect on the Company's financial position, results of operations or cash flows and no material amounts are accrued relative to these matters at June 30, 2020 or 2019.

Related Party Transactions

6 Months Ended

Jun. 30, 2020

Related Party Transactions

(6) RELATED PARTY TRANSACTIONS –

Comstock operates wells for partnerships owned by the Company's majority stockholder. As operator, Comstock charges the partnerships for the costs incurred to drill and operate the wells as well as customary drilling and operating overhead fees that it charges other working interest owners. Comstock received $30.8 million and $76.1 million from the partnerships related to these wells for the three months and six months ended June 30, 2020, respectively, and $0.9 million and $1.6 million for the three months and six months ended June 30, 2019, respectively. Comstock had a $9.9 million receivable from the partnerships at June 30, 2020, which was collected in full on August 5, 2020.

Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2020

Accounting Policies [Abstract]

Basis of Presentation

The results of operations for the period through June 30, 2020 are not necessarily an indication of the results expected for the full year.

Covey Park Acquisition

	Pro Forma		Pro Forma
	Three Months Ended		Six Months Ended
	June 30, 2019		June 30, 2019
	(In thousands, except per share amount)
Revenues:	$	295,547	$	610,850
Net Income	$	102,506	$	164,583

Net income per share:
Basic	$	0.50	$	0.79
Diluted	$	0.36	$	0.59

Property and Equipment

The Company follows the successful efforts method of accounting for its oil and natural gas properties. Costs incurred to acquire oil and gas leasehold are capitalized.

Goodwill

Leases

Lease costs recognized during the three months and six months ended June 30, 2020 were as follows:

	Three Months Ended June 30, 2020		Six Months Ended June 30, 2020
	(In thousands)
Operating lease cost included in general and administrative expense	$	416	$	827
Operating lease cost included in lease operating expense		212		349
Short-term lease cost (drilling rig costs included in proved oil and gas properties)		7,580		19,281
	$	8,208	$	20,457

As of June 30, 2020, Comstock had the following liabilities under contracts that contain operating leases:

	(In thousands)
July 1 to December 31, 2020	$	1,278
2021		2,274
2022		473
2023		136
Total lease payments		4,161
Imputed interest		(169	)
Total lease liability	$	3,992

Accrued Costs

Accrued costs at June 30, 2020 and December 31, 2019 consisted of the following:


	As of June 30, 2020		As of December 31, 2019
	(In thousands)
Accrued interest payable	$	39,096	$	39,501
Accrued capital expenditures		13,115		42,193
Accrued transportation costs		27,707		28,307
Accrued transaction costs		3,364		10,830
Accrued employee compensation		7,552		8,653
Accrued lease operating expenses		8,695		4,990
Other		3,930		2,692
	$	103,459	$	137,166

Reserve for Future Abandonment Costs

	Six Months Ended June 30,
	2020			2019
	(In thousands)
Reserve for future abandonment costs at beginning of period	$	18,151		$	5,136
New wells placed on production		289			156
Liabilities settled and assets disposed of		(27	)		(29	)
Accretion expense		581			193
Reserve for future abandonment costs at end of period	$	18,994		$	5,456

Derivative Financial Instruments and Hedging Activities

	Future Production Period
	Six Months Ending December 31, 2020			Year Ending December 31, 2021			Year Ending December 31, 2022			Total
Natural Gas Swap Contracts:
Volume (MMBtu)		94,011,612	⁽¹⁾		142,633,140	⁽²⁾		10,950,000			247,594,752
Average Price per MMBtu		$2.63	⁽¹⁾		$2.55	⁽²⁾		$2.53			$2.58
Natural Gas 2-Way Collar Contracts:
Volume (MMBtu)		8,700,000			98,550,000			—			107,250,000
Price per MMBtu:
Average Ceiling		$2.92			$2.88			—			$2.89
Average Floor		$2.43			$2.45			—			$2.45
Natural Gas 3-Way Collar Contracts:
Volume (MMBtu)		9,200,000		—			—				9,200,000
Price per MMBtu:
Average Ceiling		$2.99		—			—				$2.99
Average Floor		$2.63		—			—				$2.63
Average Put		$2.32		—			—				$2.32
Natural Gas Swaptions Call Contracts:
Volume (MMBtu)	—				71,250,000	⁽³⁾		49,200,000	⁽⁴⁾		120,450,000
Average Price per MMBtu	—				$2.52	⁽³⁾		$2.51	⁽⁴⁾		$2.52
Crude Oil Collar Contracts:
Volume (Barrels)		532,100		—			—				532,100
Price per Barrel:
Average Ceiling		$63.89		—			—				$63.89
Average Floor		$49.25		—			—				$49.25

(1)

(2)

(3)

(4)

Type	Consolidated Balance Sheet Location	June 30, 2020		December 31, 2019
		(in thousands)
Asset Derivative Financial Instruments:
Natural gas price derivatives	Derivative Financial Instruments – current	$	49,793	$	75,123
Oil price derivatives	Derivative Financial Instruments – current		5,633		181
		$	55,426	$	75,304

Natural gas price derivatives	Derivative Financial Instruments – long-term	$	5,045	$	13,888
Liability Derivative Financial Instruments:
Natural gas price derivatives	Derivative Financial Instruments – current	$	10,849	$	—
Oil price derivatives	Derivative Financial Instruments – current		—		222
Interest rate derivatives	Derivative Financial Instruments – current	916		—
		$	11,765	$	222

Natural gas price derivatives	Derivative Financial Instruments – long-term	$	11,160	$	4,220
Interest rate derivatives	Derivative Financial Instruments – long-term		1,898	—
		$	13,058	$	4,220


Gain (Loss) Recognized in	Three Months Ended June 30,					Six Months Ended June 30,
Earnings on Derivatives	2020			2019		2020			2019
	(In thousands)
Natural gas price derivatives	$	(5,140	)	$	7,302	$	37,835		$	10,458
Oil price derivatives		(4,406	)		7,442		14,518			(3,371	)
Interest rate derivatives		(2,752	)		—		(2,752	)		—
	$	(12,298	)	$	14,744	$	49,601		$	7,087

Stock-Based Compensation

Revenue Recognition

Credit Losses

Income Taxes

The following is an analysis of the consolidated income tax provision:

	Three Months Ended June 30,					Six Months Ended June 30,
	2020			2019		2020			2019
	(In thousands)
Current - Federal	$	—		$	—	$	—		$	—
Current - State		88			24		149			(94	)
Deferred - Federal		(13,520	)		6,834		(2,017	)		10,776
Deferred - State		1,987			244		1,814			654
	$	(11,445	)	$	7,102	$	(54	)	$	11,336

The difference between the federal statutory rate of 21% and the effective tax rate is due to the following:


	Three Months Ended June 30,						Six Months Ended June 30,
	2020			2019			2020			2019
Tax at statutory rate		21	%		21	%		21	%		21	%
Tax effect of:
Valuation allowance on deferred tax assets		(0.8	)		2.4			5.2			1.7
State income taxes, net of federal benefit		(2.5	)		(0.2	)		(30.0	)		0.5
Nondeductible stock-based compensation		0.8			1.2			2.9			0.9
Other		0.2			0.5			1.6			0.3
Effective tax rate		18.7	%		24.9	%		0.7	%		24.4	%

Fair Value Measurements

Level 1 — Inputs used to measure fair value are unadjusted quoted prices that are available in active markets for the identical assets or liabilities as of the reporting date.

	Six Months Ended June 30, 2020
	(In thousands)
Balance at beginning of year	$	4,351
Total gain (loss) included in earnings		11,454
Settlements, net		(22,585	)
Balance at end of period	$	(6,780	)

Fair Values – Reported

The following presents the carrying amounts and the fair values of the Company's financial instruments as of June 30, 2020 and December 31, 2019:


	June 30, 2020				December 31, 2019
	Carrying Value		Fair Value		Carrying Value		Fair Value
Assets:	(In thousands)
Derivative financial instruments ⁽¹⁾	$	60,471	$	60,471	$	89,192	$	89,192
Liabilities:
Derivative financial instruments ⁽¹⁾	$	24,823	$	24,823	$	4,442	$	4,442
Bank credit facility ⁽²⁾	$	800,000	$	800,000	$	1,250,000	$	1,250,000
7½% senior notes due 2025 ⁽³⁾	$	462,296	$	551,266	$	455,768	$	534,375
9¾% senior notes due 2026 ⁽³⁾	$	1,271,785	$	1,255,500	$	820,057	$	765,000

_____________

(1)

(2)

The carrying value of our floating rate debt outstanding approximates fair value.

(3)

The fair value of the Company's fixed rate debt was based on quoted prices as of June 30, 2020 and December 31, 2019, respectively, a Level 1 measurement.

Earnings Per Share

Weighted average shares of unvested restricted stock outstanding were as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
	(in thousands)
Unvested restricted stock		1,184		441		1,135		427

Weighted average unearned PSUs outstanding were as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
	(In thousands, except per unit amounts)
Weighted average PSUs		976		335		951		335
Weighted average grant date fair value per unit	$	9.33	$	12.93	$	9.33	$	12.93

The convertible preferred stock, unvested restricted shares and the PSUs were anti-dilutive in the three months and six months ended June 30, 2020 and 2019.

Basic and diluted income (loss) per share were determined as follows:

	Three Months Ended June 30,
	2020								2019
	Loss			Shares		Per Share			Income			Shares		Per Share
	(In thousands, except per share amounts)
Net income (loss) attributable to common stock	$	(60,002	)						$	21,407
Income allocable to unvested restricted shares		—								(89	)
Basic income (loss) attributable to common stock		(60,002	)		208,904	$	(0.29	)		21,318			105,457	$	0.20
Diluted income (loss) attributable to common stock	$	(60,002	)		208,904	$	(0.29	)	$	21,318			105,457	$	0.20

	Six Months Ended June 30,
	2020								2019
	Loss			Shares		Per Share			Income			Shares		Per Share
	(In thousands, except per share amounts)
Net income (loss) attributable to common stock	$	(30,046	)						$	34,982
Income allocable to unvested restricted shares		—								(141	)
Basic income (loss) attributable to common stock		(30,046	)		198,910	$	(0.15	)		34,841			105,457	$	0.33
Diluted income (loss) attributable to common stock	$	(30,046	)		198,910	$	(0.15	)	$	34,841			105,457	$	0.33

Basic and diluted per share amounts are the same for the three and six months ended June 30, 2020 due to the net loss in those periods.

Supplementary Information With Respect to the Consolidated Statements of Cash Flows

Supplementary Information with Respect to the Consolidated Statements of Cash Flows

Cash payments made for interest and income taxes and other non-cash investing and financing activities for the six months ended June 30, 2020 and 2019, respectively, were as follows:

	Six Months Ended June 30,
	2020			2019
	(In thousands)
Cash payments for:
Interest payments	$	90,824		$	56,430
Income tax payments	$	—		$	2

Non-cash investing activities include:
Decrease in accrued capital expenditures	$	29,078		$	4,209

Non-cash financing activities include:
Retirement of debt in exchange for common stock	$	(4,151	)	$	—
Issuance of common stock in exchange for debt	$	5,012		$	—

Recent Accounting Pronouncements

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2020

Accounting Policies [Abstract]

Summary of Unaudited Pro Forma Financial Information

	Pro Forma		Pro Forma
	Three Months Ended		Six Months Ended
	June 30, 2019		June 30, 2019
	(In thousands, except per share amount)
Revenues:	$	295,547	$	610,850
Net Income	$	102,506	$	164,583

Net income per share:
Basic	$	0.50	$	0.79
Diluted	$	0.36	$	0.59

Summary of Lease Cost Recognized

Lease costs recognized during the three months and six months ended June 30, 2020 were as follows:

	Three Months Ended June 30, 2020		Six Months Ended June 30, 2020
	(In thousands)
Operating lease cost included in general and administrative expense	$	416	$	827
Operating lease cost included in lease operating expense		212		349
Short-term lease cost (drilling rig costs included in proved oil and gas properties)		7,580		19,281
	$	8,208	$	20,457

Summary of Liabilities Under Contract Contain Operating Leases

As of June 30, 2020, Comstock had the following liabilities under contracts that contain operating leases:

	(In thousands)
July 1 to December 31, 2020	$	1,278
2021		2,274
2022		473
2023		136
Total lease payments		4,161
Imputed interest		(169	)
Total lease liability	$	3,992

Summary of Accrued Costs

Accrued costs at June 30, 2020 and December 31, 2019 consisted of the following:


	As of June 30, 2020		As of December 31, 2019
	(In thousands)
Accrued interest payable	$	39,096	$	39,501
Accrued capital expenditures		13,115		42,193
Accrued transportation costs		27,707		28,307
Accrued transaction costs		3,364		10,830
Accrued employee compensation		7,552		8,653
Accrued lease operating expenses		8,695		4,990
Other		3,930		2,692
	$	103,459	$	137,166

Summary of Changes in Reserve for Future Abandonment Costs

The following table summarizes the changes in Comstock's total estimated liability for such obligations during the periods presented:

	Six Months Ended June 30,
	2020			2019
	(In thousands)
Reserve for future abandonment costs at beginning of period	$	18,151		$	5,136
New wells placed on production		289			156
Liabilities settled and assets disposed of		(27	)		(29	)
Accretion expense		581			193
Reserve for future abandonment costs at end of period	$	18,994		$	5,456

Schedule of Gas Derivative Contracts Volume and Prices

The Company had the following oil and natural gas price derivative financial instruments, excluding basis swaps which are discussed separately below, at June 30, 2020:

	Future Production Period
	Six Months Ending December 31, 2020			Year Ending December 31, 2021			Year Ending December 31, 2022			Total
Natural Gas Swap Contracts:
Volume (MMBtu)		94,011,612	⁽¹⁾		142,633,140	⁽²⁾		10,950,000			247,594,752
Average Price per MMBtu		$2.63	⁽¹⁾		$2.55	⁽²⁾		$2.53			$2.58
Natural Gas 2-Way Collar Contracts:
Volume (MMBtu)		8,700,000			98,550,000			—			107,250,000
Price per MMBtu:
Average Ceiling		$2.92			$2.88			—			$2.89
Average Floor		$2.43			$2.45			—			$2.45
Natural Gas 3-Way Collar Contracts:
Volume (MMBtu)		9,200,000		—			—				9,200,000
Price per MMBtu:
Average Ceiling		$2.99		—			—				$2.99
Average Floor		$2.63		—			—				$2.63
Average Put		$2.32		—			—				$2.32
Natural Gas Swaptions Call Contracts:
Volume (MMBtu)	—				71,250,000	⁽³⁾		49,200,000	⁽⁴⁾		120,450,000
Average Price per MMBtu	—				$2.52	⁽³⁾		$2.51	⁽⁴⁾		$2.52
Crude Oil Collar Contracts:
Volume (Barrels)		532,100		—			—				532,100
Price per Barrel:
Average Ceiling		$63.89		—			—				$63.89
Average Floor		$49.25		—			—				$49.25

(1)

(2)

(3)

(4)

Schedule of Derivative Instruments

Type	Consolidated Balance Sheet Location	June 30, 2020		December 31, 2019
		(in thousands)
Asset Derivative Financial Instruments:
Natural gas price derivatives	Derivative Financial Instruments – current	$	49,793	$	75,123
Oil price derivatives	Derivative Financial Instruments – current		5,633		181
		$	55,426	$	75,304

Natural gas price derivatives	Derivative Financial Instruments – long-term	$	5,045	$	13,888
Liability Derivative Financial Instruments:
Natural gas price derivatives	Derivative Financial Instruments – current	$	10,849	$	—
Oil price derivatives	Derivative Financial Instruments – current		—		222
Interest rate derivatives	Derivative Financial Instruments – current	916		—
		$	11,765	$	222

Natural gas price derivatives	Derivative Financial Instruments – long-term	$	11,160	$	4,220
Interest rate derivatives	Derivative Financial Instruments – long-term		1,898	—
		$	13,058	$	4,220

Schedule of Gains and Losses from Derivative Financial Instruments Assets (Liabilities)


Gain (Loss) Recognized in	Three Months Ended June 30,					Six Months Ended June 30,
Earnings on Derivatives	2020			2019		2020			2019
	(In thousands)
Natural gas price derivatives	$	(5,140	)	$	7,302	$	37,835		$	10,458
Oil price derivatives		(4,406	)		7,442		14,518			(3,371	)
Interest rate derivatives		(2,752	)		—		(2,752	)		—
	$	(12,298	)	$	14,744	$	49,601		$	7,087

Consolidated Income Tax Provision

The following is an analysis of the consolidated income tax provision:

	Three Months Ended June 30,					Six Months Ended June 30,
	2020			2019		2020			2019
	(In thousands)
Current - Federal	$	—		$	—	$	—		$	—
Current - State		88			24		149			(94	)
Deferred - Federal		(13,520	)		6,834		(2,017	)		10,776
Deferred - State		1,987			244		1,814			654
	$	(11,445	)	$	7,102	$	(54	)	$	11,336

Difference Between Federal Statutory Rate and Effective Tax Rate

The difference between the federal statutory rate of 21% and the effective tax rate is due to the following:


	Three Months Ended June 30,						Six Months Ended June 30,
	2020			2019			2020			2019
Tax at statutory rate		21	%		21	%		21	%		21	%
Tax effect of:
Valuation allowance on deferred tax assets		(0.8	)		2.4			5.2			1.7
State income taxes, net of federal benefit		(2.5	)		(0.2	)		(30.0	)		0.5
Nondeductible stock-based compensation		0.8			1.2			2.9			0.9
Other		0.2			0.5			1.6			0.3
Effective tax rate		18.7	%		24.9	%		0.7	%		24.4	%

Reconciliation of Beginning and Ending Balances for Derivative Instruments

	Six Months Ended June 30, 2020
	(In thousands)
Balance at beginning of year	$	4,351
Total gain (loss) included in earnings		11,454
Settlements, net		(22,585	)
Balance at end of period	$	(6,780	)

Summary of Carrying Amounts and Fair Values of Financial Instruments

The following presents the carrying amounts and the fair values of the Company's financial instruments as of June 30, 2020 and December 31, 2019:


	June 30, 2020				December 31, 2019
	Carrying Value		Fair Value		Carrying Value		Fair Value
Assets:	(In thousands)
Derivative financial instruments ⁽¹⁾	$	60,471	$	60,471	$	89,192	$	89,192
Liabilities:
Derivative financial instruments ⁽¹⁾	$	24,823	$	24,823	$	4,442	$	4,442
Bank credit facility ⁽²⁾	$	800,000	$	800,000	$	1,250,000	$	1,250,000
7½% senior notes due 2025 ⁽³⁾	$	462,296	$	551,266	$	455,768	$	534,375
9¾% senior notes due 2026 ⁽³⁾	$	1,271,785	$	1,255,500	$	820,057	$	765,000

_____________

(1)

(2)

The carrying value of our floating rate debt outstanding approximates fair value.

(3)

The fair value of the Company's fixed rate debt was based on quoted prices as of June 30, 2020 and December 31, 2019, respectively, a Level 1 measurement.

Weighted Average Shares of Unvested Restricted Stock

Weighted average shares of unvested restricted stock outstanding were as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
	(in thousands)
Unvested restricted stock		1,184		441		1,135		427

Common Stock and Convertible Stock Dilutive in Weighted average unearned PSUs outstanding

Weighted average unearned PSUs outstanding were as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
	(In thousands, except per unit amounts)
Weighted average PSUs		976		335		951		335
Weighted average grant date fair value per unit	$	9.33	$	12.93	$	9.33	$	12.93

Basic and Diluted Income (Loss) Per Share

Basic and diluted income (loss) per share were determined as follows:

	Three Months Ended June 30,
	2020								2019
	Loss			Shares		Per Share			Income			Shares		Per Share
	(In thousands, except per share amounts)
Net income (loss) attributable to common stock	$	(60,002	)						$	21,407
Income allocable to unvested restricted shares		—								(89	)
Basic income (loss) attributable to common stock		(60,002	)		208,904	$	(0.29	)		21,318			105,457	$	0.20
Diluted income (loss) attributable to common stock	$	(60,002	)		208,904	$	(0.29	)	$	21,318			105,457	$	0.20

	Six Months Ended June 30,
	2020								2019
	Loss			Shares		Per Share			Income			Shares		Per Share
	(In thousands, except per share amounts)
Net income (loss) attributable to common stock	$	(30,046	)						$	34,982
Income allocable to unvested restricted shares		—								(141	)
Basic income (loss) attributable to common stock		(30,046	)		198,910	$	(0.15	)		34,841			105,457	$	0.33
Diluted income (loss) attributable to common stock	$	(30,046	)		198,910	$	(0.15	)	$	34,841			105,457	$	0.33

Cash Payments Made for Interest and Income Taxes

Cash payments made for interest and income taxes and other non-cash investing and financing activities for the six months ended June 30, 2020 and 2019, respectively, were as follows:

	Six Months Ended June 30,
	2020			2019
	(In thousands)
Cash payments for:
Interest payments	$	90,824		$	56,430
Income tax payments	$	—		$	2

Non-cash investing activities include:
Decrease in accrued capital expenditures	$	29,078		$	4,209

Non-cash financing activities include:
Retirement of debt in exchange for common stock	$	(4,151	)	$	—
Issuance of common stock in exchange for debt	$	5,012		$	—

Long-Term Debt (Tables)

6 Months Ended

Jun. 30, 2020

Debt Disclosure [Abstract]

Long-term Debt

At June 30, 2020, long-term debt was comprised of the following:

	(In thousands)
7½% Senior Notes due 2025:
Principal	$	619,400
Discount, net of amortization		(157,104	)
9¾% Senior Notes due 2026:
Principal		1,350,000
Discount, net of amortization		(78,215	)
Bank Credit Facility:
Principal		800,000
Debt issuance costs, net of amortization		(32,278	)
	$	2,501,803

- 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.

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+ Details

Summary of Significant Accounting Policies - Additional Information 1 (Detail) - USD ($)		3 Months Ended		6 Months Ended		12 Months Ended
	Jul. 16, 2019	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Operations And Summary Of Significant Accounting Policies [Line Items]
Repayments of outstanding borrowings				$ 552,000,000	$ 52,000,000
Value of common stock shares issued		$ 116,290,000		116,290,000		$ 95,003,000
Acquisition related fees			$ 1,443,000		1,443,000
Impairment of oil and gas properties				0	$ 0
Goodwill		$ 335,897,000		$ 335,897,000		335,897,000	$ 335,900,000
Common Stock
Operations And Summary Of Significant Accounting Policies [Line Items]
Shares issued to shareholder		42,092,000
Affiliates Controlled By Majority Shareholder Jerry Jones \| Common Stock
Operations And Summary Of Significant Accounting Policies [Line Items]
Shares issued to shareholder	50,000,000.0
Value of common stock shares issued	$ 300,000,000.0
Series B 10% Convertible Preferred Stock \| Affiliates Controlled By Majority Shareholder Jerry Jones
Operations And Summary Of Significant Accounting Policies [Line Items]
Temporary equity stock issued during period value new issues	$ 175,000,000.0
Temporary equity stock issued during period shares new issues	175,000
Covey Park Acquisition
Operations And Summary Of Significant Accounting Policies [Line Items]
Cash received by equity owners of acquire	$ 700,000,000.0
Merger value	2,200,000,000
Repayments of outstanding borrowings	380,000,000.0
Preferred equity redeemed in merger	153,400,000
Acquisition related fees						$ 41,000,000.0
Covey Park Acquisition \| Convertible Series A Preferred Stock
Operations And Summary Of Significant Accounting Policies [Line Items]
Temporary equity stock issued during period value new issues	$ 210,000,000.0
Covey Park Acquisition \| Common Stock
Operations And Summary Of Significant Accounting Policies [Line Items]
Shares issued to shareholder	28,833,000
Share issue price	$ 5.82
Covey Park Acquisition \| 7.5% Senior Notes
Operations And Summary Of Significant Accounting Policies [Line Items]
Debt assumed in merger	$ 625,000,000.0
Interest rate on debt instrument	7.50%

Summary of Significant Accounting Policies - Summary of Unaudited Pro Forma Financial Information (Detail) - USD ($) $ / shares in Units, $ 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
Total oil and gas sales	$ 179,535		$ 128,116		$ 405,413	$ 254,997
Net income (loss)	$ (49,876)	$ 42,028	$ 21,407	$ 13,575	$ (7,848)	$ 34,982
Net income (loss) per share:
Basic	$ (0.29)		$ 0.20		$ (0.15)	$ 0.33
Diluted	$ (0.29)		$ 0.20		$ (0.15)	$ 0.33
Pro Forma
Total oil and gas sales			$ 295,547			$ 610,850
Net income (loss)			$ 102,506			$ 164,583
Net income (loss) per share:
Basic			$ 0.50			$ 0.79
Diluted			$ 0.36			$ 0.59

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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-Name Accounting Standards Codification
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The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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

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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.

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Summary of Significant Accounting Policies - Leases - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2020	Dec. 31, 2019
Operations And Summary Of Significant Accounting Policies [Line Items]
Operating lease, right-of-use assets	$ 3,992	$ 3,992	$ 3,509
Operating lease liabilities, short term	2,331	2,331	1,994
Operating lease liabilities, long term	1,661	$ 1,661	$ 1,515
Prior advance notice period for cancellation of rig contracts		45 days
Cash payments for operating leases associated with right-of-use assets	$ 600	$ 1,200
Operating lease, weighted average remaining lease term	1 year 9 months 18 days	1 year 9 months 18 days
Operating lease, weighted average discount rate, percent	4.50%	4.50%
Expected future payments for contracted drilling services	$ 3,500	$ 3,500
ASU 842
Operations And Summary Of Significant Accounting Policies [Line Items]
Operating lease, right-of-use assets	4,000	4,000
Operating lease liabilities, short term	2,300	2,300
Operating lease liabilities, long term	$ 1,700	$ 1,700

Summary of Significant Accounting Policies - Summary of Lease Cost Recognized (Detail) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2020
Operations And Summary Of Significant Accounting Policies [Line Items]
Operating lease cost	$ 8,208	$ 20,457
General and Administrative Expense
Operations And Summary Of Significant Accounting Policies [Line Items]
Operating lease cost	416	827
Lease Operating Expense
Operations And Summary Of Significant Accounting Policies [Line Items]
Operating lease cost	212	349
Short-term Drilling Rig Costs Included in Proved Oil and Gas Properties
Operations And Summary Of Significant Accounting Policies [Line Items]
Operating lease cost	$ 7,580	$ 19,281

Summary of Significant Accounting Policies - Summary of Liabilities Under Contract Contain Operating Leases (Detail) $ in Thousands	Jun. 30, 2020 USD ($)
Operating leases
July 1 to December 31, 2020	$ 1,278
2021	2,274
2022	473
2023	136
Total lease payments	4,161
Imputed interest	(169)
Total lease liability	$ 3,992

Summary of Significant Accounting Policies - Summary of Accrued Costs (Detail) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Accrued Liabilities, Current [Abstract]
Accrued interest payable	$ 39,096	$ 39,501
Accrued capital expenditures	13,115	42,193
Accrued transportation costs	27,707	28,307
Accrued transaction costs	3,364	10,830
Accrued employee compensation	7,552	8,653
Accrued lease operating expenses	8,695	4,990
Other	3,930	2,692
Total accrued expenses	$ 103,459	$ 137,166

Summary of Significant Accounting Policies - Summary of Changes in Reserve for Future Abandonment Costs (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Asset Retirement Obligations Noncurrent [Abstract]
Reserve for future abandonment costs at beginning of period	$ 18,151	$ 5,136
New wells placed on production	289	156
Liabilities settled and assets disposed of	(27)	(29)
Accretion expense	581	193
Reserve for future abandonment costs at end of period	$ 18,994	$ 5,456

Summary of Significant Accounting Policies - Schedule of Derivative Contracts Volume and Prices (Detail)	Jun. 30, 2020 MMBTU bbl $ / MMBTU $ / bbl
Natural Gas Derivatives
Derivative [Line Items]
Volume \| MMBTU	247,594,752
Average price	2.58
Natural Gas Derivatives \| Swap Contracts for Q3 and Q4
Derivative [Line Items]
Volume \| MMBTU	94,011,612
Average price	2.63
Natural Gas Derivatives \| Swap Contracts for 2021
Derivative [Line Items]
Volume \| MMBTU	142,633,140
Average price	2.55
Natural Gas Derivatives \| Swap Contracts for 2022
Derivative [Line Items]
Volume \| MMBTU	10,950,000
Average price	2.53
Natural Gas 3-Way Collar Contracts, in MMBTU
Derivative [Line Items]
Volume \| MMBTU	9,200,000
Ceiling, Average price	2.99
Floor, Average price	2.63
Put, Average price	2.32
Natural Gas 3-Way Collar Contracts, in MMBTU \| Swap Contracts for Q3 and Q4
Derivative [Line Items]
Volume \| MMBTU	9,200,000
Ceiling, Average price	2.99
Floor, Average price	2.63
Put, Average price	2.32
Natural Gas Swaptions Call Contracts
Derivative [Line Items]
Volume \| MMBTU	120,450,000
Average price	2.52
Natural Gas Swaptions Call Contracts \| Swap Contracts for 2021
Derivative [Line Items]
Volume \| MMBTU	71,250,000
Average price	2.52
Natural Gas Swaptions Call Contracts \| Swap Contracts for 2022
Derivative [Line Items]
Volume \| MMBTU	49,200,000
Average price	2.51
Natural Gas 2-Way Collar Contracts
Derivative [Line Items]
Volume \| MMBTU	107,250,000
Ceiling, Average price	2.89
Floor, Average price	2.45
Natural Gas 2-Way Collar Contracts \| Collar Contracts for Q3 and Q4
Derivative [Line Items]
Volume \| MMBTU	8,700,000
Ceiling, Average price	2.92
Floor, Average price	2.43
Natural Gas 2-Way Collar Contracts \| Collar Contracts for 2021
Derivative [Line Items]
Volume \| MMBTU	98,550,000
Ceiling, Average price	2.88
Floor, Average price	2.45
Crude Oil Contracts, in Barrels
Derivative [Line Items]
Volume \| bbl	532,100
Ceiling, Average price \| $ / bbl	63.89
Floor, Average price \| $ / bbl	49.25
Crude Oil Contracts, in Barrels \| Collar Contracts for Q3 and Q4
Derivative [Line Items]
Volume \| bbl	532,100
Ceiling, Average price \| $ / bbl	63.89
Floor, Average price \| $ / bbl	49.25

Summary of Significant Accounting Policies - Schedule of Derivative Contracts Volume and Prices (Parenthetical) (Detail)	Jun. 30, 2020 MMBTU $ / MMBTU
Natural Gas Swaptions Call Contracts
Derivative [Line Items]
Volume \| MMBTU	120,450,000
Average price	2.52
Natural Gas Swaptions Call Contracts \| Swaption Contracts 2021
Derivative [Line Items]
Volume \| MMBTU	71,250,000
Average price	2.52
Natural Gas Swaptions Call Contracts \| Swaption Contracts 2022
Derivative [Line Items]
Volume \| MMBTU	49,200,000
Average price	2.51
Natural Gas Swaptions Call Contracts \| Swaption Contracts October 2020
Derivative [Line Items]
Volume \| MMBTU	47,450,000
Average price	2.53
Natural Gas Swaptions Call Contracts \| Swaption Contracts November 2020
Derivative [Line Items]
Volume \| MMBTU	7,300,000
Average price	2.50
Natural Gas Swaptions Call Contracts \| Swaption Contracts March 2021
Derivative [Line Items]
Volume \| MMBTU	16,500,000
Average price	2.50
Natural Gas Swaptions Call Contracts \| Swaption Contracts March 2021
Derivative [Line Items]
Volume \| MMBTU	5,400,000
Average price	2.50
Natural Gas Swaptions Call Contracts \| Swaption Contracts October 2021
Derivative [Line Items]
Volume \| MMBTU	36,500,000
Average price	2.52
Natural Gas Swaptions Call Contracts \| Swaption Contracts November 2021
Derivative [Line Items]
Volume \| MMBTU	7,300,000
Average price	2.50
Natural Gas Derivative \| Swaption Swap Contracts 2020
Derivative [Line Items]
Volume	38,640,000
Average price	2.52
Natural Gas Derivatives
Derivative [Line Items]
Volume \| MMBTU	247,594,752
Average price	2.58
Natural Gas Derivatives \| Swaption Swap Contracts 2021
Derivative [Line Items]
Volume \| MMBTU	23,650,000
Average price	2.52

Summary of Significant Accounting Policies - Additional Information 2 (Detail)		1 Months Ended	3 Months Ended		6 Months Ended
	Aug. 07, 2020 bbl MMBTU_per_day $ / MMBTU $ / bbl	Jun. 30, 2020 USD ($) MMBTU bbl Unit $ / shares $ / MMBTU $ / bbl $ / EquityUnit shares	Jun. 30, 2020 USD ($) MMBTU bbl Unit $ / shares $ / MMBTU $ / bbl $ / EquityUnit shares	Jun. 30, 2019 USD ($)	Jun. 30, 2020 USD ($) MMBTU bbl Unit Product $ / shares $ / MMBTU $ / bbl $ / EquityUnit shares	Jun. 30, 2019 USD ($)	Jan. 01, 2020 USD ($)	Dec. 31, 2019 USD ($) shares
Operations And Summary Of Significant Accounting Policies [Line Items]
Derivative contracts settlement frequency					monthly
Fair value of derivative net liability		$ 2,800,000	$ 2,800,000		$ 2,800,000
Cash flow hedges derivative instruments		0	0		0
Stock-based compensation expense recognized					$ 2,982,000	$ 1,271,000
Number of primary products \| Product					2
Contract cash settlement max days					25 days
Contract cancellable notice term					30 days
Accounts Receivable related to satisfied performance obligations and unconditional right to consideration		75,369,000	75,369,000		$ 75,369,000			$ 120,111,000
Cumulative-effect adjustment		$ 108,549,000	$ 108,549,000		$ 108,549,000			$ 138,596,000
ASC 326
Operations And Summary Of Significant Accounting Policies [Line Items]
Change in accounting principle, accounting standards update, adopted [true false]		true	true		true
Change in accounting principle, accounting standards update, adoption date		Jan. 01, 2020	Jan. 01, 2020		Jan. 01, 2020
Change in accounting principle, accounting standards update, immaterial effect [true false]		true	true		true
ASC 326 \| Adjustment
Operations And Summary Of Significant Accounting Policies [Line Items]
Cumulative-effect adjustment							$ 0
Restricted Stock
Operations And Summary Of Significant Accounting Policies [Line Items]
Weighted average grant date fair value of stock grants per share \| $ / shares		$ 5.96	$ 5.96		$ 5.96
Shares of unvested restricted stock outstanding \| shares		1,481,889	1,481,889		1,481,889			1,092,309
Unrecognized compensation cost related to unvested restricted stock		$ 6,600,000	$ 6,600,000		$ 6,600,000
Period in which compensation cost expected to be recognized					2 years 1 month 6 days
Restricted Stock \| Directors and Employees
Operations And Summary Of Significant Accounting Policies [Line Items]
Number of shares, Granted \| shares		514,258
Weighted average grant date fair value of stock grants per share \| $ / shares		$ 5.38	$ 5.38		$ 5.38
Potential Performance Shares (PSU)
Operations And Summary Of Significant Accounting Policies [Line Items]
Period in which compensation cost expected to be recognized					2 years 1 month 6 days
Number of performance stock units ("PSUs") outstanding \| Unit		1,136,488	1,136,488		1,136,488
Weighted average grant date fair value of PSUs per unit \| $ / EquityUnit		9.33	9.33		9.33
Minimum final number of shares of common stock issuable based on performance multiplier \| shares					0
Maximum final number of shares of common stock issuable based on performance multiplier \| shares					2,272,976
Unrecognized expense, performance share units					$ 6,700,000
General and Administrative Expense
Operations And Summary Of Significant Accounting Policies [Line Items]
Stock-based compensation expense recognized			$ 1,600,000	$ 600,000	$ 3,000,000.0	$ 1,300,000
Natural Gas 2-Way Collar Contracts
Operations And Summary Of Significant Accounting Policies [Line Items]
Volume \| MMBTU		107,250,000	107,250,000		107,250,000
Ceiling, Average price \| $ / MMBTU		2.89	2.89		2.89
Floor, Average price \| $ / MMBTU		2.45	2.45		2.45
Crude Oil Contracts, in Barrels
Operations And Summary Of Significant Accounting Policies [Line Items]
Volume \| bbl		532,100	532,100		532,100
Ceiling, Average price \| $ / bbl		63.89	63.89		63.89
Floor, Average price \| $ / bbl		49.25	49.25		49.25
Subsequent Event \| Natural Gas 2-Way Collar Contracts
Operations And Summary Of Significant Accounting Policies [Line Items]
Volume \| MMBTU_per_day	10,000
Ceiling, Average price \| $ / MMBTU	3.00
Floor, Average price \| $ / MMBTU	2.50
Natural gas production year	April 2021 to March 2022
Subsequent Event \| Crude Oil Contracts, in Barrels
Operations And Summary Of Significant Accounting Policies [Line Items]
Volume \| bbl	182,500
Ceiling, Average price \| $ / bbl	45.00
Floor, Average price \| $ / bbl	40.00
Basis Swap Contracts
Operations And Summary Of Significant Accounting Policies [Line Items]
Volume \| MMBTU		36,590,000	36,590,000		36,590,000
Fair value of derivative net asset		$ 1,100,000	$ 1,100,000		$ 1,100,000
Derivative contracts settlement, month and year					2022-12
Interest Rate Swap Contracts
Operations And Summary Of Significant Accounting Policies [Line Items]
Outstanding under the bank credit facility		$ 500,000,000.0	$ 500,000,000.0		$ 500,000,000.0
Interest Rate Swap Contracts \| LIBOR
Operations And Summary Of Significant Accounting Policies [Line Items]
Outstanding bank credit facility percentage					0.33%

Summary of Significant Accounting Policies - Schedule of Derivative Instruments (Detail) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Derivative [Line Items]
Assets, Fair Value	$ 55,426	$ 75,304
Assets, Fair Value	5,045	13,888
Liability, Fair Value	11,765	222
Liability, Fair Value	13,058	4,220
Derivative Financial Instruments – current
Derivative [Line Items]
Assets, Fair Value	55,426	75,304
Liability, Fair Value	11,765	222
Derivative Financial Instruments – long-term
Derivative [Line Items]
Liability, Fair Value	13,058	4,220
Natural Gas Derivatives \| Derivative Financial Instruments – current
Derivative [Line Items]
Assets, Fair Value	49,793	75,123
Liability, Fair Value	10,849
Natural Gas Derivatives \| Derivative Financial Instruments – long-term
Derivative [Line Items]
Assets, Fair Value	5,045	13,888
Liability, Fair Value	11,160	4,220
Oil Price Derivatives \| Derivative Financial Instruments – current
Derivative [Line Items]
Assets, Fair Value	5,633	181
Liability, Fair Value		$ 222
Interest Rate Derivatives \| Derivative Financial Instruments – current
Derivative [Line Items]
Liability, Fair Value	916
Interest Rate Derivatives \| Derivative Financial Instruments – long-term
Derivative [Line Items]
Liability, Fair Value	$ 1,898

Summary of Significant Accounting Policies - Schedule of Gains and Losses from Derivative Financial Instruments (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Derivative [Line Items]
Gain (loss) from derivative financial instruments	$ (12,298)	$ 14,744	$ 49,601	$ 7,087
Gain (Loss) from Derivative Financial Instruments
Derivative [Line Items]
Gain (loss) from derivative financial instruments	(12,298)	14,744	49,601	7,087
Gain (Loss) from Derivative Financial Instruments \| Natural Gas Price Derivatives
Derivative [Line Items]
Gain (loss) from derivative financial instruments	(5,140)	7,302	37,835	10,458
Gain (Loss) from Derivative Financial Instruments \| Oil Price Derivatives
Derivative [Line Items]
Gain (loss) from derivative financial instruments	(4,406)	$ 7,442	14,518	$ (3,371)
Gain (Loss) from Derivative Financial Instruments \| Interest Rate Derivatives
Derivative [Line Items]
Gain (loss) from derivative financial instruments	$ (2,752)		$ (2,752)

Summary of Significant Accounting Policies - Consolidated Income Tax Provision (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income Tax Disclosure [Abstract]
Current - State	$ 88	$ 24	$ 149	$ (94)
Deferred - Federal	(13,520)	6,834	(2,017)	10,776
Deferred - State	1,987	244	1,814	654
Total	$ (11,445)	$ 7,102	$ (54)	$ 11,336

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Summary of Significant Accounting Policies - Additional Information 3 (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Accounting Policies [Abstract]
Federal statutory rate	21.00%	21.00%	21.00%	21.00%
Derivative instruments	$ (6,780,000)	$ 0	$ (6,780,000)	$ 0	$ 4,351,000

Summary of Significant Accounting Policies - Difference Between Federal Statutory Rate and Effective Tax Rate (Detail)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income Tax Disclosure [Abstract]
Tax at statutory rate	21.00%	21.00%	21.00%	21.00%
Tax effect of:
Valuation allowance on deferred tax assets	(0.80%)	2.40%	5.20%	1.70%
State income taxes, net of federal benefit	(2.50%)	(0.20%)	(30.00%)	0.50%
Nondeductible stock-based compensation	0.80%	1.20%	2.90%	0.90%
Other	0.20%	0.50%	1.60%	0.30%
Effective tax rate	18.70%	24.90%	0.70%	24.40%

Summary of Significant Accounting Policies - Reconciliation of Beginning and Ending Balances for Derivative Instrument Assets (Liabilities) (Detail) $ in Thousands	6 Months Ended
	Jun. 30, 2020 USD ($)
Accounting Policies [Abstract]
Balance at beginning of year	$ 4,351
Total gain (loss) included in earnings	11,454
Settlements, net	(22,585)
Balance at end of period	$ (6,780)

Summary of Significant Accounting Policies - Summary of Carrying Amounts and Fair Values of Financial Instruments (Detail) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Derivative Financial Instruments	$ 55,426	$ 75,304
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Derivative Financial Instruments	11,765	222
Bank Credit Facility
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Long-term debt, Carrying Value	800,000	1,250,000
Long-term debt, Fair Value	800,000	1,250,000
Level 1 \| 7.5% Senior Notes due 2025 \| Long Term Debt
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Long-term debt, Carrying Value	462,296	455,768
Long-term debt, Fair Value	551,266	534,375
Level 1 \| 9.75% Senior Notes due 2026 \| Long Term Debt
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Long-term debt, Carrying Value	1,271,785	820,057
Long-term debt, Fair Value	1,255,500	765,000
Derivative Financial Instruments \| Level 2 and Level 3
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Derivative Financial Instruments	60,471	89,192
Derivative financial asset, Fair value	60,471	89,192
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Derivative Financial Instruments	24,823	4,442
Derivative financial liabilities, Fair value	$ 24,823	$ 4,442

Summary of Significant Accounting Policies - Summary of Carrying Amounts and Fair Values of Financial Instruments (Parenthetical) (Detail) - Long Term Debt	Jun. 30, 2020
7.5% Senior Notes due 2025
Fair Value Option Quantitative Disclosures [Line Items]
Interest rate on debt instrument	7.50%
9.75% Senior Notes due 2026
Fair Value Option Quantitative Disclosures [Line Items]
Interest rate on debt instrument	9.75%

Summary of Significant Accounting Policies - Additional Information 4 (Detail) - $ / shares			6 Months Ended
	Jul. 16, 2020	Jul. 16, 2019	Jun. 30, 2020	Dec. 31, 2019
Operations And Summary Of Significant Accounting Policies [Line Items]
Performance multiplier, minimum			0.00%
Performance multiplier, maximum			200.00%
Participating securities that share in losses			0
Preferred stock, conversion price per share		$ 4.00	$ 4.00
Earliest conversion date for convertible preferred stock			Jul. 16, 2020
Restricted Stock
Operations And Summary Of Significant Accounting Policies [Line Items]
Shares of unvested restricted stock outstanding			1,481,889	1,092,309
Series A and Series B Convertible Preferred Stock \| Subsequent Event
Operations And Summary Of Significant Accounting Policies [Line Items]
Aggregate common stock upon conversion	43,750,000

Summary of Significant Accounting Policies - Weighted Average Shares of Unvested Restricted Stock (Detail) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Unvested restricted stock	1,184	441	1,135	427

Summary of Significant Accounting Policies - Common Stock and Convertible Stock Dilutive in Weighted average unearned PSUs outstanding (Detail) EquityUnit in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020 EquityUnit $ / EquityUnit	Jun. 30, 2019 EquityUnit $ / EquityUnit	Jun. 30, 2020 EquityUnit $ / EquityUnit	Jun. 30, 2019 EquityUnit $ / EquityUnit
Earnings Per Share [Abstract]
Weighted average PSUs \| EquityUnit	976	335	951	335
Weighted average grant date fair value per unit \| $ / EquityUnit	9.33	12.93	9.33	12.93

Summary of Significant Accounting Policies - Basic and Diluted Income (Loss) Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Earnings Per Share [Abstract]
Net income (loss) attributable to common stock	$ (60,002)	$ 21,407	$ (30,046)	$ 34,982
Income allocable to unvested restricted shares		(89)		(141)
Basic income (loss) attributable to common stock	(60,002)	21,318	(30,046)	34,841
Diluted income (loss) attributable to common stock	$ (60,002)	$ 21,318	$ (30,046)	$ 34,841
Basic income (loss) attributable to common stock, Shares	208,904	105,457	198,910	105,457
Diluted income (loss) attributable to common stock, Shares	208,904	105,457	198,910	105,457
Basic income (loss) attributable to common stock, Per Share	$ (0.29)	$ 0.20	$ (0.15)	$ 0.33
Diluted income (loss) attributable to common stock, Per Share	$ (0.29)	$ 0.20	$ (0.15)	$ 0.33

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121326447&loc=d3e1448-109256

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22694-107794

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
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-Section 45
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-URI http://asc.fasb.org/extlink&oid=121326447&loc=d3e1377-109256

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
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-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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+ Details

Summary of Significant Accounting Policies - Supplementary Information of Consolidated Statements of Cash Flows (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Cash payments for:
Interest payments	$ 90,824	$ 56,430
Income tax payments		2
Non-cash investing activities include:
Decrease in accrued capital expenditures	29,078	$ 4,209
Non-cash financing activities include:
Retirement of debt in exchange for common stock	(4,151)
Issuance of common stock in exchange for debt	$ 5,012

Long-Term Debt - Long-term Debt (Detail) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Debt issuance costs, net of amortization	$ (32,278)
Long-term Debt	2,501,803	$ 2,500,132
Bank Credit Facility
Debt Instrument [Line Items]
Principal	800,000
7½% Senior Notes due 2025
Debt Instrument [Line Items]
Principal	619,400
Discount, net of amortization	(157,104)
9.75% Senior Notes due 2026
Debt Instrument [Line Items]
Principal	1,350,000
Discount, net of amortization	$ (78,215)

Long-Term Debt - Long-term Debt (Parenthetical) (Detail)	Jun. 30, 2020	Jun. 23, 2020
7½% Senior Notes due 2025
Debt Instrument [Line Items]
Interest rate on debt instrument	7.50%
9.75% Senior Notes due 2026
Debt Instrument [Line Items]
Interest rate on debt instrument	9.75%	9.75%

Long-Term Debt - Additional Information (Detail) - USD ($) $ in Thousands			3 Months Ended	6 Months Ended
	Jun. 30, 2020	Jun. 23, 2020	Jun. 30, 2020	Jun. 30, 2020
Debt Instrument [Line Items]
Loss on early retirement of debt			$ (861)	$ (861)
Net proceeds of sale of senior notes				450,000
7½% Senior Notes due 2025
Debt Instrument [Line Items]
Senior notes retire upon exchange of common stock			5,600
Long term debt principal amount retired	$ 4,200		4,200	4,200
Loss on early retirement of debt			$ 900	$ 900
Interest rate on debt instrument	7.50%		7.50%	7.50%
7½% Senior Notes due 2025 \| Common Stock
Debt Instrument [Line Items]
Common stock issued upon retirement of senior notes, shares			767,096
Common stock issued upon retirement of senior notes, value			$ 5,000
9.75% Senior Notes due 2026
Debt Instrument [Line Items]
Issuance date of senior notes		Jun. 23, 2020
Principal amount of senior notes issued		$ 500,000
Net proceeds of sale of senior notes		$ 441,100
Interest rate on debt instrument	9.75%	9.75%	9.75%	9.75%
Interest payment terms		payable semi-annually on February 15 and on August 15 of each year
Frequency of interest payment		semi-annually
Maturity of senior notes		Aug. 15, 2026
Bank Credit Facility
Debt Instrument [Line Items]
Leverage ratio	400.00%
Current ratio	100.00%
Maturity of credit facility	Jul. 16, 2024
Bank credit facility	$ 1,400,000		$ 1,400,000	$ 1,400,000
Bank Credit Facility \| Minimum
Debt Instrument [Line Items]
Commitment fee on unused borrowing base	0.375%
Bank Credit Facility \| Maximum
Debt Instrument [Line Items]
Commitment fee on unused borrowing base	0.50%
Bank Credit Facility \| LIBOR \| Minimum
Debt Instrument [Line Items]
Spread rate for interest rate on credit facility	2.25%
Bank Credit Facility \| LIBOR \| Maximum
Debt Instrument [Line Items]
Spread rate for interest rate on credit facility	3.25%
Bank Credit Facility \| Base Rate \| Minimum
Debt Instrument [Line Items]
Spread rate for interest rate on credit facility	1.25%
Bank Credit Facility \| Base Rate \| Maximum
Debt Instrument [Line Items]
Spread rate for interest rate on credit facility	2.25%

Preferred Stock - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions			6 Months Ended
	May 19, 2020	Jul. 16, 2019	Jun. 30, 2020	Dec. 31, 2019
Temporary Equity [Line Items]
Preferred stock, quarterly dividends rate		10.00%
Conversion price per share		$ 4.00	$ 4.00
Series A 10% Convertible Preferred Stock
Temporary Equity [Line Items]
Convertible preferred stock issued/ sold		210,000
Face value of convertible preferred stock issued		$ 210.0
Fair value of convertible preferred stock issued		$ 200.0
Redemption of convertible preferred stock	210,000
Preferred stock, quarterly dividends rate			10.00%	10.00%
Aggregate redemption value of convertible preferred stock issued	$ 210.0
Accrued and unpaid dividends paid	$ 2.9
Series B 10% Convertible Preferred Stock
Temporary Equity [Line Items]
Convertible preferred stock issued/ sold		175,000
Issuance of Series B Convertible Preferred Stock		$ 175.0
Preferred stock, quarterly dividends rate			10.00%	10.00%

Common Stock - Additional Information (Detail) - USD ($) $ in Thousands	1 Months Ended	6 Months Ended
	May 31, 2020	Jun. 30, 2020
Class Of Stock [Line Items]
Net proceeds after offering costs from sale of common stock		$ 206,626
Public Underwritten Offering
Class Of Stock [Line Items]
Common stock issued and sold in public underwritten offering	41,325,000
Net proceeds after offering costs from sale of common stock	$ 196,500

Commitments and Contingencies - Additional Information (Detail) $ in Millions	6 Months Ended
	Jun. 30, 2020 USD ($)
Commitments And Contingencies [Line Items]
Natural gas transportation and treating agreements	February 2021 and extend through October 2031
Natural gas transportation contracts, for the remainder of 2020	$ 7.3
Natural gas transportation contracts, 2021	15.1
Natural gas transportation contracts, 2022	24.8
Natural gas transportation contracts, 2023	24.8
Natural gas transportation contracts, 2024	24.9
Natural gas transportation contracts, remaining terms	$ 169.6
Contract cancellable term related to drilling services	45 days
Commitments for contracted drilling services	$ 3.5
Maximum
Commitments And Contingencies [Line Items]
Contract term related to drilling services	one year

Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Related Party Transactions [Abstract]
Payment received from affiliates	$ 30,800	$ 900	$ 76,100	$ 1,600
Accounts receivable from affiliates	$ 9,934		$ 9,934		$ 35,469