Long-Term Debt (Tables)
 3 Months Ended
Mar. 31, 2015
Debt Disclosure [Abstract]  
Schedule of debt obligations
Listed below are our debt obligations as of the periods presented:
 
Interest Rate
 
March 31, 2015
 
December 31, 2014
 
 
 
(in millions)
$2.75 billion RBL credit facility - due May 24, 2019
Variable
 
$
980

 
$
852

$750 million senior secured term loan - due May 24, 2018(1)(3)
Variable
 
496

 
496

$400 million senior secured term loan - due April 30, 2019(2)(3)
Variable
 
150

 
150

$750 million senior secured notes - due May 1, 2019(3) 
6.875%
 
750

 
750

$2.0 billion senior unsecured notes - due May 1, 2020
9.375%
 
2,000

 
2,000

$350 million senior unsecured notes - due September 1, 2022
7.75%
 
350

 
350

Total
 
 
$
4,726

 
$
4,598

 
(1)                                    The term loan was issued at 99% of par and carries interest at a specified margin over the LIBOR of 2.75%, with a minimum LIBOR floor of 0.75%. As of March 31, 2015 and December 31, 2014, the effective interest rate of the term loan was 3.50%.
(2)                                     The term loan carries interest at a specified margin over the LIBOR of 3.50%, with a minimum LIBOR floor of 1.00%.  As of March 31, 2015 and December 31, 2014, the effective rate for the term loan was 4.50%.
(3)                                     The term loans and secured notes are secured by a second priority lien on all of the collateral securing the RBL credit facility, and effectively rank junior to any existing and future first lien secured indebtedness of the Company.