In one embodiment, a method for drilling a wellbore includes an act of drilling the wellbore by injecting drilling fluid through a tubular string disposed in the wellbore, the tubular string comprising a drill bit disposed on a bottom thereof. The drilling fluid exits the drill bit and carries cuttings from the drill bit. The drilling fluid and cuttings (returns) flow to a surface of the wellbore via an annulus defined by an outer surface of the tubular string and an inner surface of the wellbore. The method further includes an act performed while drilling the wellbore of measuring a first annulus pressure (FAP) using a pressure sensor attached to a casing string hung from a wellhead of the wellbore. The method further includes an act performed while drilling the wellbore of controlling a second annulus pressure (SAP) exerted on a formation exposed to the annulus.