Financial Instruments

12 Months Ended

Dec. 31, 2014

Financial Instruments

Financial Instruments

(8) Financial Instruments

The carrying values of accounts receivable and accounts payable at December 31, 2013 and 2014 approximated market value because of their short‑term nature.  The carrying values of the amounts outstanding under the Credit Facility and Water Facility at December 31, 2013 and 2014 approximated fair value because the variable interest rates are reflective of current market conditions.

Based on Level 2 market data inputs, the fair value of the Company’s senior notes was approximately $1.9 billion at December 31, 2013 and $2.5 billion at December 31, 2014.

See note 9 for information regarding the fair value of derivative financial instruments.