Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Schedule of Net Assets (Liabilities) Measured on a Recurring Basis

Assets and liabilities measured at fair value on a recurring basis are summarized below (in millions):

	Level 2
	March 31, 2022		December 31, 2021
Commodity swaps (1)	$	(29.6)	$	(14.5)

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(1)    The fair values of commodity swaps represent the amount at which the instruments could be exchanged in a current arms-length transaction adjusted for our credit risk and/or the counterparty credit risk as required under ASC 820.

Schedule of the Estimated Fair Value of Financial Instruments

Considerable judgment is required to develop the estimates of fair value; thus, the estimates provided below are not necessarily indicative of the amount we could realize upon the sale or refinancing of such financial instruments (in millions):

	March 31, 2022				December 31, 2021
	Carrying Value		Fair Value		Carrying Value		Fair Value
Long-term debt (1)	$	4,315.0	$	4,154.6	$	4,363.7	$	4,520.0
Installment payable (2)	$	10.0	$	10.0	$	10.0	$	10.0
Contingent consideration (2)	$	6.9	$	6.9	$	6.9	$	6.9

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(1)The carrying value of long-term debt is reduced by debt issuance cost, net of accumulated amortization, of $26.5 million and $27.8 million as of March 31, 2022 and December 31, 2021, respectively. The respective fair values do not factor in debt issuance costs.

(2)Consideration paid for the acquisition of Amarillo Rattler, LLC included a $10.0 million installment payable, which was paid on April 30, 2022, and a contingent consideration capped at $15.0 million and payable between 2024 and 2026 based on Diamondback E&P LLC’s drilling activity above historical levels. Estimated fair values were calculated using a discounted cash flow analysis that utilized Level 3 inputs.