Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Reconciliation of the Beginning and Ending Balances for Derivative Instruments Classified as Level 3 in the Fair Value Hierarchy

The following is a reconciliation of the beginning and ending balances for derivative instruments classified as Level 3 in the fair value hierarchy (in thousands):

	Year Ended December 31, 2024
Balance at December 31, 2023	$	(1,161	)
Total gains included in earnings		—
Additions		(13,240	)
Settlements		1,161
Balance at December 31, 2024	$	(13,240	)

Carrying Amounts and Fair Values of Financial Instruments

The following table presents the carrying amounts and the fair values of our financial instruments as of December 31, 2024 and 2023 (in thousands):

	December 31, 2024						December 31, 2023
	Carrying Value			Fair Value			Carrying Value			Fair Value
Assets:
Commodity derivatives (a)	$	87,098		$	87,098		$	442,971		$	442,971
Marketable securities (b)		60,989			60,989			71,989			71,989
(Liabilities):
Commodity derivatives (a)		(20,122	)		(20,122	)		(329	)		(329	)
Bank credit facility (c)		—			—			—			—
4.875% senior notes due 2025 (c)		(608,702	)		(607,363	)		(688,388	)		(679,363	)
8.25% senior notes due 2029 (c)		(600,000	)		(618,114	)		(600,000	)		(624,816	)
4.75% senior notes due 2030 (c)		(500,000	)		(469,285	)		(500,000	)		(463,085	)
Deferred compensation plan (d)		(86,882	)		(86,882	)		(117,125	)		(117,125	)

(a) Fair values for commodity derivatives utilize Level 2 inputs with the exception of swaptions, which utilize Level 3 inputs. Fair value of swaption contracts as of December 31, 2024 was a net derivative liability of $13.2 million.

(b) Marketable securities, which are held in our deferred compensation plans, are actively traded on major exchanges, which is a Level 1 input.

(c) The book value of our bank debt approximates fair value because of its floating rate structure. The fair value of our senior notes is based on end of period market quotes. Debt is presented on the balance sheet at carrying value.

(d) The fair value of our deferred compensation plan is updated to the closing price on the balance sheet date, which is a Level 1 input.