Fair Value Measurements and Disclosures (Tables)

9 Months Ended

Sep. 30, 2020

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block]

The portion of our long-term debt related to our revolving credit facility approximates fair value, as the applicable interest rates are variable and reflective of market rates. We have not elected to account for the portion of our debt related to our senior notes under the fair value option; however, we have determined an estimate of the fair values based on measurements of trading activity and broker and/or dealer quotes, respectively, which are published market prices, and therefore are Level 2 inputs. The table below presents these estimates of the fair value of the portion of our long-term debt related to our senior notes and convertible notes.


		As of September 30, 2020				As of December 31, 2019
		Estimated Fair Value		Percent of Par		Estimated Fair Value		Percent of Par
		(in millions)
Senior Notes:
	2021 Convertible Notes	$	192.6	96.3	%	$	188.6	94.3	%
	2024 Senior Notes	382.8		95.7	%	409.2		102.3	%
	2025 Senior Notes	96.1		93.9	%	—		—	%
	2026 Senior Notes (1)	696.8		92.9	%	599.4		99.9	%

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

Our crude oil and natural gas fixed-price swaps are included in Level 2. Our collars are included in Level 3. Our basis swaps are included in Level 2 and Level 3. The following table presents, for each applicable level within the fair value hierarchy, our derivative assets and liabilities, including both current and non-current portions, measured at fair value on a recurring basis:


	As of September 30, 2020						As of December 31, 2019
	Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
	(in thousands)



Total assets	$	130,134	$	21,545	$	151,679	$	22,886	$	8,938	$	31,824



Total liabilities	(79,658)		(30,759)		(110,417)		(3,089)		(524)		(3,613)
Net derivative instruments	$	50,476	$	(9,214)	$	41,262	$	19,797	$	8,414	$	28,211

Fair Value Assets and Liabilities Unobservable Input Reconciliation

The following table presents a reconciliation of our Level 3 assets measured at fair value:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
	(in thousands)
Fair value of Level 3 instruments, net asset beginning of period	$	26,958	$	22,504	$	8,414	$	58,329
Changes in fair value included in condensed consolidated statement of operations line item:
Commodity price risk management gain (loss), net	(21,521)		10,846		32,840		(22,077)

Settlements included in condensed consolidated statement of operations line items:
Commodity price risk management loss, net	(14,652)		(2,445)		(50,469)		(5,347)

Fair value of Level 3 instruments, net asset end of period	$	(9,215)	$	30,905	$	(9,215)	$	30,905

Net change in fair value of Level 3 unsettled derivatives included in condensed consolidated statement of operations line item:
Commodity price risk management gain (loss), net	$	(13,171)	$	6,787	$	9,466	$	(11,620)