Fair Value Measurements (Tables)

The following tables set forth our recurring fair value measurements by level:


	Balances as of March 31, 2022
	Level 1		Level 2		Level 3		Total
	(In thousands)
Financial liabilities:
Commodity derivative liabilities	$	—	$	101,567	$	—	$	101,567
Warrant liability	—		—		56,434		56,434
	$	—	$	101,567	$	56,434	$	158,001


	Balances as of December 31, 2021
	Level 1		Level 2		Level 3		Total
	(In thousands)
Financial liabilities:
Commodity derivative liabilities	$	—	$	58,731	$	—	$	58,731
Warrant liability	—		—		19,822		19,822
	$	—	$	58,731	$	19,822	$	78,553

The following tables summarize the activity of our recurring Level 3 fair value measurements during the periods presented:


	Three Months Ended March 31,
	2022		2021
	(In thousands)
Beginning of period	$	19,822	$	885
Loss on change in warrant liability	36,612		—
End of period	$	56,434	$	885