Fair Value Measurements (Tables)

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


	Balances as of June 30, 2022
	Level 1		Level 2		Level 3		Total
	(In thousands)
Financial liabilities:
Commodity derivative liabilities	$	—	$	66,075	$	—	$	66,075
	$	—	$	66,075	$	—	$	66,075


	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 table summarizes the activity of our recurring Level 3 fair value measurements during the periods presented:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
	(In thousands)
Beginning of period	$	56,434	$	885	$	19,822	$	885
(Gain) loss on change in warrant liability	(7,289)		3,574		29,323		3,574
Reclassification of warrant liability to capital in excess of par value	(49,145)		—		(49,145)		—
End of period	$	—	$	4,459	$	—	$	4,459