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Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2020
Fair Value Disclosures [Abstract]  
Fair Value Amounts by Hierarchy Level
Fair value amounts by hierarchy level as of March 31, 2020 and December 31, 2019 are presented gross in the tables below (in thousands):
 
March 31, 2020
 
Level 1
 
Level 2
 
Level 3
 
Gross Fair Value
 
Effect of Counter-Party Netting
 
Net Carrying Value on Balance Sheet (1)
Assets
 
 
 
 
 
 
 
 
 
 
 
Commodity derivatives
$
25,256

 
$
—

 
$
—

 
$
25,256

 
$
(25,256
)
 
$
—

 
 
 
 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
 
 
 
Commodity derivatives
$
(35,196
)
 
$
(19,931
)
 
$
—

 
$
(55,127
)
 
$
25,256

 
$
(29,871
)
J. Aron repurchase obligation derivative
—

 
—

 
(46,472
)
 
(46,472
)
 
—

 
(46,472
)
MLC terminal obligation derivative
—

 
—

 
51,006

 
51,006

 
—

 
51,006

Interest rate derivatives
—

 
(3,366
)
 
—

 
(3,366
)
 
—

 
(3,366
)
Total
$
(35,196
)
 
$
(23,297
)
 
$
4,534

 
$
(53,959
)
 
$
25,256

 
$
(28,703
)
 
December 31, 2019
 
Level 1
 
Level 2
 
Level 3
 
Gross Fair Value
 
Effect of Counter-Party Netting
 
Net Carrying Value on Balance Sheet (1)
Assets
 
 
 
 
 
 
 
 
 
 
 
Commodity derivatives
$
4,595

 
$
2,075

 
$
—

 
$
6,670

 
$
(4,595
)
 
$
2,075

 
 
 
 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
 
 
 
Common stock warrants
$
—

 
$
—

 
$
(8,206
)
 
$
(8,206
)
 
$
—

 
$
(8,206
)
Commodity derivatives
(10,129
)
 
—

 
—

 
(10,129
)
 
4,595

 
(5,534
)
J. Aron repurchase obligation derivative
—

 
—

 
173

 
173

 
—

 
173

MLC terminal obligation derivative
—

 
—

 
(14,717
)
 
(14,717
)
 
—

 
(14,717
)
Interest rate derivatives
—

 
(1,427
)
 
—

 
(1,427
)
 
—

 
(1,427
)
Total
$
(10,129
)
 
$
(1,427
)
 
$
(22,750
)
 
$
(34,306
)
 
$
4,595

 
$
(29,711
)
_________________________________________________________
(1)
Does not include cash collateral of $28.6 million and $19.8 million as of March 31, 2020 and December 31, 2019, respectively, included within Prepaid and other current assets and Other long-term assets on our condensed consolidated balance sheets.
Roll Forward of Level 3 Financial Instruments Measured at Fair Value on a Recurring Basis
A roll forward of Level 3 derivative instruments measured at fair value on a recurring basis is as follows (in thousands):
 
Three Months Ended March 31,
 
2020
 
2019
Balance, at beginning of period
$
(22,750
)
 
$
(922
)
Settlements
(13,299
)
 
—

Acquired
—

 
(8,654
)
Total gains (losses) included in earnings
40,583

 
(17,165
)
Balance, at end of period
$
4,534

 
$
(26,741
)
Carrying Value and Fair Value of Long-term Debt and Other Financial Instruments
The carrying value and fair value of long-term debt and other financial instruments as of March 31, 2020 and December 31, 2019 are as follows (in thousands):
 
March 31, 2020
 
Carrying Value
 
Fair Value
5.00% Convertible Senior Notes due 2021 (1) (3)
$
45,387

 
$
41,645

7.75% Senior Secured Notes due 2025 (1)
292,331

 
189,000

Mid Pac Term Loan (2)
1,424

 
1,424

Term Loan B Facility (1)
227,844


161,500

Retail Property Term Loan (2)
42,903


42,903

 
December 31, 2019
 
Carrying Value
 
Fair Value
5.00% Convertible Senior Notes due 2021 (1) (3)
$
44,783

 
$
66,477

7.75% Senior Secured Notes due 2025 (1)
292,015

 
309,375

Mid Pac Term Loan (2)
1,433

 
1,433

Term Loan B Facility (1)
230,474

 
240,625

Retail Property Term Loan (2)
43,226

 
43,226

Common stock warrants (2)
8,206

 
8,206

_________________________________________________________
(1)
The fair value measurements of the 5.00% Convertible Senior Notes, 7.75% Senior Secured Notes, and Term Loan B Facility are considered Level 2 measurements in the fair value hierarchy as discussed below.
(2)
The fair value measurements of the common stock warrants, Mid Pac Term Loan, and Retail Property Term Loan are considered Level 3 measurements in the fair value hierarchy.
(3)
The carrying value of the 5.00% Convertible Senior Notes excludes the fair value of the equity component, which was classified as equity upon issuance.