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Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2020
Fair Value Disclosures [Abstract]  
Fair Value Amounts by Hierarchy Level
Fair value amounts by hierarchy level as of June 30, 2020 and December 31, 2019 are presented gross in the tables below (in thousands):
 
June 30, 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
$
281

 
$
25,579

 
$
—

 
$
25,860

 
$
(22,683
)
 
$
3,177

 
 
 
 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
 
 
 
Commodity derivatives
$
(131
)
 
$
(29,214
)
 
$
—

 
$
(29,345
)
 
$
22,683

 
$
(6,662
)
J. Aron repurchase obligation derivative
—

 
—

 
(56,842
)
 
(56,842
)
 
—

 
(56,842
)
MLC terminal obligation derivative
—

 
—

 
(9,256
)
 
(9,256
)
 
—

 
(9,256
)
Interest rate derivatives
—

 
(3,531
)
 
—

 
(3,531
)
 
—

 
(3,531
)
Total
$
(131
)
 
$
(32,745
)
 
$
(66,098
)
 
$
(98,974
)
 
$
22,683

 
$
(76,291
)
 
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 $12.2 million and $19.8 million as of June 30, 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 June 30,
 
Six Months Ended June 30,
 
2020
 
2019
 
2020
 
2019
Balance, at beginning of period
$
4,534

 
$
(26,741
)
 
$
(22,750
)
 
$
(922
)
Settlements
(33,380
)
 
(7,898
)
 
(46,679
)
 
(7,898
)
Acquired
—

 
6,353

 
—

 
(2,301
)
Total gains (losses) included in earnings
(37,252
)
 
15,566

 
3,331

 
(1,599
)
Balance, at end of period
$
(66,098
)
 
$
(12,720
)
 
$
(66,098
)
 
$
(12,720
)
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 June 30, 2020 and December 31, 2019 are as follows (in thousands):
 
June 30, 2020
 
Carrying Value
 
Fair Value
5.00% Convertible Senior Notes due 2021 (1) (3)
$
46,008

 
$
44,999

7.75% Senior Secured Notes due 2025 (1)
292,649

 
260,922

Mid Pac Term Loan (2)
1,416

 
1,416

Term Loan B Facility (1)
225,116


200,391

Retail Property Term Loan (2)
42,570


42,570

PHL Term Loan (2)
5,871

 
5,871

12.875% Senior Secured Notes due 2026 (1)
98,816

 
106,050

 
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, Term Loan B Facility, and 12.875% Senior Secured Notes 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, Retail Property Term Loan, and PHL 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.