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Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2020
Fair Value Disclosures [Abstract]  
Fair Value Amounts by Hierarchy Level
Fair value amounts by hierarchy level as of September 30, 2020 and December 31, 2019 are presented gross in the tables below (in thousands):
 
September 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
$
219

 
$
16,233

 
$
—

 
$
16,452

 
$
(13,489
)
 
$
2,963

 
 
 
 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
 
 
 
Commodity derivatives
$
(302
)
 
$
(15,102
)
 
$
—

 
$
(15,404
)
 
$
13,489

 
$
(1,915
)
J. Aron repurchase obligation derivative
—

 
—

 
(12,286
)
 
(12,286
)
 
—

 
(12,286
)
MLC terminal obligation derivative
—

 
—

 
6,991

 
6,991

 
—

 
6,991

Interest rate derivatives
—

 
(3,282
)
 
—

 
(3,282
)
 
—

 
(3,282
)
Total
$
(302
)
 
$
(18,384
)
 
$
(5,295
)
 
$
(23,981
)
 
$
13,489

 
$
(10,492
)
 
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 $12.5 million and $19.8 million as of September 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 September 30,
 
Nine Months Ended September 30,
 
2020
 
2019
 
2020
 
2019
Balance, at beginning of period
$
(66,098
)
 
$
(12,720
)
 
$
(22,750
)
 
$
(922
)
Settlements
10,247

 
3,777

 
(36,432
)
 
(4,121
)
Acquired
—

 
6,201

 
—

 
3,900

Total gains (losses) included in earnings
50,556

 
(3,463
)
 
53,887

 
(5,062
)
Balance, at end of period
$
(5,295
)
 
$
(6,205
)
 
$
(5,295
)
 
$
(6,205
)
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 September 30, 2020 and December 31, 2019 are as follows (in thousands):
 
September 30, 2020
 
Carrying Value
 
Fair Value
5.00% Convertible Senior Notes due 2021 (1) (3)
$
46,646

 
$
44,706

7.75% Senior Secured Notes due 2025 (1)
292,968

 
267,750

Mid Pac Term Loan (2)
1,408

 
1,408

Term Loan B Facility (1)
222,407


203,500

Retail Property Term Loan (2)
42,231


42,231

PHL Term Loan (2)
5,833

 
5,833

12.875% Senior Secured Notes due 2026 (1)
99,020

 
109,284

 
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.