Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Summary of Fair Value of Financial Instruments at Carrying and Fair Value

The carrying amount of borrowings outstanding under the Credit Facility approximates fair value as the borrowings bear interest at variable rates and are reflective of market rates. The following table presents the principal amounts of the Company’s Second Lien Notes and Senior Unsecured Notes with the fair values measured using quoted secondary market trading prices which are designated as Level 2 within the valuation hierarchy. See “Note 6 - Borrowings” for further discussion.

	March 31, 2022		December 31, 2021
	Principal Amount	Fair Value	Principal Amount	Fair Value
	(In thousands)
6.125% Senior Notes	$460,241	$456,789	$460,241	$455,639
9.00% Second Lien Notes	319,659	339,638	319,659	343,633
8.25% Senior Notes	187,238	189,110	187,238	184,429
6.375% Senior Notes	320,783	317,575	320,783	309,556
8.00% Senior Notes	650,000	684,125	650,000	663,000
Total	$1,937,921	$1,987,237	$1,937,921	$1,956,257

Fair Value of Assets Measured on Recurring Basis

The following tables present the Company’s assets and liabilities measured at fair value on a recurring basis as of March 31, 2022 and December 31, 2021:

	March 31, 2022
	Level 1	Level 2	Level 3
	(In thousands)
Commodity derivative assets	$—	$—	$—
Commodity derivative liabilities (1)	—	(427,362)	—
	December 31, 2021
	Level 1	Level 2	Level 3
	(In thousands)
Assets
Commodity derivative instruments	$—	$1,798	$—
Contingent consideration arrangements	—	20,833	—
Liabilities
Commodity derivative instruments (2)	—	(172,386)	—
Contingent consideration arrangements	—	(25,000)	—
Total net assets (liabilities)	$—	($174,755)	$—

(1)    Includes approximately $0.9 million of deferred premiums, which will be paid as the applicable contracts settle.

(2)    Includes approximately $2.9 million of deferred premiums, which will be paid as the applicable contracts settle.

Fair Value of Liabilities Measured on Recurring Basis

The following tables present the Company’s assets and liabilities measured at fair value on a recurring basis as of March 31, 2022 and December 31, 2021:

	March 31, 2022
	Level 1	Level 2	Level 3
	(In thousands)
Commodity derivative assets	$—	$—	$—
Commodity derivative liabilities (1)	—	(427,362)	—
	December 31, 2021
	Level 1	Level 2	Level 3
	(In thousands)
Assets
Commodity derivative instruments	$—	$1,798	$—
Contingent consideration arrangements	—	20,833	—
Liabilities
Commodity derivative instruments (2)	—	(172,386)	—
Contingent consideration arrangements	—	(25,000)	—
Total net assets (liabilities)	$—	($174,755)	$—

(1)    Includes approximately $0.9 million of deferred premiums, which will be paid as the applicable contracts settle.

(2)    Includes approximately $2.9 million of deferred premiums, which will be paid as the applicable contracts settle.