Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements (Tables)

v3.22.1
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.