Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements (Tables)

v3.20.1
Fair Value Measurements (Tables)
3 Months Ended
Mar. 31, 2020
Fair Value Disclosures [Abstract]  
Summary of Financial Instruments at Carrying and Fair Value The carrying amount of borrowings outstanding under the Credit Facility approximate 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 senior 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, 2020 December 31, 2019
Principal Amount Fair Value Principal Amount Fair Value
(In thousands)
6.25% Senior Notes
$650,000    $453,050    $650,000    $658,125   
6.125% Senior Notes
600,000    373,020    600,000    611,130   
8.25% Senior Notes
250,000    152,905    250,000    256,250   
6.375% Senior Notes
400,000    215,176    400,000    405,424   
Total $1,900,000    $1,194,151    $1,900,000    $1,930,929   
Fair Value of Assets and Liabilities Measured on Recurring Basis
The following tables present the Company’s assets and liabilities measured at fair value on a recurring basis:
March 31, 2020
Level 1 Level 2 Level 3
(In thousands)
Assets      
Commodity derivative instruments $—    $225,294    $—   
Contingent consideration arrangements —    1,354    —   
Liabilities               
Commodity derivative instruments —    (5,402)   —   
Contingent consideration arrangements —    (3,706)   —   
Total net assets (liabilities) $—    $217,540    $—   
     
December 31, 2019
Level 1 Level 2 Level 3
(In thousands)
Assets      
Commodity derivative instruments $—    $9,338    $—   
Contingent consideration arrangements —    25,934    —   
Liabilities               
Commodity derivative instruments —    (34,132)   —   
Contingent consideration arrangements —    (69,760)   —   
Total net assets (liabilities) $—    ($68,620)   $—