Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements (Tables)

v3.22.2
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 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.
June 30, 2022 December 31, 2021
Principal Amount Fair Value Principal Amount Fair Value
(In thousands)
6.125% Senior Notes
 $—  $—  $460,241  $455,639 
9.00% Second Lien Notes
 —  —  319,659  343,633 
8.25% Senior Notes
 187,238  183,025  187,238  184,429 
6.375% Senior Notes
 320,783  295,409  320,783  309,556 
8.00% Senior Notes
 650,000  625,144  650,000  663,000 
7.50% Senior Notes
 600,000  554,466  —  — 
Total $1,758,021  $1,658,044  $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 June 30, 2022 and December 31, 2021:
June 30, 2022
Level 1 Level 2 Level 3
(In thousands)
Commodity derivative liabilities $—  ($322,613) $— 
     
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 (1)
—  (172,386) — 
Contingent consideration arrangements —  (25,000) — 
Total net assets (liabilities) $—  ($174,755) $— 
(1)    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 June 30, 2022 and December 31, 2021:
June 30, 2022
Level 1 Level 2 Level 3
(In thousands)
Commodity derivative liabilities $—  ($322,613) $— 
     
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 (1)
—  (172,386) — 
Contingent consideration arrangements —  (25,000) — 
Total net assets (liabilities) $—  ($174,755) $— 
(1)    Includes approximately $2.9 million of deferred premiums, which will be paid as the applicable contracts settle.