Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements (Tables)

v3.23.1
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2023
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 Senior Notes with the fair values measured using quoted secondary market trading prices which are designated as Level 2 within the valuation hierarchy.
March 31, 2023 December 31, 2022
Principal Amount Fair Value Principal Amount Fair Value
(In thousands)
8.25% Senior Notes
 $187,238  $186,459  $187,238  $186,719 
6.375% Senior Notes
 320,783  305,623  320,783  301,732 
8.0% Senior Notes
 650,000  644,111  650,000  616,935 
7.5% Senior Notes
 600,000  563,682  600,000  550,812 
Total $1,758,021  $1,699,875  $1,758,021  $1,656,198 
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, 2023 and December 31, 2022:
March 31, 2023
Level 1 Level 2 Level 3
(In thousands)
Commodity derivative assets $—  $25,761  $— 
Commodity derivative liabilities $—  ($7,164) $— 
     
December 31, 2022
Level 1 Level 2 Level 3
(In thousands)
Commodity derivative assets $—  $21,786  $— 
Commodity derivative liabilities $—  ($29,612) $— 
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, 2023 and December 31, 2022:
March 31, 2023
Level 1 Level 2 Level 3
(In thousands)
Commodity derivative assets $—  $25,761  $— 
Commodity derivative liabilities $—  ($7,164) $— 
     
December 31, 2022
Level 1 Level 2 Level 3
(In thousands)
Commodity derivative assets $—  $21,786  $— 
Commodity derivative liabilities $—  ($29,612) $—