Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2018

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following tables summarize the Company’s commodity derivative instrument and contingent consideration arrangement assets and liabilities measured at fair value on a recurring basis as of June 30, 2018 and December 31, 2017:



	June 30, 2018
	Level 1		Level 2			Level 3
	(In thousands)
Assets
Commodity derivative instruments		$—		$1,163			$—
Contingent Niobrara Consideration	—		—			9,970
Contingent Marcellus Consideration	—		—			1,530
Contingent Utica Consideration	—		—			10,545

Liabilities
Commodity derivative instruments		$—		($131,398	)		$—
Contingent ExL Consideration	—		—			(102,055		)



	December 31, 2017
	Level 1		Level 2			Level 3
	(In thousands)
Assets
Commodity derivative instruments		$—		$—			$—
Contingent Niobrara Consideration	—		—			—
Contingent Marcellus Consideration	—		—			2,205
Contingent Utica Consideration	—		—			7,985

Liabilities
Commodity derivative instruments		$—		($83,828	)		$—
Contingent ExL Consideration	—		—			(85,625		)

Fair Value, Assets and Liabilities Measured on Recurring Basis, Level 3 Reconciliation



	Contingent Consideration Arrangements
	Assets		Liability
For the Six Months Ended June 30, 2018	(In thousands)
Beginning of period		$10,190		($85,625	)
Recognition of divestiture date fair value	7,880		—
Gain (loss) on changes in fair value, net⁽¹⁾	3,975		(16,430		)
Transfers into (out of) Level 3	—		—
End of period		$22,045		($102,055	)

Schedule of Carrying Value and Fair Value of Debt Instruments

The following table presents the carrying amounts of the Company’s senior notes and other long-term debt, which are designated as Level 1 under the fair value hierarchy, net of unamortized premiums and debt issuance costs, with the fair values measured using quoted secondary market trading prices.



	June 30, 2018				December 31, 2017
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(In thousands)
7.50% Senior Notes due 2020		$129,044		$130,325		$446,087		$459,518
6.25% Senior Notes due 2023	642,446		656,500		641,792		674,375
8.25% Senior Notes due 2025	245,817		266,250		245,605		274,375
Other long-term debt due 2028	—		—		4,425		4,445