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Fair Value Measurements (Tables)
3 Months Ended
Mar. 31, 2016
Fair Value Disclosures [Abstract]  
Fair Value Summary of Long-Term Debt with Fixed Interest Rates
The following table summarizes the fair value of our debt obligations with fixed interest rates, which is estimated based on the published market prices for these financial liabilities, as of the dates presented:
 
As of
 
March 31, 2016
 
December 31, 2015
 
Fair
Value
 
Carrying
Value
 
Fair
Value
 
Carrying
Value
Senior Notes due 2019
$
58,020

 
$
300,000

 
$
40,830

 
$
300,000

Senior Notes due 2020
139,268

 
775,000

 
125,473

 
775,000

 
$
197,288

 
$
1,075,000

 
$
166,303

 
$
1,075,000

Assets and Liabilities Measured at Fair Value on Recurring Basis
 
 
As of December 31, 2015
 
 
Fair Value
 
Fair Value Measurement Classification
Description
 
Measurement
 
Level 1
 
Level 2
 
Level 3
Assets:
 
 

 
 

 
 

 
 

Commodity derivative assets – current
 
$
97,956

 
$

 
$
97,956

 
$

Assets of SERP
 
4,123

 
4,123

 

 

Liabilities:
 
 

 
 

 
 

 
 

Deferred compensation – SERP obligations
 
(4,125
)
 
(4,125
)
 

 

The following tables summarize the valuation of those assets and liabilities as of the dates presented:
 
 
As of March 31, 2016
 
 
Fair Value
 
Fair Value Measurement Classification
Description
 
Measurement
 
Level 1
 
Level 2
 
Level 3
Assets:
 
 

 
 

 
 

 
 

Commodity derivative assets – current
 
$
49,030

 
$

 
$
49,030

 
$

Assets of SERP
 
4,154

 
4,154

 

 

Liabilities:
 
 

 
 

 
 

 
 

Deferred compensation – SERP obligations
 
(4,155
)
 
(4,155
)