Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 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
	June 30, 2016				December 31, 2015
	Fair Value		Carrying Value		Fair Value		Carrying Value
Senior Notes due 2019	$	22,500	$	300,000	$	40,830	$	300,000
Senior Notes due 2020	58,125		775,000		125,473		775,000
	$	80,625	$	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 June 30, 2016
	Fair Value			Fair Value Measurement Classification
Description	Measurement			Level 1		Level 2			Level 3
Assets:
Assets of SERP	$	4,220		$	4,220	$	—		$	—
Liabilities:
Commodity derivative liabilities – current	(4,527		)	—		(4,527		)	—
Commodity derivative liabilities – noncurrent	(13,715		)	—		(13,715		)	—
Deferred compensation – SERP obligations 1	—			—		—			—

_______________________

¹ The amounts associated with these liabilities were included in “Liabilities subject to compromise” as of June 30, 2016 (see Note 3).