Fair Value Measurements and Disclosures (Tables)

9 Months Ended

Sep. 30, 2022

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block]

Long-term Debt. The portion of our long-term debt related to our revolving credit facility approximates fair value, as the applicable interest rates are variable and reflective of market rates. We have elected not to account for the portion of our debt related to our senior notes under the fair value option; however, we have determined an estimate of the fair values based on measurements of trading activity and broker or dealer quotes, which are published market prices, and therefore are Level 2 inputs. The table below presents these estimates of the fair value of the portion of our long-term debt related to our senior notes as of the dates indicated:


			September 30, 2022				December 31, 2021
	Nominal Interest		Estimated Fair Value		Percent of Par		Estimated Fair Value		Percent of Par
			(in millions)				(in millions)
Senior Notes:
2024 Senior Notes	6.125	%	$	198.6	99.3	%	$	202.8	101.4	%
2026 Senior Notes	5.75	%	694.5		92.6	%	775.5		103.4	%

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

Our crude oil and natural gas fixed-price exchanges and basis exchanges are included in Level 2. Our collars are included in Level 3. The following table presents, for each applicable level within the fair value hierarchy, our derivative assets and liabilities, including both current and non-current portions, measured at fair value on a recurring basis as of the dates indicated:


		September 30, 2022						December 31, 2021
	Condensed Consolidated Balance Sheet Line Item	Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
		(in thousands)
Derivative assets
Current	Fair value of derivatives	$	35,577	$	26,669	$	62,246	$	—	$	17,909	$	17,909
Non-current	Fair value of derivatives	72,161		18,914		91,075		605		14,572		15,177
Total		$	107,738	$	45,583	$	153,321	$	605	$	32,481	$	33,086

Derivative liabilities
Current	Fair value of derivatives	$	(291,427)	$	(97,807)	$	(389,234)	$	(230,695)	$	(74,175)	$	(304,870)
Non-current	Fair value of derivatives	(80,596)		(20,264)		(100,860)		(74,715)		(20,846)		(95,561)
Total		$	(372,023)	$	(118,071)	$	(490,094)	$	(305,410)	$	(95,021)	$	(400,431)

Fair Value Assets and Liabilities Unobservable Input Reconciliation

The following table presents a reconciliation of our Level 3 assets and liabilities measured at fair value for the periods presented:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
	(in thousands)
Fair value of Level 3 instruments, net asset (liability) beginning of period	$	(205,520)	$	(117,985)	$	(62,540)	$	(8,427)
Changes in fair value included on condensed consolidated statements of operations line item:
Commodity price risk management gain (loss), net	61,565		(87,036)		(211,363)		(214,556)
Settlements included on condensed consolidated statement of operations line items:
Commodity price risk management gain (loss), net	71,467		46,368		201,415		64,330
Fair value of Level 3 instruments, net asset (liability) end of period	$	(72,488)	$	(158,653)	$	(72,488)	$	(158,653)

Net change in fair value of Level 3 unsettled derivatives included on condensed consolidated statements of operations line item:
Commodity price risk management gain (loss), net	$	67,566	$	(78,786)	$	(54,500)	$	(210,430)