Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2020

Fair Value Disclosures [Abstract]

Summary of Financial Instruments at Carrying and Fair Value

The carrying amount of borrowings outstanding under the Credit Facility approximate 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 Company’s senior notes

with the fair values measured using quoted secondary market trading prices which are designated as Level 2 within the valuation hierarchy. See “Note 6 - Borrowings” for further discussion.

	June 30, 2020		December 31, 2019
	Principal Amount	Fair Value	Principal Amount	Fair Value
	(In thousands)
6.25% Senior Notes	$650,000	$240,500	$650,000	$658,125
6.125% Senior Notes	600,000	216,000	600,000	611,130
8.25% Senior Notes	250,000	87,500	250,000	256,250
6.375% Senior Notes	400,000	136,000	400,000	405,424
Total	$1,900,000	$680,000	$1,900,000	$1,930,929

Fair Value of Assets and Liabilities Measured on Recurring Basis

The following tables present the Company’s assets and liabilities measured at fair value on a recurring basis:

	June 30, 2020
	Level 1	Level 2	Level 3
	(In thousands)
Assets
Commodity derivative instruments	$—	$31,942	$—
Contingent consideration arrangements	—	1,307	—
Liabilities
Commodity derivative instruments	—	(37,798)	—
Contingent consideration arrangements	—	(3,563)	—
Total net assets (liabilities)	$—	($8,112)	$—
	December 31, 2019
	Level 1	Level 2	Level 3
	(In thousands)
Assets
Commodity derivative instruments	$—	$9,338	$—
Contingent consideration arrangements	—	25,934	—
Liabilities
Commodity derivative instruments	—	(34,132)	—
Contingent consideration arrangements	—	(69,760)	—
Total net assets (liabilities)	$—	($68,620)	$—