Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2020

Fair Value Disclosures [Abstract]

Summary of Fair Value of Financial Instruments at Carrying and Fair Value

The carrying amount of borrowings outstanding under the Credit Facility approximates fair value as the borrowings bear interest at variable rates and are reflective of market rates. As of December 31, 2020, the Company determined that its Second Lien Notes met the requirements to be designated as Level 2 in the valuation hierarchy due to the availability of quoted secondary market trading prices resulting in the transfer out of Level 3. The following table presents the principal amounts of the Company’s Second Lien Notes

and Senior Unsecured Notes with the fair values measured using quoted secondary market trading prices which are designated as Level 2 within the valuation hierarchy. See “Note 7 - Borrowings” for further discussion.

	December 31, 2020		December 31, 2019
	Principal Amount	Fair Value	Principal Amount	Fair Value
	(In thousands)
9.00% Second Lien Senior Secured Notes	$516,659	$470,160	$—	$—
6.25% Senior Notes	542,720	344,627	650,000	658,125
6.125% Senior Notes	460,241	260,036	600,000	611,130
8.25% Senior Notes	187,238	100,172	250,000	256,250
6.375% Senior Notes	320,783	161,995	400,000	405,424
Total	$2,027,641	$1,336,990	$1,900,000	$1,930,929

Fair Value of Assets Measured on Recurring Basis

The following tables present the Company’s assets and liabilities measured at fair value on a recurring basis as of December 31, 2020 and 2019:

	December 31, 2020
	Level 1	Level 2	Level 3
	(In thousands)
Assets
Commodity derivative instruments	$—	$921	$—
Contingent consideration arrangements	—	1,816	—
Liabilities
Commodity derivative instruments	—	(97,060)	—
Contingent consideration arrangements	—	(8,618)	—
September 2020 Warrants	—	—	(79,428)
Total net assets (liabilities)	$—	($102,941)	($79,428)
	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 liabilities (liabilities)	$—	($68,620)	$—

Fair Value of Liabilities Measured on Recurring Basis

The following tables present the Company’s assets and liabilities measured at fair value on a recurring basis as of December 31, 2020 and 2019:

	December 31, 2020
	Level 1	Level 2	Level 3
	(In thousands)
Assets
Commodity derivative instruments	$—	$921	$—
Contingent consideration arrangements	—	1,816	—
Liabilities
Commodity derivative instruments	—	(97,060)	—
Contingent consideration arrangements	—	(8,618)	—
September 2020 Warrants	—	—	(79,428)
Total net assets (liabilities)	$—	($102,941)	($79,428)
	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 liabilities (liabilities)	$—	($68,620)	$—

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The following table presents a reconciliation of the change in the fair value of the liability related to the September 2020 Warrants for the year ended December 31, 2020.

	Year Ended December 31, 2020
	(In thousands)
Beginning of period	$—
Recognition of issuance date fair value	23,909
(Gain) loss on changes in fair value	55,519
Transfers into (out of) Level 3	—
End of period	$79,428