Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2023

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. The following table presents the principal amounts of the Senior Notes with the fair values measured using quoted secondary market trading prices which are designated as Level 2 within the valuation hierarchy.

	March 31, 2023		December 31, 2022
	Principal Amount	Fair Value	Principal Amount	Fair Value
	(In thousands)
8.25% Senior Notes	$187,238	$186,459	$187,238	$186,719
6.375% Senior Notes	320,783	305,623	320,783	301,732
8.0% Senior Notes	650,000	644,111	650,000	616,935
7.5% Senior Notes	600,000	563,682	600,000	550,812
Total	$1,758,021	$1,699,875	$1,758,021	$1,656,198

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 March 31, 2023 and December 31, 2022:

	March 31, 2023
	Level 1	Level 2	Level 3
	(In thousands)
Commodity derivative assets	$—	$25,761	$—
Commodity derivative liabilities	$—	($7,164)	$—
	December 31, 2022
	Level 1	Level 2	Level 3
	(In thousands)
Commodity derivative assets	$—	$21,786	$—
Commodity derivative liabilities	$—	($29,612)	$—

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 March 31, 2023 and December 31, 2022:

	March 31, 2023
	Level 1	Level 2	Level 3
	(In thousands)
Commodity derivative assets	$—	$25,761	$—
Commodity derivative liabilities	$—	($7,164)	$—
	December 31, 2022
	Level 1	Level 2	Level 3
	(In thousands)
Commodity derivative assets	$—	$21,786	$—
Commodity derivative liabilities	$—	($29,612)	$—