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Fair Value Measurements (Tables)
6 Months Ended
Jun. 30, 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.
June 30, 2023December 31, 2022
Principal AmountFair ValuePrincipal AmountFair Value
(In thousands)
8.25% Senior Notes
$187,238 $186,952 $187,238 $186,719 
6.375% Senior Notes
320,783 312,054 320,783 301,732 
8.0% Senior Notes
650,000 643,000 650,000 616,935 
7.5% Senior Notes
600,000 566,424 600,000 550,812 
Total$1,758,021 $1,708,430 $1,758,021 $1,656,198 
Fair Value of Assets Measured on Recurring Basis
The following tables present the Company’s assets and liabilities measured at fair value on a recurring basis as of June 30, 2023 and December 31, 2022:
June 30, 2023
Level 1Level 2Level 3
(In thousands)
Commodity derivative assets$— $14,960 $— 
Commodity derivative liabilities$— ($3,447)$— 
   
December 31, 2022
Level 1Level 2Level 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 June 30, 2023 and December 31, 2022:
June 30, 2023
Level 1Level 2Level 3
(In thousands)
Commodity derivative assets$— $14,960 $— 
Commodity derivative liabilities$— ($3,447)$— 
   
December 31, 2022
Level 1Level 2Level 3
(In thousands)
Commodity derivative assets$— $21,786 $— 
Commodity derivative liabilities$— ($29,612)$—