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Fair Value Measurements (Tables) | 6 Months Ended
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Jun. 30, 2024
Fair Value Disclosures [Abstract] |
Fair Value Hierarchy Table for Assets and Liabilities Measured at Fair Value | We use a market approach for our recurring fair value measurements and endeavor to use the best information available. The following tables present the fair value hierarchy for assets and liabilities measured at fair value, on a recurring basis (in thousands):
|  |  | Fair Value Measurements at June 30, 2024 using: |
|  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |  |  | Total Carrying Value as of June 30, 2024 |
Trading securities held in the deferred compensation plan |  | $ | 59,757 |  |  | $ | — |  |  | $ | — |  |  | $ | 59,757 |
Derivatives | –swaps |  |  | — |  |  |  | 167,438 |  |  |  | — |  |  |  | 167,438 |
| –collars |  |  | — |  |  |  | 63,129 |  |  |  | — |  |  |  | 63,129 |
| –three-way collars |  |  | — |  |  |  | 13,136 |  |  |  | — |  |  |  | 13,136 |
| –basis swaps |  |  | — |  |  |  | 13,944 |  |  |  | — |  |  |  | 13,944 |
| –swaptions |  |  | — |  |  |  | — |  |  |  | (2,028 | ) |  |  | (2,028 | )
|  |  | Fair Value Measurements at December 31, 2023 using: |
|  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |  |  | Total Carrying Value as of December 31, 2023 |
Trading securities held in the deferred compensation plan |  | $ | 71,989 |  |  | $ | — |  |  | $ | — |  |  | $ | 71,989 |
Derivatives | –swaps |  |  | — |  |  |  | 247,580 |  |  |  | — |  |  |  | 247,580 |
| –collars |  |  | — |  |  |  | 152,540 |  |  |  | — |  |  |  | 152,540 |
| –three-way collars |  |  | — |  |  |  | 25,406 |  |  |  | — |  |  |  | 25,406 |
| –basis swaps |  |  | — |  |  |  | 18,277 |  |  |  | — |  |  |  | 18,277 |
| –swaptions |  |  | — |  |  |  | — |  |  |  | (1,161 | ) |  |  | (1,161 | )
Reconciliation of the Beginning and Ending Balances for Derivative Instruments Classified as Level 3 in the Fair Value Hierarchy | The following is a reconciliation of the beginning and ending balances for derivative instruments classified as Level 3 in the fair value hierarchy (in thousands):
| Six Months Ended June 30, |
Balance at December 31, 2023 | $ | (1,161 | )
Total gains included in earnings |  | — |
Additions |  | (2,028 | )
Settlements |  | 1,161 |
Balance at June 30, 2024 | $ | (2,028 | )
Carrying Amounts and Fair Values of Financial Instruments | The following presents the carrying amounts and the fair values of our financial instruments as of June 30, 2024 and December 31, 2023 (in thousands):
| June 30, 2024 |  |  | December 31, 2023 |
| Carrying Value |  |  | Fair Value |  |  | Carrying Value |  |  | Fair Value |
Assets: |  |  |  |  |  |  |  |  |  |  |
Commodity derivatives | $ | 261,397 |  |  | $ | 261,397 |  |  | $ | 442,971 |  |  | $ | 442,971 |
Marketable securities (a) |  | 59,757 |  |  |  | 59,757 |  |  |  | 71,989 |  |  |  | 71,989 |
(Liabilities): |  |  |  |  |  |  |  |  |  |  |
Commodity derivatives |  | (5,778 | ) |  |  | (5,778 | ) |  |  | (329 | ) |  |  | (329 | )
Bank credit facility (b) |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
4.875% senior notes due 2025 (b) |  | (621,136 | ) |  |  | (617,335 | ) |  |  | (688,388 | ) |  |  | (679,363 | )
8.25% senior notes due 2029 (b) |  | (600,000 | ) |  |  | (622,122 | ) |  |  | (600,000 | ) |  |  | (624,816 | )
4.75% senior notes due 2030 (b) |  | (500,000 | ) |  |  | (468,935 | ) |  |  | (500,000 | ) |  |  | (463,085 | )
Deferred compensation plan (c) |  | (85,156 | ) |  |  | (85,156 | ) |  |  | (117,125 | ) |  |  | (117,125 | )
(a) Marketable securities, which are held in our deferred compensation plans, are actively traded on major exchanges. (b) The book value of our bank debt approximates fair value because of its floating rate structure. The fair value of our senior notes is based on end of period market quotes which are Level 2 inputs. (c) The fair value of our deferred compensation plan is updated to the closing price on the balance sheet date, which is a Level 1 input.

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- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-11 + Details
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- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-3 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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