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Fair Value Measurements (Tables)

9 Months Ended

Sep. 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 September 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 September 30, 2024
Trading securities held in the deferred compensation plan			$	63,201			$	—			$	—			$	63,201
Derivatives	–swaps			—				165,885				—				165,885
	–collars			—				25,701				—				25,701
	–three-way collars			—				15,792				—				15,792
	–basis swaps			—				(16,892	)			—				(16,892	)
	–swaptions			—				—				(9	)			(9	)

			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):

	Nine Months Ended September 30,
Balance at December 31, 2023	$	(1,161	)
Total gains included in earnings		—
Additions		(9	)
Settlements		1,161
Balance at September 30, 2024	$	(9	)

Carrying Amounts and Fair Values of Financial Instruments

The following presents the carrying amounts and the fair values of our financial instruments as of September 30, 2024 and December 31, 2023 (in thousands):

	September 30, 2024								December 31, 2023
	Carrying Value				Fair Value				Carrying Value				Fair Value
Assets:
Commodity derivatives	$	197,810			$	197,810			$	442,971			$	442,971
Marketable securities (a)		63,201				63,201				71,989				71,989
(Liabilities):
Commodity derivatives		(7,333	)			(7,333	)			(329	)			(329	)
Bank credit facility (b)		—				—				—				—
4.875% senior notes due 2025 (b)		(618,140	)			(615,383	)			(688,388	)			(679,363	)
8.25% senior notes due 2029 (b)		(600,000	)			(621,108	)			(600,000	)			(624,816	)
4.75% senior notes due 2030 (b)		(500,000	)			(482,360	)			(500,000	)			(463,085	)
Deferred compensation plan (c)		(87,019	)			(87,019	)			(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.

X

- 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

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-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

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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://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 2
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-Publisher FASB
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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/2009/role/commonPracticeRef
-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

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-Subparagraph (a)
-Publisher FASB
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