XML 39 R31.htm IDEA: XBRL DOCUMENT
v3.25.2

Fair Value Measurements (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2025
Fair Value Disclosures [Abstract] |
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 h ierarchy (in thousands):
| Six Months Ended June 30, 2025 |
Balance at December 31, 2024 | $ | (13,240 | )
Total losses included in earnings |  | (3,319 | )
Additions |  | (10,173 | )
Transfers |  | 1,170 |
Balance at June 30, 2025 | $ | (25,562 | )
Carrying Amounts and Fair Values of Financial Instruments | The following presents the carrying amounts and the fair values and hierarchy of our financial instruments as of June 30, 2025 and December 31, 2024 (in thousands):
| June 30, 2025 |  |  | December 31, 2024 |
| Carrying Value |  |  | Fair Value |  |  | Carrying Value |  |  | Fair Value |
Assets: |  |  |  |  |  |  |  |  |  |  |
Commodity derivatives (a) | $ | 51,115 |  |  | $ | 51,115 |  |  | $ | 87,098 |  |  | $ | 87,098 |
Marketable securities (b) |  | 59,836 |  |  |  | 59,836 |  |  |  | 60,989 |  |  |  | 60,989 |
(Liabilities): |  |  |  |  |  |  |  |  |  |  |
Commodity derivatives (a) |  | (24,388 | ) |  |  | (24,388 | ) |  |  | (20,122 | ) |  |  | (20,122 | )
Bank credit facility (c) |  | (125,000 | ) |  |  | (125,000 | ) |  |  | — |  |  |  | — |
4.875% senior notes due 2025 (c) |  | — |  |  |  | — |  |  |  | (608,702 | ) |  |  | (607,363 | )
8.25% senior notes due 2029 (c) |  | (600,000 | ) |  |  | (616,398 | ) |  |  | (600,000 | ) |  |  | (618,114 | )
4.75% senior notes due 2030 (c) |  | (500,000 | ) |  |  | (486,105 | ) |  |  | (500,000 | ) |  |  | (469,285 | )
Deferred compensation plan (d) |  | (70,060 | ) |  |  | (70,060 | ) |  |  | (86,882 | ) |  |  | (86,882 | )
(a) Fair values for commodity derivatives utilize Level 2 inputs with the exception of swaptions, which utilize Level 3 inputs. Fair value of swaption contracts as of June 30, 2025 was a derivative liability of $25.6 milli on. (b) Marketable securities, which are held in our deferred compensation plans, are actively traded on major exchanges, which is a Level 1 input. (c) 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. Debt is presented on the balance sheet at carrying value. (d) The fair value of our deferred compensation plan is updated to the closing price of the marketable securities held in the plan 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 Reference 1: 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
Name: | us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 -SubTopic 10 -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 -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
Name: | us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration