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Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2022
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following table is a listing of the Company’s assets and liabilities that are measured at fair value in the accompanying balance sheets and where they are classified within the fair value hierarchy as of December 31, 2022:
Level 1Level 2Level 3
(in thousands)
Assets:
Derivatives (1)
$— $73,142 $— 
Liabilities:
Derivatives (1)
$— $57,323 $— 
____________________________________________
(1)    This represents a financial asset or liability that is measured at fair value on a recurring basis.
The following table is a listing of the Company’s assets and liabilities that are measured at fair value in the accompanying balance sheets and where they are classified within the fair value hierarchy as of December 31, 2021:
Level 1Level 2Level 3
(in thousands)
Assets:
Derivatives (1)
$— $24,334 $— 
Liabilities:
Derivatives (1)
$— $345,202 $— 
____________________________________________
(1)    This represents a financial asset or liability that is measured at fair value on a recurring basis.
Impairment of Oil and Gas Properties
The following table presents impairment of proved properties expense and abandonment and impairment of unproved properties expense recorded for the periods presented:
For the Years Ended December 31,
202220212020
(in thousands)
Impairment of proved oil and gas properties and related support equipment$— $— $956,650 
Abandonment and impairment of unproved properties (1)
7,468 35,000 59,363 
Impairment$7,468 $35,000 $1,016,013 
____________________________________________
(1)    These impairments related to actual and anticipated lease expirations, as well as actual and anticipated losses on acreage due to title defects, changes in development plans, and other inherent acreage risks. The balances in the unproved oil and gas properties line item on the accompanying balance sheets as of December 31, 2022, and 2021, are recorded at carrying value.
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments
The following table reflects the fair value of the Company’s Senior Notes obligations measured using Level 1 inputs based on quoted secondary market trading prices. These notes were not presented at fair value on the accompanying balance sheets as of December 31, 2022, or 2021, as they were recorded at carrying value, net of any unamortized discounts and deferred financing costs. Please refer to Note 5 – Long-Term Debt for additional information.
As of December 31,
20222021
Principal AmountFair ValuePrincipal AmountFair Value
(in thousands)
10.0% Senior Secured Notes due 2025
$— $— $446,675 $491,628 
5.0% Senior Notes due 2024
$— $— $104,769 $104,583 
5.625% Senior Notes due 2025
$349,118 $337,821 $349,118 $353,091 
6.75% Senior Notes due 2026
$419,235 $409,484 $419,235 $431,787 
6.625% Senior Notes due 2027
$416,791 $402,120 $416,791 $432,783 
6.5% Senior Notes due 2028
$400,000 $384,520 $400,000 $417,284