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FAIR VALUE MEASUREMENTS
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS
The following tables present financial assets and liabilities that are measured at fair value on a recurring basis as of March 31, 2025 and December 31, 2024:
March 31, 2025
Level 1Level 2Level 3Total
(In thousands)
Commodity swaps$— $1,915 $— $1,915 
Interest rate swaps— 453 — 453 
Total assets$— $2,368 $— $2,368 
Commodity swaps$— $28,915 $— $28,915 
Interest rate swaps— 485 — 485 
Contingent liability
— — 4,700 4,700 
Total liabilities$— $29,400 $4,700 $34,100 
December 31, 2024
Level 1Level 2Level 3Total
(In thousands)
Commodity swaps$— $1,869 $— $1,869 
Interest rate swaps— 504 — 504 
Total assets$— $2,373 $— $2,373 
Commodity swaps$— $10,742 $— $10,742 
Interest rate swaps— 1,206 — 1,206 
Contingent liability— — 4,700 4,700 
Total liabilities$— $11,948 $4,700 $16,648 
Our derivative contracts consist of interest rate swaps and commodity swaps. The valuation of these derivative contracts involved both observable publicly quoted prices and certain credit valuation inputs that may not be readily observable in the marketplace. As such, derivative contracts are classified as Level 2 in the hierarchy. Refer to Note 11—Derivatives and Hedging Activities in the Notes to Condensed Consolidated Financial Statements in this Quarterly Report on Form 10-Q for further discussion related to commodity swaps and interest rate derivatives.
The Company recorded a contingent liability related to the Kings Landing Earnout using Level 3 inputs, including projected spending and completion probability of the project. Refer to Note 15—Commitments and Contingencies in the Notes to Condensed Consolidated Financial Statements in this Quarterly Report on Form 10-Q for further discussion related to the Kings Landing Earnout contingent liability.
Long-term debt’s carrying value can vary from fair value. See Note 7—Debt and Financing Costs in the Notes to Condensed Financial Statements for further information. The carrying amounts reported on the Condensed Consolidated Balance Sheets for the Company’s remaining financial assets and liabilities approximate fair value due to their short-term nature. There were no transfers between Levels 1, 2 or 3 of the fair value hierarchy during the three months ended March 31, 2025 and 2024.