Quarterly report pursuant to Section 13 or 15(d)

Financial Instruments

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Financial Instruments
3 Months Ended
Mar. 31, 2015
Financial Instruments  
Financial Instruments

(6)Financial Instruments

 

The carrying values of accounts receivable and accounts payable at December 31, 2014 and March 31, 2015 approximated market value because of their short-term nature.  The carrying values of the amounts outstanding under the Credit Facility and Water Facility at December 31, 2014 and March 31, 2015 approximated fair value because the variable interest rates are reflective of current market conditions.

 

Based on Level 2 market data inputs, the fair value of the Company’s senior notes was approximately $2.5 billion at December 31, 2014 and $3.3 billion at March 312015.

 

See note 7 for information regarding the fair value of derivative financial instruments.