Derivative Instruments and Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2017

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives reflected in the consolidated balance sheet

At September 30, 2017, our commodity purchase and sale contracts had a fair value of zero. At December 31, 2016, the estimated fair value of forward month commodity contracts (derivatives) reflected in the accompanying unaudited condensed consolidated balance sheet were as follows (in thousands):

	December 31, 2016
	Balance Sheet Location and Amount
	Current			Other		Current			Other
	Assets			Assets		Liabilities			Liabilities
Asset derivatives:
Fair value forward hydrocarbon commodity
contracts at gross valuation	$	378		$	—	$	—		$	—
Liability derivatives:
Fair value forward hydrocarbon commodity
contracts at gross valuation	—			—		330			—
Less counterparty offsets	(266		)	—		(266		)	—
As reported fair value contracts	$	112		$	—	$	64		$	—

Derivatives reflected in the consolidated statement of operations

Forward month commodity contracts (derivatives) reflected in the accompanying unaudited condensed consolidated statements of operations were as follows for the periods indicated (in thousands):

	Earnings (losses)
	Three Months Ended					Nine Months Ended
	September 30,					September 30,
	2017			2016		2017			2016
Revenues – Marketing	$	(748	)	$	180	$	(48	)	$	304

Fair value assets and liabilities

The following tables set forth, by level with the Level 1, 2 and 3 fair value hierarchy, the carrying values of our financial assets and liabilities at December 31, 2016 (in thousands):

	December 31, 2016
	Fair Value Measurements Using
	Quoted Prices
	in Active		Significant
	Markets for		Other			Significant
	Identical Assets		Observable			Unobservable
	and Liabilities		Inputs			Inputs		Counterparty
	(Level 1)		(Level 2)			(Level 3)		Offsets			Total
Derivatives:
Current assets	$	—	$	378		$	—	$	(266	)	$	112
Current liabilities	—		(330		)	—		266			(64		)
Net value	$	—	$	48		$	—	$	—		$	48

Fair value, nonrecurring

The following table presents categories of long-lived assets that were subject to non-recurring fair value measurements during the nine months ended September 30, 2017 (in thousands):

			Fair Value Measurements at the End of the Reporting Period Using
			Quoted Prices
			in Active		Significant
	Carrying		Markets for		Other		Significant		Total
	Value at		Identical Assets		Observable		Unobservable		Non-Cash
	September 30,		and Liabilities		Inputs		Inputs		Impairment
	2017		(Level 1)		(Level 2)		(Level 3)		Loss
Investment in AREC	$	3,200	$	—	$	3,200	$	—	$	3,505
Investment in VestaCare	—		—		—		—		2,500
									$	6,005