Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2019

Fair Value Disclosures [Abstract]

Fair Value of Available-for-sale Securities

The following is a summary of available-for-sale securities:

	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
	(In thousands)
Equity Securities:
March 31, 2019	$	830	$	—	$	605	$	225
December 31, 2018	$	830	$	—	$	636	$	194

Recurring Fair Value Measurements

The following tables set forth our recurring fair value measurements:

	March 31, 2019
	Level 1		Level 2		Level 3		Effect of Netting		Net Amounts Presented
	(In thousands)
Financial assets (liabilities):
Commodity derivatives:
Assets	$	—	$	1,727	$	3,098	$	(1,361)	$	3,464
Liabilities	—		(1,818)		(18)		1,361		(475)
Total commodity derivatives	—		(91)		3,080		—		2,989
Equity securities	225		—		—		—		225
	$	225	$	(91)	$	3,080	$	—	$	3,214

	December 31, 2018
	Level 1		Level 2		Level 3		Effect of Netting		Net Amounts Presented
	(In thousands)
Financial assets (liabilities):
Commodity derivatives:
Assets	$	—	$	3,225	$	10,964	$	(1,319)	$	12,870
Liabilities	—		(1,278)		(334)		1,319		(293)
Total commodity derivatives	—		1,947		10,630		—		12,577
Equity securities	194		—		—		—		194
	$	194	$	1,947	$	10,630	$	—	$	12,771

Reconciliations Of Level 3 Fair Value Measurements

The following table is a reconciliation of our level 3 fair value measurements: 

	Net Derivatives
	Three Months Ended
	March 31,
	2019		2018
	(In thousands)
Beginning of period	$	10,630	$	(206)
Total gains or losses (realized and unrealized):
Included in earnings (1)	(5,434)		(3,919)
Settlements	(2,116)		919
End of period	$	3,080	$	(3,206)
Total losses for the period included in earnings attributable to the change in unrealized loss relating to assets still held at end of period	$	(7,550)	$	(3,000)

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1.Commodity derivatives are reported in the Unaudited Condensed Consolidated Statements of Operations in gain (loss) on derivatives.

Schedule Of Quantitative Information About Unobservable Inputs

The following table provides quantitative information about our Level 3 unobservable inputs at March 31, 2019:

Commodity (1)	Fair Value		Valuation Technique	Unobservable Input	Range
	(In thousands)
Oil three-way collars	$	3,096	Discounted cash flow	Forward commodity price curve	$0 - $7.93
Natural gas collars	$	(16)	Discounted cash flow	Forward commodity price curve	$0 - $0.13

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1.The commodity contracts detailed in this category include non-exchange-traded crude oil three-way collars and natural gas collars that are valued based on NYMEX. The forward pricing range represents the low and high price expected to be paid or received within the settlement period.