Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2019

Fair Value Disclosures [Abstract]

Recurring Fair Value Measurements

The following tables set forth our recurring fair value measurements:

	September 30, 2019
	Level 1		Level 2		Level 3		Effect of Netting		Net Amounts Presented
	(In thousands)
Financial assets (liabilities):
Commodity derivatives:
Assets	$	—	$	3,770	$	2,711	$	(394)	$	6,087
Liabilities	—		(501)		—		394		(107)
Total commodity derivatives	—		3,269		2,711		—		5,980
Equity securities	—		—		—		—		—
	$	—	$	3,269	$	2,711	$	—	$	5,980

	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				Nine Months Ended
	September 30,				September 30,
	2019		2018		2019		2018
	(In thousands)
Beginning of period	$	3,945	$	(6,135)	$	10,630	$	(206)
Total gains or losses (realized and unrealized):
Included in earnings (1)	2,393		(3,700)		(980)		(12,324)
Settlements	(3,627)		2,316		(6,939)		5,011
End of period	$	2,711	$	(7,519)	$	2,711	$	(7,519)
Total losses for the period included in earnings attributable to the change in unrealized gain (loss) relating to assets still held at end of period	$	(1,234)	$	(1,384)	$	(7,919)	$	(7,313)

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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 September 30, 2019:

Commodity (1)	Fair Value		Valuation Technique	Unobservable Input	Range
	(In thousands)
Oil three-way collars	$	2,270	Discounted cash flow	Forward commodity price curve	$0 - $11.80
Natural gas collars	$	441	Discounted cash flow	Forward commodity price curve	$0 - $2.43

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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.