Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2015

Fair value hierarchy of financial assets and liabilities

The following table sets forth, by level within the fair value hierarchy, our financial assets and liabilities that were accounted for at fair value on a recurring basis as of the periods indicated:



	Fair Value Measurements Using:
In thousands	Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
September 30, 2015
Assets:
Oil and natural gas derivative contracts – current	$	—	$	116,557	$	82,874	$	199,431
Total Assets	$	—	$	116,557	$	82,874	$	199,431

December 31, 2014
Assets:
Oil and natural gas derivative contracts – current	$	—	$	283,238	$	157,121	$	440,359
Oil and natural gas derivative contracts – long-term	—		34,862		31,325		66,187
Total Assets	$	—	$	318,100	$	188,446	$	506,546

Changes in fair value of Level 3 assets and liabilities

The following table summarizes the changes in the fair value of our Level 3 assets and liabilities for the three and nine months ended September 30, 2015 and 2014:



	Three Months Ended						Nine Months Ended
	September 30,						September 30,
In thousands	2015			2014			2015			2014
Fair value of Level 3 instruments, beginning of period	$	112,358		$	(39,116	)	$	188,446		$	6,709
Fair value adjustments on commodity derivatives	21,089			61,411			38,872			15,586
Receipts on settlements of commodity derivatives	(50,573		)	—			(144,444		)	—
Fair value of Level 3 instruments, end of period	$	82,874		$	22,295		$	82,874		$	22,295

The amount of total gains for the period included in earnings attributable to the change in unrealized gains relating to assets still held at the reporting date	$	15,332		$	61,411		$	25,456		$	15,586

Quantitative valuation techniques for assets and liabilities measured on a recurring basis (Level 3)

The following table details fair value inputs related to implied volatilities utilized in the valuation of our Level 3 oil derivative contracts:



	Fair Value at 9/30/2015 (in thousands)		Valuation Technique	Unobservable Input	Volatility Range
Oil derivative contracts	$	82,874	Discounted cash flow / Black-Scholes	Volatility of Light Louisiana Sweet for settlement periods beginning after September 30, 2015	30.2% – 37.5%