Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2016

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
March 31, 2016
Assets
Oil derivative contracts – current	$	—	$	49,758	$	23,040	$	72,798
Total Assets	$	—	$	49,758	$	23,040	$	72,798

Liabilities
Oil derivative contracts – current	$	—	$	25,005	$	—	$	25,005
Total Liabilities	$	—	$	25,005	$	—	$	25,005

December 31, 2015
Assets
Oil derivative contracts – current	$	—	$	90,012	$	52,834	$	142,846
Total Assets	$	—	$	90,012	$	52,834	$	142,846

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 months ended March 31, 2016 and 2015:



	Three Months Ended
	March 31,
In thousands	2016			2015
Fair value of Level 3 instruments, beginning of period	$	52,834		$	188,446
Fair value adjustments on commodity derivatives	281			25,085
Payment (receipts) on settlements of commodity derivatives	(30,075		)	(48,516		)
Fair value of Level 3 instruments, end of period	$	23,040		$	165,015

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	$	133		$	23,099

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 3/31/2016 (in thousands)		Valuation Technique	Unobservable Input	Volatility Range
Oil derivative contracts	$	23,040	Discounted cash flow / Black-Scholes	Volatility of Light Louisiana Sweet for settlement periods beginning after March 31, 2016	26.9% – 38.0%