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Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2016
Fair Value Disclosures [Abstract]  
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 December 31, 2016 and 2015:
 
 
Fair Value Measurements Using:
 
 
Quoted Prices
in Active
Markets
 
Significant
Other
Observable
Inputs
 
Significant
Unobservable
Inputs
 
 
In thousands
 
(Level 1)
 
(Level 2)
 
(Level 3)
 
Total
December 31, 2016
 
 
 
 
 
 
 
 
Liabilities
 
 

 
 

 
 

 
 

Oil derivative contracts – current
 
$
—

 
$
68,753

 
$
526

 
$
69,279

Total Liabilities
 
$
—

 
$
68,753

 
$
526

 
$
69,279

 
 
 
 
 
 
 
 
 
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 years ended December 31, 2016 and 2015:
 
 
Year Ended December 31,
In thousands
 
2016
 
2015
Fair value of Level 3 instruments, beginning of year
 
$
52,834

 
$
188,446

Fair value adjustments on commodity derivatives
 
(2,135
)
 
43,378

Receipt on settlements of commodity derivatives
 
(51,225
)
 
(178,990
)
Fair value of Level 3 instruments, end of year
 
$
(526
)
 
$
52,834

 
 
 
 
 
The amount of total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities still held at the reporting date
 
$
(526
)
 
$
21,509
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
12/31/2016
(in thousands)
 
Valuation Technique
 
Unobservable Input
 
Range
Oil derivative contracts
 
$
(526
)
 
Discounted cash flow / Black-Scholes
 
Volatility of Light Louisiana Sweet for settlement periods beginning after December 31, 2016
 
15.3% – 38.4%