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Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2017
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 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, 2017
 
 
 
 
 
 
 
 
Assets
 
 
 
 
 
 
 
 
Oil derivative contracts – current
 
$
—

 
$
58

 
$
2

 
$
60

Total Assets
 
$
—

 
$
58

 
$
2

 
$
60

 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
Oil derivative contracts – current
 
$
—

 
$
(16,746
)
 
$
—

 
$
(16,746
)
Oil derivative contracts – long-term
 
—

 
(4,263
)
 
—

 
(4,263
)
Total Liabilities
 
$
—

 
$
(21,009
)
 
$
—

 
$
(21,009
)
 
 
 
 
 
 
 
 
 
December 31, 2016
 
 

 
 

 
 

 
 

Liabilities
 
 

 
 

 
 

 
 

Oil derivative contracts – current
 
$
—

 
$
(68,753
)
 
$
(526
)
 
$
(69,279
)
Total Liabilities
 
$
—

 
$
(68,753
)
 
$
(526
)
 
$
(69,279
)
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, 2017 and 2016:
 
 
Three Months Ended
 
Nine Months Ended
 
 
September 30,
 
September 30,
In thousands
 
2017
 
2016
 
2017
 
2016
Fair value of Level 3 instruments, beginning of period
 
$
99

 
$
240

 
$
(526
)
 
$
52,834

Fair value gains (losses) on commodity derivatives
 
(97
)
 
2,402

 
528

 
(2,134
)
Receipts on settlements of commodity derivatives
 
—

 
(3,167
)
 
—

 
(51,225
)
Fair value of Level 3 instruments, end of period
 
$
2

 
$
(525
)
 
$
2

 
$
(525
)
 
 
 
 
 
 
 
 
 
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
 
$
(71
)
 
$
891

 
$
54

 
$
(525
)
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
9/30/2017
(in thousands)
 
Valuation Technique
 
Unobservable Input
 
Volatility Range
Oil derivative contracts
 
$
2

 
Discounted cash flow / Black-Scholes
 
Volatility of Light Louisiana Sweet for settlement periods beginning after September 30, 2017
 
15.4% – 33.4%