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Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2018
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
June 30, 2018
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
Oil derivative contracts – current
 
$
—

 
$
(144,554
)
 
$
(700
)
 
$
(145,254
)
Oil derivative contracts – long-term
 
—

 
(10,236
)
 
(468
)
 
(10,704
)
Total Liabilities
 
$
—

 
$
(154,790
)
 
$
(1,168
)
 
$
(155,958
)
 
 
 
 
 
 
 
 
 
December 31, 2017
 
 

 
 

 
 

 
 

Liabilities
 
 

 
 

 
 

 
 

Oil derivative contracts – current
 
$
—

 
$
(99,061
)
 
$
—

 
$
(99,061
)
Total Liabilities
 
$
—

 
$
(99,061
)
 
$
—

 
$
(99,061
)
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 six months ended June 30, 2018 and 2017:
 
 
Three Months Ended
 
Six Months Ended
 
 
June 30,
 
June 30,
In thousands
 
2018
 
2017
 
2018
 
2017
Fair value of Level 3 instruments, beginning of period
 
$
—

 
$
91

 
$
—

 
$
(526
)
Fair value gains (losses) on commodity derivatives
 
(1,168
)
 
8

 
(1,168
)
 
625

Fair value of Level 3 instruments, end of period
 
$
(1,168
)
 
$
99

 
$
(1,168
)
 
$
99

 
 
 
 
 
 
 
 
 
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
 
$
(1,168
)
 
$
8

 
$
(1,168
)
 
$
245
Qualitative 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
6/30/2018
(in thousands)
 
Valuation Technique
 
Unobservable Input
 
Volatility Range
Oil derivative contracts
 
$
(1,168
)
 
Discounted cash flow / Black-Scholes
 
Volatility of Light Louisiana Sweet for settlement periods beginning after June 30, 2018
 
22.3% – 29.2%