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Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2019
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, 2019 and 2018:
 
 
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, 2019
 
 
 
 
 
 
 
 
Assets
 
 
 
 
 
 
 
 
Oil derivative contracts – current
 
$
—

 
$
8,503

 
$
3,433

 
$
11,936

Total Assets
 
$
—

 
$
8,503

 
$
3,433

 
$
11,936

 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
Oil derivative contracts – current
 
$
—

 
$
(6,522
)
 
$
(1,824
)
 
$
(8,346
)
Total Liabilities
 
$
—

 
$
(6,522
)
 
$
(1,824
)
 
$
(8,346
)
 
 
 
 
 
 
 
 
 
December 31, 2018
 
 

 
 

 
 

 
 

Assets
 
 
 
 
 
 
 
 
Oil derivative contracts – current
 
$
—

 
$
81,621

 
$
11,459

 
$
93,080

Oil derivative contracts – long-term
 
—

 
2,030

 
2,165

 
4,195

Total Assets
 
$
—

 
$
83,651

 
$
13,624

 
$
97,275
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, 2019 and 2018:
 
 
Year Ended December 31,
In thousands
 
2019
 
2018
Fair value of Level 3 instruments, beginning of year
 
$
13,624

 
$
—

Fair value adjustments on commodity derivatives
 
(8,205
)
 
13,624

Receipt on settlements of commodity derivatives
 
(3,810
)
 
—

Fair value of Level 3 instruments, end of year
 
$
1,609

 
$
13,624

 
 
 
 
 
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
 
$
(556
)
 
$
13,624
Fair Value Measurement Inputs and Valuation Techniques 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
12/31/2019
(in thousands)
 
Valuation Technique
 
Unobservable Input
 
Volatility Range
Oil derivative contracts
 
$
1,609

 
Discounted cash flow / Black-Scholes
 
Volatility of Light Louisiana Sweet for settlement periods beginning after December 31, 2019
 
12.6% – 34.5%