Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2020

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, 2020
Assets
Oil derivative contracts – current	$	—	$	47,655		$	—		$	47,655
Total Assets	$	—	$	47,655		$	—		$	47,655

Liabilities
Oil derivative contracts – current	$	—	$	(7,691	)	$	—		$	(7,691	)
Total Liabilities	$	—	$	(7,691	)	$	—		$	(7,691	)

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	)

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, 2020 and 2019:



	Three Months Ended					Six Months Ended
	June 30,					June 30,
In thousands	2020		2019			2020			2019
Fair value of Level 3 instruments, beginning of period	$	—	$	3,686		$	1,609		$	13,624
Transfers out of Level 3	—		—			(1,609		)	—
Fair value gains (losses) on commodity derivatives	—		2,720			—			(6,360		)
Receipts on settlements of commodity derivatives	—		(333		)	—			(1,191		)
Fair value of Level 3 instruments, end of period	$	—	$	6,073		$	—		$	6,073

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	$	—	$	2,387		$	—		$	(1,240	)