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Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2020
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, 2020 (Successor)
 
 
 
 
 
 
 
 
Assets
 
 
 
 
 
 
 
 
Oil derivative contracts – current
 
$
—

 
$
26,778

 
$
—

 
$
26,778

Oil derivative contracts – long-term
 
—

 
1,147

 
—

 
1,147

Total Assets
 
$
—

 
$
27,925

 
$
—

 
$
27,925

 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
Oil derivative contracts – current
 
$
—

 
$
(5,739
)
 
$
—

 
$
(5,739
)
Oil derivative contracts – long-term
 
—

 
(584
)
 
—

 
(584
)
Total Liabilities
 
$
—

 
$
(6,323
)
 
$
—

 
$
(6,323
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2019 (Predecessor)
 
 

 
 

 
 

 
 

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 tables summarize the changes in the fair value of our Level 3 assets and liabilities:
 
 
Successor
 
 
Predecessor
 
 
Period from Sept. 19, 2020 through
 
 
Period from July 1, 2020 through
 
Three Months Ended
In thousands
 
Sept. 30, 2020
 
 
Sept. 18, 2020
 
Sept. 30, 2019
Fair value of Level 3 instruments, beginning of period
 
$
—

 
 
$
—

 
$
6,073

Transfers out of Level 3
 
—

 
 
—

 
—

Fair value gains on commodity derivatives
 
—

 
 
—

 
6,450

Receipts on settlements of commodity derivatives
 
—

 
 
—

 
(1,323
)
Fair value of Level 3 instruments, end of period
 
$
—

 
 
$
—

 
$
11,200

 
 
 
 
 
 
 
 
The amount of total gains for the period included in earnings attributable to the change in unrealized gains relating to assets or liabilities still held at the reporting date
 
$
—

 
 
$
—

 
$
6,234


 
 
Successor
 
 
Predecessor
 
 
Period from Sept. 19, 2020 through
 
 
Period from Jan. 1, 2020 through
 
Nine Months Ended
In thousands
 
Sept. 30, 2020
 
 
Sept. 18, 2020
 
Sept. 30, 2019
Fair value of Level 3 instruments, beginning of period
 
$
—

 
 
$
1,609

 
$
13,624

Transfers out of Level 3
 
—

 
 
(1,609
)
 
—

Fair value gains on commodity derivatives
 
—

 
 
—

 
90

Receipts on settlements of commodity derivatives
 
—

 
 
—

 
(2,514
)
Fair value of Level 3 instruments, end of period
 
$
—

 
 
$
—

 
$
11,200

 
 
 
 
 
 
 
 
The amount of total gains for the period included in earnings attributable to the change in unrealized gains relating to assets or liabilities still held at the reporting date
 
$
—

 
 
$
—

 
$
6,540