FAIR VALUE MEASUREMENT (Tables)

3 Months Ended

Mar. 31, 2020

FAIR VALUE MEASUREMENT

Schedule of balance sheets grouped into the fair value hierarchy

The financial assets and liabilities measured at fair value on a recurring basis in the consolidated balance sheets are grouped into the fair value hierarchy as follows (in thousands):

	March 31, 2020
	Level 1		Level 2		Level 3		Total
Assets measured at fair value
Derivative commodity contracts	$	—	$	89,002	$	—	$	89,002
Liabilities measured at fair value
Derivative commodity contracts		—		(34)		—		(34)
Derivative interest rate swaps		—		(8,065)		—		(8,065)
Total liabilities measured at fair value		—		(8,099)		—		(8,099)
Net fair value	$	—	$	80,903	$	—	$	80,903
	December 31, 2019
	Level 1		Level 2		Level 3		Total
Assets measured at fair value
Derivative commodity contracts	$	—	$	2,093	$	—	$	2,093
Liabilities measured at fair value
Derivative commodity contracts		—		(2,300)		—		(2,300)
Derivative interest rate swaps		—		(5,763)		—		(5,763)
Total liabilities measured at fair value		—		(8,063)		—		(8,063)
Net fair value	$	—	$	(5,970)	$	—	$	(5,970)