Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2020

Schedule of fair value of assets and liabilities on a recurring basis

The following table summarizes the fair value of our assets and liabilities that were accounted for at fair value on a recurring basis as of March 31, 2020 (in thousands):


	Fair Value Measurements at March 31, 2020
	Active Markets for		Observable
	Identical Assets		Inputs		Unobservable Inputs
	(Level 1)		(Level 2)		(Level 3)		Fair Value
Commodity derivative instrument
Derivative assets	$	—	$	3,714	$	—	$	3,714
Other liabilities
Warrant		—		(900)		—		(900)
Total	$	—	$	2,814	$	—	$	2,814

The following table summarizes the fair value of our assets and liabilities that were accounted for at fair value on a recurring basis as of December 31, 2019 (in thousands):


	Fair Value Measurements at December 31, 2019
	Active Markets for		Observable
	Identical Assets		Inputs		Unobservable Inputs
	(Level 1)		(Level 2)		(Level 3)		Fair Value
Commodity derivative instrument
Derivative liabilities	$	—	$	(759)	$	—	$	(759)
Other liabilities
Warrant		—		(629)		—		(629)
Total	$	—	$	(1,388)	$	—	$	(1,388)

Non-Recurring Fair Value Measurements Of Assets And Liabilities

The following table summarizes the non-recurring fair value measurements of our production assets as of March 31, 2020 (in thousands):


	Fair Value Measurements at March 31, 2020
	Active Markets for		Observable
	Identical Assets		Inputs		Unobservable Inputs
	(Level 1)		(Level 2)		(Level 3)
Impairment(a)	$	—	$	—	$	12,852
Total net assets	$	—	$	—	$	12,852

Schedule of reconciliation of changes in fair value of derivatives

The following table sets forth a reconciliation of changes in the fair value of the Partnership’s earnout derivative liability classified as Level 3 in the fair value hierarchy (in thousands):


	Three Months Ended		Year Ended
	March 31, 2020		December 31, 2019
Beginning balance	$	—	$	(5,856)
Gain on earnout derivative		—		5,856
Ending balance	$	—	$	—

Gain included in earnings related to derivatives still held as of March 31, 2020 and December 31, 2019, respectively	$	—	$	5,856