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Fair Value Measurements of Financial Instruments (Tables)
12 Months Ended
Dec. 31, 2016
Fair Value Disclosures [Abstract]  
Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table presents the derivative assets and liabilities that are measured at fair value on a recurring basis at December 31, 2016 and December 31, 2015 for each of the fair value hierarchy levels:

 

 

Fair Value Measurements at December 31, 2016 Using

 

 

Quoted Prices in

 

 

Significant Other

 

 

Significant

 

 

 

 

 

 

Active Market

 

 

Observable Inputs

 

 

Unobservable Inputs

 

 

 

 

 

 

(Level 1)

 

 

(Level 2)

 

 

(Level 3)

 

 

Fair Value

 

 

(In thousands)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity derivatives

$

 

 

$

189,851

 

 

$

 

 

$

189,851

 

Total assets

$

 

 

$

189,851

 

 

$

 

 

$

189,851

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity derivatives

$

 

 

$

17,757

 

 

$

 

 

$

17,757

 

Total liabilities

$

 

 

$

17,757

 

 

$

 

 

$

17,757

 

 

 

 

Fair Value Measurements at December 31, 2015 Using

 

 

Quoted Prices in

 

 

Significant Other

 

 

Significant

 

 

 

 

 

 

Active Market

 

 

Observable Inputs

 

 

Unobservable Inputs

 

 

 

 

 

 

(Level 1)

 

 

(Level 2)

 

 

(Level 3)

 

 

Fair Value

 

 

(In thousands)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity derivatives

$

 

 

$

816,995

 

 

$

 

 

$

816,995

 

Interest rate derivatives

 

 

 

 

 

 

 

 

 

 

 

Total assets

$

 

 

$

816,995

 

 

$

 

 

$

816,995

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity derivatives

$

 

 

$

84,501

 

 

$

 

 

$

84,501

 

Interest rate derivatives

 

 

 

 

2,655

 

 

 

 

 

 

2,655

 

Total liabilities

$

 

 

$

87,156

 

 

$

 

 

$

87,156