Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2020

The following tables set forth by level within the fair value hierarchy the Company’s non-financial assets and liabilities that were measured at fair value on a recurring basis in the Unaudited Consolidated Balance Sheets.


	Level 1		Level 2		Level 3		Total
	(in thousands)
As of September 30, 2020
Financial Assets

Deferred compensation plan	$	1,220	$	—	$	—	$	1,220
Commodity derivatives	—		58,048		—		58,048
Financial Liabilities
Commodity derivatives	—		7,069		—		7,069
As of December 31, 2019
Financial Assets

Deferred compensation plan	$	2,033	$	—	$	—	$	2,033
Commodity derivatives	—		8,890		—		8,890
Financial Liabilities
Commodity derivatives	—		10,056		—		10,056

Fair Value, Assets Measured on Nonrecurring Basis, Level 3 Unobservable Inputs

The following table includes quantitative information about the significant unobservable inputs, categorized within Level 3 of the fair value hierarchy, that were used in the fair value measurement.


Level 3 Unobservable Inputs						As of March 31, 2020
Price (1)
Oil (per Bbl)						$29 to $60
Gas (per MMbtu)						$2.03 to $2.52
NGL (percentage of oil price)						24% to 31%
Reserve adjustment factors
PDP						100%
PDN						95%
Discount rate						11%

(1)These prices were adjusted for location and quality differentials.