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Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2016
Fair Value Disclosures [Abstract]  
Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following fair value hierarchy tables present information about Energen’s assets and liabilities measured at fair value on a recurring basis:

 
March 31, 2016
(in thousands)
Level 2
Level 3
Total
Assets:
 
 
 
Derivative instruments
$
21,585

$
(2,775
)
$
18,810

Noncurrent derivative instruments
148

—

148

Total assets
21,733

(2,775
)
18,958

Liabilities:
 
 
 
Derivative instruments
(89
)
(5,379
)
(5,468
)
Noncurrent derivative instruments
(273
)
—

(273
)
Total liabilities
(362
)
(5,379
)
(5,741
)
Net derivative asset (liability)
$
21,371

$
(8,154
)
$
13,217


 
December 31, 2015
(in thousands)
Level 2
Level 3
Total
Assets:
 
 
 
Derivative instruments
$
69,864

$
(12,901
)
$
56,963

Liabilities:
 
 
 
Derivative instruments
2,699

(3,158
)
(459
)
Net derivative asset (liability)
$
72,563

$
(16,059
)
$
56,504
Schedule of Changes in Fair Value of Derivative Instruments Classified as Level 3
The table below sets forth a summary of changes in the fair value of Energen’s Level 3 derivative commodity instruments as follows:

 
Three months ended
 
March 31,
(in thousands)
2016
2015
Balance at beginning of period
$
(16,059
)
$
24,436

Realized gains (losses)
(5,518
)
13,153

Unrealized gains (losses) relating to instruments held at the reporting date*
7,905

(22,023
)
Settlements during period
5,518

(13,153
)
Balance at end of period
$
(8,154
)
$
2,413

*Includes $2.2 million in mark-to-market gains and $10.3 million in mark-to-market losses for the three months ended March 31, 2016 and 2015, respectively.
Schedule of Fair Value Inputs, Derivatives, Quantitative Information
The table below sets forth quantitative information about Energen’s Level 3 fair value measurements of derivative commodity instruments as follows:

(in thousands, except price data)
Fair Value as of March 31, 2016
Valuation Technique*
Unobservable Input*
Range
Oil Basis - WTI/WTI
 
 
 
 
2016
$
(8,153
)
Discounted Cash Flow
Forward Basis
($0.20 - $0.43) Bbl
Oil Basis - WTS/WTI
 
 
 
 
2016
$
(1,443
)
Discounted Cash Flow
Forward Basis
($0.49 - $0.69) Bbl
Natural Gas Basis - Permian
 
 
 
 
2016
$
1,442

Discounted Cash Flow
Forward Basis
($0.17 - $0.18) Mcf
*Discounted cash flow represents an income approach in calculating fair value including the referenced unobservable input and a discount reflecting credit quality of the counterparty.