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FAIR VALUE MEASUREMENTS (Tables)
 12 Months Ended
Dec. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Liabilities at Fair Value
The following fair value hierarchy tables present information about Energen’s assets and liabilities measured at fair value on a recurring basis:

 
December 31, 2017
(in thousands)
Level 2
Level 3
Total
Liabilities
 
 
 
Derivative instruments
$
43,241

$
28,138

$
71,379

Noncurrent derivative instruments
7,736

1,150

8,886

Total liabilities
50,977

29,288

80,265

Net derivative liability
$
(50,977
)
$
(29,288
)
$
(80,265
)

 
December 31, 2016
(in thousands)
Level 2
Level 3
Total
Assets
 
 
 
Derivative instruments
$
50

$
—

$
50

Total assets
50

—

50

Liabilities
 
 
 
Derivative instruments
57,927

7,540

65,467

Noncurrent derivative instruments
1,694

1,312

3,006

Total liabilities
59,621

8,852

68,473

Net derivative liability
$
(59,571
)
$
(8,852
)
$
(68,423
)
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:

Years ended December 31, (in thousands)
2017
2016
2015
Balance at beginning of period
$
(8,852
)
$
(16,059
)
$
24,436

Realized gains (losses)
(10,121
)
(14,120
)
13,145

Unrealized gains (losses) relating to instruments held at the reporting date*
(19,027
)
5,745

(40,495
)
Settlements during period
8,712

14,120

(13,145
)
Transfer out of Level 3
—

1,462

—

Balance at end of period
$
(29,288
)
$
(8,852
)
$
(16,059
)

*Includes losses of $26.6 million, $8.9 million and $16.1 million related to open contracts held at the reporting date for the years ended December 31, 2017, 2016 and 2015, respectively.

Schedule of Level Three Fair Value Measurements of Derivative Commodity Instruments
The tables below set 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 December 31, 2017
Valuation Technique*
Unobservable Input*
Range
Oil Basis - WTI/WTI
 
 
 
 
2018
$
(11,374
)
Discounted Cash Flow
Forward Basis
($0.03) - $0.11 Bbl
2019
$
(626
)
Discounted Cash Flow
Forward Basis
($0.36) - ($0.24) Bbl
Natural Gas Liquids
 
 
 
 
2018
$
(16,764
)
Discounted Cash Flow
Forward Basis
$0.74 - $0.78 Gal
2019
(524
)
Discounted Cash Flow
Forward Basis
$0.68 Gal
*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.