XML 38 R24.htm IDEA: XBRL DOCUMENT v3.2.0.727
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2015
Fair Value Disclosures [Abstract]  
Recurring Fair Value Measurements
The following tables set forth our recurring fair value measurements:
 
 
June 30, 2015
 
 
Level 2
 
Level 3
 
Gross
Amounts
 
Effect
of Netting
 
Net Amounts Presented
 
 
(In thousands)
Financial assets (liabilities):
 
 
 
 
 
 
 
 
 
 
Commodity derivatives:
 
 
 
 
 
 
 
 
 
 
Assets
 
$
14,517

 
$
273

 
$
14,790

 
$
(66
)
 
$
14,724

Liabilities
 
—

 
(66
)
 
(66
)
 
66

 
—

 
 
$
14,517

 
$
207

 
$
14,724

 
$
—

 
$
14,724

 
 
December 31, 2014
 
 
Level 2
 
Level 3
 
Gross
Amounts
 
Effect
of Netting
 
Net Amounts Presented
 
 
(In thousands)
Financial assets (liabilities):
 
 
 
 
 
 
 
 
 
 
Commodity derivatives:
 
 
 
 
 
 
 
 
 
 
Assets
 
$
27,784

 
$
3,355

 
$
31,139

 
$
—

 
$
31,139

Liabilities
 
—

 
—

 
—

 
—

 
—

 
 
$
27,784

 
$
3,355

 
$
31,139

 
$
—

 
$
31,139
Reconciliations Of Level 3 Fair Value Measurements
The following tables are reconciliations of our level 3 fair value measurements: 
 
 
Commodity Collars
 
 
Three Months Ended
 
Six Months Ended
 
 
June 30,
 
June 30,
 
 
2015
 
2014
 
2015
 
2014
 
 
(In thousands)
Beginning of period
 
$
857

 
$
(4,464
)
 
$
3,355

 
$
(2,595
)
Total gains or losses (realized and unrealized):
 
 
 
 
 
 
 
 
Included in earnings (1)
 
111

 
(4,401
)
 
888

 
(7,829
)
Settlements
 
(761
)
 
2,784

 
(4,036
)
 
4,343

End of period
 
$
207

 
$
(6,081
)
 
$
207

 
$
(6,081
)
Total losses for the period included in earnings attributable to the change in unrealized loss relating to assets still held at end of period
 
$
(650
)
 
$
(1,617
)
 
$
(3,148
)
 
$
(3,486
)
_______________________
(1)
Commodity collars are reported in the Unaudited Condensed Consolidated Statements of Operations in gain (loss) on derivatives not designated as hedges.
Schedule Of Quantitative Information About Unobservable Inputs
The following table provides quantitative information about our Level 3 unobservable inputs at June 30, 2015:
Commodity (1)
 
Fair Value
 
Valuation Technique
 
Unobservable Input
 
Range
 
 
(In thousands)
 
 
 
 
 
 
Oil collar
 
$
239

 
Discounted cash flow
 
Forward commodity price curve
 
$0.37 - $4.33
Natural gas collars
 
(32
)
 
Discounted cash flow
 
Forward commodity price curve
 
$0.00 - $0.15
 _______________________
(1)
The commodity contracts detailed in this category include non-exchange-traded crude oil and natural gas collars that are valued based on NYMEX. The forward pricing range represents the low and high price expected to be paid or received within the settlement period.