Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2019

Fair Value Disclosures [Abstract]

Fair Value of Available-for-sale Securities

The following is a summary of available-for-sale securities:

	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
	(In thousands)
Equity Securities:
June 30, 2019	$	830	$	—	$	645	$	185
December 31, 2018	$	830	$	—	$	636	$	194

Recurring Fair Value Measurements

The following tables set forth our recurring fair value measurements:

	June 30, 2019
	Level 1		Level 2		Level 3		Effect of Netting		Net Amounts Presented
	(In thousands)
Financial assets (liabilities):
Commodity derivatives:
Assets	$	—	$	5,422	$	3,945	$	(854)	$	8,513
Liabilities	—		(1,110)		—		854		(256)
Total commodity derivatives	—		4,312		3,945		—		8,257
Equity securities	185		—		—		—		185
	$	185	$	4,312	$	3,945	$	—	$	8,442

	December 31, 2018
	Level 1		Level 2		Level 3		Effect of Netting		Net Amounts Presented
	(In thousands)
Financial assets (liabilities):
Commodity derivatives:
Assets	$	—	$	3,225	$	10,964	$	(1,319)	$	12,870
Liabilities	—		(1,278)		(334)		1,319		(293)
Total commodity derivatives	—		1,947		10,630		—		12,577
Equity securities	194		—		—		—		194
	$	194	$	1,947	$	10,630	$	—	$	12,771

Reconciliations Of Level 3 Fair Value Measurements

The following table is a reconciliation of our level 3 fair value measurements: 

	Net Derivatives
	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2019		2018		2019		2018
	(In thousands)
Beginning of period	$	3,080	$	(3,206)	$	10,630	$	(206)
Total gains or losses (realized and unrealized):
Included in earnings (1)	2,060		(4,704)		(3,374)		(8,624)
Settlements	(1,195)		1,775		(3,311)		2,695
End of period	$	3,945	$	(6,135)	$	3,945	$	(6,135)
Total earnings (losses) for the period included in earnings attributable to the change in unrealized loss relating to assets still held at end of period	$	865	$	(2,929)	$	(6,685)	$	(5,929)

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1.Commodity derivatives are reported in the Unaudited Condensed Consolidated Statements of Operations in gain (loss) on derivatives.

Schedule Of Quantitative Information About Unobservable Inputs

The following table provides quantitative information about our Level 3 unobservable inputs at June 30, 2019:

Commodity (1)	Fair Value		Valuation Technique	Unobservable Input	Range
	(In thousands)
Oil three-way collars	$	2,828	Discounted cash flow	Forward commodity price curve	$0 - $9.00
Natural gas collars	$	1,117	Discounted cash flow	Forward commodity price curve	$0 - $0.48

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1.The commodity contracts detailed in this category include non-exchange-traded crude oil three-way collars 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.