Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2020

Fair value hierarchy of financial assets and liabilities

The following table sets forth, by level within the fair value hierarchy, our financial assets and liabilities that were accounted for at fair value on a recurring basis as of the periods indicated:



	Fair Value Measurements Using:
In thousands	Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total
March 31, 2020
Assets
Oil derivative contracts – current	$	—	$	125,724		$	—		$	125,724
Total Assets	$	—	$	125,724		$	—		$	125,724

December 31, 2019
Assets
Oil derivative contracts – current	$	—	$	8,503		$	3,433		$	11,936
Total Assets	$	—	$	8,503		$	3,433		$	11,936

Liabilities
Oil derivative contracts – current	$	—	$	(6,522	)	$	(1,824	)	$	(8,346	)
Total Liabilities	$	—	$	(6,522	)	$	(1,824	)	$	(8,346	)

Changes in fair value of Level 3 assets and liabilities

The following table summarizes the changes in the fair value of our Level 3 assets and liabilities for the three months ended March 31, 2020 and 2019:



	Three Months Ended
	March 31,
In thousands	2020			2019
Fair value of Level 3 instruments, beginning of period	$	1,609		$	13,624
Transfers out of Level 3	(1,609		)	—
Fair value losses on commodity derivatives	—			(9,047		)
Receipts on settlements of commodity derivatives	—			(891		)
Fair value of Level 3 instruments, end of period	$	—		$	3,686

The amount of total losses for the period included in earnings attributable to the change in unrealized losses relating to assets or liabilities still held at the reporting date	$	—		$	(6,481	)