Fair Value Measurements (Tables)

12 Months Ended

Dec. 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 December 31, 2020 and 2019:


	Fair Value Measurements Using:
	Quoted Prices in Active Markets		Significant Other Observable Inputs		Significant Unobservable Inputs
In thousands	(Level 1)		(Level 2)		(Level 3)		Total
December 31, 2020 (Successor)
Assets
Oil derivative contracts – current	$	—	$	187	$	—	$	187

Total Assets	$	—	$	187	$	—	$	187

Liabilities
Oil derivative contracts – current	$	—	$	(53,865)	$	—	$	(53,865)
Oil derivative contracts – long-term	—		(5,087)		—		(5,087)
Total Liabilities	$	—	$	(58,952)	$	—	$	(58,952)


December 31, 2019 (Predecessor)
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 periods indicated:


	Successor		Predecessor
	Period from Sept. 19, 2020 through Dec. 31, 2020		Period from Jan. 1, 2020 through Sept. 18, 2020		Year Ended
In thousands					Dec. 31, 2019
Fair value of Level 3 instruments, beginning of period	$	—	$	1,609	$	13,624
Transfers out of Level 3	—		(1,609)		—
Fair value adjustments on commodity derivatives	—		—		(8,205)
Receipt on settlements of commodity derivatives	—		—		(3,810)
Fair value of Level 3 instruments, end of period	$	—	$	—	$	1,609

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	$	—	$	—	$	(556)