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Derivatives And Fair Value | 12 Months Ended
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Dec. 31, 2017
Derivatives And Fair Value [Abstract] |
Derivatives And Fair Value | 10. DERIVATIVES AND FAIR VALUE As of Dec ember 31, 2017, we had no derivative instruments outstanding. During the year ended December 31, 2017 and 2016, we had o il puts outstanding for anticipated sales volumes for the period from April 22, 2016 through December 31, 2017. Our put contracts are subject to agreements similar to a master netting agreement under which we have the legal right to offset assets and liabilities. At December 31, 2016, the fair value of all of the put contracts were an asset of $1.2 million. The following table sets forth, by level within the fair value hierarchy and location on our consolidated balance sheets, the reported fair values of derivative instruments accounted for at fair value on a recurring basis: ﻿ ﻿
﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿ |  |  |  | Carrying |  | Fair Value Measurements Using
﻿Derivative Item |  | Balance Sheet Line |  | Value |  | Level 1 |  | Level 2 |  | Level 3
﻿ |  |  |  | (in thousands)
﻿Crude oil puts |  | Prepayments and other |  |  |  |  |  |  |  |  |  |  |  |
﻿Balance at December 31, 2017 |  | $ | — |  | $ | — |  | $ | — |  | $ | —
﻿Balance at December 31, 2016 |  | $ | 1,227 |  | $ | — |  | $ | 1,227 |  | $ | —
﻿ The crude oil put contracts are measured at fair value using the Black’s option pricing model. Level 2 observable inputs used in the valuation model include market information as of the reporting date, such as prevailing Brent crude futures prices, Brent crude futures commodity price volatility and interest rates. The determination of the put contract fair value includes the impact of the counterparty’s non-performance risk. To mitigate counterparty risk, we enter into such derivative contracts with creditworthy financial institutions deemed by management as competent and competitive market makers. The following table sets forth the gain (loss) on derivative instruments on our consolidated statements of operations: ﻿
﻿ |  |  |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |
﻿ |  |  |  | Year Ended December 31,
﻿Derivative Item |  | Statement of Operations Line |  | 2017 |  | 2016 |  | 2015
﻿ |  |  |  | (in thousands)
﻿Crude oil puts |  | Other, net |  | $ | (1,032) |  | $ | (1,711) |  | $ | —
﻿ ﻿

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- Definition The entire disclosure for derivatives and fair value of assets and liabilities. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI http://asc.fasb.org/topic&trid=2229140 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -URI http://asc.fasb.org/topic&trid=2155941 + Details
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