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Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2018
Fair Value Disclosures [Abstract]  
Assets and Liabilities Measured on Recurring Basis The following tables summarize the Company’s assets and liabilities measured at fair value on a recurring basis by the fair value hierarchy (in thousands):

March 31, 2018
 
Fair Value Measurements
 
Netting(1)
 
Assets/Liabilities at Fair Value
 
Level 1
 
Level 2
 
Level 3
Assets
 
 
 
 
 
 
 
 
 
Commodity derivative contracts
$
—

 
$
3,040

 
$
—

 
$
(3,040
)
 
$
—

 
$
—

 
$
3,040

 
$
—

 
$
(3,040
)
 
$
—

Liabilities
 
 
 
 
 
 
 
 
 
Commodity derivative contracts
$
—

 
$
28,135

 
$
—

 
$
(3,040
)
 
$
25,095

 
$
—

 
$
28,135

 
$
—

 
$
(3,040
)
 
$
25,095


December 31, 2017
 
Fair Value Measurements
 
Netting(1)
 
Assets/Liabilities at Fair Value
 
Level 1
 
Level 2
 
Level 3
Assets
 
 
 
 
 
 
 
 
 
Commodity derivative contracts
$
—

 
$
5,582

 
$
—

 
$
(4,272
)
 
$
1,310

Investments
5,072

 
—

 
—

 
—

 
5,072

 
$
5,072

 
$
5,582

 
$
—

 
$
(4,272
)
 
$
6,382

Liabilities
 
 
 
 
 
 
 
 
 
Commodity derivative contracts
$
—

 
$
18,467

 
$
—

 
$
(4,272
)
 
$
14,195

 
$
—

 
$
18,467

 
$
—

 
$
(4,272
)
 
$
14,195

____________________
(1)Represents the effect of netting assets and liabilities for counterparties with which the right of offset exists.
Long-Term Debt Carrying Amount and Fair Value Table The estimated fair values and carrying values of the Company’s long-term debt are as follows (in thousands):
 
March 31, 2018
 
December 31, 2017
 
Fair Value
 
Carrying Value
 
Fair Value
 
Carrying Value
Building Note
$
—

 
$
—

 
$
42,526

 
$
37,502