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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 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):

June 30, 2018

			Fair Value Measurements																														Netting(1)						Assets/Liabilities at Fair Value
			Level 1						Level 2						Level 3
Assets
Commodity derivative contracts			$	—					$	1,079					$	—					$	(1,079)					$	—
			$	—					$	1,079					$	—					$	(1,079)					$	—
Liabilities
Commodity derivative contracts			$	—					$	45,004					$	—					$	(1,079)					$	43,925
			$	—					$	45,004					$	—					$	(1,079)					$	43,925

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):

			June 30, 2018																		December 31, 2017
			Fair Value						Carrying Value						Fair Value						Carrying Value
Building Note			$	—					$	—					$	42,526					$	37,502

X

- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=77997519&loc=d3e13476-108611

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=77997519&loc=d3e13467-108611

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=75026489&loc=d3e13220-108610

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=75031198&loc=d3e14172-108612

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 10
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=77997519&loc=d3e13433-108611

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- Definition

Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19190-110258

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