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Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2020
Fair Value Disclosures [Abstract]  
Assets and Liabilities Measured on Recurring Basis
The following tables summarize the Company’s assets measured at fair value on a recurring basis by the fair value hierarchy (in thousands):

June 30, 2020

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

December 31, 2019
Fair Value Measurements
Netting(1)
Assets/Liabilities at Fair Value
Level 1
Level 2
Level 3
Assets
Commodity derivative contracts
$—  $114  $—  $—  $114  
$—  $114  $—  $—  $114  
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(1) Represents the effect of netting assets and liabilities for counterparties with which the right of offset exists.