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Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2017

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis

The following fair value hierarchy table presents information about the Company’s assets and liabilities measured at fair value on a recurring basis at March 31, 2017 and December 31, 2016:

March 31, 2017		Quoted Prices in Active Markets For Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Balance at March 31, 2017
(Thousands of dollars)
Assets
Commodity derivative contracts		$	—			$	—			$	213			$	213
Total assets		$	—			$	—			$	213			$	213
Liabilities
Commodity derivative contracts		$	—			$	—			$	(990	)		$	(990	)
Total liabilities		$	—			$	—			$	(990	)		$	(990	)
December 31, 2016		Quoted Prices in Active Markets For Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Balance at December 31, 2016
(Thousands of dollars)
Assets
Commodity derivative contracts		$	—			$	—			$	57			$	57
Total assets		$	—			$	—			$	57			$	57
Liabilities
Commodity derivative contract		$	—			$	—			$	(3,639	)		$	(3,639	)
Total liabilities		$	—			$	—			$	(3,639	)		$	(3,639	)

Schedule of Changes in Fair Value of Financial Assets and Liabilities Classified as Level 3

The following table sets forth a reconciliation of changes in the fair value of financial assets and liabilities classified as Level 3 in the fair value hierarchy for the three months ended March 31, 2017.

(Thousands of dollars)
Net Liabilities – December 31, 2016		$	(3,582	)
Total realized and unrealized (gains) losses:
Included in earnings (a)			2577
Included in other comprehensive loss			—
Purchases, sales, issuances and settlements			228
Net assets (liabilities) – March 31, 2017		$	(777	)

a) Derivative instruments are reported in revenues as realized gain/loss and on a separately reported line item captioned unrealized gain/loss on derivative instruments, and interest rate swap instruments are reported as an increase or reduction to interest expense.

Effect of Derivative Instruments on Consolidated Balance Sheets

The following table sets forth the effect of derivative instruments on the consolidated balance sheets at March 31, 2017 and December 31, 2016:

						Fair Value
(Thousands of dollars)		Balance Sheet Location				March 31, 2017				December 31, 2016
Asset Derivatives:
Derivatives not designated as cash-flow hedging instruments:
Crude oil commodity contracts			Other Assets			$	28			$	—
Natural gas commodity contracts			Other Assets			$	185			$	57
Total						$	213			$	57
Liability Derivatives:
Derivatives not designated as cash-flow hedging instruments:
Crude oil commodity contracts			Derivative liability short-term				(205	)			(1,065	)
Natural gas commodity contracts			Derivative liability short-term				(741	)			(1,482	)
Natural gas commodity contracts			Derivative liability long-term				(20	)			(463	)
Crude oil commodity contracts			Derivative liability long-term				(24	)			(629	)
Total						$	(990	)		$	(3,639	)
Total derivative instruments						$	(777	)		$	(3,582	)

Effect of Derivative Instruments on Consolidated Statements of Operations

The following table sets forth the effect of derivative instruments on the consolidated statements of operations for the three month period ended March 31, 2017 and 2016:

		Location of gain/loss recognized in income		Amount of gain/loss recognized in income
(Thousands of dollars)				2017				2016
Derivative designated as cash-flow hedge instruments:
Interest rate swap contracts		Interest expense		$	—			$	(7	)
Derivatives not designated as cash-flow hedge instruments:
Natural gas commodity contracts		Unrealized (loss) gain on derivative instruments, net			1,313				—
Crude oil commodity contracts		Unrealized (loss) gain on derivative instruments, net			1,491				—
Natural gas commodity contracts		Realized gain (loss) on derivative instruments, net			(149	)			—
Crude oil commodity contracts		Realized gain (loss) on derivative instruments, net			(78	)			—
				$	2,577			$	(7	)

X

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19279-110258

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- Definition

Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5624171-113959

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4A
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5618551-113959

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- Definition

Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5624163-113959

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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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