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Financial Instruments (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2017 and December 31, 2016:

September 30, 2017		Quoted Prices in Active Markets For Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Balance at September 30, 2017
(Thousands of dollars)
Assets
Commodity derivative contracts		$	—			$	—			$	131			$	131
Total assets		$	—			$	—			$	131			$	131
Liabilities
Commodity derivative contracts		$	—			$	—			$	(621	)		$	(621	)
Total liabilities		$	—			$	—			$	(621	)		$	(621	)

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 six months ended September 30, 2017.

(Thousands of dollars)
Net Liabilities – December 31, 2016		$	(3,582	)
Total realized and unrealized (gains) losses:
Included in earnings (a)			3043
Purchases, sales, issuances and settlements			49
Net Liabilities – September 30, 2017		$	(490	)

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 September 30, 2017 and December 31, 2016:

				Fair Value
(Thousands of dollars)		Balance Sheet Location		September 30, 2017				December 31, 2016
Asset Derivatives:
Derivatives not designated as cash-flow hedging instruments:
Crude oil commodity contracts		Other Current Assets		$	12			$	—
Natural gas commodity contracts		Other Current Assets			94				—
Crude oil commodity contracts		Other Assets			19				—
Natural gas commodity contracts		Other Assets			6				57
Total				$	131			$	57
Liability Derivatives:
Derivatives not designated as cash-flow hedging instruments:
Crude oil commodity contracts		Derivative liability short-term			(88	)			(1,065	)
Natural gas commodity contracts		Derivative liability short-term			(204	)			(1,482	)
Natural gas commodity contracts		Derivative liability long-term			(254	)			(463	)
Crude oil commodity contracts		Derivative liability long-term			(75	)			(629	)
Total				$	(621	)		$	(3,639	)
Total derivative instruments				$	(490	)		$	(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 nine month periods ended September 30, 2017 and 2016:

				Amount of gain/loss recognized in income
(Thousands of dollars)		Location of gain/loss recognized in income		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			1,709				—
Crude oil commodity contracts		Unrealized (loss) gain on derivative instruments, net			1,383				—
Natural gas commodity contracts		Realized gain (loss) on derivative instruments, net			(130	)			—
Crude oil commodity contracts		Realized gain (loss) on derivative instruments, net			81				—
				$	3,043			$	(7	)

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- Definition

Tabular disclosure of financial instrument classified as a derivative asset (liability) after deduction of derivative liability (asset) using recurring unobservable inputs that reflect the entity's own assumption about the assumptions market participants would use in pricing.

+ 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
-Subparagraph (b)
-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=84234895&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=84234895&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=84234895&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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