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Derivative Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2011
Derivative Financial Instruments  
Volume of Derivative Activity

 

 

Derivative contracts not designated as hedging
instruments

 

Notional
Quantity
(net)

 

Crude oil (bbl)

 

6,382,676

 

Natural gas (MMBtu)

 

15,635,865

 

Refined products (gal)

 

151,776,610
Reconciliation of liability recorded for embedded derivative

 

 

Fair value of commodity contract

 

$

104,074

 

Inception value for period from April 1, 2015 to December 31, 2022

 

(53,507

)

Derivative liability as of June 30, 2011

 

$

50,567
Derivative contracts not designated as hedging instruments

 

 

 

 

Assets

 

Liabilities

 

Derivative instruments not designated as hedging
instruments and their balance sheet location

 

June 30, 2011

 

December 31,
2010

 

June 30,
2011

 

December 31,
2010

 

 

 

 

 

 

 

 

 

 

 

Fair value of derivative instruments - current

 

$

2,835

 

$

4,345

 

$

(78,345

)

$

(65,489

)

Fair value of derivative instruments - long-term

 

3,349

 

417

 

(81,121

)

(66,290

)

Total

 

$

6,184

 

$

4,762

 

$

(159,466

)

$

(131,779

)

 

Derivative instruments not designated as hedging

 

Three months ended June 30,

 

Six months ended June 30,

 

instruments and the location of gain or (loss)
recognized in income

 

2011

 

2010

 

2011

 

2010

 

Revenue: Derivative gain (loss)

 

 

 

 

 

 

 

 

 

Realized loss

 

$

(12,186

)

$

(5,690

)

$

(26,577

)

$

(18,819

)

Unrealized gain (loss)

 

52,776

 

52,592

 

(18,512

)

58,485

 

Total revenue: derivative gain (loss)

 

40,590

 

46,902

 

(45,089

)

39,666

 

 

 

 

 

 

 

 

 

 

 

Derivative gain (loss) related to purchased product costs

 

 

 

 

 

 

 

 

 

Realized loss

 

(5,560

)

(5,733

)

(13,447

)

(11,171

)

Unrealized gain (loss)

 

5,814

 

14,125

 

(5,693

)

6,174

 

Total derivative gain (loss) related to purchased product costs

 

254

 

8,392

 

(19,140

)

(4,997

)

 

 

 

 

 

 

 

 

 

 

Derivative (loss)gain related to facility expenses

 

 

 

 

 

 

 

 

 

Unrealized (loss) gain

 

(2,927

)

(934

)

84

 

(128

)

 

 

 

 

 

 

 

 

 

 

Derivative gain related to interest expense

 

 

 

 

 

 

 

 

 

Realized gain

 

—

 

—

 

—

 

2,380

 

Unrealized loss

 

—

 

—

 

—

 

(509

)

Total derivative gain related to interest expense

 

—

 

—

 

—

 

1,871

 

 

 

 

 

 

 

 

 

 

 

Miscellaneous income (expense), net

 

 

 

 

 

 

 

 

 

Unrealized gain

 

—

 

3

 

—

 

59

 

Total gain (loss)

 

$

37,917

 

$

54,363

 

$

(64,145

)

$

36,471