Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2012

Financial Instruments, Owned, at Fair Value [Abstract]

Estimated Fair Values Of Debt Instruments

The carrying amounts and related estimated fair values of our investments in marketable securities, derivative instruments and the senior notes at June 30, 2012 and December 31, 2011 were as follows:

					Fair Value by Input Level
Financial Instrument	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
			(In thousands)
June 30, 2012
Assets:
Marketable debt securities	$	276,248	$	276,248	$	—	$	276,248	$	—
NYMEX futures contracts	3,683		3,683		3,683		—		—
Commodity price swaps	119,461		119,461		—		—		119,461
Total assets	$	399,392	$	399,392	$	3,683	$	276,248	$	119,461
Liabilities:
Commodity price swaps	$	89,194	$	89,194	—		$	89,194	$	—
HollyFrontier senior notes	644,982		686,628		—		686,628		—
HEP senior notes	443,195		461,625		—		461,625		—
HEP interest rate swap	2,382		2,382		—		2,382		—
Total liabilities	$	1,179,753	$	1,239,829	$	—	$	1,239,829	$	—

December 31, 2011
Assets:
Equity securities	$	753	$	753	$	753	$	—	$	—
Marketable debt securities	260,953		260,953		—		260,953		—
Commodity price swaps	175,654		175,654		—		144,038		31,616
Total assets	$	437,360	$	437,360	$	753	$	404,991	$	31,616
Liabilities:
NYMEX futures contracts	$	1,252	$	1,252	$	1,252	$	—	$	—
HollyFrontier senior notes	651,262		693,979		—		693,979		—
HEP senior notes	325,860		344,350		—		344,350		—
HEP interest rate swap	520		520		—		520		—
Total liabilities	$	978,894	$	1,040,101	$	1,252	$	1,038,849	$	—

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The following table presents the changes in fair value of the Level 3 assets and liabilities (all related to commodity price swap contracts) for the three and six months ended June 30, 2012:

Level 3 Financial Instruments	Three Months Ended June 30, 2012			Six Months Ended June 30, 2012
	(In thousands)
Asset (liability) balance at beginning of period	$	(149,278	)	$	31,616
Change in fair value	248,572			33,553
Fair value on date of settlement of open contracts at beginning of period	20,167			54,292
Asset balance at end of period	$	119,461		$	119,461