Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2013

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 senior notes at March 31, 2013 and December 31, 2012 were as follows:

					Fair Value by Input Level
Financial Instrument	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
			(In thousands)
March 31, 2013
Assets:
Marketable debt securities	$	670,694	$	670,694	$	—	$	670,694	$	—
Commodity price swaps	43,808		43,808		—		27,598		16,210
Forward sales	1,468		1,468		—		—		1,468
Total assets	$	715,970	$	715,970	$	—	$	698,292	$	17,678
Liabilities:
NYMEX futures contracts	$	5,837	$	5,837	$	5,837	$	—	$	—
Commodity price swaps	38,650		38,650		—		14,723		23,927
HollyFrontier senior notes	435,373		469,573		—		469,573		—
HEP senior notes	443,913		480,563		—		480,563		—
HEP interest rate swaps	2,868		2,868		—		2,868		—
Total liabilities	$	926,641	$	997,491	$	5,837	$	967,727	$	23,927

December 31, 2012
Assets:
Marketable debt securities	$	635,702	$	635,702	$	—	$	635,702	$	—
Commodity price swaps	17,383		17,383		—		6,151		11,232
Total assets	$	653,085	$	653,085	$	—	$	641,853	$	11,232
Liabilities:
NYMEX futures contracts	$	5,563	$	5,563	$	5,563	$	—	$	—
Commodity price swaps	83,982		83,982		—		39,092		44,890
HollyFrontier senior notes	435,254		470,990		—		470,990		—
HEP senior notes	443,673		484,125		—		484,125		—
HEP interest rate swaps	3,430		3,430		—		3,430		—
Total liabilities	$	971,902	$	1,048,090	$	5,563	$	997,637	$	44,890

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 derivative instruments) for the three months ended March 31, 2013 and 2012:

Level 3 Financial Instruments	Three Months Ended March 31,
	2013			2012
	(In thousands)
Asset (liability) balance at beginning of period	$	(33,658	)	$	31,616
Change in fair value:
Recognized in other comprehensive income	(49,202		)	(146,769		)
Recognized in cost of products sold	43,559			—
Settlement date fair value of contractual maturities:
Recognized in sales and other revenues	19,185			(34,125		)
Recognized in cost of products sold	13,867			—
Asset (liability) balance at end of period	$	(6,249	)	$	(149,278	)