Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2014

Financial Instruments, Owned, at Fair Value [Abstract]

Estimated Fair Values Of Debt Instruments

The carrying amounts and estimated fair values of our investments in marketable securities, derivative instruments and senior notes at June 30, 2014 and December 31, 2013 were as follows:

					Fair Value by Input Level
Financial Instrument	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
	(In thousands)
June 30, 2014
Assets:
Marketable securities	$	679,668	$	679,668	$	—	$	679,668	$	—
Commodity price swaps	184,250		184,250		—		177,627		6,623
HEP interest rate swaps	834		834		—		834		—
Total assets	$	864,752	$	864,752	$	—	$	858,129	$	6,623
Liabilities:
NYMEX futures contracts	$	3,337	$	3,337	$	3,337	$	—	$	—
Commodity price swaps	104,135		104,135		—		22,071		82,064
Forward sales contracts	196		196		—		—		196
HollyFrontier senior notes	154,606		159,187		—		159,187		—
HEP senior notes	296,253		320,250		—		320,250		—
HEP interest rate swaps	1,629		1,629		—		1,629		—
Total liabilities	$	560,156	$	588,734	$	3,337	$	503,137	$	82,260

					Fair Value by Input Level
Financial Instrument	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
	(In thousands)
December 31, 2013
Assets:
Marketable securities	$	725,160	$	725,160	$	—	$	725,160	$	—
Commodity price swaps	43,284		43,284		—		36,312		6,972
HEP interest rate swaps	1,670		1,670		—		1,670		—
Total assets	$	770,114	$	770,114	$	—	$	763,142	$	6,972
Liabilities:
NYMEX futures contracts	$	3,569	$	3,569	$	3,569	$	—	$	—
Commodity price swaps	83,349		83,349		—		41,059		42,290
HollyFrontier senior notes	155,054		161,250		—		161,250		—
HEP senior notes	444,630		471,750		—		471,750		—
HEP interest rate swaps	1,814		1,814		—		1,814		—
Total liabilities	$	688,416	$	721,732	$	3,569	$	675,873	$	42,290

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

The following table presents the changes in fair value of our Level 3 assets and liabilities (all related to derivative instruments) for the three and six months ended June 30, 2014 and 2013:

	Three Months Ended June 30,						Six Months Ended June 30,
Level 3 Financial Instruments	2014			2013			2014			2013
	(In thousands)
Liability balance at beginning of period	$	(22,473	)	$	(6,249	)	$	(35,318	)	$	(33,658	)
Change in fair value:
Recognized in other comprehensive income	(90,559		)	50,615			(112,695		)	1,413
Recognized in cost of products sold	(7,084		)	3,662			1,885			47,222
Settlement date fair value of contractual maturities:
Recognized in sales and other revenues	48,942			(3,868		)	74,273			15,316
Recognized in cost of products sold	(4,463		)	(7,034		)	(3,782		)	6,833
Asset (liability) balance at end of period	$	(75,637	)	$	37,126		$	(75,637	)	$	37,126