Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2015

Financial Instruments, Owned, at Fair Value [Abstract]

Estimated Fair Values Of Debt Instruments

The carrying amounts and estimated fair values of investments in marketable securities, derivative instruments and senior notes at June 30, 2015 and December 31, 2014 were as follows:

					Fair Value by Input Level
Financial Instrument	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
	(In thousands)
June 30, 2015
Assets:
Marketable securities	$	392,859	$	392,859	$	—	$	392,859	$	—
Commodity price swaps	131,333		131,333		—		131,333		—
Forward contracts	76		76		—		76		—
HEP interest rate swaps	134		134		—		134		—
Total assets	$	524,402	$	524,402	$	—	$	524,402	$	—
Liabilities:
NYMEX futures contracts	$	236	$	236	$	236	$	—	$	—
Commodity price swaps	126,983		126,983		—		126,983		—
Forward contracts	2,143		2,143		—		2,143		—
HEP senior notes	296,905		295,875		—		295,875		—
HEP interest rate swaps	707		707		—		707		—
Total liabilities	$	426,974	$	425,944	$	236	$	425,708	$	—

					Fair Value by Input Level
Financial Instrument	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
	(In thousands)
December 31, 2014
Assets:
Marketable securities	$	474,110	$	474,110	$	—	$	474,110	$	—
NYMEX futures contracts	17,619		17,619		17,619		—		—
Commodity price swaps	208,296		208,296		—		208,296		—
HEP interest rate swaps	1,019		1,019		—		1,019		—
Total assets	$	701,044	$	701,044	$	17,619	$	683,425	$	—
Liabilities:
Commodity price swaps	$	196,897	$	196,897	$	—	$	196,897	$	—
HollyFrontier senior notes	154,144		155,250		—		155,250		—
HEP senior notes	296,579		291,000		—		291,000		—
HEP interest rate swaps	1,065		1,065		—		1,065		—
Total liabilities	$	648,685	$	644,212	$	—	$	644,212	$	—

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, 2015 and 2014:

	Three Months Ended June 30,						Six Months Ended June 30,
Level 3 Financial Instruments	2015			2014			2015			2014
	(In thousands)
Liability balance at beginning of period	$	(2,552	)	$	(22,473	)	$	—		$	(35,318	)
Change in fair value:
Recognized in other comprehensive income	6,404			(90,559		)	3,852			(112,695		)
Recognized in cost of products sold	—			(7,084		)	—			1,885
Settlement date fair value of contractual maturities:
Recognized in sales and other revenues	(3,852		)	48,942			(3,852		)	74,273
Recognized in cost of products sold	—			(4,463		)	—			(3,782		)
Liability balance at end of period	$	—		$	(75,637	)	$	—		$	(75,637	)