Financial Instruments and Risk Management (Tables)

9 Months Ended

Sep. 30, 2014

Financial Instruments and Risk Management [Abstract]

WTI Open Contracts

	Volumes
Dates	(barrels per day)	Swap Prices
October – December 2014	22,000	$    93.26	per barrel

Fair Value of Derivative Instruments Not Designated as Hedging Instruments

	September 30, 2014			December 31, 2013
(Thousands of dollars)	Asset (Liability) Derivatives			Asset (Liability) Derivatives
Type of Derivative Contract	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Commodity	Accounts receivable	$	6,152	Accounts receivable	$	1,970
Foreign Currency	Accounts payable		(189)	Accounts payable		(1,038)

Recognized Gains and Losses for Derivative Instruments Not Designated as Hedging Instruments

			Gain (Loss)
		Three Months Ended			Nine Months Ended
(Thousands of dollars)	Statement of Income	September 30,			September 30,
Type of Derivative Contract	Location		2014	2013	2014	2013
Commodity	Sales and other operating revenues	$	37,305	(1,305)	(17,150)	(1,305)
Commodity	Discontinued operations		–	2,980	–	1,604
Foreign exchange	Interest and other income (loss)		(838)	(2,557)	4,062	(6,703)
		$	36,467	(882)	(13,088)	(6,404)

Carrying Value of Assets and Liabilities Recorded at Fair Value on Recurring Basis

	September 30, 2014					December 31, 2013
(Thousands of dollars)	Level 1		Level 2	Level 3	Total	Level 1	Level 2	Level 3	Total
Assets:
Commodity derivative contracts	$	–	6,152	–	6,152	–	1,970	–	1,970
Liabilities:
Nonqualified employee savings         plans	$	13,979	–	–	13,979	13,267	–	–	13,267
Foreign currency exchange         derivative contracts		–	189	–	189	–	1,038	–	1,038
	$	13,979	189	–	14,168	13,267	1,038	–	14,305