Financial Instruments and Risk Management (Tables)

3 Months Ended

Mar. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Fair Value of Derivative Instruments Not Designated as Hedging Instruments

At March 31, 2020 and December 31, 2019, the fair value of derivative instruments not designated as hedging instruments are presented in the following table.

	March 31, 2020			December 31, 2019
(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	$	361,176	Accounts payable	$	(33,364	)

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

For the three-month periods ended March 31, 2020 and 2019, the gains and losses recognized in the Consolidated Statements of Operations for derivative instruments not designated as hedging instruments are presented in the following table.

		Gain (Loss)
(Thousands of dollars)		Three months ended March 31,
Type of Derivative Contract	Statement of Operations Location	2020		2019
Commodity	Gain (loss) on crude contracts	$	400,672	—

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

The carrying value of assets and liabilities recorded at fair value on a recurring basis at March 31, 2020 and December 31, 2019, are presented in the following table.

	March 31, 2020					December 31, 2019
(Thousands of dollars)	Level 1		Level 2	Level 3	Total	Level 1	Level 2	Level 3	Total
Assets:
Commodity derivative contracts	$	—	361,176	—	361,176	—	—	—	—
	$	—	361,176	—	361,176	—	—	—	—
Liabilities:
Commodity derivative contracts	$	—	—	—	—	—	33,364	—	33,364
Nonqualified employee savings plans	13,013		—	—	13,013	17,035	—	—	17,035
Contingent consideration	—		—	87,636	87,636	—	—	146,787	146,787
	$	13,013	—	87,636	100,649	17,035	33,364	146,787	197,186