XML 46 R35.htm IDEA: XBRL DOCUMENT v3.20.2
Financial Instruments and Risk Management (Tables)
 9 Months Ended
Sep. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Fair Value of Derivative Instruments Not Designated as Hedging Instruments
At September 30, 2020 and December 31, 2019, the fair value of derivative instruments not designated as hedging instruments are presented in the following table.
September 30, 2020December 31, 2019
(Thousands of dollars)Asset (Liability) DerivativesAsset (Liability) Derivatives
Type of Derivative ContractBalance Sheet LocationFair ValueBalance Sheet LocationFair Value
CommodityAccounts receivable$93,774 Accounts payable$(33,364)
Recognized Gains and Losses for Derivative Instruments Not Designated as Hedging Instruments
For the three-month and nine-month periods ended September 30, 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)Gain (Loss)
(Thousands of dollars)Statement of Operations LocationThree Months Ended September 30,Nine months ended September 30,
Type of Derivative Contract2020201920202019
Commodity(Loss) gain on crude contracts$(5,290)63,247 $319,502 121,163 
Carrying Value of Assets and Liabilities Recorded at Fair Value on Recurring Basis
The carrying value of assets and liabilities recorded at fair value on a recurring basis at September 30, 2020 and December 31, 2019, are presented in the following table.
September 30, 2020December 31, 2019
(Thousands of dollars)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets:
Commodity derivative contracts$— 93,774 — 93,774 — — — — 
$— 93,774 — 93,774 — — — — 
Liabilities:
Commodity derivative contracts$— — — — — 33,364 — 33,364 
Nonqualified employee savings plans16,169 — — 16,169 17,035 — — 17,035 
Contingent consideration— — 117,311 117,311 — — 146,787 146,787 
$16,169 — 117,311 133,480 17,035 33,364 146,787 197,186