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Financial Instruments and Risk Management (Tables)
 12 Months Ended
Dec. 31, 2011
Fair Value of Derivative Instruments Not Designated as Hedging Instruments

At December 31, 2011 and 2010, the fair value of derivative instruments not designated as hedging instruments are presented in the following table.

 

     December 31, 2011      December 31, 2010  
     Asset Derivatives      Liability Derivatives      Asset Derivatives      Liability Derivatives  

(Thousands of dollars)

    Balance
Sheet
Location		      Fair
Value		      Balance
Sheet
Location		      Fair
Value		      Balance
Sheet
Location		      Fair
Value		      Balance
Sheet
Location		      Fair
Value		  
                       
                       

Type of

derivative contract

                        
Commodity     
 		 Accounts
Receivable		   
  		      $197        
 		 Accounts
Payable		   
  		      $489        
 		 Accounts
Receivable		   
  		      $750        
 		 Accounts
Payable		   
  		      $626   
Foreign exchange      —           —          
 		 Accounts
Payable		   
  		      $8,459        
 		 Accounts
Receivable		   
  		      $7,261         —           —   
Gains and Losses for Derivative Instruments Not Designated as Hedging Instruments

For the years ended December 31, 2011 and 2010, the gains and losses recognized in the Consolidated Statements of Income for derivative instruments not designated as hedging instruments are presented in the following table.

 

      Year Ended December 31, 2011     Year Ended December 31, 2010  

(Thousands of dollars)

    Location of
Gain (Loss)
Recognized
in Income
on Derivative		      Amount of
Gain (Loss)
Recognized
in Income
on Derivative		     Location of
Gain (Loss)
Recognized
in Income
on Derivative		      Amount of
Gain (Loss)
Recognized
in Income
on Derivative		  
          
          
          
          

Type of

derivative contract

           
Commodity     
 		 Crude Oil and
Product Purchases		   
  		    $ 5,659       
 		 Crude Oil and
Product Purchases		   
  		    $ (7,577 ) 

Foreign exchange

     
 		 Interest and Other
Income (Loss)		   
  		      (305 )     
 		 Interest and Other
Income (Loss)		   
  		      34,215   
     

 

 

       

 

 

  
      $ 5,354         $ 26,638   
     

 

 

       

 

 

  
Fair Value of Interest Rate Derivative Contracts Designated as Hedging Instruments

At December 31, 2011, the fair value of these interest rate derivative contracts, which have been designated as hedging instruments for accounting purposes, are presented in the following table.

 

      December 31, 2011  
      Liability Derivatives  

(Thousands of dollars)

    Balance
Sheet
Location		      Fair
Value		  
     
     
     

Type of derivative contract

      

Interest rate

      Accounts Payable       $ 25,927