FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2013

FAIR VALUE MEASUREMENTS

Financial Assets and Liabilities, Measured at Fair Value on Recurring Basis

The following table sets forth financial assets and liabilities measured at fair value on a recurring basis, as of the measurement dates indicated, and the basis for that measurement, by level within the fair value hierarchy (in thousands):

	June 30, 2013					December 31, 2012
	Level 1		Level 2			Level 1			Level 2
Financial assets:
Physical fixed price derivative contracts	$	—	$	3,066		$	—		$	1,154
Physical index derivative contracts	—		564			—			565
Futures contracts for refined products	2,836		—			—			—
Financial liabilities:
Physical fixed price derivative contracts	—		(2,357		)	—			(2,042		)
Physical index derivative contracts	—		(174		)	—			(546		)
Futures contracts for refined products	—		—			(7,570		)	—
Interest rate derivatives	—		(35,237		)	—			(130,636		)
Fair value	$	2,836	$	(34,138	)	$	(7,570	)	$	(131,505	)

Carrying Value and Fair Value using Level 2 Input Values of Debt

The carrying value and fair value, using Level 2 input values, of our debt were as follows at the dates indicated (in thousands):

	June 30, 2013				December 31, 2012
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Fixed-rate debt	$	2,569,630	$	2,684,646	$	2,070,244	$	2,203,662
Variable-rate debt	76,000		76,000		871,200		871,200
Total debt	$	2,645,630	$	2,760,646	$	2,941,444	$	3,074,862