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FAIR VALUE MEASUREMENTS (Tables)
 12 Months Ended
Dec. 31, 2011
Financial Assets and Liabilities, Measured at Fair Value on a Recurring Basis

The following table sets forth financial assets and liabilities, measured at fair value on a recurring basis, as of the measurement dates, December 31, 2011 and 2010, and the basis for that measurement, by level within the fair value hierarchy (in thousands):

 

     December 31,  
      2011     2010  
      Level 1      Level 2     Level 1     Level 2  

Financial assets:

          

Physical fixed price derivative contracts

    $ —       $ 5,292     $ —      $ 1,522  

Physical index derivative contracts

      —         834       —        —   

Futures contracts for refined products

      630        —        112       —   

Interest rate derivatives

      —         —        —        3,892  

Financial liabilities:

          

Physical fixed price derivative contracts

      —         (1,245 )      —        (3,900 ) 

Physical index derivative contracts

      —         (614 )      —        —   

Futures contracts for refined products

      —         —        (12,635 )      —   

Futures contracts for natural gas

      —         —        (206 )      —   

Interest rate derivatives

      —         (101,911 )      —        (544 ) 
  

 

 

     

 

 

    

 

 

    

 

 

  

Fair value

    $ 630      $ (97,644 )    $ (12,729 )    $ 970