DEBT (Tables)

3 Months Ended

Mar. 31, 2014

Debt Disclosure [Abstract]

Components of Long-term Debt

The components of long-term debt as of are as follows:

	March 31,			December 31,
	2014			2013
	(Thousands of dollars)
Senior Notes dated March 17, 2014, interest only payable semi-annually at 5.25%, maturing March 15, 2019	$	500,000		$	—
Senior Notes dated September 23, 2010, interest only payable semi-annually at 8.625% maturing October 15, 2018		7,429			300,000
Revolving Credit Facility due September 1, 2015 with a group of commercial banks, interest payable at variable rates		—			79,000
Total debt		507,429			379,000
Less: Short-term debt		(7,429	)		—
Total long-term debt	$	500,000		$	379,000