Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2012

Financial Instruments, Owned, at Fair Value [Abstract]

Estimated Fair Values Of Debt Instruments

The carrying amounts and related estimated fair values of our investments in marketable securities, derivative instruments and the senior notes at September 30, 2012 and December 31, 2011 were as follows:



					Fair Value by Input Level
Financial Instrument	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
			(In thousands)
September 30, 2012
Assets:
Marketable debt securities	$	285,928	$	285,928	$	—	$	285,928	$	—
NYMEX futures contracts	4,126		4,126		4,126		—		—
Total assets	$	290,054	$	290,054	$	4,126	$	285,928	$	—

Liabilities:
Commodity price swaps	$	57,457	$	57,457	$	—	$	29,409	$	28,048
HollyFrontier senior notes	435,139		475,977		—		475,977		—
HEP senior notes	443,434		473,625		—		473,625		—
HEP interest rate swaps	3,764		3,764		—		3,764		—
Total liabilities	$	939,794	$	1,010,823	$	—	$	982,775	$	28,048



December 31, 2011
Assets:
Equity securities	$	753	$	753	$	753	$	—	$	—
Marketable debt securities	260,953		260,953		—		260,953		—
Commodity price swaps	175,654		175,654		—		144,038		31,616
Total assets	$	437,360	$	437,360	$	753	$	404,991	$	31,616

Liabilities:
NYMEX futures contracts	$	1,252	$	1,252	$	1,252	$	—	$	—
HollyFrontier senior notes	651,262		693,979		—		693,979		—
HEP senior notes	325,860		344,350		—		344,350		—
HEP interest rate swaps	520		520		—		520		—
Total liabilities	$	978,894	$	1,040,101	$	1,252	$	1,038,849	$	—

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The following table presents the changes in fair value of the Level 3 assets and liabilities (all related to commodity price swap contracts) for the three and nine months ended September 30, 2012:



Level 3 Financial Instruments	Three Months Ended September 30, 2012			Nine Months Ended September 30, 2012
	(In thousands)
Asset balance at beginning of period	$	119,461		$	31,616
Change in fair value	(192,446		)	(158,893		)
Settlement date fair value of contracts open at beginning of period	44,937			99,229
Liability balance at end of period	$	(28,048	)	$	(28,048	)

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income, and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issuances, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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