Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2016

Financial Instruments, Owned, at Fair Value [Abstract]

Estimated Fair Values Of Debt Instruments

The carrying amounts and estimated fair values of marketable securities, derivative instruments and senior notes at March 31, 2016 and December 31, 2015 were as follows:

					Fair Value by Input Level
	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
	(In thousands)
March 31, 2016
Assets:
Commodity price swaps	$	33,619	$	33,619	$	—	$	33,619	$	—
Forward contracts	4,197		4,197		—		4,197		—
Total assets	$	37,816	$	37,816	$	—	$	37,816	$	—
Liabilities:
NYMEX futures contracts	$	768	$	768	$	768	$	—	$	—
Commodity price swaps	91,295		91,295		—		91,295		—
Forward contracts	6,947		6,947		—		6,947		—
HollyFrontier senior notes	246,224		250,313		—		250,313		—
HEP senior notes	296,944		295,500		—		295,500		—
HEP interest rate swaps	263		263		—		263		—
Total liabilities	$	642,441	$	645,086	$	768	$	644,318	$	—

December 31, 2015
Assets:
Marketable securities	$	144,019	$	144,019	$	—	$	144,019	$	—
NYMEX futures contracts	3,469		3,469		3,469		—		—
Commodity price swaps	37,097		37,097		—		37,097		—
HEP interest rate swaps	304		304		—		304		—
Total assets	$	184,889	$	184,889	$	3,469	$	181,420	$	—
Liabilities:
Commodity price swaps	$	98,930	$	98,930	$	—	$	98,930	$	—
HEP senior notes	296,752		295,500		—		295,500		—
HEP interest rate swaps	114		114		—		114		—
Total liabilities	$	395,796	$	394,544	$	—	$	394,544	$	—

Fair Value, Recurring Basis, Level 3 Roll Forward

The following table presents the changes in fair value of our Level 3 assets and liabilities (all related to derivative instruments) for the three months ended March 31, 2015:

	Three Months Ended March 31, 2015
Level 3 Instruments
	(In thousands)
Liability balance at beginning of period	$	—
Change in fair value:
Recognized in other comprehensive income	(2,552		)
Settlement date fair value of contractual maturities:
Recognized in sales and other revenues	—
Liability balance at end of period	$	(2,552	)