Financial Instruments and Risk Management (Tables)

At March 31, 2021 and December 31, 2020, the fair value of derivative instruments not designated as hedging instruments are presented in the following table.

March 31, 2021

December 31, 2020

(Thousands of dollars)

Asset (Liability) Derivatives

Type of Derivative Contract

Balance Sheet Location

Fair Value

Balance Sheet Location

Fair Value

Commodity

Accounts payable

—

Accounts receivable

13,050

Accounts payable

(234,473)

Accounts payable

(89,842)

Deferred credits and other liabilities

(49,034)

Deferred credits and other liabilities

(12,833)

For the three-month periods ended March 31, 2021 and 2020, the gains and losses recognized in the Consolidated Statements of Operations for derivative instruments not designated as hedging instruments are presented in the following table.


		Gain (Loss)
(Thousands of dollars)	Statement of Operations Location	Three months ended March 31,
Type of Derivative Contract			2021		2020
Commodity	(Loss) gain on crude contracts		$	(214,385)	400,672

The carrying value of assets and liabilities recorded at fair value on a recurring basis at March 31, 2021 and December 31, 2020, are presented in the following table.


	March 31, 2021					December 31, 2020
(Thousands of dollars)	Level 1		Level 2	Level 3	Total	Level 1	Level 2	Level 3	Total
Assets:
Commodity derivative contracts	$	—	—	—	—	—	13,050	—	13,050
	$	—	—	—	—	—	13,050	—	13,050

Liabilities:
Nonqualified employee savings plans	$	15,654	—	—	15,654	14,988	—	—	14,988
Commodity derivative contracts	—		283,507	—	283,507	—	102,675	—	102,675
Contingent consideration	—		—	147,927	147,927	—	—	133,004	133,004
	$	15,654	283,507	147,927	431,434	14,988	102,675	133,004	250,667