Financial Instruments and Risk Management (Tables)

At June 30, 2021 and December 31, 2020, the fair value of derivative instruments not designated as hedging instruments are presented in the following table.

June 30, 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 receivable

—

Accounts receivable

13,050

Accounts payable

(354,366)

Accounts payable

(89,842)

Deferred credits and other liabilities

(71,259)

Deferred credits and other liabilities

(12,833)

For the three-month and six-month periods ended June 30, 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)			Gain (Loss)
(Thousands of dollars)	Statement of Operations Location	Three Months Ended June 30,			Six months ended June 30,
Type of Derivative Contract		2021		2020	2021		2020
Commodity	(Loss) gain on crude contracts	$	(226,245)	(75,880)	$	(440,630)	324,792

The carrying value of assets and liabilities recorded at fair value on a recurring basis at June 30, 2021 and December 31, 2020, are presented in the following table.


	June 30, 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 plan	$	17,188	—	—	17,188	14,988	—	—	14,988
Commodity derivative contracts	—		425,625	—	425,625	—	102,675	—	102,675
Contingent consideration	—		—	209,682	209,682	—	—	133,004	133,004
	$	17,188	425,625	209,682	652,495	14,988	102,675	133,004	250,667