Financial Instruments and Risk Management (Tables)

12 Months Ended

Dec. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

At December 31, 2021, volumes per day associated with outstanding crude oil derivative contracts and the weighted average prices for these contracts are as follows:

	2022
NYMEX WTI swap contracts:
Volume per day (Bbl):	20,000
Price per Bbl:	$	44.88
NYMEX WTI collar contracts:
Volume per day (Bbl):	25,000
Price per Bbl:
Average Ceiling:	$	75.20
Average Floor:	63.24

Fair Value of Derivative Instruments Not Designated as Hedging Instruments

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

(Thousands of dollars)	Asset (Liability) Derivatives Fair Value at December 31,
Type of Derivative Contract	Balance Sheet Location	2021		2020
Commodity swaps	Accounts receivable	$	—	13,050
	Accounts payable	(239,882)		(89,842)
	Deferred credits and other liabilities	—		(12,833)
Commodity collars	Accounts receivable	4,280		—
	Accounts payable	(19,533)		—

Recognized Gains and Losses for Derivative Instruments Not Designated as Hedging Instruments

For the years ended December 31, 2021, 2020, and 2019, 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)		Year Ended December 31,
Type of Derivative Contract	Statement of Operations Locations	2021		2020	2019
Commodity swaps	(Loss) gain on derivative instruments	$	(510,596)	202,661	(856)
Commodity collars	(Loss) gain on derivative instruments	(15,254)		—	—