Assets and Liabilities Measured at Fair Value (Tables)

12 Months Ended

Dec. 31, 2022

Carrying Value of Assets and Liabilities Recorded at Fair Value on Recurring Basis

The fair value measurements for these assets and liabilities at December 31, 2022 and 2021 are presented in the following table.


	December 31, 2022								December 31, 2021
(Thousands of dollars)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets:
Commodity collars	$	—	$	—	$	—	$	—	$	—	$	4,280	$	—	$	4,280



Liabilities:
Nonqualified employee savings plan	$	15,135	$	—	$	—	$	15,135	$	16,962	$	—	$	—	$	16,962
Commodity collars	—		—		—		—		—		19,533		—		19,533
Contingent consideration	—		—		—		—		—		—		196,151		196,151
Commodity swaps	—		—		—		—		—		239,882		—		239,882
	$	15,135	$	—	$	—	$	15,135	$	16,962	$	259,415	$	196,151	$	472,528

Carrying Amounts and Estimated Fair Values of Financial Instruments

The following table presents the carrying amounts and estimated fair values of financial instruments held by the Company at December 31, 2022 and 2021. The fair value of a financial instrument is the amount at which the instrument could be exchanged in a current transaction between willing parties. The table excludes cash and cash equivalents, trade accounts receivable, trade accounts payable and accrued expenses, all of which had fair values approximating carrying amounts. The fair value of current and long-term debt was estimated based on rates offered to the Company at that time for debt of the same maturities. The Company has off-balance sheet exposures relating to certain letters of credit. The fair value of these, which represents fees associated with obtaining the instruments, was nominal.


	December 31,
	2022				2021
(Thousands of dollars)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets (liabilities):
Current and long-term debt	$	(1,823,139)	$	(1,668,216)	$	(2,466,068)	$	(2,666,773)

Nonrecurring Fair Value Measurements

The fair value information associated with the 2021 impaired properties is presented in the following table.


	Year Ended December 31,
							Net Book Value Prior to Impairment		Total Pretax Impairment
	Fair Value
(Thousands of dollars)	Level 1		Level 2		Level 3







2021
Assets:
Impaired proved properties
U.S. Offshore	$	—	$	—	$	156,185	$	327,481	$	171,296
Other Foreign	—		—		25,739		43,739		18,000
Corporate	—		—		36,994		43,994		7,000