Financial Instruments and Risk Management (Tables)

6 Months Ended

Jun. 30, 2013

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Fair Value of Derivative Instruments Not Designated as Hedging Instruments

At June 30, 2013 and December 31, 2012, the fair value of derivative instruments not designated as hedging instruments are presented in the following table.

	June 30, 2013				December 31, 2012
(Thousands of dollars)	Asset (Liability) Derivatives				Asset (Liability) Derivatives
Type of Derivative Contract	Balance Sheet Location	Fair Value			Balance Sheet Location	Fair Value
Commodity	Accounts receivable	$	6,088		Accounts receivable	$	3,043
Commodity	Accounts payable		(4,552	)	Accounts payable		(102	)
Foreign exchange	Accounts payable		(5,551	)	Accounts payable		(1,031	)

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

For the three-month and six-month periods ended June 30, 2013 and 2012, the gains and losses recognized in the Consolidated Statements of Income for derivative instruments not designated as hedging instruments are presented in the following table.

		Gain (Loss)
(Thousands of dollars)	Statement of Income	Three Months Ended June 30,						Six Months Ended June 30,
Type of Derivative Contract	Location	2013			2012			2013			2012
Commodity	Crude oil and product purchases	$	2,834			1,618			(1,376	)		2,263
Foreign exchange	Interest and other income		(1,328	)		(8,318	)		(4,146	)		9,197
		$	1,506			(6,700	)		(5,522	)		11,460

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

The carrying value of assets and liabilities recorded at fair value on a recurring basis at June 30, 2013 and December 31, 2012 are presented in the following table.

	June 30, 2013											December 31, 2012
(Thousands of dollars)	Level 1			Level 2			Level 3		Total			Level 1			Level 2			Level 3		Total
Assets
Commodity derivative contracts	$	0			6,088			0		6,088			0			3,043			0		3,043
Liabilities
Nonqualified employee savings plans	$	(11,203	)		0			0		(11,203	)		(10,293	)		0			0		(10,293	)
Commodity derivative contracts		0			(4,552	)		0		(4,552	)		0			(102	)		0		(102	)
Foreign currency exchange derivative contracts		0			(5,551	)		0		(5,551	)		0			(1,031	)		0		(1,031	)
	$	(11,203	)		(10,103	)		0		(21,306	)		(10,293	)		(1,133	)		0		(11,426	)

Offsetting of Assets and Liabilities Related to Derivative Contracts

The Company offsets certain assets and liabilities related to derivative contracts when the legal right of offset exists. Derivative assets and liabilities which have offsetting positions at June 30, 2013 and December 31, 2012 are presented in the following tables.

	Gross Amounts of Recognized		Gross Amounts Offset in the Consolidated			Net Amounts of Assets Presented in the Consolidated
	Assets		Balance Sheet			Balance Sheet
(Thousands of dollars)
At June 30, 2013
Commodity derivatives	$	6,203		(115	)		6,088
At December 31, 2012
Commodity derivatives	$	3,111		(2,169	)		942
	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Consolidated Balance Sheet			Net Amounts of Liabilities Presented in the Consolidated Balance Sheet
(Thousands of dollars)
At June 30, 2013
Commodity derivatives	$	4,667		(115	)		4,552
At December 31, 2012
Commodity derivatives	$	2,271		(2,169	)		102