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Financial Instruments and Risk Management (Tables)
 12 Months Ended
Dec. 31, 2013
Derivative Instruments And Hedging Activities Disclosure [Abstract]  
WTI Open Contracts

WTI open contracts at December 31, 2013 were as follows:

 

     Volumes         

Dates

    (barrels per day)      Swap Prices  

January – March 2014

      20,000       $ 98.47 per barrel   

April – June 2014

      20,000       $ 96.48 per barrel   

July – September 2014

      7,000       $ 95.24 per barrel   
Fair Value of Derivative Instruments Not Designated as Hedging Instruments

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

 

      December 31, 2013      December 31, 2012  
      Asset Derivatives      Liability Derivatives      Asset Derivatives      Liability Derivatives  

(Thousands of dollars)

    Balance
Sheet
Location		      Fair
Value		      Balance
Sheet
Location		      Fair
Value		      Balance
Sheet
Location		      Fair
Value		      Balance
Sheet
Location		      Fair
Value		  

Type of

Derivative Contract

                        

Commodity

     
 		 Accounts
Receivable		   
  		    $ 1,970         —           —          
 		 Accounts
Receivable		   
  		    $ 3,043        
 		 Accounts
Payable		   
  		    $ 102   

Foreign exchange

      —           —          
 		 Accounts
Payable		   
  		    $ 1,038         —           —          
 		 Accounts
Payable		   
  		    $ 1,031   
Recognized Gains and Losses for Derivative Instruments Not Designated as Hedging Instruments

For the years ended December 31, 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.

 

      Year Ended December 31, 2013     Year Ended December 31, 2012  

(Thousands of dollars)

    Location of
Gain (Loss)
Recognized
in Income
on Derivative		      Amount of
Gain (Loss)
Recognized
in Income
on Derivative		     Location of
Gain (Loss)
Recognized
in Income
on Derivative		      Amount of
Gain (Loss)
Recognized
in Income
on Derivative		  

Type of

Derivative Contract

           

Commodity

     
 		 Sale and Other
Operating Revenues		   
  		      2,104        —           —     

Commodity

     
 		 Discontinued
Operations		   
  		    $ (1,604 )     
 		 Discontinued
Operations		   
  		    $ (38,283 ) 

Foreign exchange

     

 

 Interest and Other

Income (Loss)

   

  

      (5,162 )     
 		 Interest and Other
Income (Loss)		   
  		      14,156   
     

 

 

       

 

 

  
      $ (4,662 )       $ (24,127 )