Financial Instruments and Derivatives (Tables)

3 Months Ended

Mar. 31, 2014

Derivative Instruments And Hedging Activities Disclosure [Abstract]

WTI open contracts at March 31, 2014 were as follows:


Dates	Volumes (barrels per day)		Swap Prices
April – June 2014		24,000	$	96.41 per barrel
July – September 2014		20,000	$	94.32 per barrel
October – December 2014		12,000	$	91.72 per barrel

Fair Value of Derivative Instruments Not Designated as Hedging Instruments

At March 31, 2014 and December 31, 2013, the fair value of derivative instruments not designated as hedging instruments are presented in the following table.

March 31, 2014

December 31, 2013

(Thousands of dollars)

Asset (Liability) Derivatives

Type of Derivative Contract

Balance Sheet Location

Fair Value

Balance Sheet Location

Fair Value

Commodity

Accounts payable

(21,367

)

Accounts receivable

1,970

Foreign currency

Accounts receivable

3,411

Accounts payable

(1,038

)

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

For the three-month periods ended March 31, 2014 and 2013, 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)
		Three Months Ended
(Thousands of dollars)	Statement of Income	March 31,
Type of Derivative Contract	Location	2014			2013
Commodity	Sales and other operating revenues	$	(18,414	)		0
Commodity	Discontinued operations		0			(4,210	)
Foreign currency	Interest and other income (loss)		3,436			(2,818	)

		$	(14,978	)		(7,028	)

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 March 31, 2014 and December 31, 2013 are presented in the following table.


	March 31, 2014								December 31, 2013
(Thousands of dollars)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets:
Commodity derivative contracts	$	0		0		0		0		0		1,970		0		1,970
Foreign currency exchange derivative contracts		0		3,411		0		3,411		0		0		0		0

	$	0		3,411		0		3,411		0		1,970		0		1,970

Liabilities:
Nonqualified employee savings plans	$	13,393		0		0		13,393		13,267		0		0		13,267
Commodity derivative contracts		0		21,367		0		21,367		0		0		0		0
Foreign currency exchange derivative contracts		0		0		0		0		0		1,038		0		1,038

	$	13,393		21,367		0		34,760		13,267		1,038		0		14,305