Financial Instruments

6 Months Ended

Jun. 30, 2011

Financial Instruments [Abstract]

FINANCIAL INSTRUMENTS

5.  FINANCIAL INSTRUMENTS.

Fair value of financial instruments.

     The carrying amount and estimated fair values of our financial instruments as of June 30, 2011 and December 31, 2010 are as follow (in thousands):

	June 30, 2011				December 31, 2010
	Carrying				Carrying
	Amount		Fair Value		Amount		Fair Value
Financial assets:
Cash	$	100	$	100	$	148	$	148
Short-term financial assets		210,554		210,554		108,985		108,985
ARO Trust investments		39,635		39,635		40,413		40,413
Long-term financial assets		7,476		7,476		144		144
Financial liabilities:
Long-term debt, including current portion		1,280,577		1,414,594		1,279,950		1,432,866

     For cash and short-term financial assets (third-party notes receivable and advances to affiliates) that have variable interest rates, the carrying amount is a reasonable estimate of fair value due to the short maturity of those instruments. For ARO Trust investments, the ARO Trust invests in a moderate risk portfolio that is reported at fair value. For long-term financial assets (long-term receivables), the carrying amount is a reasonable estimate of fair value because the interest rate is a variable rate. The fair value of our publicly traded long-term debt is valued using period-end traded bond market prices.