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Assets and Liabilities Measured at Fair Value (Tables) | 12 Months Ended
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Dec. 31, 2020
Fair Value Disclosures [Abstract] |
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, 2020 and 2019 are presented in the following table
| December 31, 2020 |  | December 31, 2019
(Thousands of dollars) | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commodity derivative contracts | $ | — |  |  | 13,050 |  |  | — |  |  | 13,050 |  |  | — |  |  | — |  |  | — |  |  | — |
| $ | — |  |  | 13,050 |  |  | — |  |  | 13,050 |  |  | — |  |  | — |  |  | — |  |  | — |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Nonqualified employee savings plans | $ | 14,988 |  |  | — |  |  | — |  |  | 14,988 |  |  | 17,035 |  |  | — |  |  | — |  |  | 17,035 |
Commodity derivative contracts | — |  |  | 102,675 |  |  | — |  |  | 102,675 |  |  | — |  |  | 33,364 |  |  | — |  |  | 33,364 |
Contingent consideration | — |  |  | — |  |  | 133,004 |  |  | 133,004 |  |  | — |  |  | — |  |  | 146,787 |  |  | 146,787 |
| $ | 14,988 |  |  | 102,675 |  |  | 133,004 |  |  | 250,667 |  |  | 17,035 |  |  | 33,364 |  |  | 146,787 |  |  | 197,186 |
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, 2020 and 2019. 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,
| 2020 |  | 2019
(Thousands of dollars) | Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value
Financial assets (liabilities): |  |  |  |  |  |  |
Current and long-term debt | $ | (2,988,067) |  |  | (2,948,171) |  |  | (2,803,381) |  |  | (3,074,929) |
Nonrecurring Fair Value Measurements | The fair value information associated with these impaired properties is presented in the following table
| Years Ended December 31, 2020
|  |  |  |  |  |  | Net Book Value Prior to Impairment |  | Total Pretax Impairment
| Fair Value |  |
(Thousands of dollars) | Level 1 |  | Level 2 |  | Level 3 |  |
Assets: |  |  |  |  |  |  |  |  |
Impaired proved properties |  |  |  |  |  |  |  |  |
U.S. Offshore | $ | — |  |  | — |  |  | 2,618,001 |  |  | 3,770,516 |  |  | 1,152,515 |
Other Foreign | — |  |  | — |  |  | 42,980 |  |  | 82,689 |  |  | 39,709 |
Corporate | — |  |  | — |  |  | 58,199 |  |  | 72,259 |  |  | 14,060 |

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- Definition Carrying Value and Fair Value of Financial Instruments Disclosure. + References No definition available. + Details
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- Definition Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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