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Financial Instruments and Risk Management (Tables) | 6 Months Ended
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Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Fair Value of Derivative Instruments Not Designated as Hedging Instruments | At June 30, 2021 and December 31, 2020, the fair value of derivative instruments not designated as hedging instruments are presented in the following table.
|  | June 30, 2021 |  | December 31, 2020
(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 |  | $ | — |  |  | Accounts receivable |  | $ | 13,050 |
|  | Accounts payable |  | (354,366) |  |  | Accounts payable |  | (89,842) |
|  | Deferred credits and other liabilities |  | (71,259) |  |  | Deferred credits and other liabilities |  | (12,833) |
Recognized Gains and Losses for Derivative Instruments Not Designated as Hedging Instruments | For the three-month and six-month periods ended June 30, 2021 and 2020, the gains and losses recognized in the Consolidated Statements of Operations for derivative instruments not designated as hedging instruments are presented in the following table.
|  |  |  | Gain (Loss) |  | Gain (Loss)
(Thousands of dollars) |  | Statement of Operations Location |  | Three Months Ended June 30, |  | Six months ended June 30,
Type of Derivative Contract |  |  | 2021 |  | 2020 |  | 2021 |  | 2020
Commodity |  | (Loss) gain on crude contracts |  | $ | (226,245) |  |  | (75,880) |  |  | $ | (440,630) |  |  | 324,792 |
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, 2021 and December 31, 2020, are presented in the following table.
|  | June 30, 2021 |  | December 31, 2020
(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 plan |  | $ | 17,188 |  |  | — |  |  | — |  |  | 17,188 |  |  | 14,988 |  |  | — |  |  | — |  |  | 14,988 |
Commodity derivative contracts |  | — |  |  | 425,625 |  |  | — |  |  | 425,625 |  |  | — |  |  | 102,675 |  |  | — |  |  | 102,675 |
Contingent consideration |  | — |  |  | — |  |  | 209,682 |  |  | 209,682 |  |  | — |  |  | — |  |  | 133,004 |  |  | 133,004 |
|  | $ | 17,188 |  |  | 425,625 |  |  | 209,682 |  |  | 652,495 |  |  | 14,988 |  |  | 102,675 |  |  | 133,004 |  |  | 250,667 |

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- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4E -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624181-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5618551-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 + Details
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- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624163-113959 + 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=123874694&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=123874694&loc=d3e19207-110258 + Details
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