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Financial Instruments and Risk Management (Tables) | 6 Months Ended
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Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Recognized Gains and Losses for Derivative Instruments Not Designated as Hedging Instruments | For the three-month and six-month periods ended June 30, 2023 and 2022, 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) |  | Statements of Operations Location |  | Three Months Ended June 30, |  | Six Months Ended June 30,
Type of Derivative Contract |  |  | 2023 |  | 2022 |  | 2023 |  | 2022
Commodity swaps |  | Loss on derivative instruments |  | $ | – |  |  | $ | (46,552) |  |  | $ | – |  |  | $ | (202,911) |
Commodity collars |  | Loss on derivative instruments |  | – |  |  | (56,516) |  |  | – |  |  | (220,934) |
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, 2023 and December 31, 2022, are presented in the following table.
|  | June 30, 2023 |  | December 31, 2022
(Thousands of dollars) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Nonqualified employee savings plan |  | $ | 15,273 |  |  | $ | – |  |  | $ | – |  |  | $ | 15,273 |  |  | $ | 15,135 |  |  | $ | – |  |  | $ | – |  |  | $ | 15,135 |
|  | $ | 15,273 |  |  | $ | – |  |  | $ | – |  |  | $ | 15,273 |  |  | $ | 15,135 |  |  | $ | – |  |  | $ | – |  |  | $ | 15,135 |
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 June 30, 2023 and December 31, 2022. 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.
| June 30, |  | December 31,
| 2023 |  | 2022
(Thousands of dollars) | Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value
Financial liabilities: |  |  |  |  |  |  |
Current and long-term debt | $ | 1,824,226 |  |  | $ | 1,728,376 |  |  | $ | 1,823,139 |  |  | $ | 1,668,216 |

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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 -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4E -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4E Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4A + 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 -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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