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Assets and Liabilities Measured at Fair Value (Tables) | 12 Months Ended
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Dec. 31, 2024
Fair Value Disclosures [Abstract] |
Schedule of Carrying Value of Assets and Liabilities Recorded at Fair Value on Recurring Basis | The fair value measurements for these assets and liabilities for the respective periods presented are shown in the following table.
| December 31, 2024 |  | December 31, 2023
(Thousands of dollars) | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Nonqualified employee savings plan | $ | 19,469 |  |  | $ | — |  |  | $ | — |  |  | $ | 19,469 |  |  | $ | 17,785 |  |  | $ | — |  |  | $ | — |  |  | $ | 17,785 |
Commodity swaps | — |  |  | 1,707 |  |  | — |  |  | 1,707 |  |  | — |  |  | — |  |  | — |  |  | — |
| $ | 19,469 |  |  | $ | 1,707 |  |  | $ | — |  |  | $ | 21,176 |  |  | $ | 17,785 |  |  | $ | — |  |  | $ | — |  |  | $ | 17,785 |
Schedule of 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, 2024 and 2023. 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. Substantially all of the Company’s long-term debt is actively traded in open markets, and accordingly, is classified as Level 1 in the fair value hierarchy. 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,
| 2024 |  | 2023
(Thousands of dollars) | Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value
Financial liabilities: |  |  |  |  |  |  |
Current and long-term debt | $ | 1,275,374 |  |  | $ | 1,185,961 |  |  | $ | 1,329,075 |  |  | $ | 1,265,185 |
Schedule of Fair Value Measurements, Nonrecurring | The fair value information associated with the impaired properties is presented in the following table:
| Year Ended December 31, 2024
|  |  |  |  |  |  | Net Book Value Prior to Impairment |  | Total Pretax Impairment
| Fair Value |  |
(Thousands of dollars) | Level 1 |  | Level 2 |  | Level 3 |  |
2024 |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |
Impaired proved properties |  |  |  |  |  |  |  |  |
United States - Offshore | $ | — |  |  | — |  |  | 501 |  |  | 63,410 |  |  | 62,909 |

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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://www.xbrl.org/2009/role/commonPracticeRef -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 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -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 + 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/2009/role/commonPracticeRef -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 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -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 + Details
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