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DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The following table presents information related to our butane derivative contracts:

			December 31,
			2021						2020
Notional Amount (BBL in thousands)			244						N/A
Fair Value of Assets (1)			$	2,220					$	—
Term			1 to 3 months						N/A

________________________________________________________

(1) Included in Other assets in the Consolidated Balance Sheets.

The following table presents a summary of the changes in fair value for all Level 3 crude oil derivatives:

			Year Ended December 31,
			2021						2020						2019
Beginning Balance			$	—					$	181					$	6,545
Net losses recognized in earnings			—						(181)						(6,364)
Purchases			—						—						314
Sales			—						—						(674)
Settlements			—						—						360
Ending Balance			$	—					$	—					$	181

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- Definition

Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
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-Publisher FASB
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