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Derivative Financial Instruments and Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of outstanding positions held

The following outlines the net notional buy (sell) position of our commodity derivative instruments held as of March 31, 2023 and December 31, 2022:

(in thousands of barrels)			Commodity						March 31, 2023						December 31, 2022
Forwards			Crude						(250)						373
Swaps			NYMEX Diesel Cracks						(6,315)						—
Swaps			NYMEX RBOB Cracks						(3,000)						—
Swaps			NYMEX 2-1-1 Cracks						(6,000)						—
Futures			Crude						(300)						(150)
Futures			ULSD						(60)						(215)
Futures			Soybean						(224)						(109)

Schedule of gains (losses) on derivatives

The following outlines the realized and unrealized gains (losses) incurred from derivative activities, all of which were recorded in Cost of materials and other on the condensed consolidated statements of operations:

									Three Months Ended March 31,
(in millions)															2023						2022
Forwards															$	8					$	9
Swaps															29						2
Futures															8						(9)
Total gain on derivatives, net															$	45					$	2

Schedule of derivative offsetting assets

The following outlines the condensed consolidated balance sheet line items that include our derivative financial instruments and the effect of the collateral netting. Such amounts are presented on a gross basis, before the effects of collateral netting. The Company elected to offset the derivative assets and liabilities with the same counterparty on a net basis when the legal right of offset exists.

			March 31, 2023																								December 31, 2022
			Derivatives												Collateral Netting						Net Value						Derivatives												Collateral Netting						Net Value
(in millions)			Assets						Liabilities																		Assets						Liabilities
Prepaid expenses and other current assets			$	29					$	—					$	—					$	29					$	—					$	(1)					$	1					$	—
Other current liabilities			—						(3)						2						(1)						—						(4)						—						(4)

Schedule of derivative offsetting liabilities

The following outlines the condensed consolidated balance sheet line items that include our derivative financial instruments and the effect of the collateral netting. Such amounts are presented on a gross basis, before the effects of collateral netting. The Company elected to offset the derivative assets and liabilities with the same counterparty on a net basis when the legal right of offset exists.

			March 31, 2023																								December 31, 2022
			Derivatives												Collateral Netting						Net Value						Derivatives												Collateral Netting						Net Value
(in millions)			Assets						Liabilities																		Assets						Liabilities
Prepaid expenses and other current assets			$	29					$	—					$	—					$	29					$	—					$	(1)					$	1					$	—
Other current liabilities			—						(3)						2						(1)						—						(4)						—						(4)

Schedule of assets and liabilities measured at fair value on a recurring basis

The following tables set forth the assets and liabilities measured or disclosed at fair value on a recurring basis, by input level, as of March 31, 2023 and December 31, 2022:

			March 31, 2023
(in millions)			Level 1						Level 2						Level 3												Total
Location and description
Prepaid expenses and other current assets (derivative financial instruments)			$	—					$	29					$	—											$	29
Total assets			$	—					$	29					$	—											$	29
Other current liabilities (RFS obligations)			$	—					$	(582)					$	—											$	(582)
Other current liabilities (derivative financial instruments)			—						(1)						—												(1)
Long-term debt and finance lease obligations, net of current portion (long-term debt)			—						(1,388)						—												(1,388)
Total liabilities			$	—					$	(1,971)					$	—											$	(1,971)

			December 31, 2022
(in millions)			Level 1						Level 2						Level 3												Total
Location and description
Other current liabilities (commodity derivatives)			$	—					$	(4)					$	—											$	(4)
Other current liabilities (RFS obligations)			—						(692)						—												(692)
Long-term debt and finance lease obligations, net of current portion (long-term debt)			—						(1,394)						—												(1,394)
Total liabilities			$	—					$	(2,090)					$	—											$	(2,090)

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