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Derivative Financial Instruments
 9 Months Ended
Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments
(10) Derivative Financial Instruments

The following outlines the net notional buy (sell) position of our commodity derivative instruments held as of September 30, 2024 and December 31, 2023:
(in thousands of barrels)CommoditySeptember 30, 2024December 31, 2023
ForwardsCrude193 247 
Swaps
NYMEX Diesel Cracks (1)
— (6,780)
SwapsNYMEX RBOB Cracks— (1,275)
SwapsNYMEX 2-1-1 Cracks— (3,030)
FuturesSoybean Oil(63)— 
(1)As of September 30, 2024, the Company held offsetting NYMEX Diesel Crack commodity buy and sell positions of approximately 4 million barrels.

The following outlines the balances of our commodity derivative instruments after the effects of contract netting and allocation of collateral and their classifications on our Condensed Consolidated Balance Sheets. Refer to Note 11 (“Fair Value Measurements”) for the gross amounts of the commodity derivative instruments (before the effects of contract netting and allocation of collateral):
September 30, 2024December 31, 2023
(in millions)AssetsLiabilitiesAssetsLiabilities
Other current assets
$15 $— $24 $— 
Other long-term assets
1 — 1 — 
Other current liabilities
— 7 — — 

The following table represents CVR Energy’s incurred realized and unrealized net gains (losses) from derivative activities, recorded in Cost of materials and other on the Condensed Consolidated Statements of Operations:
Three Months Ended
September 30,		Nine Months Ended
September 30,
(in millions)2024202320242023
Commodity derivative instruments$2 $(106)$7 $(65)
CVR Energy has certain derivative instruments that contain credit risk-related contingent provisions associated with our credit ratings. If our credit rating were to be downgraded, it would allow the counterparty to require us to post collateral or to request immediate, full settlement of derivative instruments in liability positions. As of September 30, 2024, the aggregate fair value of our derivative liabilities with credit risk-related contingent provisions was $5 million, for which $3 million in collateral has been posted.