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Derivatives | 3 Months Ended
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Mar. 31, 2012
Derivatives [Abstract] |
Derivatives | 13. Derivatives At March 31, 2012, we had the following outstanding derivative commodity futures and options contracts that were entered into to hedge inventory or fixed price purchase commitments. We had no outstanding derivative contracts that were designated as hedges under accounting rules.
|  | Sell (Short) Contracts |  |  | Buy (Long) Contracts |
Not qualifying or not designated as hedges under accounting rules: |  |  |  |  |  |  |  |
Crude oil futures: |  |  |  |  |  |  |  |
Contract volumes (1,000 bbls) |  |  | 98 |  |  |  | 44 |
Weighted average contract price per bbl |  | $ | 117.61 |  |  | $ | 114.33 |
Heating oil futures: |  |  |  |  |  |  |  |
Contract volumes (1,000 bbls) |  |  | 113 |  |  |  |  |
Weighted average contract price per gal |  | $ | 3.19 |  |  |  |  |
RBOB gasoline futures: |  |  |  |  |  |  |  |
Contract volumes (1,000 bbls) |  |  | 81 |  |  |  | 4 |
Weighted average contract price per gal |  | $ | 3.33 |  |  | $ | 3.39 |
#6 Fuel oil futures: |  |  |  |  |  |  |  |
Contract volumes (1,000 bbls) |  |  | 275 |  |  |  |  |
Weighted average contract price per bbl |  | $ | 108.38 |  |  |  |  |
Crude oil options: |  |  |  |  |  |  |  |
Contract volumes (1,000 bbls) |  |  | 350 |  |  |  | 100 |
Weighted average premium received |  | $ | 1.63 |  |  | $ | 0.28 |
Heating oil options: |  |  |  |  |  |  |  |
Contract volumes (1,000 bbls) |  |  | 40 |  |  |  |  |
Weighted average premium received |  | $ | 0.08 |  |  |  |  |
RBOB gasoline options: |  |  |  |  |  |  |  |
Contract volumes (1,000 bbls) |  |  | 10 |  |  |  |  |
Weighted average premium received |  | $ | 0.08 |  |  |  |  |
Financial Statement Impacts The following tables reflect the estimated fair value gain (loss) position of our derivatives at March 31, 2012 and December 31, 2011: Fair Value of Derivative Assets and Liabilities
|  | Unaudited Condensed Consolidated Balance Sheets Location |  | Fair Value |
|  |  | March 31, 2012 |  |  | December 31, 2011 |
|  | Asset Derivatives |
Commodity derivatives - futures and call options: |  |  |  |  |  |  |  |  |  |
Undesignated hedges |  | Other Current Assets |  | $ | 425 |  |  | $ | 306 |
Total asset derivatives |  |  |  | $ | 425 |  |  | $ | 306 |
|  | Liability Derivatives |
Commodity derivatives - futures and call options: |  |  |  |  |  |  |  |  |  |
Undesignated hedges |  | Other Current Assets |  | $ | (947 | )(1) |  | $ | (2,820 | )(1)
Total liability derivatives |  |  |  | $ | (947 | ) |  | $ | (2,820 | )
(1) | These derivative liabilities have been funded with margin deposits recorded in our Unaudited Condensed Consolidated Balance Sheets in Other Current Assets.
Effect on Operating Results
|  | Unaudited Condensed Consolidated Statements of Operations |  | Three Months Ended March 31, |
|  | Location |  | 2012 |  |  | 2011 |
Commodity derivatives - futures and call options: |  |  |  |  |  |  |  |  |  |
Contracts designated as hedges under accounting guidance |  | Supply & Logistics Product Costs |  | $ | — |  |  | $ | (261 | )
Contracts not considered hedges under accounting guidance |  | Supply & Logistics Product Costs |  |  | (10,711 | ) |  |  | (18,253 | )
Total commodity derivatives |  |  |  | $ | (10,711 | ) |  | $ | (18,514 | )

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- Definition The entire disclosure for the entity's entire derivative instruments and hedging activities. Describes an entity's risk management strategies, derivatives in hedging activities and non-hedging derivative instruments, the assets, obligations, liabilities, revenues and expenses arising therefrom, and the amounts of and methodologies and assumptions used in determining the amounts of such items. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 133 -Paragraph 44 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. 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