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Derivatives (Tables)
 3 Months Ended
Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Outstanding Derivatives Entered Into to Hedge Inventory or Fixed Price Purchase Commitments
At March 31, 2020, we entered into the following outstanding derivative commodity contracts to economically hedge inventory or fixed price purchase commitments.
 
 
Sell (Short)
Contracts
 
Buy (Long)
Contracts
Designated as hedges under accounting rules:
 
 
 
 
Crude oil futures:
 
 
 
 
Contract volumes (1,000 bbls)
 
19

 
—

Weighted average contract price per bbl
 
$
37.01

 
$
—

 
 
 
 
 
Not qualifying or not designated as hedges under accounting rules:
 
 
 
 
Crude oil futures:
 
 
 
 
Contract volumes (1,000 bbls)
 
248

 
217

Weighted average contract price per bbl
 
$
28.54

 
$
27.89

Natural gas swaps:
 
 
 
 
Contract volumes (10,000 MMBTU)
 
503

 
—

Weighted average price differential per MMBTU
 
$
0.37

 
$
—

Natural gas futures:
 
 
 
 
Contract volumes (10,000 MMBTU)
 
90

 
545

Weighted average contract price per MMBTU
 
$
1.72

 
$
2.43

Crude oil options:
 
 
 
 
Contract volumes (1,000 bbls)
 
55

 
10

Weighted average premium received/paid
 
$
3.71

 
$
9.52
Schedule of Fair Value of Derivative Assets and Liabilities
The following tables reflect the estimated fair value gain (loss) position of our derivatives at March 31, 2020 and December 31, 2019:
Fair Value of Derivative Assets and Liabilities
 
 
Unaudited Condensed Consolidated Balance Sheets Location
 
Fair Value
 
March 31,
2020
 
December 31,
2019
Asset Derivatives:
 
 
 
 
 
Commodity derivatives - futures and call options (undesignated hedges):
 
 
 
 
 
Gross amount of recognized assets
Current Assets - Other
 
$
1,303

 
$
207

Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets
Current Assets - Other
 
(1,303
)
 
(207
)
Net amount of assets presented in the Unaudited Condensed Consolidated Balance Sheets related to commodity derivatives
 
 
$
—

 
$
—

Natural Gas Swap (undesignated hedge)
Current Assets - Other
 
511

 
1,382

Commodity derivatives - futures and call options (designated hedges):
 
 
 
 
 
Gross amount of recognized assets
Current Assets - Other
 
$
298

 
$
4

Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets
Current Assets - Other
 
(298
)
 
(4
)
Net amount of assets presented in the Unaudited Condensed Consolidated Balance Sheets related to commodity derivatives
 
 
$
—

 
$
—

Liability Derivatives:
 
 
 
 
 
Preferred Distribution Rate Reset Election (2)
Other long-term liabilities
 
(18,970
)
 
(51,515
)
Natural Gas Swap (undesignated hedge)
Current Liabilities - Accrued Liabilities
 
(167
)
 
—

Commodity derivatives - futures and call options (undesignated hedges):
 
 
 
 
 
Gross amount of recognized liabilities
Current Assets - Other (1)
 
$
(3,601
)
 
$
(2,079
)
Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets
Current Assets - Other (1)
 
3,446

 
1,064

Net amount of liabilities presented in the Unaudited Condensed Consolidated Balance Sheets related to commodity derivatives
 
 
$
(155
)
 
$
(1,015
)
Commodity derivatives - futures and call options (designated hedges):
 
 
 
 
 
Gross amount of recognized liabilities
Current Assets - Other (1)
 
$
(8
)
 
$
(50
)
Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets
Current Assets - Other (1)
 
8

 
50

Net amount of liabilities presented in the Unaudited Condensed Consolidated Balance Sheets related to commodity derivatives
 
 
$
—

 
$
—

 (1)
These derivative liabilities have been funded with margin deposits recorded in our Unaudited Condensed Consolidated Balance Sheets under Current Assets - Other.
(2) Refer to Note 10 and Note 16 for additional discussion surrounding the Preferred Distribution Rate Reset Election derivative.
Schedule of Effect on Operating Results
Effect on Operating Results 
 
 
 
Amount of Gain (Loss) Recognized in Income
 
Unaudited Condensed Consolidated Statements of Operations Location
 
Three Months Ended
March 31,
 
 
2020
 
2019
Commodity derivatives - futures and call options:
 
 
 
 
 
Contracts designated as hedges under accounting guidance
Onshore facilities and transportation product costs
 
$
729

 
$
(742
)
Contracts not considered hedges under accounting guidance
Onshore facilities and transportation product costs, sodium minerals and sulfur services operating costs
 
(1,375
)
 
(6,692
)
Total commodity derivatives
 
 
$
(646
)
 
$
(7,434
)
 
 
 
 
 
 
Natural Gas Swap Liability
Sodium minerals and sulfur services operating costs
 
$
(432
)
 
$
1,519

 
 
 
 
 
 
Preferred Distribution Rate Reset Election
Other income (expense)
 
$
32,545

 
$
(2,976
)