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Derivatives (Tables) | 9 Months Ended
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Sep. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Outstanding Derivatives Entered Into to Hedge Inventory or Fixed Price Purchase Commitments | At September 30, 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) |  | 444 |  |  | — |
Weighted average contract price per bbl |  | $ | 38.55 |  |  | $ | — |
Not qualifying or not designated as hedges under accounting rules: |  |  |  |
Crude oil futures: |  |  |  |
Contract volumes (1,000 bbls) |  | 495 |  |  | 312 |
Weighted average contract price per bbl |  | $ | 41.36 |  |  | $ | 42.97 |
Natural gas swaps: |  |  |  |
Contract volumes (10,000 MMBTU) |  | 274 |  |  | — |
Weighted average price differential per MMBTU |  | $ | 0.27 |  |  | $ | — |
Natural gas futures: |  |  |  |
Contract volumes (10,000 MMBTU) |  | 92 |  |  | 318 |
Weighted average contract price per MMBTU |  | $ | 2.25 |  |  | $ | 2.48 |
Fuel oil futures: |  |  |  |
Contract volumes (1,000 bbls) |  | 15 |  |  | 20 |
Weighted average contract price per bbl |  | $ | 37.10 |  |  | $ | 37.05 |
Crude oil options: |  |  |  |
Contract volumes (1,000 bbls) |  | 33 |  |  | 13 |
Weighted average premium received/paid |  | $ | 0.82 |  |  | $ | 0.15 |
Schedule of Fair Value of Derivative Assets and Liabilities | The following tables reflect the estimated fair value gain (loss) position of our derivatives at September 30, 2020 and December 31, 2019: Fair Value of Derivative Assets and Liabilities
| Unaudited Condensed Consolidated Balance Sheets Location |  | Fair Value
| September 30, 2020 |  | December 31, 2019
Asset Derivatives: |  |  |  |  |
Commodity derivatives - futures and call options (undesignated hedges): |  |  |  |  |
Gross amount of recognized assets | Current Assets - Other |  | $ | 1,139 |  |  | $ | 207 |
Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets | Current Assets - Other |  | (1,139) |  |  | (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 |  | 1,145 |  |  | 1,382 |
Commodity derivatives - futures and call options (designated hedges): |  |  |  |  |
Gross amount of recognized assets | Current Assets - Other |  | $ | 690 |  |  | $ | 4 |
Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets | Current Assets - Other |  | (690) |  |  | (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 |  | (34,120) |  |  | (51,515) |
Natural Gas Swap (undesignated hedge) | Accrued Liabilities |  | — |  |  | — |
Commodity derivatives - futures and call options (undesignated hedges): |  |  |  |  |
Gross amount of recognized liabilities | Current Assets - Other (1) |  | $ | (568) |  |  | $ | (2,079) |
Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets | Current Assets - Other (1) |  | 568 |  |  | 1,064 |
Net amount of liabilities presented in the Unaudited Condensed Consolidated Balance Sheets related to commodity derivatives |  |  | $ | — |  |  | $ | (1,015) |
Commodity derivatives - futures and call options (designated hedges): |  |  |  |  |
Gross amount of recognized liabilities | Current Assets - Other (1) |  | $ | (1,428) |  |  | $ | (50) |
Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets | Current Assets - Other (1) |  | 1,428 |  |  | 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 September 30, |  | Nine Months Ended September 30,
|  | 2020 |  | 2019 |  | 2020 |  | 2019
Commodity derivatives - futures and call options: |  |  |  |  |  |  |  |  |
Contracts designated as hedges under accounting guidance | Onshore facilities and transportation product costs |  | $ | (854) |  |  | $ | 227 |  |  | $ | (11,061) |  |  | $ | (492) |
Contracts not considered hedges under accounting guidance | Onshore facilities and transportation product costs, sodium minerals and sulfur services operating costs |  | 1,175 |  |  | 1,373 |  |  | (2,842) |  |  | (6,718) |
Total commodity derivatives |  |  | $ | 321 |  |  | $ | 1,600 |  |  | $ | (13,903) |  |  | $ | (7,210) |
Natural Gas Swap Liability | Sodium minerals and sulfur services operating costs |  | $ | 666 |  |  | $ | 81 |  |  | $ | 1,217 |  |  | $ | 1,316 |
Preferred Distribution Rate Reset Election | Other income, net |  | $ | 6,689 |  |  | $ | 7,974 |  |  | $ | 17,395 |  |  | $ | 306 |

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- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624163-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5580258-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=121590274&loc=d3e41620-113959 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5579245-113959 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=121590274&loc=d3e41638-113959 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=121590274&loc=d3e41678-113959 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=121590274&loc=d3e41641-113959 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624171-113959 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5579240-113959 + Details
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