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Derivatives (Tables)

9 Months Ended

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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Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

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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.

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