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Derivatives (Tables) | 6 Months Ended
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Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Outstanding Derivatives Entered Into to Hedge Inventory or Fixed Price Purchase Commitments | At June 30, 2021, we entered into the following outstanding derivative commodity contracts to economically hedge inventory, fixed price purchase commitments or forecasted purchases.
|  | Sell (Short) Contracts |  | Buy (Long) Contracts
Designated as hedges under accounting rules: |  |  |  |
Crude oil futures: |  |  |  |
Contract volumes (1,000 bbls) |  | 92 |  |  | — |
Weighted average contract price per bbl |  | $ | 70.71 |  |  | $ | — |
Not qualifying or not designated as hedges under accounting rules: |  |  |  |
Crude oil futures: |  |  |  |
Contract volumes (1,000 bbls) |  | 204 |  |  | 10 |
Weighted average contract price per bbl |  | $ | 70.75 |  |  | $ | 72.66 |
Natural gas futures: |  |  |  |
Contract volumes (10,000 MMBTU) |  | 15 |  |  | 15 |
Weighted average contract price per MMBTU |  | $ | 3.55 |  |  | $ | 3.14 |
Crude oil options: |  |  |  |
Contract volumes (1,000 bbls) |  | 8 |  |  | — |
Weighted average premium received/paid |  | $ | 5.59 |  |  | $ | — |
Schedule of Fair Value of Derivative Assets and Liabilities | The following tables reflect the estimated fair value gain (loss) position of our derivatives at June 30, 2021 and December 31, 2020: Fair Value of Derivative Assets and Liabilities
| Unaudited Condensed Consolidated Balance Sheets Location |  | Fair Value
| June 30, 2021 |  | December 31, 2020
Asset Derivatives: |  |  |  |  |
Commodity derivatives - futures and call options (undesignated hedges): |  |  |  |  |
Gross amount of recognized assets | Current Assets - Other |  | $ | 65 |  |  | $ | 732 |
Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets | Current Assets - Other |  | (65) |  |  | (732) |
Net amount of assets presented in the Unaudited Condensed Consolidated Balance Sheets related to commodity derivatives |  |  | $ | — |  |  | $ | — |
Natural Gas Swap (undesignated hedge) | Current Assets - Other |  | — |  |  | 616 |
Commodity derivatives - futures and call options (designated hedges): |  |  |  |  |
Gross amount of recognized assets | Current Assets - Other |  | $ | 13 |  |  | $ | 1,022 |
Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets | Current Assets - Other |  | (13) |  |  | (1,022) |
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 |  | (85,154) |  |  | (52,372) |
Commodity derivatives - futures and call options (undesignated hedges): |  |  |  |  |
Gross amount of recognized liabilities | Current Assets - Other (1) |  | $ | (605) |  |  | $ | (2,114) |
Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets | Current Assets - Other (1) |  | 605 |  |  | 2,114 |
Net amount of liabilities presented in the Unaudited Condensed Consolidated Balance Sheets related to commodity derivatives |  |  | $ | — |  |  | $ | — |
Commodity derivatives - futures and call options (designated hedges): |  |  |  |  |
Gross amount of recognized liabilities | Current Assets - Other (1) |  | $ | (267) |  |  | $ | (3,345) |
Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets | Current Assets - Other (1) |  | 267 |  |  | 3,073 |
Net amount of liabilities presented in the Unaudited Condensed Consolidated Balance Sheets related to commodity derivatives |  |  | $ | — |  |  | $ | (272) |
(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 June 30, |  | Six Months Ended June 30,
|  | 2021 |  | 2020 |  | 2021 |  | 2020
Commodity derivatives - futures and call options: |  |  |  |  |  |  |  |  |
Contracts designated as hedges under accounting guidance | Onshore facilities and transportation product costs |  | $ | (1,563) |  |  | $ | (10,936) |  |  | $ | (7,460) |  |  | $ | (10,207) |
Contracts not considered hedges under accounting guidance | Onshore facilities and transportation product costs, Sodium minerals and sulfur services operating costs |  | (1,779) |  |  | (2,642) |  |  | (5,700) |  |  | (4,017) |
Total commodity derivatives |  |  | $ | (3,342) |  |  | $ | (13,578) |  |  | $ | (13,160) |  |  | $ | (14,224) |
Natural Gas Swap | Sodium minerals and sulfur services operating costs |  | $ | 30 |  |  | $ | 983 |  |  | $ | (37) |  |  | $ | 551 |
Preferred Distribution Rate Reset Election | Other income (expense) |  | $ | (14,344) |  |  | $ | (21,839) |  |  | $ | (32,782) |  |  | $ | 10,706 |

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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=125515794&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=125515794&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=125515794&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=125515794&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=125515794&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=125515794&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=125515794&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=125515794&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=125515794&loc=SL5579240-113959 + Details
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