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Derivatives (Tables) | 3 Months Ended
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Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Outstanding Derivatives Entered Into to Hedge Inventory or Fixed Price Purchase Commitments | At March 31, 2024, we had the following outstanding derivative contracts that were entered into 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) |  | 437 |  |  | 175 |
Weighted average contract price per Bbl |  | $ | 78.74 |  |  | $ | 80.03 |
Not qualifying or not designated as hedges under accounting rules: |  |  |  |
Crude oil futures: |  |  |  |
Contract volumes (1,000 Bbls) |  | 149 |  |  | 104 |
Weighted average contract price per Bbl |  | $ | 79.99 |  |  | $ | 80.82 |
Natural gas swaps: |  |  |  |
Contract volumes (10,000 MMBtu) |  | — |  |  | 1,074 |
Weighted average price differential per MMBtu |  | $ | — |  |  | $ | 0.54 |
Natural gas futures: |  |  |  |
Contract volumes (10,000 MMBtu) |  | 114 |  |  | 1,184 |
Weighted average contract price per MMBtu |  | $ | 1.77 |  |  | $ | 3.47 |
Natural gas options: |  |  |  |
Contract volumes (10,000 MMBtu) |  | 17 |  |  | — |
Weighted average premium received/paid |  | $ | 0.31 |  |  | $ | — |
Bunker fuel futures: |  |  |  |
Contract volumes (metric tons “MT”) |  | — |  |  | 54,500 |
Weighted average price per MT |  | $ | — |  |  | $ | 538.17 |
Bunker fuel swaps: |  |  |  |
Contract volumes (metric tons “MT”) |  | — |  |  | 4,500 |
Weighted average price per MT |  | $ | — |  |  | $ | 547.22 |
DOE diesel options: |  |  |  |
Contract volumes (1,000 Gal) |  | — |  |  | 2,750 |
Weighted average premium received/paid |  | $ | — |  |  | $ | 0.35 |
Schedule of Fair Value of Derivative Assets and Liabilities | The following tables reflect the estimated fair value position of our derivatives at March 31, 2024 and December 31, 2023:
| Unaudited Condensed Consolidated Balance Sheets Location |  | Fair Value
| March 31, 2024 |  | December 31, 2023
Asset Derivatives: |  |  |  |  |
Natural Gas Swap (undesignated hedge) | Current Assets - Accounts receivable - trade, net |  | $ | 4,957 |  |  | $ | 3,710 |
Commodity derivatives - futures and put and call options (undesignated hedges): |  |  |  |  |
Gross amount of recognized assets | Current Assets - Other(1) |  | $ | 4,073 |  |  | $ | 1,235 |
Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets | Current Assets - Other(1) |  | (4,073) |  |  | (1,235) |
Net amount of assets presented in the Unaudited Condensed Consolidated Balance Sheets |  |  | $ | — |  |  | $ | — |
Commodity derivatives - futures (designated hedges): |  |  |  |  |
Gross amount of recognized assets | Current Assets - Other(1) |  | $ | 529 |  |  | $ | 716 |
Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets | Current Assets - Other(1) |  | (529) |  |  | (716) |
Net amount of assets presented in the Unaudited Condensed Consolidated Balance Sheets |  |  | $ | — |  |  | $ | — |
Liability Derivatives: |  |  |  |  |
Natural Gas Swap (undesignated hedge) | Current Liabilities -Accrued liabilities |  | $ | (5,152) |  |  | $ | (5,536) |
Commodity derivatives - futures and put and call options (undesignated hedges): |  |  |  |  |
Gross amount of recognized liabilities | Current Assets - Other(1) |  | $ | (11,762) |  |  | $ | (12,384) |
Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets | Current Assets - Other(1) |  | 11,762 |  |  | 12,384 |
Net amount of liabilities presented in the Unaudited Condensed Consolidated Balance Sheets |  |  | $ | — |  |  | $ | — |
Commodity derivatives - futures (designated hedges): |  |  |  |  |
Gross amount of recognized liabilities | Current Assets - Other(1) |  | $ | (1,856) |  |  | $ | (120) |
Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets | Current Assets - Other(1) |  | 1,856 |  |  | 120 |
Net amount of liabilities presented in the Unaudited Condensed Consolidated Balance Sheets |  |  | $ | — |  |  | $ | — |
(1)As noted above, our exchange-traded derivatives are transacted through brokerage accounts and subject to margin requirements. We offset fair value amounts recorded for our exchange-traded derivative contracts against required margin deposits recorded in our Unaudited Condensed Consolidated Balance Sheets under “Current Assets - Other”.
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, |  |
|  | 2024 |  | 2023 |  |  |  |
Commodity derivatives - futures and call options: |  |  |  |  |  |  |  |  |
Contracts designated as hedges under accounting guidance | Onshore facilities and transportation product costs |  | $ | (2,918) |  |  | $ | 967 |  |  |  |  |
Contracts not considered hedges under accounting guidance | Onshore facilities and transportation product costs, Soda and sulfur services operating costs |  | 888 |  |  | (10,153) |  |  |  |  |
Total commodity derivatives |  |  | $ | (2,030) |  |  | $ | (9,186) |  |  |  |  |
Natural Gas Swap | Soda and sulfur services operating costs |  | $ | 3,010 |  |  | $ | 14,085 |  |  |  |  |

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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 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 10 -Topic 815 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-1A Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-1B Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-8 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4B Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-1 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-5 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C + Details
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