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Derivatives (Tables) | 6 Months Ended
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Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Outstanding Derivatives Entered Into to Hedge Inventory or Fixed Price Purchase Commitments | At June 30, 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) |  | 249 |  |  | — |
Weighted average contract price per Bbl |  | $ | 78.32 |  |  | $ | — |
Not qualifying or not designated as hedges under accounting rules: |  |  |  |
Crude oil futures: |  |  |  |
Contract volumes (1,000 Bbls) |  | 32 |  |  | 53 |
Weighted average contract price per Bbl |  | $ | 80.72 |  |  | $ | 79.66 |
Natural gas swaps: |  |  |  |
Contract volumes (10,000 MMBtu) |  | — |  |  | 767 |
Weighted average price differential per MMBtu |  | $ | — |  |  | $ | 0.42 |
Natural gas futures: |  |  |  |
Contract volumes (10,000 MMBtu) |  | 250 |  |  | 943 |
Weighted average contract price per MMBtu |  | $ | 2.80 |  |  | $ | 3.54 |
Natural gas options: |  |  |  |
Contract volumes (10,000 MMBtu) |  | 16 |  |  | 5 |
Weighted average premium received/paid |  | $ | 0.26 |  |  | $ | 0.06 |
Bunker fuel futures: |  |  |  |
Contract volumes (metric tons “MT”) |  | — |  |  | 60,500 |
Weighted average price per MT |  | $ | — |  |  | $ | 540.17 |
Bunker fuel swaps: |  |  |  |
Contract volumes (metric tons “MT”) |  | — |  |  | 8,500 |
Weighted average price per MT |  | $ | — |  |  | $ | 553.14 |
DOE diesel options: |  |  |  |
Contract volumes (1,000 Gal) |  | — |  |  | 1,950 |
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 June 30, 2024 and December 31, 2023:
| Unaudited Condensed Consolidated Balance Sheets Location |  | Fair Value
| June 30, 2024 |  | December 31, 2023
Asset Derivatives: |  |  |  |  |
Natural Gas Swap (undesignated hedge) | Current Assets - Accounts receivable - trade, net |  | $ | 4,735 |  |  | $ | 3,710 |
Commodity derivatives - futures and put and call options (undesignated hedges): |  |  |  |  |
Gross amount of recognized assets | Current Assets - Other(1) |  | $ | 2,718 |  |  | $ | 1,235 |
Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets | Current Assets - Other(1) |  | (2,718) |  |  | (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) |  | $ | 409 |  |  | $ | 716 |
Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets | Current Assets - Other(1) |  | (409) |  |  | (716) |
Net amount of assets presented in the Unaudited Condensed Consolidated Balance Sheets |  |  | $ | — |  |  | $ | — |
Liability Derivatives: |  |  |  |  |
Natural Gas Swap (undesignated hedge) | Current Liabilities -Accrued liabilities |  | $ | (4,160) |  |  | $ | (5,536) |
Commodity derivatives - futures and put and call options (undesignated hedges): |  |  |  |  |
Gross amount of recognized liabilities | Current Assets - Other(1) |  | $ | (5,326) |  |  | $ | (12,384) |
Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets | Current Assets - Other(1) |  | 5,326 |  |  | 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) |  | $ | (1,153) |  |  | $ | (120) |
Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets | Current Assets - Other(1) |  | 1,153 |  |  | 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 June 30, |  | Six Months Ended June 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
Commodity derivatives - futures and call options: |  |  |  |  |  |  |  |  |
Contracts designated as hedges under accounting guidance | Onshore facilities and transportation product costs |  | $ | (59) |  |  | $ | 1,388 |  |  | $ | (2,977) |  |  | $ | 2,355 |
Contracts not considered hedges under accounting guidance | Onshore facilities and transportation product costs, Soda and sulfur services operating costs |  | 499 |  |  | (2,141) |  |  | 1,387 |  |  | (12,294) |
Total commodity derivatives |  |  | $ | 440 |  |  | $ | (753) |  |  | $ | (1,590) |  |  | $ | (9,939) |
Natural Gas Swap | Soda and sulfur services operating costs |  | $ | (1,891) |  |  | $ | (7,599) |  |  | $ | 1,119 |  |  | $ | 6,486 |

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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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