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Derivatives (Tables) | 3 Months Ended
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Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Outstanding Derivatives Entered Into to Hedge Inventory or Fixed Price Purchase Commitments | At March 31, 2025, we had the following outstanding derivative contracts that were entered into to economically hedge inventory and fixed price purchase commitments.
|  | Sell (Short) Contracts |  | Buy (Long) Contracts
Designated as hedges under accounting rules: |  |  |  |
Crude oil futures: |  |  |  |
Contract volumes (1,000 Bbls) |  | 205 |  |  | — |
Weighted average contract price per Bbl |  | $ | 68.05 |  |  | $ | — |
Not qualifying or not designated as hedges under accounting rules: |  |  |  |
Crude oil futures: |  |  |  |
Contract volumes (1,000 Bbls) |  | 248 |  |  | 281 |
Weighted average contract price per Bbl |  | $ | 70.70 |  |  | $ | 68.66 |
Crude oil basis differentials: |  |  |  |
Contract volumes (1,000 Bbls) |  | 60 |  |  | — |
Weighted average contract price per Bbl |  | $ | (1.40) |  |  | $ | — |
Schedule of Fair Value of Derivative Assets and Liabilities | The following tables reflect the estimated fair value position of our derivatives at March 31, 2025 and December 31, 2024:
| Unaudited Condensed Consolidated Balance Sheets Location |  | Fair Value
| March 31, 2025 |  | December 31, 2024
Asset Derivatives: |  |  |  |  |
Commodity derivatives - futures and put and call options (undesignated hedges): |  |  |  |  |
Gross amount of recognized assets | Current Assets - Other(1) |  | $ | 671 |  |  | $ | 96 |
Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets | Current Assets - Other(1) |  | (671) |  |  | (96) |
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) |  | $ | 279 |  |  | $ | 94 |
Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets | Current Assets - Other(1) |  | (279) |  |  | (94) |
Net amount of assets presented in the Unaudited Condensed Consolidated Balance Sheets |  |  | $ | — |  |  | $ | — |
Liability Derivatives: |  |  |  |  |
Commodity derivatives - futures and put and call options (undesignated hedges): |  |  |  |  |
Gross amount of recognized liabilities | Current Assets - Other(1) |  | $ | (228) |  |  | $ | (182) |
Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets | Current Assets - Other(1) |  | 228 |  |  | 182 |
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) |  | $ | (931) |  |  | $ | (637) |
Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets | Current Assets - Other(1) |  | 931 |  |  | 637 |
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 within “Current Assets - Other”.
Schedule of Effect on Operating Results | Effect on Operating Results
|  |  | Amount of Loss Recognized in Income
| Unaudited Condensed Consolidated Statements of Operations Location |  | Three Months Ended March 31, |  |
|  | 2025 |  | 2024 |  |  |  |
Commodity derivatives - futures and put and call options: |  |  |  |  |  |  |  |  |
Contracts designated as hedges under accounting guidance | Onshore transportation and services product costs |  | $ | (283) |  |  | $ | (2,918) |  |  |  |  |
Contracts not considered hedges under accounting guidance | Onshore transportation and services product costs |  | (87) |  |  | (242) |  |  |  |  |
Total commodity derivatives |  |  | $ | (370) |  |  | $ | (3,160) |  |  |  |  |

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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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