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Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2016
Fair Value Disclosures [Abstract]  
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions
Significant inputs used in the simulation model as of December 31, 2015 include: 
 
 
December 31, 2015
Stock price
 
$
23.54

Weighted-average exercise price
 
$
0.10

Term (years)
 
6.67

Risk-free interest rate
 
2.04
%
Expected volatility
 
43.0
%
Fair Value, Assets Measured on Recurring Basis
The following table provides information on the fair value amounts (in thousands) of these derivatives as of September 30, 2016 and December 31, 2015 and their placement within our condensed consolidated balance sheets. 
 
Balance Sheet Location
 
September 30, 2016
 
December 31, 2015
 
 
 
Asset (Liability)
Commodity derivatives (1)
Prepaid and other current assets
 
$
—

 
$
4,577

Commodity derivatives (1)
Other long-term assets
 
1,997

 
—

Commodity derivatives
Other accrued liabilities
 
(5,149
)
 
(9,534
)
Commodity derivatives
Other liabilities
 
(430
)
 
(4,925
)
J. Aron repurchase obligation derivative
Obligations under inventory financing agreements
 
(10,546
)
 
9,810

Interest rate derivatives
Other long-term assets
 
151

 
—

Interest rate derivatives
Other accrued liabilities
 
(430
)
 
—

Interest rate derivatives
Other liabilities
 
(216
)
 
—


_________________________________________________________
(1)
Does not include cash collateral of $6.0 million and $20.9 million recorded in Prepaid and other current assets and $7.0 million and $7.0 million in Other long-term assets as of September 30, 2016 and December 31, 2015, respectively.
Fair value amounts by hierarchy level as of September 30, 2016 and December 31, 2015 are presented gross in the tables below (in thousands):
 
September 30, 2016
 
Level 1
 
Level 2
 
Level 3
 
Gross Fair Value
 
Effect of Counter-Party Netting
 
Net Carrying Value on Balance Sheet (1)
Assets
 
 
 
 
 
 
 
 
 
 
 
Commodity derivatives
$
—

 
$
9,290

 
$
—

 
$
9,290

 
$
(7,293
)
 
$
1,997

Interest rate derivatives
—

 
228

 
—

 
228

 
(77
)
 
151

Total
$
—

 
$
9,518

 
$
—

 
$
9,518

 
$
(7,370
)
 
$
2,148

 
 
 
 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
 
 
 
Common stock warrants
$
—

 
$
—

 
$
(4,619
)
 
$
(4,619
)
 
$
—

 
$
(4,619
)
Contingent consideration
—

 
—

 
(17
)
 
(17
)
 
—

 
(17
)
Commodity derivatives
(2,322
)
 
(10,550
)
 
—

 
(12,872
)
 
7,293

 
(5,579
)
J. Aron repurchase obligation derivative
—

 
—

 
(10,546
)
 
(10,546
)
 
—

 
(10,546
)
Interest rate derivatives
—

 
(723
)
 
—

 
(723
)
 
77

 
(646
)
Total
$
(2,322
)
 
$
(11,273
)
 
$
(15,182
)
 
$
(28,777
)
 
$
7,370

 
$
(21,407
)
 
December 31, 2015
 
Level 1
 
Level 2
 
Level 3
 
Gross Fair Value
 
Effect of Counter-Party Netting
 
Net Carrying Value on Balance Sheet (1)
Assets
 
 
 
 
 
 
 
 
 
 
 
Commodity derivatives
$
429

 
$
33,797

 
$
—

 
$
34,226

 
$
(29,649
)
 
$
4,577

J. Aron repurchase obligation derivative
—

 
—

 
9,810

 
9,810

 
(9,810
)
 
—

Total
$
429

 
$
33,797

 
$
9,810

 
$
44,036

 
$
(39,459
)
 
$
4,577

 
 
 
 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
 
 
 
Common stock warrants
$
—

 
$
—

 
$
(8,096
)
 
$
(8,096
)
 
$
—

 
$
(8,096
)
Contingent consideration
—

 
—

 
(27,581
)
 
(27,581
)
 
—

 
(27,581
)
Commodity derivatives
(396
)
 
(43,712
)
 
—

 
(44,108
)
 
29,649

 
(14,459
)
J. Aron repurchase obligation derivative
—

 
—

 
—

 
—

 
9,810

 
9,810

Total
$
(396
)
 
$
(43,712
)
 
$
(35,677
)
 
$
(79,785
)
 
$
39,459

 
$
(40,326
)
_________________________________________________________
(1)
Does not include cash collateral of $13.0 million and $28.0 million as of September 30, 2016 and December 31, 2015, respectively, included within Prepaid and other current assets and Other long-term assets on our condensed consolidated balance sheets.
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
A roll forward of Level 3 financial instruments measured at fair value on a recurring basis is as follows (in thousands): 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2016
 
2015
 
2016
 
2015
Balance, at beginning of period
$
(8,564
)
 
$
(37,387
)
 
$
(25,867
)
 
$
(21,254
)
Settlements
—

 
7,691

 
16,810

 
7,691

Total unrealized income (loss) included in earnings
(6,618
)
 
(5,278
)
 
(6,125
)
 
(21,411
)
Balance, at end of period
$
(15,182
)
 
$
(34,974
)
 
$
(15,182
)
 
$
(34,974
)
Fair Value and Carrying Value Liabilities Measured On Recurring Basis
The carrying value and fair value of long-term debt and other financial instruments as of September 30, 2016 and December 31, 2015 are as follows (in thousands):
 
September 30, 2016
 
Carrying Value
 
Fair Value (1)
Hawaii Retail Credit Agreement (2)
$
99,712

 
$
99,712

5% Convertible Senior Notes due 2021 (3)
90,011

 
115,491

Term Loan
58,613

 
60,854

Par Wyoming Holdings Term Loan (2)
63,508

 
63,508

Wyoming Refining Senior Secured Term Loan (2)
57,768

 
57,768

Wyoming Refining Senior Secured Revolver (2)
16,604

 
16,604

Common stock warrants
4,619

 
4,619

Contingent consideration
17

 
17

 
December 31, 2015
 
Carrying Value
 
Fair Value (1)
Hawaii Retail Credit Agreement (2)
$
110,000

 
$
110,000

Term Loan
60,119

 
62,037

Common stock warrants
8,096

 
8,096

Contingent consideration
27,581

 
27,581

_________________________________________________________ 
(1)
The fair values of these instruments are considered Level 3 measurements in the fair value hierarchy with the exception of the fair value measurement of the 5.00% Convertible Senior Notes which is considered a Level 2 measurement as discussed below.
(2)
Fair value approximates carrying value due to the floating rate interest which approximates a current market rate.
(3)
The carrying value of the 5.00% Convertible Senior Notes excludes the fair value of the equity component, which was classified as equity upon issuance.