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Derivatives (Tables)

6 Months Ended

Jun. 30, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Amounts of Outstanding Derivative Positions

At June 30, 2021, our open commodity derivative contracts represented (in thousands of barrels):

Contract type						Purchases						Sales						Net
Futures						—						—						—
Swaps						24,200						(23,900)						300
Total						24,200						(23,900)						300

Fair Value Amounts of Derivatives and Placement in Consolidated Balance Sheets

The following table provides information on the fair value amounts (in thousands) of these derivatives as of June 30, 2021 and December 31, 2020 and their placement within our condensed consolidated balance sheets.

			Balance Sheet Location						June 30, 2021						December 31, 2020
									Asset (Liability)
Commodity derivatives (1)			Prepaid and other current assets						$	3,953					$	1,346
J. Aron repurchase obligation derivative			Obligations under inventory financing agreements						(26,114)						(20,797)
MLC terminal obligation derivative			Obligations under inventory financing agreements						(10,250)						(10,161)
Interest rate derivatives			Other accrued liabilities						—						(966)
Interest rate derivatives			Other liabilities						—						(2,027)

_________________________________________________________

(1)Does not include cash collateral of $0.4 million and $1.5 million recorded in Prepaid and other current assets as of June 30, 2021 and December 31, 2020, respectively, and $9.5 million in Other long-term assets as of both June 30, 2021 and December 31, 2020.

Pre-Tax Gain (Loss) Recognized in the Statement of Operations

The following table summarizes the pre-tax gains (losses) recognized in Net income (loss) on our condensed consolidated statements of operations resulting from changes in fair value of derivative instruments not designated as hedges charged directly to earnings (in thousands):

									Three Months Ended June 30,												Six Months Ended June 30,
			Statement of Operations Location						2021						2020						2021						2020
Commodity derivatives			Cost of revenues (excluding depreciation)						$	(10,223)					$	781					$	(9,592)					$	(56,378)
J. Aron repurchase obligation derivative			Cost of revenues (excluding depreciation)						(4,542)						(10,370)						(5,317)						(57,015)
MLC terminal obligation derivative			Cost of revenues (excluding depreciation)						(31,229)						(26,882)						(55,601)						56,076
Interest rate derivatives			Interest expense and financing costs, net						—						(292)						104						(2,312)

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Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
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Tabular disclosure of derivative instruments (including nonderivative instruments that are designated and qualify as hedging instruments) of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position.

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-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4A
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Tabular disclosure of the notional amounts of outstanding derivative positions.

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-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
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