Inventory Financing Agreements (Tables)

6 Months Ended

Jun. 30, 2023

Schedule Obligations Under Inventory Financing Agreements

The following table summarizes our outstanding obligations under our inventory financing agreements (in thousands):



	June 30, 2023		December 31, 2022
Supply and Offtake Agreement	$	568,670	$	732,511
Washington Refinery Intermediation Agreement	214,952		160,554
Obligations under inventory financing agreements	$	783,622	$	893,065

Schedule of Outstanding Borrowings, Letters Of Credit, And Contractual Undertaking Obligations Under The Intermediation Agreements

The following table summarizes our outstanding borrowings, letters of credit, and contractual undertaking obligations under the intermediation agreements (in thousands):


	June 30, 2023		December 31, 2022
Discretionary Draw Facility
Outstanding borrowings (1)	$	146,157	$	204,843
Borrowing capacity	146,157		204,843
MLC receivable advances
Outstanding borrowings (1)	83,882		56,601
Borrowing capacity	83,882		56,601


MLC issued letters of credit	75,830		115,001

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(1)Borrowings outstanding under the Discretionary Draw Facility and MLC receivable advances are included in Obligations under inventory financing agreements on our condensed consolidated balance sheets. Changes in the borrowings outstanding under these arrangements are included within Cash flows from financing activities on the condensed consolidated statements of cash flows.

Schedule of Inventory Intermediation Fees

The following table summarizes the inventory intermediation fees, which are included in Cost of revenues (excluding depreciation) on our condensed consolidated statements of operations, and Interest expense and financing costs, net related to the intermediation agreements (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Net fees and expenses:
Supply and Offtake Agreement
Inventory intermediation fees (1)	$	12,628	$	28,522	$	26,627	$	39,445
Interest expense and financing costs, net	1,895		1,858		3,620		3,102
Washington Refinery Intermediation Agreement
Inventory intermediation fees	$	750	$	750	$	1,500	$	1,500
Interest expense and financing costs, net	3,313		2,943		5,972		4,897

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(1)Inventory intermediation fees under the Supply and Offtake Agreement include market structure fees of $1.8 million and $19.4 million for the three months ended June 30, 2023 and 2022 and $4.2 million and $23.8 million for the six months ended June 30, 2023 and 2022, respectively.