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Derivatives (Tables) | 9 Months Ended
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Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Notional Amounts of Outstanding Derivative Positions | At September 30, 2023, our open commodity derivative contracts represented (in thousands of barrels):
Contract Type |  | Purchases |  | Sales |  | Net
Futures |  | 31,520 |  |  | (31,820) |  |  | (300) |
Swaps |  | 2,935 |  |  | (6,482) |  |  | (3,547) |
Total |  | 34,455 |  |  | (38,302) |  |  | (3,847) |
Schedule of Derivative Instruments | The following table provides information on these option collars at our refineries as of September 30, 2023:
|  | 2023 |  | 2024
Average barrels per month |  | 168,333 |  |  | 146,500 |
Weighted-average strike price - floor (in dollars) |  | $ | 65.07 |  |  | $ | 60.96 |
Weighted-average strike price - ceiling (in dollars) |  | $ | 88.10 |  |  | $ | 83.19 |
Earliest commencement date |  | September 2023 |  | January 2024
Furthest expiry date |  | December 2023 |  | June 2024
Schedule of 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 September 30, 2023 and December 31, 2022, and their placement within our condensed consolidated balance sheets.
| Balance Sheet Location |  | September 30, 2023 |  | December 31, 2022
|  |  | Asset (Liability)
Commodity derivatives (1) | Prepaid and other current assets |  | $ | 15,207 |  |  | $ | 495 |
Commodity derivatives | Other accrued liabilities |  | (33,980) |  |  | (10,989) |
Environmental credit derivatives | Other accrued liabilities |  | (1,931) |  |  | — |
J. Aron repurchase obligation derivative | Obligations under inventory financing agreements |  | (57,972) |  |  | (12,156) |
MLC terminal obligation derivative | Obligations under inventory financing agreements |  | (6,429) |  |  | 14,435 |
Interest rate derivatives | Other long-term assets |  | 664 |  |  | — |
_________________________________________________________ (1)Does not include cash collateral of $22.8 million and $40.8 million recorded in Prepaid and other current assets as of September 30, 2023 and December 31, 2022, respectively, and $9.5 million in Other long-term assets as of both September 30, 2023 and December 31, 2022.
Schedule of 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 September 30, |  | Nine Months Ended September 30,
| Statement of Operations Location |  | 2023 |  | 2022 |  | 2023 |  | 2022
Commodity derivatives | Cost of revenues (excluding depreciation) |  | $ | (72,131) |  |  | $ | 20,728 |  |  | $ | (78,859) |  |  | $ | (36,750) |
J. Aron repurchase obligation derivative | Cost of revenues (excluding depreciation) |  | (51,344) |  |  | 58,851 |  |  | (45,816) |  |  | 28,811 |
MLC terminal obligation derivative | Cost of revenues (excluding depreciation) |  | (37,616) |  |  | 18,423 |  |  | (34,149) |  |  | (71,769) |
Interest rate derivatives | Interest expense and financing costs, net |  | 121 |  |  | — |  |  | 664 |  |  | — |

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