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Derivatives (Tables) | 3 Months Ended
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Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Notional Amounts of Outstanding Derivative Positions | At March 31, 2024, our open commodity derivative contracts represented (in thousands of barrels):
Contract Type |  | Purchases |  | Sales |  | Net
Futures |  | 20,430 |  |  | (21,630) |  |  | (1,200) |
Swaps |  | 23,726 |  |  | (29,940) |  |  | (6,214) |
Total |  | 44,156 |  |  | (51,570) |  |  | (7,414) |
Schedule of Derivative Instruments | The following table provides information on these option collars at our refineries as of March 31, 2024:
Total open option collars |  | 1,175 |  |
Weighted-average strike price - floor (in dollars) |  | $61.59 |  |
Weighted-average strike price - ceiling (in dollars) |  | $82.65 |  |
Earliest commencement date |  | April 2024 |  |
Furthest expiry date |  | December 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 March 31, 2024 and December 31, 2023, and their placement within our condensed consolidated balance sheets.
| Balance Sheet Location |  | March 31, 2024 |  | December 31, 2023
|  |  | Asset (Liability)
Commodity derivatives (1) | Prepaid and other current assets |  | $ | 16,048 |  |  | $ | 43,356 |
Commodity derivatives (2) | Other accrued liabilities |  | (22,015) |  |  | (530) |
J. Aron repurchase obligation derivative | Obligations under inventory financing agreements |  | (22,208) |  |  | (392) |
Interest rate derivatives | Other long-term assets |  | 23 |  |  | — |
Interest rate derivatives | Other liabilities |  | — |  |  | (821) |
_________________________________________________________ (1)Does not include cash collateral of $5.9 million and $21.8 million recorded in Prepaid and other current assets as of March 31, 2024 and December 31, 2023, respectively, and $9.5 million in Other long-term assets as of both March 31, 2024 and December 31, 2023. Does not include $0.2 million recorded in Prepaid and other current assets as of March 31, 2024, related to realized derivatives receivable. (2)Does not include $0.6 million and $27.2 million recorded in Other accrued liabilities as of March 31, 2024 and December 31, 2023, respectively, related to realized derivatives payable.
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 March 31, |  |
| Statement of Operations Location |  | 2024 |  | 2023 |  |  |  |
Commodity derivatives | Cost of revenues (excluding depreciation) |  | $ | (27,360) |  |  | $ | (624) |  |  |  |  |
J. Aron repurchase obligation derivative | Cost of revenues (excluding depreciation) |  | (21,816) |  |  | 13,380 |  |  |  |  |
MLC terminal obligation derivative | Cost of revenues (excluding depreciation) |  | — |  |  | (17,023) |  |  |  |  |
Interest rate derivatives | Interest expense and financing costs, net |  | 844 |  |  | — |  |  |  |  |

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