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Inventory Financing Agreements (Tables)
 3 Months Ended
Mar. 31, 2024
Other Commitments [Abstract]  
Schedule Obligations Under Inventory Financing Agreements
The following table summarizes our outstanding obligations under our inventory financing agreements (in thousands):
March 31, 2024December 31, 2023
Supply and Offtake Agreement
$662,688 $594,362 
LC Facility due 2024
— — 
Obligations under inventory financing agreements$662,688 $594,362 
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):
March 31, 2024December 31, 2023
Discretionary Draw Facility
Outstanding borrowings (1)
$167,902 $165,459 
Borrowing capacity
169,765 175,891 
MLC receivable advances
Outstanding borrowings (1)
— — 
Borrowing capacity
— — 
LC Facility due 2024
Outstanding borrowings
— — 
Borrowing capacity
120,000 120,000 
MLC issued letters of credit— — 
LC Facility issued letters of credit
— 13,000 
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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 March 31,
20242023
Net fees and expenses:
Supply and Offtake Agreement
Inventory intermediation fees (1)$19,038 $13,999 
Interest expense and financing costs, net1,784 1,725 
Washington Refinery Intermediation Agreement
Inventory intermediation fees (benefits)$— $750 
Interest expense and financing costs, net— 2,659 
LC Facility due 2024
Interest expense and financing costs, net$618 $— 
___________________________________________________
(1)Inventory intermediation fees under the Supply and Offtake Agreement include market structure fees of $8.8 million and $2.4 million for the three months ended March 31, 2024 and 2023, respectively.