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Derivatives (Tables)

6 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Amounts of Outstanding Derivative Positions

At June 30, 2024, our open commodity derivative contracts represented (in thousands of barrels):

Contract Type						Purchases						Sales						Net
Futures						11,735						(11,996)						(261)
Swaps						19,994						(28,146)						(8,152)
Total						31,729						(40,142)						(8,413)

Schedule of Derivative Instruments

The following table provides information on these option collars at our refineries as of June 30, 2024:

						2024						2025
Total open option collars						1,128						90
Weighted-average strike price - floor (in dollars)						$63.46						$62.75
Weighted-average strike price - ceiling (in dollars)						$86.48						$90.00
Earliest commencement date						July 2024						January 2025
Furthest expiry date						December 2024						March 2025

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 June 30, 2024 and December 31, 2023, and their placement within our condensed consolidated balance sheets.

			Balance Sheet Location						June 30, 2024						December 31, 2023
									Asset (Liability)
Commodity derivatives (1)			Prepaid and other current assets						$	8,926					$	43,356
Commodity derivatives (2)			Other accrued liabilities						(30,444)						(530)
J. Aron repurchase obligation derivative			Obligations under inventory financing agreements						—						(392)
Citi repurchase obligation derivative			Obligations under inventory financing agreements						(409)						—
Interest rate derivatives			Other long-term assets						61						—
Interest rate derivatives			Other liabilities						—						(821)

_________________________________________________________

(1)Does not include cash collateral of $2.4 million and $21.8 million recorded in Prepaid and other current assets as of June 30, 2024 and December 31, 2023, respectively, and $9.5 million in Other long-term assets as of December 31, 2023. As of June 30, 2024, we had no cash collateral recorded in Other long-term assets. Does not include $15.6 million recorded in Prepaid and other current assets as of June 30, 2024 related to realized derivatives receivable.

(2)Does not include $2.9 million and $27.2 million recorded in Other accrued liabilities as of June 30, 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 June 30,												Six Months Ended June 30,
			Statement of Operations Location						2024						2023						2024						2023
Commodity derivatives			Cost of revenues (excluding depreciation)						$	(10,567)					$	(6,104)					$	(37,297)					$	(6,728)
J. Aron repurchase obligation derivative			Cost of revenues (excluding depreciation)						22,869						(7,852)						1,053						5,528
Citi repurchase obligation derivative			Cost of revenues (excluding depreciation)						(409)						—						(409)						—
MLC terminal obligation derivative			Cost of revenues (excluding depreciation)						—						20,490						—						3,467
Interest rate derivatives			Interest expense and financing costs, net						37						543						881						543

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