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Derivatives (Tables) | 9 Months Ended
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Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Notional Amounts of Outstanding Derivative Positions | At September 30, 2024, our open commodity derivative contracts represented (in thousands of barrels):
Contract Type |  | Purchases |  | Sales |  | Net
Futures |  | 97,459 |  |  | (99,115) |  |  | (1,656) |
Swaps |  | 9,047 |  |  | (13,697) |  |  | (4,650) |
Total |  | 106,506 |  |  | (112,812) |  |  | (6,306) |
Schedule of Derivative Instruments | The following table provides information on these option collars at our refineries as of September 30, 2024:
|  | 2024 |  | 2025
Total open option collars |  | 549 |  | 2,430
Weighted-average strike price - floor (in dollars) |  | $62.55 |  | $58.15
Weighted-average strike price - ceiling (in dollars) |  | $86.64 |  | $83.68
Earliest commencement date |  | October 2024 |  | January 2025
Furthest expiry date |  | December 2024 |  | December 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 September 30, 2024 and December 31, 2023, and their placement within our condensed consolidated balance sheets.
| Balance Sheet Location |  | September 30, 2024 |  | December 31, 2023
|  |  | Asset (Liability)
Commodity derivatives (1) | Prepaid and other current assets |  | $ | 21,035 |  |  | $ | 43,356 |
Commodity derivatives (2) | Other accrued liabilities |  | (5,047) |  |  | (530) |
Commodity derivatives | Other liabilities |  | (4,042) |  |  | — |
J. Aron repurchase obligation derivative | Obligations under inventory financing agreements |  | — |  |  | (392) |
Citi repurchase obligation derivative | Obligations under inventory financing agreements |  | 503 |  |  | — |
Interest rate derivatives | Other liabilities |  | (516) |  |  | (821) |
_________________________________________________________ (1)Does not include cash collateral of $32.4 million and $21.8 million recorded in Prepaid and other current assets as of September 30, 2024 and December 31, 2023, respectively, and $9.5 million in Other long-term assets as of December 31, 2023. As of September 30, 2024, we had no cash collateral recorded in Other long-term assets. Does not include $9.8 million recorded in Prepaid and other current assets as of September 30, 2024 related to realized derivatives receivable. (2)Does not include $27.2 million recorded in Other accrued liabilities as of December 31, 2023 related to realized derivatives payable. As of September 30, 2024, we had no realized derivatives payable recorded in Other accrued liabilities.
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 |  | 2024 |  | 2023 |  | 2024 |  | 2023
Commodity derivatives | Cost of revenues (excluding depreciation) |  | $ | 43,705 |  |  | $ | (72,131) |  |  | $ | 5,778 |  |  | $ | (78,859) |
J. Aron repurchase obligation derivative | Cost of revenues (excluding depreciation) |  | — |  |  | (51,344) |  |  | 1,053 |  |  | (45,816) |
Citi repurchase obligation derivative | Cost of revenues (excluding depreciation) |  | 912 |  |  | — |  |  | 503 |  |  | — |
MLC terminal obligation derivative | Cost of revenues (excluding depreciation) |  | — |  |  | (37,616) |  |  | — |  |  | (34,149) |
Interest rate derivatives | Interest expense and financing costs, net |  | (576) |  |  | 121 |  |  | 305 |  |  | 664 |

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