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Inventory Financing Agreements (Tables)
 9 Months Ended
Sep. 30, 2024
Other Commitments [Abstract]  
Schedule Obligations Under Inventory Financing Agreements
The following table summarizes our outstanding obligations under our inventory financing agreements (in thousands):
September 30, 2024December 31, 2023
Inventory Intermediation Agreement$165,168 $— 
Supply and Offtake Agreement
— 594,362 
LC Facility due 2024
— — 
Obligations under inventory financing agreements$165,168 $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):
September 30, 2024December 31, 2023
Discretionary Draw Facility
Outstanding borrowings (1)
$— $165,459 
Borrowing capacity
— 175,891 
LC Facility due 2024
Outstanding borrowings
— — 
Borrowing capacity
— 120,000 
LC Facility issued letters of credit
— 13,000 
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(1)Borrowings outstanding under the Discretionary Draw Facility were included in Obligations under inventory financing agreements on our condensed consolidated balance sheets. Changes in the borrowings outstanding under these arrangements were 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 September 30,Nine Months Ended September 30,
2024202320242023
Net fees and expenses:
Inventory Intermediation Agreement
Inventory intermediation fees (1)$5,582 $— $11,618 $— 
Interest expense and financing costs, net328 — 433 — 
Supply and Offtake Agreement
Inventory intermediation fees (1)— 15,643 30,918 42,270 
Interest expense and financing costs, net— 2,214 2,872 5,834 
Washington Refinery Intermediation Agreement
Inventory intermediation fees
— 750 — 2,250 
Interest expense and financing costs, net— 3,278 — 9,250 
LC Facility due 2024
Interest expense and financing costs, net— 54 1,142 54 
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(1)Inventory intermediation fees under the Inventory Intermediation Agreement include market structure fees of $4.5 million and $9.1 million for the three and nine months ended September 30, 2024, respectively. Inventory intermediation fees under the Supply and Offtake Agreement include market structure fees of $13.5 million for the nine months ended September 30, 2024 and $5.1 million and $9.3 million for the three and nine months ended September 30, 2023, respectively. There were no inventory intermediation fees under the Supply and Offtake Agreement for the three months ended September 30, 2024.