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Derivatives (Tables)

9 Months Ended

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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