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Derivatives (Tables)

12 Months Ended

Dec. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Amounts of Outstanding Derivative Positions

At December 31, 2024, our open commodity derivative contracts represented (in thousands of barrels):

Contract type						Purchases						Sales						Net
Futures						88,901						(94,018)						(5,117)
Swaps						5,249						(5,899)						(650)
Total						94,150						(99,917)						(5,767)

Schedule of Derivative Instruments

The following table provides information on these option collars at our refineries as of December 31, 2024:

Total open option collars																								2,430
Weighted-average strike price - floor (in dollars)																								$	58.15
Weighted-average strike price - ceiling (in dollars)																								$	83.68
Earliest commencement date																								January 2025
Furthest expiry date																								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 December 31, 2024 and 2023, and their placement within our consolidated balance sheets.

									December 31,
			Balance Sheet Location						2024						2023
									Asset (Liability)
Commodity derivatives (1)			Prepaid and other current assets						$	10,591					$	43,356
Commodity derivatives (2)			Other accrued liabilities						(13,456)						(530)
J. Aron repurchase obligation derivative			Obligations under inventory financing agreements						—						(392)
Citi repurchase obligation derivative			Obligations under inventory financing agreements						(1,588)						—
Interest rate derivatives			Other liabilities						(24)						(821)

_________________________________________________________

(1)Does not include cash collateral of $38.6 million and $21.8 million recorded in Prepaid and other current assets as of December 31, 2024, and 2023, respectively, and $9.5 million in Other long-term assets as of December 31, 2023. As of December 31, 2024, we had no cash collateral recorded in Other long-term assets. Does not include $2.3 million recorded in Prepaid and other current assets as of December 31, 2024, related to realized derivatives receivable.

(2)Does not include $6.1 million and $27.2 million recorded in Other accrued liabilities as of December 31, 2024, and 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 consolidated statements of operations resulting from changes in fair value of derivative instruments not designated as hedges charged directly to earnings (in thousands):

									Year Ended December 31,
			Statement of Operations Classification						2024						2023						2022
Commodity derivatives			Cost of revenues (excluding depreciation)						$	9,615					$	(16,701)					$	(65,814)
J. Aron repurchase obligation derivative			Cost of revenues (excluding depreciation)						1,053						11,764						2,995
Citi repurchase obligation derivative			Cost of revenues (excluding depreciation)						(1,588)						—						—
MLC terminal obligation derivative			Cost of revenues (excluding depreciation)						—						(34,149)						(49,636)
Interest rate derivatives			Interest expense and financing costs, net						796						(821)						—

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