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Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2024

Retirement Benefits [Abstract]

Schedule of Defined Benefit Plans Disclosures

The changes in the projected benefit obligation and the fair value of plan assets of our Benefit Plans for the years ended December 31, 2024 and 2023, were as follows (in thousands):

			2024									2023
Changes in projected benefit obligation:
Projected benefit obligation as of the beginning of the period			$	43,287								$	41,367
Service cost			539									494
Interest cost			2,045									2,044
Plan amendment			—									—
Actuarial loss (gain) (1)			(2,952)									1,362
Benefits paid			(2,138)									(1,980)
Curtailment			—									—
Projected benefit obligation as of the end of the period			$	40,781								$	43,287
Changes in fair value of plan assets:
Fair value of plan assets as of the beginning of the period			$	42,459								$	40,639
Actual return on plan assets			2,449									3,800
Employer contributions			510									—
Benefits paid			(2,138)									(1,980)
Fair value of plan assets as of the end of the period			$	43,280								$	42,459

____________________________________________________

(1)For the year ended December 31, 2024, the change in the actuarial gain was due to an increase in the discount rate. For the year ended December 31, 2023, the change in the actuarial loss was due to a decrease in the discount rate.

Schedule of Accumulated and Projected Benefit Obligations

The reconciliation of the funding status of our Benefit Plans of December 31, 2024 and 2023, was as follows (in thousands):

			2024									2023
			WY Refining			U.S. Oil						WY Refining			U.S. Oil
Projected benefit obligation			$	23,893		$	16,888					$	25,582		$	17,705
Fair value of plan assets			21,664			21,616						22,219			20,240
Underfunded/(overfunded) status			$	2,229		$	(4,728)					$	3,363		$	(2,535)
Amounts recognized in consolidated balance sheet:
Non-current assets			$	—		$	4,728					$	—		$	2,535
Non-current liabilities			(2,229)			—						(3,363)			—
Net amount recorded			$	(2,229)		$	4,728					$	(3,363)		$	2,535
Gross amounts recognized in accumulated other comprehensive income: (1)
Net actuarial gain			$	5,108		$	2,752					$	4,546		$	376
Total accumulated other comprehensive income			$	5,108		$	2,752					$	4,546		$	376

____________________________________________________

(1)For the years ended December 31, 2024 and 2023, we recognized an immaterial amount of service costs (credits) in accumulated other comprehensive income.

Schedule of Assumptions Used

Weighted-average assumptions used to measure our projected benefit obligation as of December 31, 2024, 2023, and 2022, and net periodic benefit costs for the years ended December 31, 2024, 2023, and 2022, are as follows:

			2024						2023						2022
Projected benefit obligation:
Wyoming Refining plan
Discount rate (1)			5.55		%				4.95		%				5.15		%
Rate of compensation increase			—		%				—		%				—		%
U.S. Oil plan
Discount rate (1)			5.45		%				4.80		%				5.00		%
Rate of compensation increase			3.00		%				3.00		%				3.00		%
Net periodic benefit costs:
Wyoming Refining plan
Discount rate (1)			4.95		%				5.15		%				2.85		%
Expected long-term rate of return (2)			6.20		%				6.20		%				5.75		%
Rate of compensation increase			—		%				—		%				—		%
U.S. Oil plan
Discount rate (1)			4.80		%				5.00		%				2.70		%
Expected long-term rate of return (2)			6.00		%				6.00		%				6.00		%
Rate of compensation increase			3.00		%				3.00		%				3.00		%

_________________________________________________________

(1)In determining the discount rate, we use pricing and yield information for high-quality corporate bonds that result in payments similar to the estimated distributions of benefits from our plans.

(2)The expected long-term rate of return is based on the target asset allocation of each plan and capital market assumptions developed using forward-looking models and historical market data and trends.

Schedule of Net Benefit Cost (Credit)

The net periodic benefit cost (credit) for the years ended December 31, 2024, 2023, and 2022, includes the following components (in thousands):

			2024						2023						2022
Components of net periodic benefit cost (credit):
Service cost			$	539					$	494					$	821
Interest cost			2,045						2,044						1,538
Expected return on plan assets			(2,244)						(2,151)						(2,596)
Amortization of net loss (gain)			(172)						(244)						3
Amortization of prior service cost			(45)						(45)						—
Net periodic benefit cost (credit)			$	123					$	98					$	(234)

Schedule of Allocation of Plan Assets

The weighted-average asset allocation for our Wyoming Refining plan at December 31, 2024, is as follows:

			Target						Actual
Asset category:
Equity securities			32		%				35		%
Debt securities			60		%				60		%
Real estate			8		%				5		%
Total			100		%				100		%

The weighted-average asset allocation for our U.S. Oil plan at December 31, 2024, is as follows:

			Target						Actual
Asset category:
Equity securities			56		%				56		%
Debt securities			43		%				44		%
Cash and Cash Equivalents			1		%				—		%
Total			100		%				100		%

Schedule of Expected Benefit Payments

Based on current data and assumptions, the following benefit payments, which reflect expected future service, as appropriate, are expected to be paid over the next 10 years (in thousands):

Year Ended
2025						$	2,522
2026						2,690
2027						2,689
2028						2,756
2029						2,811
Thereafter						13,745
Total						$	27,213

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