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Derivatives (Tables)

3 Months Ended

Mar. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Amounts of Outstanding Derivative Positions

At March 31, 2025, our open commodity derivative contracts represented (in thousands of barrels):

Contract Type						Purchases						Sales						Net
Futures						1,029						(1,455)						(426)
Swaps						76,035						(82,856)						(6,821)
Total						77,064						(84,311)						(7,247)

Schedule of Derivative Instruments

The following table provides information on these option collars at our refineries as of March 31, 2025:

						2025						2026
Total open option collars						1,710						375
Weighted-average strike price - floor (in dollars)						$55.62						$48.78
Weighted-average strike price - ceiling (in dollars)						$83.90						$87.00
Earliest commencement date						April 2025						January 2026
Furthest expiry date						December 2025						December 2026

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 March 31, 2025 and December 31, 2024, and their placement within our condensed consolidated balance sheets.

			Balance Sheet Location						March 31, 2025						December 31, 2024
									Asset (Liability)
Commodity derivatives (1)			Prepaid and other current assets						$	8,770					$	10,591
Commodity derivatives (2)			Other accrued liabilities						(1,137)						(13,456)
Citi repurchase obligation derivative			Obligations under inventory financing agreements						(5,136)						(1,588)
Interest rate derivatives			Other liabilities						(110)						(24)

_________________________________________________________

(1)Does not include cash collateral of $1.4 million and $38.6 million recorded in Prepaid and other current assets as of March 31, 2025, and December 31, 2024, respectively. Does not include $0.5 million and $2.3 million recorded in Prepaid and other current assets as of March 31, 2025, and December 31, 2024, respectively, related to realized derivatives receivable.

(2)Does not include $8.2 million and $6.1 million recorded in Other accrued liabilities as of March 31, 2025, and December 31, 2024, 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 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 March 31,
			Statement of Operations Location						2025						2024
Commodity derivatives			Cost of revenues (excluding depreciation)						$	9,387					$	(27,360)
J. Aron repurchase obligation derivative			Cost of revenues (excluding depreciation)						—						(21,816)
Citi repurchase obligation derivative			Cost of revenues (excluding depreciation)						(3,548)						—
Interest rate derivatives			Interest expense and financing costs, net						(85)						844

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