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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Fair Value Amounts by Hierarchy Level

Fair value amounts by hierarchy level as of March 31, 2025, and December 31, 2024, are presented gross in the tables below (in thousands):

			March 31, 2025
			Level 1						Level 2						Level 3						Gross Fair Value						Effect of Counter-Party Netting						Net Carrying Value on Balance Sheet (1)
Assets
Commodity derivatives			$	6,060					$	60,912					$	—					$	66,972					$	(58,202)					$	8,770
Liabilities
Commodity derivatives			$	(3,659)					$	(55,680)					$	—					$	(59,339)					$	58,202					$	(1,137)
Citi repurchase obligation derivative			—						—						(5,136)						(5,136)						—						(5,136)
Interest rate derivatives			—						(110)						—						(110)						—						(110)
Gross environmental credit obligations (2) (3)			—						(83,010)						—						(83,010)						—						(83,010)
Total liabilities			$	(3,659)					$	(138,800)					$	(5,136)					$	(147,595)					$	58,202					$	(89,393)

			December 31, 2024
			Level 1						Level 2						Level 3						Gross Fair Value						Effect of Counter-Party Netting						Net Carrying Value on Balance Sheet (1)
Assets
Commodity derivatives			$	209,666					$	13,506					$	—					$	223,172					$	(212,581)					$	10,591
Liabilities
Commodity derivatives			$	(215,139)					$	(10,898)					$	—					$	(226,037)					$	212,581					$	(13,456)
Citi repurchase obligation derivative			—						—						(1,588)						(1,588)						—						(1,588)
Interest rate derivatives			—						(24)						—						(24)						—						(24)
Gross environmental credit obligations (2) (3)			—						(44,498)						—						(44,498)						—						(44,498)
Total liabilities			$	(215,139)					$	(55,420)					$	(1,588)					$	(272,147)					$	212,581					$	(59,566)

_________________________________________________________

(1)Does not include cash collateral of $1.4 million and $38.6 million as of March 31, 2025, and December 31, 2024, respectively, included within Prepaid and other current assets on our condensed consolidated balance sheets, respectively.

(2)Does not include RINs assets and other environmental credits of $138.0 million and $195.0 million presented in Inventories on our condensed consolidated balance sheet and stated at the lower of cost and net realizable value as of March 31, 2025, and December 31, 2024, respectively, and $5.7 million included in Other long-term assets as of March 31, 2025.

(3)Does not include environmental liabilities of $134.8 million and $187.5 million satisfied by internally generated or purchased environmental credits and presented at the carrying value of these credits included in Other Accrued Liabilities on our condensed consolidated balance sheets as of March 31, 2025, and December 31, 2024, respectively.

Schedule of Roll Forward of Level 3 Financial Instruments Measured at Fair Value on a Recurring Basis

A roll forward of Level 3 derivative instruments measured at fair value on a recurring basis is as follows (in thousands):

			Three Months Ended March 31,
			2025						2024
Balance, at beginning of period			$	(1,588)					$	(392)
Total losses included in earnings (1)			(3,548)						(21,816)
Balance, at end of period			$	(5,136)					$	(22,208)

_________________________________________________________

(1)Included in Cost of revenues (excluding depreciation) on our condensed consolidated statements of operations.

Schedule of Carrying Value and Fair Value of Long-term Debt and Other Financial Instruments

The carrying value and fair value of long-term debt and other financial instruments as of March 31, 2025, and December 31, 2024, are as follows (in thousands):

			March 31, 2025
			Carrying Value						Fair Value
ABL Credit Facility due 2028 (1)			$	525,000					$	525,000
Term Loan Credit Agreement due 2030 (2)			624,735						622,538
Other long-term debt (2)			3,944						4,200

			December 31, 2024
			Carrying Value						Fair Value
ABL Credit Facility due 2028 (1)			$	483,000					$	483,000
Term Loan Credit Agreement due 2030 (2)			625,859						636,924
Other long-term debt (2)			4,108						4,412

_________________________________________________________

(1)The fair value measurements of the ABL Credit Facility are considered Level 3 measurements in the fair value hierarchy.

(2)The fair value measurements of the Term Loan Credit Agreement and Other long-term debt are considered Level 2 measurements in the fair value hierarchy as discussed below.

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Tabular disclosure of liabilities, including [financial] instruments measured at fair value and carrying value.

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Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
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Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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