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Derivatives (Tables) | 6 Months Ended
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Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Notional Amounts of Outstanding Derivative Positions | At June 30, 2025, our open commodity derivative contracts represented (in thousands of barrels):
Contract Type |  | Purchases |  | Sales |  | Net
Futures |  | 2,170 |  |  | (2,595) |  |  | (425) |
Swaps |  | 105,583 |  |  | (133,973) |  |  | (28,390) |
Total |  | 107,753 |  |  | (136,568) |  |  | (28,815) |
Schedule of Derivative Instruments | The following table provides information on these option collars at our refineries as of June 30, 2025:
|  | 2025 |  | 2026
Total open option collars |  | 1,164 |  | 1,620
Weighted-average strike price - floor (in dollars) |  | $53.74 |  | $45.16
Weighted-average strike price - ceiling (in dollars) |  | $82.91 |  | $82.96
Earliest commencement date |  | July 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 June 30, 2025, and December 31, 2024, and their placement within our condensed consolidated balance sheets.
| Balance Sheet Location |  | June 30, 2025 |  | December 31, 2024
|  |  | Asset (Liability)
Commodity derivatives (1) | Prepaid and other current assets |  | $ | 40,564 |  |  | $ | 10,591 |
Commodity derivatives (1) | Other long-term assets |  | (1,614) |  |  | — |
Commodity derivatives (2) | Other accrued liabilities |  | (3,361) |  |  | (13,456) |
Citi repurchase obligation derivative | Obligations under inventory financing agreements |  | (3,678) |  |  | (1,588) |
Interest rate derivatives | Other liabilities |  | (758) |  |  | (24) |
_________________________________________________________ (1)Does not include cash collateral of $9.6 million and $38.6 million recorded in Prepaid and other current assets as of June 30, 2025, and December 31, 2024, respectively. Does not include $2.0 million and $2.3 million recorded in Prepaid and other current assets as of June 30, 2025, and December 31, 2024, respectively, related to realized derivatives receivable. (2)Does not include $66.9 million and $6.1 million recorded in Other accrued liabilities as of June 30, 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 June 30, |  | Six Months Ended June 30,
| Statement of Operations Location |  | 2025 |  | 2024 |  | 2025 |  | 2024
Commodity derivatives | Cost of revenues (excluding depreciation) |  | $ | 32,535 |  |  | $ | (10,567) |  |  | $ | 41,922 |  |  | $ | (37,297) |
J. Aron repurchase obligation derivative | Cost of revenues (excluding depreciation) |  | — |  |  | 22,869 |  |  | — |  |  | 1,053 |
Citi repurchase obligation derivative | Cost of revenues (excluding depreciation) |  | 1,458 |  |  | (409) |  |  | (2,090) |  |  | (409) |
Interest rate derivatives | Interest expense and financing costs, net |  | (649) |  |  | 37 |  |  | (734) |  |  | 881 |

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- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References No definition available. + Details
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