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Note 6 - Derivative Instruments | 12 Months Ended
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Dec. 31, 2023
Notes to Financial Statements |
Derivative Instruments and Hedging Activities Disclosure [Text Block] |
6. | DERIVATIVE INSTRUMENTS
Realized and unrealized gains and losses on derivative instruments and changes in fair value of the derivative instruments are recorded in the consolidated statements of income as a component of cost of goods sold and amounted to a net gain of $2,571 for the year ended December 31,2023 and a net loss of $24,360 and $10,377 for the years ended December 31, 2022 and 2021, respectively. The volumes and carrying values of the Company’s derivative instruments were as follows at December 31:
|  | Asset/ (Liability) |
|  | 2023 |  |  | 2022 |
|  | Contract |  |  | Fair |  |  | Contract |  |  | Fair |
|  | Quantity |  |  | Value |  |  | Quantity |  |  | Value |
Regulated fixed price future commitments, included in other current assets (in thousand barrels) |  |  | 354 |  |  | $ | 1,736 |  |  |  | 305 |  |  | $ | (142 | )
The margin account maintained with a broker to collateralize these derivative instruments carried an account balance of $745 and $2,088 at December 31, 2023 and 2022, respectively, and is classified as other current assets in the consolidated balance sheet.

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- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480237/815-40-50-5 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-5C Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 815 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//815/tableOfContent + Details
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