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Note 6 - Derivative Instruments

12 Months Ended

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

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- References

No definition available.

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