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Derivatives (Tables)
6 Months Ended
Jun. 30, 2013
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule Of Outstanding Derivatives Entered Into To Hedge Inventory Or Fixed Price Purchase Commitments
At June 30, 2013, we had the following outstanding derivative commodity contracts that were entered into to economically hedge inventory or fixed price purchase commitments. We had no outstanding derivative contracts that were designated as hedges under accounting rules.
 
 
Sell (Short)
Contracts
 
Buy (Long)
Contracts
Not qualifying or not designated as hedges under accounting rules:
 
 
 
 
Crude oil futures:
 
 
 
 
Contract volumes (1,000 bbls)
 
321

 
107

Weighted average contract price per bbl
 
$
94.64

 
$
95.99

Diesel:
 
 
 
 
Contract volumes (1,000 bbls)
 
51

 
37

Weighted average contract price per gal
 
$
2.85

 
$
2.86

#6 Fuel oil futures:
 
 
 
 
Contract volumes (1,000 bbls)
 
532

 
10

Weighted average contract price per bbl
 
$
89.93

 
$
92.00

Crude oil options:
 
 
 
 
Contract volumes (1,000 bbls)
 
320

 
50

Weighted average premium received
 
$
1.43

 
$
0.30

RBOB:
 
 
 
 
Contract volumes (1,000 bbls)
 
10

 

Weighted average premium received
 
$
0.06

 
$

Schedule Of Fair Value Of Derivative Assets And Liabilities
The following tables reflect the estimated fair value gain (loss) position of our derivatives at June 30, 2013 and December 31, 2012:
Fair Value of Derivative Assets and Liabilities
 
 
Unaudited Condensed Consolidated Balance Sheets Location
 
Fair Value
 
June 30,
2013
 
December 31,
2012
Asset Derivatives:
 
 
 
 
 
Commodity derivatives - futures and call options (undesignated hedges):
 
 
 
 
 
Gross amount of recognized assets
Current Assets - Other
 
$
688

 
$
758

Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets
Current Assets - Other
 
(688
)
 
(758
)
Net amount of assets presented in the Unaudited Condensed Consolidated Balance Sheets
 
 
$

 
$

Liability Derivatives:
 
 
 
 
 
Commodity derivatives - futures and call options (undesignated hedges):
 
 
 
 
 
Gross amount of recognized liabilities
Current Assets - Other (1)
 
$
(1,265
)
 
$
(3,357
)
Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets
Current Assets - Other (1)
 
1,265

 
3,357

Net amount of liabilities presented in the Unaudited Condensed Consolidated Balance Sheets
 
 
$

 
$

 
(1) These derivative liabilities have been funded with margin deposits recorded in our Unaudited Condensed Consolidated Balance Sheets under Current Assets - Other.
Schedule Of Effect On Operating Results
 
 
 
Amount of Gain (Loss) Recognized in Income
 
Unaudited Condensed Consolidated Statements of Operations Location
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
 
2013
 
2012
 
2013
 
2012
Commodity derivatives - futures and call options:
 
 
 
 
 
 
 
 
 
Contracts not considered hedges under accounting guidance
Supply and logistics product costs
 
$
5,148

 
$
13,569

 
$
1,645

 
$
2,858

Total commodity derivatives
 
 
$
5,148

 
$
13,569

 
$
1,645

 
$
2,858