XML 75 R44.htm IDEA: XBRL DOCUMENT v2.4.1.9
Derivatives (Tables)
12 Months Ended
Dec. 31, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule Of Outstanding Derivatives Entered Into Hedge Inventory Or Fixed Price Purchase Commitments
 
Sell (Short)
Contracts
 
Buy (Long)
Contracts
Not qualifying or not designated as hedges under accounting rules:
 
 
 
Crude oil futures:
 
 
 
Contract volumes (1,000 bbls)
366

 
168

Weighted average contract price per bbl
$
74.82

 
$
65.30

Diesel futures:

 

Contract volumes (1,000 bbls)
56

 

Weighted average contract price per gal
$
2.43

 
$

#6 Fuel oil futures:

 

Contract volumes (1,000 bbls)
465

 
95

Weighted average contract price per bbl
$
60.07

 
$
44.95

Crude oil options:

 

Contract volumes (1,000 bbls)
125

 

Weighted average premium received
$
2.08

 
$

Schedule Of Accounting Treatment And Classification Of Derivative Instruments
Derivative Instrument
  
Hedged Risk
  
Impact of Unrealized Gains and Losses
 
  
Consolidated
Balance Sheets
  
Consolidated
Statements of Operations
Not qualifying or not designated as hedges under accounting guidance:
Commodity hedges consisting of crude oil, heating oil and natural gas futures and forward contracts and call options
  
Volatility in crude oil and petroleum products prices - effect on market value of inventory or purchase commitments
  
Derivative is recorded in Other current assets (offset against margin deposits) or Accrued liabilities
  
Entire amount of change in fair value of derivative is recorded in Supply and logistics costs - product costs
Schedule Of Fair Value Of Derivative Assets And Liabilities
 
 
 
Fair Value
 
Consolidated
Balance Sheets Location
 
December 31, 2014
 
 
 
December 31, 2013
Asset Derivatives:
 
 
 
 
 
 
 
Commodity derivatives—futures and call options (undesignated hedges):
 
 
 
 
 
 
 
Gross amount of recognized assets
Current Assets - Other
 
$
16,383

 
 
 
$
615

Gross amount offset in the Consolidated Balance Sheets
Current Assets - Other
 
(2,310
)
 
 
 
(615
)
Net amount of assets presented in the Consolidated Balance Sheets
 
 
14,073

 
  
 

Liability Derivatives:
 
 
 
 
 
 
 
Commodity derivatives—futures and call options (undesignated hedges):
 
 
 
 
 
 
 
Gross amount of recognized liabilities
Current Assets - Other (1)
 
$
(2,310
)
 
 
 
$
(4,527
)
Gross amount offset in the Consolidated Balance Sheets
Current Assets - Other (1)
 
2,310

 
 
 
4,527

Net amount of liabilities presented in the Consolidated Balance Sheets
 
 

 

 

 
(1)
These derivative liabilities have been funded with margin deposits recorded in our Consolidated Balance Sheets under Current Assets - Other in 2013.
Schedule Of Effect On Consolidated Statements Of Operations And Other Comprehensive Income (Loss)
 
Amount of Gain (Loss) Recognized in Income
 
 
Supply & Logistics Product Costs
 
 
Year Ended
December 31,
 
 
2014
 
2013
 
2012
 
Commodity derivatives—futures and call options:
 
 
 
 
 
 
Contracts designated as hedges under accounting guidance
$


$

 
$

 
Contracts not considered hedges under accounting guidance
35,468

 
(3,268
)
 
(2,936
)
 
Total derivatives
$
35,468

 
$
(3,268
)
 
$
(2,936
)