Derivatives (Tables)

9 Months Ended

Sep. 30, 2017

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Outstanding Derivatives Entered Into to Hedge Inventory or Fixed Price Purchase Commitments

At September 30, 2017, we had the following outstanding derivative commodity contracts that were entered into to economically hedge inventory or fixed price purchase commitments.

	Sell (Short) Contracts		Buy (Long) Contracts
Designated as hedges under accounting rules:
Crude oil futures:
Contract volumes (1,000 bbls)	694		—
Weighted average contract price per bbl	$	48.03	$	—
Not qualifying or not designated as hedges under accounting rules:
Crude oil futures:
Contract volumes (1,000 bbls)	482		322
Weighted average contract price per bbl	$	50.17	$	50.76
Diesel futures:
Contract volumes (1,000 bbls)	11		11
Weighted average contract price per bbl	$	1.71	$	1.76
NYM RBOB Gas futures:
Contract volumes (42,000 gallons)	—		4
Weighted average contract price per gallon	$	—	$	1.59
Fuel oil futures:
Contract volumes (1,000 bbls)	175		70
Weighted average contract price per bbl	$	48.10	$	48.51
Crude oil options:
Contract volumes (1,000 bbls)	50		20
Weighted average premium received	$	0.63	$	0.19

Schedule of Fair Value of Derivative Assets and Liabilities

The following tables reflect the estimated fair value gain (loss) position of our derivatives at September 30, 2017 and December 31, 2016:

Fair Value of Derivative Assets and Liabilities

	Unaudited Condensed Consolidated Balance Sheets Location	Fair Value
		September 30, 2017			December 31, 2016
Asset Derivatives:
Commodity derivatives - futures and call options (undesignated hedges):
Gross amount of recognized assets	Current Assets - Other	$	503		$	443
Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets	Current Assets - Other	(503		)	(443		)
Net amount of assets presented in the Unaudited Condensed Consolidated Balance Sheets related to commodity derivatives		$	—		$	—
Commodity derivatives - futures and call options (designated hedges):
Gross amount of recognized assets	Current Assets - Other	$	43		$	3,321
Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets	Current Assets - Other	(43		)	(3,321		)
Net amount of assets presented in the Unaudited Condensed Consolidated Balance Sheets related to commodity derivatives		$	—		$	—
Liability Derivatives:
Preferred Distribution Rate Reset Election (2)	Other long-term liabilities	(36,726		)	—
Commodity derivatives - futures and call options (undesignated hedges):
Gross amount of recognized liabilities	Current Assets - Other (1)	$	(1,167	)	$	(1,772	)
Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets	Current Assets - Other (1)	1,167			1,772
Net amount of liabilities presented in the Unaudited Condensed Consolidated Balance Sheets related to commodity derivatives		$	—		$	—
Commodity derivatives - futures and call options (designated hedges):
Gross amount of recognized liabilities	Current Assets - Other (1)	$	(2,643	)	$	(9,506	)
Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets	Current Assets - Other (1)	2,459			7,589
Net amount of liabilities presented in the Unaudited Condensed Consolidated Balance Sheets related to commodity derivatives		$	(184	)	$	(1,917	)

 (1) These derivative liabilities have been funded with margin deposits recorded in our Unaudited Condensed Consolidated Balance Sheets under Current Assets - Other.

(2) Refer to Note 9 and Note 15 for additional discussion surrounding the Preferred Distribution Rate Reset Election derivative.

Schedule of Effect on Operating Results

Effect on Operating Results

		Amount of Gain (Loss) Recognized in Income
	Unaudited Condensed Consolidated Statements of Operations Location	Three Months Ended September 30,						Nine Months Ended September 30,
		2017			2016			2017			2016
Commodity derivatives - futures and call options:
Contracts designated as hedges under accounting guidance	Onshore facilities and transportation product costs	$	(3,399	)	$	1,672		$	8,433		$	(8,279	)
Contracts not considered hedges under accounting guidance	Onshore facilities and transportation product costs	(1,329		)	(262		)	650			(3,744		)
Total commodity derivatives		$	(4,728	)	$	1,410		$	9,083		$	(12,023	)
Preferred Distribution Rate Reset Election	Other expense	$	(2,276	)	$	—		$	(2,276	)	$	—