Derivatives (Tables)

6 Months Ended

Jun. 30, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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

At June 30, 2021, we entered into the following outstanding derivative commodity contracts to economically hedge inventory, fixed price purchase commitments or forecasted purchases.

	Sell (Short) Contracts		Buy (Long) Contracts
Designated as hedges under accounting rules:
Crude oil futures:
Contract volumes (1,000 bbls)	92		—
Weighted average contract price per bbl	$	70.71	$	—
Not qualifying or not designated as hedges under accounting rules:
Crude oil futures:
Contract volumes (1,000 bbls)	204		10
Weighted average contract price per bbl	$	70.75	$	72.66
Natural gas futures:
Contract volumes (10,000 MMBTU)	15		15
Weighted average contract price per MMBTU	$	3.55	$	3.14
Crude oil options:
Contract volumes (1,000 bbls)	8		—
Weighted average premium received/paid	$	5.59	$	—

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, 2021 and December 31, 2020:

Fair Value of Derivative Assets and Liabilities

	Unaudited Condensed Consolidated Balance Sheets Location	Fair Value
		June 30, 2021		December 31, 2020
Asset Derivatives:
Commodity derivatives - futures and call options (undesignated hedges):
Gross amount of recognized assets	Current Assets - Other	$	65	$	732
Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets	Current Assets - Other	(65)		(732)
Net amount of assets presented in the Unaudited Condensed Consolidated Balance Sheets related to commodity derivatives		$	—	$	—
Natural Gas Swap (undesignated hedge)	Current Assets - Other	—		616
Commodity derivatives - futures and call options (designated hedges):
Gross amount of recognized assets	Current Assets - Other	$	13	$	1,022
Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets	Current Assets - Other	(13)		(1,022)
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	(85,154)		(52,372)
Commodity derivatives - futures and call options (undesignated hedges):
Gross amount of recognized liabilities	Current Assets - Other (1)	$	(605)	$	(2,114)
Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets	Current Assets - Other (1)	605		2,114
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)	$	(267)	$	(3,345)
Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets	Current Assets - Other (1)	267		3,073
Net amount of liabilities presented in the Unaudited Condensed Consolidated Balance Sheets related to commodity derivatives		$	—	$	(272)

 (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 10 and Note 16 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 June 30,				Six Months Ended June 30,
		2021		2020		2021		2020
Commodity derivatives - futures and call options:
Contracts designated as hedges under accounting guidance	Onshore facilities and transportation product costs	$	(1,563)	$	(10,936)	$	(7,460)	$	(10,207)
Contracts not considered hedges under accounting guidance	Onshore facilities and transportation product costs, Sodium minerals and sulfur services operating costs	(1,779)		(2,642)		(5,700)		(4,017)
Total commodity derivatives		$	(3,342)	$	(13,578)	$	(13,160)	$	(14,224)
Natural Gas Swap	Sodium minerals and sulfur services operating costs	$	30	$	983	$	(37)	$	551
Preferred Distribution Rate Reset Election	Other income (expense)	$	(14,344)	$	(21,839)	$	(32,782)	$	10,706