Derivatives (Tables)

6 Months Ended

Jun. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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

At June 30, 2022, we had the following outstanding commodity derivative commodity contracts that were entered into 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)	115		—
Weighted average contract price per Bbl	$	117.88	$	—
Not qualifying or not designated as hedges under accounting rules:
Crude oil futures:
Contract volumes (1,000 Bbls)	122		128
Weighted average contract price per Bbl	$	107.36	$	107.84
Natural gas swaps:
Contract volumes (10,000 MMBtu)	—		230
Weighted average price differential per MMBtu	$	—	$	0.003
Natural gas futures:
Contract volumes (10,000 MMBtu)	93		265
Weighted average contract price per MMBtu	$	7.04	$	4.67
Natural gas options:
Contract volumes (10,000 MMBtu)	84		25
Weighted average premium received/paid	$	0.57	$	0.05

Schedule of Fair Value of Derivative Assets and Liabilities

The following tables reflect the estimated fair value position of our derivatives at June 30, 2022 and December 31, 2021:

Fair Value of Derivative Assets and Liabilities

	Unaudited Condensed Consolidated Balance Sheets Location	Fair Value
		June 30, 2022		December 31, 2021
Asset Derivatives:
Natural Gas Swap (undesignated hedge)	Current Assets - Other	135		1,867
Commodity derivatives - futures and put and call options (undesignated hedges):
Gross amount of recognized assets	Current Assets - Other	$	4,100	$	310
Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets	Current Assets - Other	(819)		(310)
Net amount of assets presented in the Unaudited Condensed Consolidated Balance Sheets		$	3,281	$	—
Commodity derivatives - futures (designated hedges):
Gross amount of recognized assets	Current Assets - Other	$	1,715	$	49
Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets	Current Assets - Other	(407)		(49)
Net amount of assets presented in the Unaudited Condensed Consolidated Balance Sheets		$	1,308	$	—
Liability Derivatives:
Preferred Distribution Rate Reset Election(2)	Other long-term liabilities	(76,817)		(83,210)
Natural Gas Swap (undesignated hedge)	Current Liabilities -Accrued Liabilities	(810)		(608)
Commodity derivatives - futures and put and call options (undesignated hedges):
Gross amount of recognized liabilities	Current Assets - Other(1)	$	(819)	$	(2,380)
Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets	Current Assets - Other(1)	819		2,380
Net amount of liabilities presented in the Unaudited Condensed Consolidated Balance Sheets		$	—	$	—
Commodity derivatives - futures (designated hedges):
Gross amount of recognized liabilities	Current Assets - Other(1)	$	(407)	$	(209)
Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets	Current Assets - Other(1)	407		209
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”.

(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,
		2022		2021		2022		2021
Commodity derivatives - futures and call options:
Contracts designated as hedges under accounting guidance	Onshore facilities and transportation product costs	$	634	$	(1,563)	$	(536)	$	(7,460)
Contracts not considered hedges under accounting guidance	Onshore facilities and transportation product costs, Sodium minerals and sulfur services operating costs	2,232		(1,779)		8,280		(5,700)
Total commodity derivatives		$	2,866	$	(3,342)	$	7,744	$	(13,160)
Natural Gas Swap	Sodium minerals and sulfur services operating costs	$	(590)	$	30	$	(1,692)	$	(37)
Preferred Distribution Rate Reset Election	Other income (expense)	$	10,651	$	(14,344)	$	6,393	$	(32,782)