Derivatives (Tables)

3 Months Ended

Mar. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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

At March 31, 2023, we had the following outstanding derivative 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)	282		—
Weighted average contract price per Bbl	$	73.87	$	—
Not qualifying or not designated as hedges under accounting rules:
Crude oil futures:
Contract volumes (1,000 Bbls)	180		117
Weighted average contract price per Bbl	$	72.05	$	70.46
Crude oil basis differentials:
Contract volumes (1,000 Bbls)	40		—
Weighted average contract price per Bbl	$	(0.50)	$	—
Natural gas swaps:
Contract volumes (10,000 MMBtu)	—		1,502
Weighted average price differential per MMBtu	$	—	$	0.38
Natural gas futures:
Contract volumes (10,000 MMBtu)	210		1,656
Weighted average contract price per MMBtu	$	2.20	$	3.97
Natural gas options:
Contract volumes (10,000 MMBtu)	160		32
Weighted average premium received/paid	$	0.69	$	0.05
Bunker fuel futures:
Contract volumes (metric tons "MT")	$	—	$	46,600
Weighted average price per MT	$	—	$	524.49
DOE diesel options:
Contract volumes (1,000 Gal)	$	—	$	1,070
Weighted average premium received/paid	$	—	$	0.20

Schedule of Fair Value of Derivative Assets and Liabilities

The following tables reflect the estimated fair value position of our derivatives at March 31, 2023 and December 31, 2022:

	Unaudited Condensed Consolidated Balance Sheets Location	Fair Value
		March 31, 2023		December 31, 2022
Asset Derivatives:
Natural Gas Swap (undesignated hedge)	Current Assets - Other	12,916		36,844
Commodity derivatives - futures and put and call options (undesignated hedges):
Gross amount of recognized assets	Current Assets - Other	$	2,010	$	1,238
Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets	Current Assets - Other	(2,010)		(1,238)
Net amount of assets presented in the Unaudited Condensed Consolidated Balance Sheets		$	—	$	—
Commodity derivatives - futures (designated hedges):
Gross amount of recognized assets	Current Assets - Other	$	1,319	$	—
Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets	Current Assets - Other	(1,319)		—
Net amount of assets presented in the Unaudited Condensed Consolidated Balance Sheets		$	—	$	—
Liability Derivatives:
Natural Gas Swap (undesignated hedge)	Current Liabilities -Accrued Liabilities	(2,578)		(4,692)
Commodity derivatives - futures and put and call options (undesignated hedges):
Gross amount of recognized liabilities	Current Assets - Other(1)	$	(16,978)	$	(11,061)
Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets	Current Assets - Other(1)	16,978		5,217
Net amount of liabilities presented in the Unaudited Condensed Consolidated Balance Sheets		$	—	$	(5,844)
Commodity derivatives - futures (designated hedges):
Gross amount of recognized liabilities	Current Assets - Other(1)	$	(1,686)	$	—
Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets	Current Assets - Other(1)	1,686		—
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

Effect on Operating Results 

		Amount of Gain (Loss) Recognized in Income
	Unaudited Condensed Consolidated Statements of Operations Location	Three Months Ended March 31,
		2023		2022
Commodity derivatives - futures and call options:
Contracts designated as hedges under accounting guidance	Onshore facilities and transportation product costs	$	967	$	(1,170)
Contracts not considered hedges under accounting guidance	Onshore facilities and transportation product costs, Soda and sulfur services operating costs	(10,153)		6,048
Total commodity derivatives		$	(9,186)	$	4,878
Natural Gas Swap	Soda and sulfur services operating costs	$	14,085	$	(1,102)
Preferred Distribution Rate Reset Election	Other expense	$	—	$	(4,258)