Derivatives (Tables)

9 Months Ended

Sep. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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

At September 30, 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)	398		192
Weighted average contract price per Bbl	$	80.23	$	82.51
Not qualifying or not designated as hedges under accounting rules:
Crude oil futures:
Contract volumes (1,000 Bbls)	59		33
Weighted average contract price per Bbl	$	84.75	$	90.34
Natural gas swaps:
Contract volumes (10,000 MMBtu)	—		1,261
Weighted average price differential per MMBtu	$	—	$	0.62
Natural gas futures:
Contract volumes (10,000 MMBtu)	180		1,294
Weighted average contract price per MMBtu	$	2.71	$	3.66
Natural gas options:
Contract volumes (10,000 MMBtu)	59		32
Weighted average premium received/paid	$	0.66	$	0.17
Bunker fuel futures:
Contract volumes (metric tons “MT”)	—		51,500
Weighted average price per MT	$	—	$	535.99
DOE diesel options:
Contract volumes (1,000 Gal)	—		1,050
Weighted average premium received/paid	$	—	$	0.27

Schedule of Fair Value of Derivative Assets and Liabilities

The following tables reflect the estimated fair value position of our derivatives at September 30, 2023 and December 31, 2022:

	Unaudited Condensed Consolidated Balance Sheets Location	Fair Value
		September 30, 2023		December 31, 2022
Asset Derivatives:
Natural Gas Swap (undesignated hedge)	Current Assets - Accounts receivable - trade, net	$	10,082	$	36,844
Commodity derivatives - futures and put and call options (undesignated hedges):
Gross amount of recognized assets	Current Assets - Other(1)	4,070		1,238
Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets	Current Assets - Other(1)	(4,070)		(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)	$	1,304	$	—
Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets	Current Assets - Other(1)	(1,304)		—
Net amount of assets presented in the Unaudited Condensed Consolidated Balance Sheets		$	—	$	—
Liability Derivatives:
Natural Gas Swap (undesignated hedge)	Current Liabilities -Accrued liabilities	$	(2,695)	$	(4,692)
Commodity derivatives - futures and put and call options (undesignated hedges):
Gross amount of recognized liabilities	Current Assets - Other(1)	$	(6,546)	$	(11,061)
Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets	Current Assets - Other(1)	6,546		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)	$	(3,885)	$	—
Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets	Current Assets - Other(1)	3,885		—
Net amount of liabilities presented in the Unaudited Condensed Consolidated Balance Sheets		$	—	$	—

(1)As noted above, our exchange-traded derivatives are transacted through brokerage accounts and subject to margin requirements. We offset fair value amounts recorded for our exchange-traded derivative contracts against required 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 September 30,				Nine Months Ended September 30,
		2023		2022		2023		2022
Commodity derivatives - futures and call options:
Contracts designated as hedges under accounting guidance	Onshore facilities and transportation product costs	$	(5,012)	$	2,085	$	(2,657)	$	1,549
Contracts not considered hedges under accounting guidance	Onshore facilities and transportation product costs, Soda and sulfur services operating costs	(3,379)		7,138		(15,673)		15,418
Total commodity derivatives		$	(8,391)	$	9,223	$	(18,330)	$	16,967
Natural Gas Swap	Soda and sulfur services operating costs	$	8,600	$	(489)	$	15,086	$	(2,181)
Preferred Distribution Rate Reset Election	Other income (expense)	$	—	$	(24,977)	$	—	$	(18,584)