Derivatives (Tables)

3 Months Ended

Mar. 31, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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

At March 31, 2026, we had the following outstanding derivative contracts that were entered into to economically hedge inventory and fixed price purchase commitments.

	Sell (Short) Contracts		Buy (Long) Contracts
Designated as hedges under accounting rules:
Crude oil futures:
Contract volumes (1,000 Bbls)	84		—
Weighted average contract price per Bbl	$	87.77	$	—
Not qualifying or not designated as hedges under accounting rules:
Crude oil futures:
Contract volumes (1,000 Bbls)	132		163
Weighted average contract price per Bbl	$	89.10	$	80.30
Crude oil basis differentials:
Contract volumes (1,000 Bbls)	30		30
Weighted average contract price per Bbl	$	(0.85)	$	5.39
Crude oil calendar swaps:
Contract volumes (1,000 Bbls)	50		—
Weighted average contract price per Bbl	$	0.31	$	—
Crude oil options:
Contract volumes (1,000 Bbls)	85		—
Weighted average premium received/paid	$	0.69	$	—

Schedule of Fair Value of Derivative Assets and Liabilities

The following tables reflect the estimated fair value position of our derivatives at March 31, 2026 and December 31, 2025:

	Unaudited Condensed Consolidated Balance Sheets Location	Fair Value
		March 31, 2026		December 31, 2025
Asset Derivatives:
Commodity derivatives - futures, swaps and options (undesignated hedges):
Gross amount of recognized assets	Accounts Receivable - trade, net; Current Assets - Other(1)	$	3,094	$	59
Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets	Current Assets - Other(1)	(551)		(8)
Net amount of assets presented in the Unaudited Condensed Consolidated Balance Sheets		$	2,543	$	51
Commodity derivatives - futures (designated hedges):
Gross amount of recognized assets	Current Assets - Other(1)	$	87	$	156
Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets	Current Assets - Other(1)	(87)		(156)
Net amount of assets presented in the Unaudited Condensed Consolidated Balance Sheets		$	—	$	—
Liability Derivatives:
Commodity derivatives - futures, swaps and options (undesignated hedges):
Gross amount of recognized liabilities	Accounts Receivable - trade, net; Current Assets - Other(1)	$	(3,896)	$	—
Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets	Current Assets - Other(1)	2,870		—
Net amount of liabilities presented in the Unaudited Condensed Consolidated Balance Sheets		$	(1,026)	$	—
Commodity derivatives - futures (designated hedges):
Gross amount of recognized liabilities	Current Assets - Other(1)	$	(1,246)	$	(19)
Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets	Current Assets - Other(1)	1,246		19
Net amount of liabilities presented in the Unaudited Condensed Consolidated Balance Sheets		$	—	$	—

(1)As noted above, certain of our derivatives are transacted through brokerage accounts and are 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 within “Current Assets - Other”.

Schedule of Effect on Operating Results

Effect on Operating Results 

		Amount of Loss Recognized in Income (Loss)
	Unaudited Condensed Consolidated Statements of Operations Location		Three Months Ended March 31,
			2026		2025
Commodity derivatives - futures, swaps and options:
Contracts designated as hedges under accounting guidance	Onshore transportation and services product costs		$	(6,111)	$	(283)
Contracts not considered hedges under accounting guidance	Onshore transportation and services product costs; Offshore transportation operating costs		(1,460)		(87)
Total commodity derivatives			$	(7,571)	$	(370)