Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule Of NYMEX Contracts And Butane Price Swap Purchase Agreements

As outlined in the table below, our open NYMEX contracts at September 30, 2016 were as follows:

Type of Contract/Accounting Methodology	Product Represented by the Contract and Associated Barrels	Maturity Dates
NYMEX - Fair Value Hedges	0.7 million barrels of crude oil	November 2017
NYMEX - Economic Hedges	5.1 million barrels of refined products and crude oil	Between October 2016 and April 2017
NYMEX - Economic Hedges	1.3 million barrels of future purchases of butane	Between October 2016 and April 2017

Derivatives and Offset Amounts

A schedule of the derivative amounts we have offset and the deposit amounts we could offset under a master netting arrangement are provided below as of December 31, 2015 and September 30, 2016 (in thousands):

	December 31, 2015
Description	Gross Amounts of Recognized Assets		Gross Amounts of Liabilities Offset in the Consolidated Balance Sheets			Net Amounts of Assets Presented in the Consolidated Balance Sheets(1)		Margin Deposit Amounts Not Offset in the Consolidated Balance Sheets			Net Asset Amount(3)
Energy commodity derivatives	$	48,367	$	(5,646	)	$	42,721	$	(24,252	)	$	18,469

	September 30, 2016
Description	Gross Amounts of Recognized Liabilities			Gross Amounts of Assets Offset in the Consolidated Balance Sheets		Net Amounts of Liabilities Presented in the Consolidated Balance Sheets(2)			Margin Deposit Amounts Not Offset in the Consolidated Balance Sheets		Net Asset Amount(3)
Energy commodity derivatives	$	(15,576	)	$	3,247	$	(12,329	)	$	30,559	$	18,230

(1) Net amount includes energy commodity derivative contracts classified as current assets, net, of $39,243 and noncurrent assets of $3,478.

(2) Net amount includes energy commodity derivative contracts classified as current liabilities, net, of $12,430 and noncurrent assets of $101.

(3) Amount represents the maximum loss we would incur if all of our counterparties failed to perform on their derivative contracts.

Derivative Gains Included In Accumulated Other Comprehensive Loss (AOCL)

The changes in derivative activity included in AOCL for the three and nine months ended September 30, 2015 and 2016 were as follows (in thousands):

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
Derivative Losses Included in AOCL	2015			2016			2015			2016
Beginning balance	$	(29,528	)	$	(50,459	)	$	(16,587	)	$	(30,126	)
Net loss on cash flow hedges	(3,410		)	(3,169		)	(16,939		)	(24,278		)
Reclassification of net loss on cash flow hedges to income	388			512			976			1,288
Ending balance	$	(32,550	)	$	(53,116	)	$	(32,550	)	$	(53,116	)

Derivatives And Hedging-Cash Flow Hedges

The following tables provide a summary of the effect on our consolidated statements of income for the three and nine months ended September 30, 2015 and 2016 of derivatives accounted for under ASC 815-30, Derivatives and Hedging—Cash Flow Hedges, that were designated as hedging instruments (in thousands):

	Three Months Ended September 30, 2015
	Amount of Loss Recognized in AOCL on Derivative				Location of Loss Reclassified from AOCL into  Income	Amount of Loss Reclassified from AOCL into Income
Derivative Instrument						Effective Portion				Ineffective Portion
Interest rate contracts		$	(3,410	)	Interest expense		$	(388	)		$	—

	Three Months Ended September 30, 2016
	Amount of Loss Recognized in AOCL on Derivative				Location of Loss Reclassified from AOCL into  Income	Amount of Loss Reclassified from AOCL into Income
Derivative Instrument						Effective Portion				Ineffective Portion
Interest rate contracts		$	(3,169	)	Interest expense		$	(512	)		$	—

	Nine Months Ended September 30, 2015
	Amount of Loss Recognized in AOCL on Derivative				Location of Loss Reclassified from AOCL into  Income	Amount of Loss Reclassified from AOCL into Income
Derivative Instrument						Effective Portion				Ineffective Portion
Interest rate contracts		$	(16,939	)	Interest expense		$	(976	)		$	—

	Nine Months Ended September 30, 2016
	Amount of Loss Recognized in AOCL on Derivative				Location of Loss Reclassified from AOCL into  Income	Amount of Loss Reclassified from AOCL into Income
Derivative Instrument						Effective Portion				Ineffective Portion
Interest rate contracts		$	(24,278	)	Interest expense		$	(1,288	)		$	—

Derivatives And Hedging-Overall-Subsequent Measurement

The following table provides a summary of the effect on our consolidated statements of income for the three and nine months ended September 30, 2015 and 2016 of derivatives accounted for under ASC 815, Derivatives and Hedging, that were not designated as hedging instruments (in thousands):

		Amount of Gain (Loss) Recognized on Derivatives
		Three Months Ended						Nine Months Ended
	Location of Gain (Loss) Recognized on Derivatives	September 30,						September 30,
Derivative Instrument		2015			2016			2015			2016
NYMEX commodity contracts	Product sales revenue	$	71,902		$	(12,650	)	$	52,432		$	(8,438	)
NYMEX commodity contracts	Operating expenses	14,761			4,212			7,181			(1,192		)
NYMEX commodity contracts	Cost of product sales	(3,767		)	831			(5,847		)	3,643
	Total	$	82,896		$	(7,607	)	$	53,766		$	(5,987	)

Derivatives And Hedging-Designated

The following tables provide a summary of the fair value of derivatives accounted for under ASC 815, Derivatives and Hedging, which are presented on a net basis in our consolidated balance sheets, that were designated as hedging instruments as of December 31, 2015 and September 30, 2016 (in thousands):

	December 31, 2015
	Asset Derivatives			Liability Derivatives
Derivative Instrument	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
NYMEX commodity contracts	Energy commodity derivatives contracts, net	$	60	Energy commodity derivatives contracts, net	$	—
NYMEX commodity contracts	Other noncurrent assets	3,478		Other noncurrent liabilities	—
Interest rate contracts	Other current assets	2,179		Other current liabilities	653
	Total	$	5,717	Total	$	653

	September 30, 2016
	Asset Derivatives			Liability Derivatives
Derivative Instrument	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
NYMEX commodity contracts	Other noncurrent assets	$	101	Other noncurrent liabilities	$	—
Interest rate contracts	Other noncurrent assets	—		Other noncurrent liabilities	3,465
	Total	$	101	Total	$	3,465

The following tables provide a summary of the fair value of derivatives accounted for under ASC 815, Derivatives and Hedging, which are presented on a net basis in our consolidated balance sheets, that were not designated as hedging instruments as of December 31, 2015 and September 30, 2016 (in thousands):

	December 31, 2015
	Asset Derivatives			Liability Derivatives
Derivative Instrument	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
NYMEX commodity contracts	Energy commodity derivatives contracts, net	$	44,829	Energy commodity derivatives contracts, net	$	5,646
	September 30, 2016
	Asset Derivatives			Liability Derivatives
Derivative Instrument	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
NYMEX commodity contracts	Energy commodity derivatives contracts, net	$	3,146	Energy commodity derivatives contracts, net	$	15,576