Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2024

Derivative Financial Instruments

Schedule of notional values of derivative instruments

	Units (1)		Unit of Measure
Exchange-Traded Derivatives
Long		42,771	Thousands of barrels
Short		(45,798)	Thousands of barrels
OTC Derivatives (Petroleum/Ethanol)
Long		140,896	Thousands of barrels
Short		(7,348)	Thousands of barrels

(1) Number of open positions and gross notional values do not measure the Partnership’s risk of loss, quantify risk or represent assets or liabilities of the Partnership, but rather indicate the relative size of the derivative instruments and are used in the calculation of the amounts to be exchanged between counterparties upon settlements.

Schedule of net gains and losses from derivatives recognized in consolidated statements of operations

The following table presents the gains and losses from the Partnership’s derivative instruments involved in fair value hedging relationships recognized in the consolidated statements of operations for the years ended December 31 (in thousands):

	Location of Gain (Loss)
	Recognized in Income on
	Derivatives	2024		2023		2022
Derivatives in fair value hedging relationship
Exchange-traded futures contracts and OTC derivative contracts for petroleum commodity products	Cost of sales	$	12,790	$	7,158	$	(32,088)
Hedged items in fair value hedge relationship
Physical inventory	Cost of sales	$	(16,985)	$	(15,320)	$	24,737

Schedule of the amount of gains and losses from derivatives not involved in a hedging relationship recognized in the consolidated statements of income

The following table presents the gains and losses from the Partnership’s derivative instruments not involved in a hedging relationship recognized in the consolidated statements of operations for the years ended December 31 (in thousands):

	Location of Gain (Loss)
Derivatives not designated as	Recognized in
hedging instruments	Income on Derivatives	2024		2023		2022
Commodity contracts	Cost of sales	$	(13,740)	$	1,803	$	29,002

Schedule of fair values of derivative instruments and location in consolidated balance sheets

The following table presents the fair value of each classification of the Partnership’s derivative instruments and its location in the consolidated balance sheets at December 31, 2024 and 2023 (in thousands):

		December 31, 2024
		Derivatives		Derivatives Not
		Designated as		Designated as
		Hedging		Hedging
	Balance Sheet Location	Instruments		Instruments		Total
Asset Derivatives:
Exchange-traded derivative contracts	Broker margin deposits	$	(9,355)	$	38,483	$	29,128
Forward derivative contracts (1)	Derivative assets		—		13,710		13,710
Total asset derivatives		$	(9,355)	$	52,193	$	42,838
Liability Derivatives:
Exchange-traded derivative contracts	Broker margin deposits	$	—	$	(30,936)	$	(30,936)
Forward derivative contracts (1)	Derivative liabilities		—		(6,105)		(6,105)
Total liability derivatives		$	—	$	(37,041)	$	(37,041)

		December 31, 2023
		Derivatives		Derivatives Not
		Designated as		Designated as
		Hedging		Hedging
	Balance Sheet Location	Instruments		Instruments		Total
Asset Derivatives:
Exchange-traded derivative contracts	Broker margin deposits	$	—	$	67,430	$	67,430
Forward derivative contracts (1)	Derivative assets		—		17,656		17,656
Total asset derivatives		$	—	$	85,086	$	85,086
Liability Derivatives:
Exchange-traded derivative contracts	Broker margin deposits	$	10,678	$	(44,687)	$	(34,009)
Forward derivative contracts (1)	Derivative liabilities		—		(4,987)		(4,987)
Total liability derivatives		$	10,678	$	(49,674)	$	(38,996)

(1) Forward derivative contracts include the Partnership’s petroleum and ethanol physical and financial forwards and OTC swaps.