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Derivatives (Tables)
 12 Months Ended
Dec. 31, 2019
Derivative [Line Items]  
Offsetting Assets
The following tables summarize the Company’s gross fair values of its derivative instruments, presenting the impact of offsetting derivative assets in the Company’s consolidated balance sheets (in millions):
 
 
December 31, 2019
 
December 31, 2018
 
Balance Sheet Location
Gross Amounts of Recognized Assets
 
Gross Amounts Offset in the Consolidated Balance Sheets
 
Net Amounts of Assets Presented in the Consolidated Balance Sheets
 
Gross Amounts of Recognized Assets
 
Gross Amounts Offset in the Consolidated Balance Sheets
 
Net Amounts of Assets Presented in the Consolidated Balance Sheets
Derivative instruments not designated as hedges:
 
 
 
 
 
 
 
 
 
 
Specialty products segment:
 
 
 
 
 
 
 
 
 
 
 
 
Midland crude oil basis swaps
Derivative assets
$
—

 
$
—

 
$
—

 
$
1.0

 
$
—

 
$
1.0

Fuel products segment:
 
 
 
 
 
 
 
 
 
 
 
 
Inventory financing obligation
Obligations under inventory financing agreements
—

 
—

 
—

 
1.5

 
—

 
1.5

WCS crude oil basis swaps
Derivative assets
—

 
(1.3
)
 
(1.3
)
 
16.5

 
(1.6
)
 
14.9

WCS crude oil percentage basis swaps
Derivative assets
—

 
—

 
—

 
—

 
(6.1
)
 
(6.1
)
Midland crude oil basis swaps
Derivative assets
—

 
—

 
—

 
7.1

 
—

 
7.1

Gasoline crack spread swaps
Derivative assets
1.8

 
(0.5
)
 
1.3

 
—

 
—

 
—

Diesel crack spread swaps
Derivative assets
0.9

 
(0.5
)
 
0.4

 
7.4

 
—

 
7.4

Diesel percentage basis crack spread swaps
Derivative assets
—

 
—

 
—

 
—

 
(6.0
)
 
(6.0
)
2/1/1 Crack spread swap
Derivative assets
0.5

 
—

 
0.5

 
—

 
—

 
—

Total derivative instruments
 
$
3.2

 
$
(2.3
)
 
$
0.9

 
$
33.5

 
$
(13.7
)
 
$
19.8
Offsetting Liabilities
The following tables summarize the Company’s gross fair values of its derivative instruments, presenting the impact of offsetting derivative liabilities in the Company’s consolidated balance sheets (in millions):
 
 
December 31, 2019
 
December 31, 2018
 
Balance Sheet Location
Gross Amounts of Recognized Liabilities
 
Gross Amounts Offset in the Consolidated Balance Sheets
 
Net Amounts of Liabilities Presented in the Consolidated Balance Sheets
 
Gross Amounts of Recognized Liabilities
 
Gross Amounts Offset in the Consolidated Balance Sheets
 
Net Amounts of Liabilities Presented in the Consolidated Balance Sheets
Derivative instruments not designated as hedges:
 
 
 
 
 
 
 
 
 
 
Fuel products segment:
 
 
 
 
 
 
 
 
 
 
 
 
Inventory financing obligation
Obligations under inventory financing agreements
$
(7.2
)
 
$
—

 
$
(7.2
)
 
$
—

 
$
—

 
$
—

WCS crude oil basis swaps
Derivative liabilities
(1.3
)
 
1.3

 
—

 
(1.6
)
 
1.6

 
—

WCS crude oil percentage basis swaps
Derivative liabilities
—

 
—

 
—

 
(6.1
)
 
6.1

 
—

Gasoline crack spread swaps
Derivative liabilities
(0.5
)
 
0.5

 
—

 
—

 
—

 
—

Diesel crack spread swaps
Derivative liabilities
(0.5
)
 
0.5

 
—

 
—

 
—

 
—

Diesel percentage basis crack spread swaps
Derivative liabilities
—

 
—

 
—

 
(6.0
)
 
6.0

 
—

Total derivative instruments
 
$
(9.5
)
 
$
2.3

 
$
(7.2
)
 
$
(13.7
)
 
$
13.7

 
$
—
Derivative Instruments, Gain (Loss) by Hedging Relationship, by Income Statement Location, by Derivative Instrument Risk
The Company recorded the following gains (losses) in its consolidated statements of operations related to its derivative instruments not designated as hedges (in millions): 
 
Amount of Gain (Loss)
Recognized in Realized
 Gain on Derivative
Instruments
 
Amount of Gain (Loss)
Recognized in Unrealized
Gain (Loss) on Derivative Instruments
 
Year Ended December 31,
 
Year Ended December 31,
Type of Derivative
2019
 
2018
 
2019
 
2018
Specialty products segment:
 
 
 
 
 
 
 
Midland crude oil basis swaps
1.6

 
0.9

 
(1.0
)
 
1.0

Fuel products segment:
 
 
 
 
 
 
 
Inventory financing obligation
—

 
—

 
(8.7
)
 
5.9

Crude oil swaps
—

 
—

 
—

 
(0.3
)
WCS crude oil basis swaps
14.7

 
(1.8
)
 
(16.2
)
 
14.9

WCS crude oil percentage basis swaps
1.0

 
—

 
6.0

 
(6.1
)
Midland crude oil basis swaps
11.3

 
6.0

 
(7.1
)
 
7.1

Gasoline swaps
—

 
—

 
—

 
0.2

Gasoline crack spread swaps
0.1

 
(1.0
)
 
1.3

 
1.8

Diesel swaps
—

 
—

 
—

 
0.2

Diesel crack spread swaps
6.3

 
(0.7
)
 
(6.9
)
 
11.5

Diesel percentage basis crack spread swaps
—

 
—

 
6.0

 
(6.0
)
2/1/1 crack spread swaps
0.1

 
0.2

 
0.5

 
—

Total
$
35.1

 
$
3.6

 
$
(26.1
)
 
$
30.2
Crude Oil Basis Swaps WCS and NYMEX WTI Purchased [Member] | Fuel Product  
Derivative [Line Items]  
Schedule of Outstanding Derivative Positions
At December 31, 2018, the Company had the following derivatives related to WCS crude oil purchases in its fuel products segment, none of which were designated as hedges:
WCS Crude Oil Basis Swap Contracts by Expiration Dates
Barrels Purchased
 
BPD
 
Average Differential to NYMEX WTI
($/Bbl)
First Quarter 2019
419,000

 
4,656

 
$
(28.10
)
Second Quarter 2019
455,000

 
5,000

 
$
(28.22
)
Third Quarter 2019
460,000

 
5,000

 
$
(28.22
)
Fourth Quarter 2019
460,000

 
5,000

 
$
(28.22
)
Total
1,794,000

 
 
 
 
Average differential
 
 
 
 
$
(28.19
)
At December 31, 2019, the Company had the following derivatives related to WCS crude oil purchases in its fuel products segment, which are not designated as hedges:
WCS Crude Oil Basis Swap Contracts by Expiration Dates
Barrels Purchased
 
BPD
 
Average Differential to NYMEX WTI
($/Bbl)
First Quarter 2020
544,000

 
5,978

 
$
(18.92
)
Total
544,000

 
 
 
 
Average differential
 
 
 
 
$
(18.92
)
WCS Crude Oil Basis Swaps Sales [Member] | Fuel Product  
Derivative [Line Items]  
Schedule of Outstanding Derivative Positions
At December 31, 2018, the Company had the following derivatives related to WCS crude oil basis sales in its fuel products segment, none of which were designated as hedges:
WCS Crude Oil Basis Swap Contracts by Expiration Dates
Barrels Sold
 
BPD
 
Average Differential to NYMEX WTI
($/Bbl)
First Quarter 2019
388,000

 
4,311

 
$
(19.84
)
Second Quarter 2019
455,000

 
5,000

 
$
(19.84
)
Third Quarter 2019
460,000

 
5,000

 
$
(19.84
)
Fourth Quarter 2019
460,000

 
5,000

 
$
(19.84
)
Total
1,763,000

 
 
 
 
Average differential
 
 
 
 
$
(19.84
)
At December 31, 2019, the Company had no derivatives related to WCS crude oil basis sales in its fuel products segment, as all positions outstanding at December 31, 2018 were settled during 2019.
WCS Crude Oil Percent Basis Swaps | Fuel Product  
Derivative [Line Items]  
Schedule of Outstanding Derivative Positions
At December 31, 2019, the Company had no derivatives related to WCS crude oil percentage basis swap purchases in its fuel products segment, as all positions outstanding at December 31, 2018 were settled during 2019.
At December 31, 2018, the Company had the following derivatives related to WCS crude oil percentage basis swap purchases in its fuel products segment, none of which were designated as hedges:
WCS Crude Oil Percentage Basis Swap Contracts by Expiration Dates
Barrels Purchased
 
BPD
 
Fixed Percentage of NYMEX WTI (Average % of WTI/Bbl)
First Quarter 2019
450,000

 
5,000

 
66.32
%
Second Quarter 2019
455,000

 
5,000

 
66.32
%
Third Quarter 2019
460,000

 
5,000

 
66.32
%
Fourth Quarter 2019
460,000

 
5,000

 
66.32
%
Total
1,825,000

 
 
 
 
Average percentage
 
 
 
 
66.32
%
Midland crude oil basis swap purchases | Fuel Product  
Derivative [Line Items]  
Schedule of Outstanding Derivative Positions
The Company has entered into crude oil basis swaps to mitigate the risk of future changes in pricing differentials between WTI Midland and NYMEX WTI. At December 31, 2019, the Company had no derivatives related to Midland crude oil basis swap purchases in its fuel products segment, as all positions outstanding at December 31, 2018 were settled during 2019.
At December 31, 2018, the Company had the following derivatives related to Midland crude oil basis swap purchases in its fuel products segment, none of which were designated as hedges:
Midland Crude Oil Basis Swap Contracts by Expiration Dates
Barrels Purchased
 
BPD
 
Average Differential to NYMEX WTI
($/Bbl)
First Quarter 2019
501,500

 
5,572

 
$
(12.79
)
Second Quarter 2019
773,500

 
8,500

 
$
(11.74
)
Total
1,275,000

 
 
 
 
Average differential
 
 
 
 
$
(12.27
)
Gasoline Crack Spread Swaps | Fuel Product  
Derivative [Line Items]  
Schedule of Outstanding Derivative Positions
Gasoline Crack Spread Swap Contracts
At December 31, 2019, the Company had the following derivatives related to gasoline crack spread swap sales in its fuel products segment, none of which are designated as hedges:
Gasoline Crack Spread Swap Contracts by Expiration Dates
Barrels Sold
 
BPD
 
Average Swap
($/Bbl)
First Quarter 2020
591,500

 
6,500

 
$
12.54

Second Quarter 2020
379,000

 
4,165

 
$
16.41

Third Quarter 2020
368,000

 
4,000

 
$
15.24

Fourth Quarter 2020
368,000

 
4,000

 
$
9.77

Total
1,706,500

 
 
 
 
Average price
 
 
 
 
$
13.38

At December 31, 2018, the Company had no derivatives related to gasoline crack spread swap sales in its fuel products segment.
Diesel Crack Spread Swaps | Fuel Product  
Derivative [Line Items]  
Schedule of Outstanding Derivative Positions
At December 31, 2019, the Company had the following derivatives related to diesel crack spread swap sales in its fuel products segment, none of which are designated as hedges:
Diesel Crack Spread Swap Contracts by Expiration Dates
Barrels Sold
 
BPD
 
Average Swap
($/Bbl)
First Quarter 2020
500,500

 
5,500

 
$
22.15

Second Quarter 2020
379,000

 
4,165

 
$
21.68

Third Quarter 2020
368,000

 
4,000

 
$
22.23

Fourth Quarter 2020
368,000

 
4,000

 
$
21.91

Total
1,615,500

 
 
 
 
Average price
 
 
 
 
$
22.00

At December 31, 2018, the Company had the following derivatives related to diesel crack spread swap sales in its fuel products segment, none of which were designated as hedges:
Diesel Crack Spread Swap Contracts by Expiration Dates
Barrels Sold
 
BPD
 
Average Swap
($/Bbl)
First Quarter 2019
450,000

 
5,000

 
$
25.58

Second Quarter 2019
455,000

 
5,000

 
$
25.58

Third Quarter 2019
460,000

 
5,000

 
$
25.58

Fourth Quarter 2019
460,000

 
5,000

 
$
25.58

Total
1,825,000

 
 
 
 
Average price
 
 
 
 
$
25.58
Diesel Percent Basis Crack Spread Swaps | Fuel Product  
Derivative [Line Items]  
Schedule of Outstanding Derivative Positions
The Company has entered into diesel crack spread derivative instruments to secure a fixed percentage of gross profit on diesel in excess of the floating value of NYMEX WTI crude oil. At December 31, 2019, the Company had no derivatives related to diesel percentage basis crack spread swap sales in its fuel products segment, as all positions outstanding at December 31, 2018 were settled during 2019.
At December 31, 2018, the Company had the following derivatives related to diesel percentage basis crack spread swap sales in its fuel products segment, none of which were designated as hedges:
Diesel Percentage Basis Crack Spread Swap Contracts by Expiration Dates
Barrels Sold
 
 BPD
 
Fixed Percentage of NYMEX WTI
(Average % of WTI/Bbl)
First Quarter 2019
450,000

 
5,000

 
138.38
%
Second Quarter 2019
455,000

 
5,000

 
138.38
%
Third Quarter 2019
460,000

 
5,000

 
138.38
%
Fourth Quarter 2019
460,000

 
5,000

 
138.38
%
Total
1,825,000

 
 
 
 
Average percentage
 
 
 
 
138.38
%
2-1-1 Crack Spread Swap | Fuel Product  
Derivative [Line Items]  
Schedule of Outstanding Derivative Positions
At December 31, 2019, the Company had the following derivatives related to 2/1/1 crack spread swap sales in its fuel products segment, none of which are designated as hedges:
2/1/1 Crack Spread Swap Contracts by Expiration Dates
Barrels Sold
 
BPD
 
Average Swap
($/Bbl)
First Quarter 2020
364,000

 
4,000

 
$
17.43

Second Quarter 2020
30,000

 
330

 
$
19.50

Total
394,000

 
 
 
 
Average price
 
 
 
 
$
17.58

At December 31, 2018, the Company had no derivatives related to 2/1/1 crack spread swap sales in its fuel products segment.