Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2012

Fair Value Disclosures [Abstract]

Fair Value of Financial Assets and Liabilities

The tables below summarize the balances of these assets and liabilities at September 30, 2012 and December 31, 2011 (in thousands):

	September 30, 2012													December 31, 2011
	Level 1			Level 2		Level 3		Netting*			Total			Level 1			Level 2			Level 3		Netting*			Total
Assets:
Commodity derivatives	$	609		$	—	$	—	$	(15	)	$	594		$	393		$	—		$	—	$	(231	)	$	162
Total assets	609			—		—		(15		)	594			393			—			—		(231		)	162
Liabilities:
Commodity derivatives	$	15		$	—	$	—	$	(15	)	$	—		$	231		$	—		$	—	$	(231	)	$	—
Warrants	29,263			—		—		—			29,263			12,180			—			—		—			12,180
Interest rate swaps	—			—		—		—			—			—			358			—		—			358
Total liabilities	29,278			—		—		(15		)	29,263			12,411			358			—		(231		)	12,538
Net liabilities at fair value	$	(28,669	)	$	—	$	—	$	—		$	(28,669	)	$	(12,018	)	$	(358	)	$	—	$	—		$	(12,376	)

*Relates primarily to exchange traded futures. Gain and loss positions on multiple contracts are settled net on a daily basis with the exchange.

Schedule of Changes in Fair Value of Financial Assets (Liabilities) Classified as Level 3

The following table summarizes changes in the fair value of our net financial assets (liabilities) classified as Level 3 in the fair value hierarchy (in thousands):

	Three Months Ended September 30, 2012						Three Months Ended September 30, 2011
	Warrants		Commodity Derivatives		Total		Warrants			Commodity Derivatives			Total
Net liabilities—beginning balance	$	—	$	—	$	—	$	(13,618	)	$	(1,736	)	$	(15,354	)
Transfers out of Level 3(*)	—		—		—		8,934			6			8,940
Total gain (realized and unrealized) included in earnings(**)	—		—		—		4,684			3,156			7,840
Settlements	—		—		—		—			(1,884		)	(1,884		)
Net liabilities—ending balance	$	—	$	—	$	—	$	—		$	(458	)	$	(458	)
Amount of total gain included in earnings for the period attributable to the change in unrealized gain or loss relating to assets and liabilities still held at the reporting date	$	—	$	—	$	—	$	—		$	3,156		$	3,156

	Nine Months Ended September 30, 2012						Nine Months Ended September 30, 2011
	Warrants		Commodity Derivatives		Total		Warrants			Commodity Derivatives			Total
Net liabilities—beginning balance	$	—	$	—	$	—	$	(17,192	)	$	(547	)	$	(17,739	)
Transfers out of Level 3(*)	—		—		—		8,934			(419		)	8,515
Total gain (realized and unrealized) included in earnings(**)	—		—		—		8,258			2,783			11,041
Settlements	—		—		—		—			(2,275		)	(2,275		)
Net liabilities—ending balance	$	—	$	—	$	—	$	—		$	(458	)	$	(458	)
Amount of total gain included in earnings for the period attributable to the change in unrealized gain or loss relating to assets and liabilities still held at the reporting date	$	—	$	—	$	—	$	—		$	2,783		$	2,783

(*) In these tables, transfers in and transfers out are recognized as of the beginning of the reporting period for commodity derivatives and as of the transfer date for warrants.

(**) Gains and losses related to commodity derivatives are reported in product revenue and gains and losses related to warrants are recorded in other expense (income) in the condensed consolidated statements of operations and comprehensive income (loss).

Schedule of Notional Quantities for Commodity Derivative Instruments

The following table sets forth the unaudited notional quantities for commodity derivative instruments entered into (in thousands of barrels):

	Three Months Ended September 30, 2012	Three Months Ended September 30, 2011	Nine Months Ended September 30, 2012	Nine Months Ended September 30, 2011
Sales	470	5,189	1,153	18,000
Purchases	380	4,344	1,066	17,716

We have

Schedule of Not Designated Commodity Derivative Instruments Fair Value on Condensed Consolidated Balance Sheets

We record the fair value of our commodity derivative instruments on our condensed consolidated balance sheets in other current assets and other current liabilities in the following amounts (in thousands):

	September 30, 2012				December 31, 2011
	Assets		Liabilities		Assets		Liabilities
Commodity contracts	$	594	$	—	$	162	$	—

Schedule of Realized and Unrealized Gains (Losses) from Commodity Derivatives

Realized and unrealized gains (losses) from our commodity derivatives were recorded to product revenue in the following amounts (in thousands):

Three Months Ended September 30, 2012			Three Months Ended September 30, 2011		Nine Months Ended September 30, 2012			Nine Months Ended September 30, 2011
$	(631	)	$	2,960	$	(342	)	$	62