Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2013

Fair Value of Financial Assets and Liabilities

The tables below summarize the balances of these assets and liabilities at September 30, 2013 and December 31, 2012 (in thousands):



	September 30, 2013									December 31, 2012
	Level 1			Netting*			Total			Level 1			Netting*			Total
Assets:
Commodity derivatives	$	857		$	(132	)	$	725		$	22		$	(22	)	$	—
Total assets	857			(132		)	725			22			(22		)	—
Liabilities:
Commodity derivatives	$	132		$	(132	)	$	—		$	1,056		$	(22	)	$	1,034
Warrants	46,350			—			46,350			32,858			—			32,858
Total liabilities	46,482			(132		)	46,350			33,914			(22		)	33,892
Net assets (liabilities) at fair value	$	(45,625	)	$	—		$	(45,625	)	$	(33,892	)	$	—		$	(33,892	)

*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

There were no financial assets or liabilities classified as Level 2 or Level 3 during the three months and nine months ended September 30, 2013 and 2012, as such no rollforward of activity has been presented.

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,		Nine Months Ended September 30,
	2013	2012	2013	2012
Sales	695	470	2,025	1,153
Purchases	805	380	2,095	1,066

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,						Nine Months Ended September 30,
	2013			2012			2013			2012
Commodity contracts	$	(1,652	)	$	(631	)	$	(2,430	)	$	(342	)

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]

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, 2013				December 31, 2012
	Assets		Liabilities		Assets		Liabilities
Commodity contracts	$	725	$	—	$	—	$	1,034

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References+ Details