Inventory Financing Agreements (Tables)

3 Months Ended

Mar. 31, 2023

Other Commitments [Abstract]

Schedule Obligations Under Inventory Financing Agreements

The following table summarizes our outstanding obligations under our inventory financing agreements (in thousands):

	March 31, 2023		December 31, 2022
Supply and Offtake Agreement	$	646,536	$	732,511
Washington Refinery Intermediation Agreement	225,026		160,554
Obligations under inventory financing agreements	$	871,562	$	893,065

Schedule of Outstanding Borrowings, Letters Of Credit, And Contractual Undertaking Obligations Under The Intermediation Agreements

The following table summarizes our outstanding borrowings, letters of credit, and contractual undertaking obligations under the intermediation agreements (in thousands):

	March 31, 2023		December 31, 2022
Discretionary Draw Facility
Outstanding borrowings (1)	$	186,965	$	204,843
Borrowing capacity	186,965		204,843
MLC receivable advances
Outstanding borrowings (1)	96,886		56,601
Borrowing capacity	96,886		56,601
J. Aron payment undertaking obligations	—		—
MLC issued letters of credit	94,440		115,001

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(1)Borrowings outstanding under the Discretionary Draw Facility and MLC receivable advances are included in Obligations under inventory financing agreements on our condensed consolidated balance sheets. Changes in the borrowings outstanding under these arrangements are included within Cash flows from financing activities on the condensed consolidated statements of cash flows.

Schedule of Inventory Intermediation Fees

The following table summarizes the inventory intermediation fees, which are included in Cost of revenues (excluding depreciation) on our condensed consolidated statements of operations, and Interest expense and financing costs, net related to the intermediation agreements (in thousands):

	Three Months Ended March 31,
	2023		2022
Net fees and expenses:
Supply and Offtake Agreement
Inventory intermediation fees (1)	$	13,999	$	10,923
Interest expense and financing costs, net	1,725		1,244
Washington Refinery Intermediation Agreement
Inventory intermediation fees	$	750	$	750
Interest expense and financing costs, net	2,659		1,954

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(1)Inventory intermediation fees under the Supply and Offtake Agreement include market structure fees of $2.4 million and $4.4 million for the three months ended March 31, 2023 and 2022, respectively.