Inventory Financing Agreements (Tables)

9 Months Ended

Sep. 30, 2023

Schedule Obligations Under Inventory Financing Agreements

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



	September 30, 2023		December 31, 2022
Supply and Offtake Agreement	$	680,148	$	732,511
Washington Refinery Intermediation Agreement	161,690		160,554
LC Facility due 2024	—		—
Obligations under inventory financing agreements	$	841,838	$	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):


	September 30, 2023		December 31, 2022
Discretionary Draw Facility
Outstanding borrowings (1)	$	174,999	$	204,843
Borrowing capacity	174,999		204,843
MLC receivable advances
Outstanding borrowings (1)	34,090		56,601
Borrowing capacity	72,090		56,601
LC Facility due 2024
Outstanding borrowings	—		—
Borrowing capacity	13,905		—


MLC issued letters of credit	68,900		115,001
LC Facility issued letters of credit	96,450		—

______________________________________________________

(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 September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Net fees and expenses:
Supply and Offtake Agreement
Inventory intermediation fees (1)	$	15,643	$	40,112	$	42,270	$	79,557
Interest expense and financing costs, net	2,214		1,453		5,834		4,555
Washington Refinery Intermediation Agreement
Inventory intermediation fees	$	750	$	750	$	2,250	$	2,250
Interest expense and financing costs, net	3,278		2,636		9,250		7,533
LC Facility due 2024

Interest expense and financing costs, net	$	54	—		$	54	—

___________________________________________________

(1)Inventory intermediation fees under the Supply and Offtake Agreement include market structure fees of $5.1 million and $30.2 million for the three months ended September 30, 2023 and 2022 and $9.3 million and $54.1 million for the nine months ended September 30, 2023 and 2022, respectively.