Inventory Financing Agreements (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Obligations Under Inventory Financing Agreements

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


	December 31,
	2023		2022
Supply and Offtake Agreement	$	594,362	$	732,511
Washington Refinery Intermediation Agreement	—		160,554
LC Facility due 2024	—		—
Obligations under inventory financing agreements	$	594,362	$	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):


	December 31,
	2023		2022
Discretionary Draw Facility
Outstanding borrowings (1)	$	165,459	$	204,843
Borrowing capacity	175,891		204,843
MLC receivable advances
Outstanding borrowings (1)	—		56,601
Borrowing capacity	—		56,601
LC Facility due 2024
Outstanding borrowings	—		—
Borrowing capacity	120,000		—


MLC issued letters of credit	—		115,001
LC Facility issued letters of credit	13,000		—

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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 consolidated balance sheets. Changes in the borrowings outstanding under these arrangements are included within Cash flows from financing activities on the 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 consolidated statements of operations, and Interest expense and financing costs, net related to the intermediation agreements (in thousands):


	Year Ended December 31,
	2023		2022		2021
Net fees and expenses:
Supply and Offtake Agreement
Inventory intermediation fees (1)	$	56,164	$	100,610	$	21,612
Interest expense and financing costs, net	7,149		6,150		3,015
Washington Refinery Intermediation Agreement
Inventory intermediation fees	2,250		3,000		3,236
Interest expense and financing costs, net	9,280		10,111		4,900
LC Facility due 2024

Interest expense and financing costs, net	1,667		—		—

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(1)Inventory intermediation fees under the Supply and Offtake Agreement include market structure fees of $13.5 million, $63.3 million, and $4.0 million for the years ended December 31, 2023, 2022, and 2021, respectively.