Derivatives (Tables)

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Amounts of Outstanding Derivative Positions

At December 31, 2023, our open commodity derivative contracts represented (in thousands of barrels):

Contract type	Purchases	Sales	Net
Futures	27,604	(28,104)	(500)
Swaps	36,051	(41,790)	(5,739)
Total	63,655	(69,894)	(6,239)

Schedule of Derivative Instruments

The following table provides information on these option collars at our refineries as of December 31, 2023:

Total open option collars	1,394
Weighted-average strike price - floor (in dollars)	$	61.69
Weighted-average strike price - ceiling (in dollars)	$	82.97
Earliest commencement date	January 2024
Furthest expiry date	September 2024

Schedule of Fair Value Amounts of Derivatives and Placement in Consolidated Balance Sheets

The following table provides information on the fair value amounts (in thousands) of these derivatives as of December 31, 2023 and 2022 and their placement within our consolidated balance sheets.

		December 31,
	Balance Sheet Location	2023		2022
		Asset (Liability)
Commodity derivatives (1)	Prepaid and other current assets	$	43,356	$	495
Commodity derivatives (2)	Other accrued liabilities	(530)		(10,989)
J. Aron repurchase obligation derivative	Obligations under inventory financing agreements	(392)		(12,156)
MLC terminal obligation derivative	Obligations under inventory financing agreements	—		14,435
Interest rate derivatives	Other liabilities	(821)		—

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(1)Does not include cash collateral of $21.8 million and $40.8 million recorded in Prepaid and other current assets as of December 31, 2023, and December 31, 2022, respectively, and $9.5 million in Other long-term assets as of both December 31, 2023 and December 31, 2022.

(2)Does not include $27.2 million recorded in Other accrued liabilities as of December 31, 2023 related to realized derivatives payable.

Schedule of Pre-Tax Gain (Loss) Recognized in the Statement of Operations

The following table summarizes the pre-tax gains (losses) recognized in Net income (loss) on our consolidated statements of operations resulting from changes in fair value of derivative instruments not designated as hedges charged directly to earnings (in thousands):

		Year Ended December 31,
	Statement of Operations Classification	2023		2022		2021
Commodity derivatives	Cost of revenues (excluding depreciation)	$	(16,701)	$	(65,814)	$	(22,417)
J. Aron repurchase obligation derivative	Cost of revenues (excluding depreciation)	11,764		2,995		5,646
MLC terminal obligation derivative	Cost of revenues (excluding depreciation)	(34,149)		(49,636)		(73,256)
Interest rate derivatives	Interest expense and financing costs, net	(821)		—		104