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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:      
Net income (loss) $ 728,642 $ 364,189 $ (81,297)
Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities:      
Depreciation and amortization 119,830 99,769 94,241
Impairment expense 0 0 1,838
Debt extinguishment and commitment costs 19,182 5,329 8,144
Non-cash interest expense 4,645 4,218 5,663
Non-cash lower of cost and net realizable value adjustment 0 (463) (10,132)
Deferred taxes (126,267) 274 (260)
Gain on sale of assets, net (59) (169) (64,697)
Stock-based compensation 11,633 9,353 8,165
Unrealized (gain) loss on derivative contracts (49,689) 9,336 (1,393)
Equity earnings from Laramie Energy, LLC (24,985) 0 0
Equity earnings from refining and logistics investments (11,844) 0 0
Dividends received from refining and logistics investments 4,328 0 0
Net changes in operating assets and liabilities:      
Trade accounts receivable (112,421) (57,391) (83,955)
Prepaid and other assets (82,027) (35,356) (6,321)
Inventories 180,235 (254,437) (350,652)
Deferred turnaround expenditures (5,851) (29,608) (9,451)
Obligations under inventory financing agreements (91,624) 74,680 252,920
Accounts payable, other accrued liabilities, and operating lease ROU assets and liabilities 15,428 262,882 209,565
Net cash provided by (used in) operating activities 579,156 452,606 (27,622)
Cash flows from investing activities:      
Acquisitions of businesses, net of cash acquired (595,420) (35,546) 0
Capital expenditures (82,277) (53,025) (29,533)
Proceeds from sale of assets 1,322 1,263 104,161
Net cash provided by (used in) investing activities (659,039) (87,308) 74,628
Cash flows from financing activities:      
Proceeds from sale of common stock, net of offering costs 0 0 87,193
Proceeds from borrowings 1,462,850 384,874 186,773
Repayments of borrowings (1,317,709) (446,863) (329,315)
Net borrowings (repayments) on deferred payment arrangements and receivable advances (95,985) 80,681 61,098
Payment of deferred loan costs (14,371) 0 0
Purchase of common stock for retirement (67,821) (7,834) (2,145)
Exercise of stock options 17,129 6,444 58
Payments for termination of inventory financing agreements (112,594) 0 0
Payments for debt extinguishment and commitment costs and termination of inventory financing agreements (8,742) (3,483) (5,618)
Other financing activities, net 1,646 (412) 862
Net cash provided by (used in) financing activities (135,597) 13,407 (1,094)
Net increase (decrease) in cash, cash equivalents, and restricted cash (215,480) 378,705 45,912
Cash, cash equivalents, and restricted cash at beginning of period 494,926 116,221 70,309
Cash, cash equivalents, and restricted cash at end of period 279,446 494,926 116,221
Net cash received (paid) for:      
Interest (77,417) (63,323) (65,221)
Taxes (6,099) (51) (795)
Non-cash investing and financing activities:      
Accrued capital expenditures 13,241 5,418 8,177
ROU assets obtained in exchange for new finance lease liabilities 7,896 594 1,936
ROU assets obtained in exchange for new operating lease liabilities 72,219 64,567 97,011
ROU assets terminated in exchange for release from operating lease liabilities 1,439 32,902 6,847
Laramie Energy Company      
Cash flows from investing activities:      
Return of capital from Laramie Energy, LLC and Return of capital from refining and logistics investments 10,706 0 0
Refining And Logistics Investments      
Cash flows from investing activities:      
Return of capital from Laramie Energy, LLC and Return of capital from refining and logistics investments $ 6,630 $ 0 $ 0