Inventories

9 Months Ended

Sep. 30, 2025

Inventory Disclosure [Abstract]

Inventories

Inventories

Inventories at September 30, 2025, and December 31, 2024, consisted of the following (in thousands):

	Titled Inventory		Inventory Financing Agreements (1)		Total
September 30, 2025
Crude oil and feedstocks	$	176,421	$	231,305	$	407,726
Refined products and blendstock	444,175		—		444,175
Warehouse stock and other (2)	499,486		—		499,486
Total	$	1,120,082	$	231,305	$	1,351,387
December 31, 2024
Crude oil and feedstocks	$	124,910	$	178,070	$	302,980
Refined products and blendstock	504,456		—		504,456
Warehouse stock and other (2)	281,882		—		281,882
Total	$	911,248	$	178,070	$	1,089,318

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(1)Please read Note 8—Inventory Financing Agreements for further information.

(2)Includes $405.4 million and $195.0 million of Renewable Identification Numbers (“RINs”) and environmental credits, reported at the lower of cost or net realizable value, as of September 30, 2025, and December 31, 2024, respectively. Our renewable volume obligation and other gross environmental credit obligations of $366.4 million and $232.0 million are included in Other accrued liabilities on our condensed consolidated balance sheets as of September 30, 2025, and December 31, 2024, respectively.

As of September 30, 2025, and December 31, 2024, there was $1.8 million and $2.3 million reserved for the lower of cost or net realizable value of inventory, respectively. As of September 30, 2025, and December 31, 2024, the current replacement cost exceeded the LIFO inventory carrying value by approximately $21.9 million and $31.9 million, respectively.