v3.25.2
Derivatives (Tables)
 6 Months Ended
Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Notional Amounts of Outstanding Derivative Positions At June 30, 2025, our open commodity derivative contracts represented (in thousands of barrels):
Contract TypePurchasesSalesNet
Futures2,170 (2,595)(425)
Swaps105,583 (133,973)(28,390)
Total107,753 (136,568)(28,815)
Schedule of Derivative Instruments The following table provides information on these option collars at our refineries as of June 30, 2025:
20252026
Total open option collars1,1641,620
Weighted-average strike price - floor (in dollars)$53.74$45.16
Weighted-average strike price - ceiling (in dollars)$82.91$82.96
Earliest commencement dateJuly 2025January 2026
Furthest expiry dateDecember 2025December 2026
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 June 30, 2025, and December 31, 2024, and their placement within our condensed consolidated balance sheets.
Balance Sheet LocationJune 30, 2025December 31, 2024
Asset (Liability)
Commodity derivatives (1)Prepaid and other current assets$40,564 $10,591 
Commodity derivatives (1)Other long-term assets(1,614)— 
Commodity derivatives (2)
Other accrued liabilities(3,361)(13,456)
Citi repurchase obligation derivative
Obligations under inventory financing agreements(3,678)(1,588)
Interest rate derivativesOther liabilities(758)(24)
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(1)Does not include cash collateral of $9.6 million and $38.6 million recorded in Prepaid and other current assets as of June 30, 2025, and December 31, 2024, respectively. Does not include $2.0 million and $2.3 million recorded in Prepaid and other current assets as of June 30, 2025, and December 31, 2024, respectively, related to realized derivatives receivable.
(2)Does not include $66.9 million and $6.1 million recorded in Other accrued liabilities as of June 30, 2025, and December 31, 2024, respectively, 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 condensed consolidated statements of operations resulting from changes in fair value of derivative instruments not designated as hedges charged directly to earnings (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
Statement of Operations Location2025202420252024
Commodity derivativesCost of revenues (excluding depreciation)$32,535 $(10,567)$41,922 $(37,297)
J. Aron repurchase obligation derivativeCost of revenues (excluding depreciation)— 22,869 — 1,053 
Citi repurchase obligation derivative
Cost of revenues (excluding depreciation)1,458 (409)(2,090)(409)
Interest rate derivativesInterest expense and financing costs, net(649)37 (734)881