v3.25.2
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of Fair Value Amounts by Hierarchy Level
Fair value amounts by hierarchy level as of June 30, 2025, and December 31, 2024, are presented gross in the tables below (in thousands):
June 30, 2025
Level 1Level 2Level 3Gross Fair ValueEffect of Counter-Party NettingNet Carrying Value on Balance Sheet (1)
Assets
Commodity derivatives$10,746 $391,564 $— $402,310 $(363,360)$38,950 
Liabilities
Commodity derivatives$(12,563)$(354,158)$— $(366,721)$363,360 $(3,361)
Citi repurchase obligation derivative
— — (3,678)(3,678)— (3,678)
Interest rate derivatives— (758)— (758)— (758)
Gross environmental credit obligations (2) (3)
— (85,381)— (85,381)— (85,381)
Total liabilities$(12,563)$(440,297)$(3,678)$(456,538)$363,360 $(93,178)
December 31, 2024
Level 1Level 2Level 3Gross Fair ValueEffect of Counter-Party NettingNet Carrying Value on Balance Sheet (1)
Assets
Commodity derivatives$209,666 $13,506 $— $223,172 $(212,581)$10,591 
Liabilities
Commodity derivatives$(215,139)$(10,898)$— $(226,037)$212,581 $(13,456)
Citi repurchase obligation derivative— — (1,588)(1,588)— (1,588)
Interest rate derivatives— (24)— (24)— (24)
Gross environmental credit obligations (2) (3)
— (44,498)— (44,498)— (44,498)
Total liabilities$(215,139)$(55,420)$(1,588)$(272,147)$212,581 $(59,566)
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(1)Does not include cash collateral of $9.6 million and $38.6 million as of June 30, 2025, and December 31, 2024, respectively, included within Prepaid and other current assets on our condensed consolidated balance sheets, respectively.
(2)Does not include RINs assets and other environmental credits of $171.2 million and $195.0 million presented in Inventories on our condensed consolidated balance sheet and stated at the lower of cost and net realizable value as of June 30, 2025, and December 31, 2024, respectively, and $5.6 million included in Other long-term assets as of June 30, 2025.
(3)Does not include environmental liabilities of $215.9 million and $187.5 million satisfied by internally generated or purchased environmental credits and presented at the carrying value of these credits included in Other Accrued Liabilities on our condensed consolidated balance sheets as of June 30, 2025, and December 31, 2024, respectively.
Schedule of Roll Forward of Level 3 Financial Instruments Measured at Fair Value on a Recurring Basis
A roll forward of Level 3 derivative instruments measured at fair value on a recurring basis is as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Balance, at beginning of period$(5,136)$(22,208)$(1,588)$(392)
Settlements— (661)— (661)
Total gains (losses) included in earnings (1)1,458 22,460 (2,090)644 
Balance, at end of period$(3,678)$(409)$(3,678)$(409)
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(1)Included in Cost of revenues (excluding depreciation) on our condensed consolidated statements of operations.
Schedule of Carrying Value and Fair Value of Long-term Debt and Other Financial Instruments
The carrying value and fair value of long-term debt and other financial instruments as of June 30, 2025, and December 31, 2024, are as follows (in thousands):
June 30, 2025
Carrying ValueFair Value
ABL Credit Facility due 2028 (1)
$485,000 $485,000 
Term Loan Credit Agreement due 2030 (2)
623,695 627,322 
Product Financing Agreement (2)
25,122 25,122 
Other long-term debt (2)
3,778 3,991 
December 31, 2024
Carrying ValueFair Value
ABL Credit Facility due 2028 (1)
$483,000 $483,000 
Term Loan Credit Agreement due 2030 (2)
625,859 636,924 
Product Financing Agreement (2)
— — 
Other long-term debt (2)4,108 4,412 
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(1)The fair value measurements of the ABL Credit Facility are considered Level 3 measurements in the fair value hierarchy.
(2)The fair value measurements of the Term Loan Credit Agreement, Product Financing Agreement and Other long-term debt are considered Level 2 measurements in the fair value hierarchy as discussed below.