Derivatives (Tables)

6 Months Ended

Jun. 30, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Amounts of Outstanding Derivative Positions

At June 30, 2026, our open commodity derivative contracts represented (in thousands of barrels):


Contract Type	Purchases	Sales	Net
Futures	150	(205)	(55)
Swaps	83,459	(89,659)	(6,200)
Total	83,609	(89,864)	(6,255)

Schedule of Derivative Instruments

The following table provides information on these option collars as of June 30, 2026:

2026

Total open option collars

1,140

Weighted-average strike price - floor (in dollars)

$45.30

Weighted-average strike price - ceiling (in dollars)

$82.54

Earliest commencement date

April 2026

Furthest expiry date

December 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 our derivatives as of June 30, 2026, and December 31, 2025, and their placement within our condensed consolidated balance sheets.


	Balance Sheet Location	June 30, 2026		December 31, 2025
		Asset (Liability)
Commodity derivatives (1)	Prepaid and other current assets	$	9,934	$	21,588
Environmental credit derivatives (1)	Prepaid and other current assets	—		1,380
Commodity derivatives (1)	Other long-term assets	—		1,295

Commodity derivatives (2)	Other accrued liabilities	(33,599)		(944)
Commodity derivatives	Other liabilities	1,886		—
Environmental credit derivatives	Other accrued liabilities	(2,457)		—


Citi repurchase obligation derivative	Obligations under inventory financing agreements	5,902		3,289
Wells Fargo terminal obligation derivative	Obligations under inventory financing agreements	2,046		517

Interest rate derivatives	Other long-term assets	254		—


Interest rate derivatives	Other liabilities	—		(380)

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(1)Does not include cash collateral of $4.3 million and $7.0 million recorded in Prepaid and other current assets as of June 30, 2026, and December 31, 2025, respectively. Does not include $229.0 million and $9.2 million recorded in Prepaid and other current assets as of June 30, 2026, and December 31, 2025, respectively, related to realized derivatives receivable.

(2)Does not include $12.8 million recorded in Other accrued liabilities as of December 31, 2025, related to realized derivatives payable. There were no realized derivatives payables recorded in Other accrued liabilities as of June 30, 2026.

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 Location	2026		2025		2026		2025


Commodity derivatives	Cost of revenues (excluding depreciation)	$	(11,612)	$	32,535	$	(64,118)	$	41,922
Environmental credit derivatives	Cost of revenues (excluding depreciation)	(2,457)		—		(2,817)		—

Citi repurchase obligation derivative	Cost of revenues (excluding depreciation)	24,028		1,458		2,613		(2,090)

Wells Fargo terminal obligation derivative	Cost of revenues (excluding depreciation)	3,036		—		1,529		—
Interest rate derivatives	Interest expense and financing costs, net	602		(649)		634		(734)