v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net Income $ 509,092 $ 29,060
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation and amortization 70,914 71,298
Debt extinguishment and commitment costs 11,461 25
Non-cash interest expense 4,258 3,084
Non-cash lower of cost and net realizable value adjustment 8,271 (2,288)
Deferred taxes 132,967 8,579
Other operating loss (gain), net 1,147 (1,225)
Stock-based compensation 8,234 8,022
Unrealized (gain) loss on derivative contracts 47,987 (37,523)
Equity earnings from Laramie Energy, LLC (7,513) (2,582)
Equity earnings from refining and logistics investments (13,297) (14,819)
Dividends received from refining and logistics investments 2,823 5,840
Net changes in operating assets and liabilities:    
Trade accounts receivable (206,593) 11,447
Prepaid and other assets (255,487) (4,220)
Inventories (222,454) 46,582
Deferred turnaround expenditures (37,424) (100,508)
Obligations under inventory financing agreements 815 (33,204)
Accounts payable, other accrued liabilities, and operating lease ROU assets and liabilities 186,660 144,611
Net cash provided by operating activities 241,861 132,179
Cash flows from investing activities:    
Capital expenditures (82,781) (89,059)
Proceeds from sale of assets and other 0 2,271
Net cash used in investing activities (82,781) (86,788)
Cash flows from financing activities:    
Proceeds from borrowings 3,540,000 3,306,000
Repayments of borrowings (3,607,775) (3,319,617)
Payment of deferred loan costs (16,204) (47)
Purchase of common stock for retirement (37,061) (80,835)
Proceeds from exercise of stock options 1,956 0
Exercise of stock options (18,189) 0
Proceeds from inventory financing agreements 4,880 25,122
Payments for debt extinguishment and commitment costs (64) (25)
Other financing activities, net 1,263 1,288
Net cash used in financing activities (131,194) (68,114)
Net increase (decrease) in cash, cash equivalents, and restricted cash 27,886 (22,723)
Cash, cash equivalents, and restricted cash at beginning of period 164,464 192,267
Cash, cash equivalents, and restricted cash at end of period 192,350 169,544
Reconciliation of cash, cash equivalents, and restricted cash:    
Cash and cash equivalents 184,997 169,195
Restricted cash included in current assets 1,853 349
Restricted cash included in other long-term assets 5,500 0
Cash, Cash Equivalent, Restricted Cash, and Restricted Cash Equivalent, Continuing Operation, Total 192,350 169,544
Net cash paid for:    
Interest (21,781) (37,904)
Taxes (16,848) (39)
Non-cash investing and financing activities:    
Accrued capital expenditures 23,318 16,269
ROU assets obtained in exchange for new finance lease liabilities 0 471
ROU assets obtained in exchange for new operating lease liabilities 24,245 52,634
ROU assets terminated in exchange for release from operating lease liabilities $ 4,267 $ 23