Derivative Instruments (Tables)

6 Months Ended

Jun. 30, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments in Statement of Financial Position

The following table presents the fair value of our derivative instruments as of June 30, 2026, and December 31, 2025. The fair value amounts below are presented on a gross basis and do not reflect the netting of asset and liability positions permitted under our master netting arrangements, including cash collateral on deposit with our counterparties. We have elected to offset the recognized fair value amounts for multiple derivative instruments executed with the same counterparty in our financial statements. As a result, the asset and liability amounts below differ from the amounts presented in our condensed consolidated balance sheets. See Note 11 for further information regarding the fair value of derivative instruments (in millions).


		June 30, 2026				December 31, 2025
Derivative Type	Balance Sheet Location	Assets		Liabilities		Assets		Liabilities
Derivatives not designated as hedging instruments:
Commodity derivatives (1)	Other current assets	$	84.3	$	(83.6)	$	15.0	$	(16.7)


Commodity derivatives (1)	Other long-term liabilities	—		(5.0)		—		—
RINs commitment contracts (2)	Other current assets	0.7		—		—		—
RINs commitment contracts (2)	Other current liabilities	—		—		—		(2.7)
Interest rate swap derivatives	Other current assets	4.4		—		—		—

Interest rate swap derivatives	Other long-term liabilities	—		(3.9)		—		(2.3)
Crude exchange contract	Other long-term liabilities	—		(80.0)		—		—
Total gross fair value of derivatives		89.4		(172.5)		15.0		(21.7)
Less: Counterparty netting and cash collateral (3)		81.1		(83.6)		14.3		(16.7)
Total net fair value of derivatives		$	8.3	$	(88.9)	$	0.7	$	(5.0)

(1)As of June 30, 2026, and December 31, 2025, we had open derivative positions representing 22,536,000 and 8,950,000 barrels, respectively, of crude oil and refined petroleum products. As of June 30, 2026 and December 31, 2025, we had no open derivative positions representing natural gas products.

(2)As of June 30, 2026, and December 31, 2025, we had open RINs commitment contracts representing 15,460,000 and 112,250,000 RINs, respectively.

(3)As of June 30, 2026, and December 31, 2025, $2.5 million and $2.4 million, respectively, of cash collateral held by counterparties has been netted with the derivatives with each counterparty.

Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position

Total gains (losses) on our non-trading commodity derivatives and RINs commitment contracts recorded in the condensed consolidated statements of income are as follows (in millions):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Gains (losses) on derivatives not designated as hedging instruments recognized in cost of materials and other (1)	$	2.0	$	(3.3)	$	(63.7)	$	12.0
Gains (losses) on interest rate derivatives not designated as hedging instruments recognized in interest expense, net (2)	1.9		(0.6)		3.8		(2.9)




Total gains (losses)	$	3.9	(3.9)		$	(59.9)	$	9.1

(1) Gains (losses) on commodity derivatives that are economic hedges but not designated as hedging instruments include unrealized gains (losses) of $22.4 million and $(1.0) million for the three and six months ended June 30, 2026, respectively, and $(6.3) million and $(4.7) million for the three and six months ended June 30, 2025, respectively.

(2) Gains (losses) on interest rate derivatives that are economic hedges but not designated as hedging instruments include unrealized gains (losses) of $1.5 million and $2.9 million for the three and six months ended June 30, 2026, respectively, and $(1.8) million and $(5.2) million for the three and six months ended June 30, 2025, respectively.