| Schedule of financial assets and financial liabilities measured at fair value on a recurring basis |
The following tables present, by level within the fair value hierarchy, the Partnership’s financial assets and liabilities that were measured at fair value on a recurring basis as of June 30, 2026 and December 31, 2025 (in thousands): | | | | | | | | | | | | | | | | Fair Value at June 30, 2026 | | | | | | | | | | Cash Collateral | | | | | | | Level 1 | | Level 2 | | Netting | | Total | | Assets: | | | | | | | | | | | | | | Forward derivative contracts (1) | | $ | — | | $ | 10,960 | | $ | — | | $ | 10,960 | | Exchange-traded/cleared derivative instruments (2) | | | (2,525) | | | — | | | 20,862 | | | 18,337 | | Total assets | | $ | (2,525) | | $ | 10,960 | | $ | 20,862 | | $ | 29,297 | | | | | | | | | | | | | | | | Liabilities: | | | | | | | | | | | | | | Forward derivative contracts (1) | | $ | — | | $ | (43,895) | | $ | — | | $ | (43,895) | |
| | | | | | | | | | | | | | | | Fair Value at December 31, 2025 | | | | | | | | | | Cash Collateral | | | | | | | Level 1 | | Level 2 | | Netting | | Total | | Assets: | | | | | | | | | | | | | | Forward derivative contracts (1) | | $ | — | | $ | 17,067 | | $ | — | | $ | 17,067 | | Exchange-traded/cleared derivative instruments (2) | | | 3,226 | | | — | | | 14,578 | | | 17,804 | | Total assets | | $ | 3,226 | | $ | 17,067 | | $ | 14,578 | | $ | 34,871 | | | | | | | | | | | | | | | | Liabilities: | | | | | | | | | | | | | | Forward derivative contracts (1) | | $ | — | | $ | (4,540) | | $ | — | | $ | (4,540) | |
| (1) | Forward derivative contracts include the Partnership’s petroleum and ethanol physical and financial forwards and OTC swaps. |
| (2) | Amount includes the effect of cash balances on deposit with clearing brokers. |
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| Schedule of carrying value and fair value of the Partnership's senior notes |
The fair values of the senior notes, estimated by observing market trading prices of the respective senior notes, were as follows (in thousands): | | | | | | | | | | | | | | June 30, 2026 | | December 31, 2025 | | | Face | | Fair | | Face | | Fair | | | Value | | Value | | Value | | Value | | 6.875% senior notes due 2029 | $ | 350,000 | | $ | 352,625 | | $ | 350,000 | | $ | 353,500 | | 8.250% senior notes due 2032 | $ | 450,000 | | $ | 470,250 | | $ | 450,000 | | $ | 471,375 | | 7.125% senior notes due 2033 | $ | 450,000 | | $ | 454,500 | | $ | 450,000 | | $ | 455,625 | |
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