Par Pacific (PARR) 10-Q 5 Aug 21 2021 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2021	Jul. 29, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
Document Transition Report	false
Entity File Number	001-36550
Entity Registrant Name	PAR PACIFIC HOLDINGS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	84-1060803
Entity Address, Address Line One	825 Town & Country Lane, Suite 1500
Entity Address, City or Town	Houston,
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77024
City Area Code	281
Local Phone Number	899-4800
Title of 12(b) Security	Common stock, $0.01 par value
Trading Symbol	PARR
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		60,227,753
Amendment Flag	false
Entity Central Index Key	0000821483
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Current assets
Cash and cash equivalents	$ 174,329	$ 68,309
Restricted cash	2,000	2,000
Total cash, cash equivalents, and restricted cash	176,329	70,309
Trade accounts receivable, net of allowances of $0.5 million and $0.6 million at June 30, 2021 and December 31, 2020, respectively	210,389	111,657
Inventories	624,153	429,855
Prepaid and other current assets	19,808	24,648
Total current assets	1,030,679	636,469
Property, plant, and equipment
Property, plant, and equipment	1,163,772	1,183,878
Less accumulated depreciation, depletion, and amortization	(287,833)	(251,113)
Property, plant, and equipment, net	875,939	932,765
Long-term assets
Operating lease right-of-use assets	413,292	357,166
Intangible assets, net	17,561	18,892
Goodwill	127,262	127,997
Other long-term assets	59,647	60,572
Total assets	2,524,380	2,133,861
Current liabilities
Current maturities of long-term debt	10,840	59,933
Obligations under inventory financing agreements	699,362	423,686
Accounts payable	159,692	106,945
Accrued taxes	40,522	27,440
Operating lease liabilities	55,507	56,965
Other accrued liabilities	403,767	203,711
Total current liabilities	1,369,690	878,680
Long-term liabilities
Long-term debt, net of current maturities	560,141	648,660
Finance lease liabilities	7,049	7,925
Operating lease liabilities	362,494	304,355
Other liabilities	55,314	47,967
Total liabilities	2,354,688	1,887,587
Commitments and contingencies
Stockholders’ equity
Preferred stock, $0.01 par value: 3,000,000 shares authorized, none issued	0	0
Common stock, $0.01 par value; 500,000,000 shares authorized at June 30, 2021 and December 31, 2020, 60,184,679 shares and 54,002,538 shares issued at June 30, 2021 and December 31, 2020, respectively	602	540
Additional paid-in capital	817,049	726,504
Accumulated deficit	(648,213)	(477,028)
Accumulated other comprehensive income (loss)	254	(3,742)
Total stockholders’ equity	169,692	246,274
Total liabilities and stockholders’ equity	$ 2,524,380	$ 2,133,861

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 0.5	$ 0.6
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	3,000,000	3,000,000
Preferred stock, shares issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	60,184,679	54,002,538

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Statement [Abstract]
Revenues	$ 1,217,525	$ 515,301	$ 2,106,205	$ 1,719,384
Operating expenses
Cost of revenues (excluding depreciation)	1,197,298	441,278	2,086,161	1,651,489
Operating expense (excluding depreciation)	68,821	67,027	143,009	140,418
Depreciation, depletion, and amortization	23,548	22,128	46,428	43,411
Impairment expense	0	0	0	67,922
Loss (gain) on sale of assets, net	510	0	(64,402)	0
General and administrative expense (excluding depreciation)	12,201	10,221	24,086	22,005
Acquisition and integration costs	(352)	90	86	755
Total operating expenses	1,302,026	540,744	2,235,368	1,926,000
Operating loss	(84,501)	(25,443)	(129,163)	(206,616)
Other income (expense)
Interest expense and financing costs, net	(17,186)	(16,414)	(35,337)	(35,088)
Debt extinguishment and commitment costs	(6,628)	0	(8,135)	0
Gain on curtailment of pension obligation	0	0	2,032	0
Other income (expense), net	(36)	455	25	479
Change in value of common stock warrants	0	0	0	4,270
Equity losses from Laramie Energy, LLC	0	(1,874)	0	(46,905)
Total other expense, net	(23,850)	(17,833)	(41,415)	(77,244)
Loss before income taxes	(108,351)	(43,276)	(170,578)	(283,860)
Income tax benefit (expense)	(607)	2,716	(607)	20,963
Net Loss	$ (108,958)	$ (40,560)	$ (171,185)	$ (262,897)
Loss per share
Basic (in dollars per share)	$ (1.84)	$ (0.76)	$ (3.01)	$ (4.94)
Diluted (in dollars per share)	$ (1.84)	$ (0.76)	$ (3.01)	$ (4.94)
Weighted-average number of shares outstanding
Basic (in shares)	59,367	53,265	56,837	53,246
Diluted (in shares)	59,367	53,265	56,837	53,246

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement of Comprehensive Income [Abstract]
Net Loss	$ (108,958)	$ (40,560)	$ (171,185)	$ (262,897)
Other comprehensive income (loss):
Other post-retirement benefits income (loss), net of tax	0	0	3,996	0
Total other comprehensive income (loss), net of tax	0	0	3,996	0
Comprehensive income (loss)	$ (108,958)	$ (40,560)	$ (167,189)	$ (262,897)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash flows from operating activities:
Net Loss	$ (171,185)	$ (262,897)
Adjustments to reconcile net loss to cash provided by operating activities:
Depreciation, depletion, and amortization	46,428	43,411
Impairment expense	0	67,922
Debt extinguishment and commitment costs	8,135	0
Non-cash interest expense	3,638	3,261
Non-cash lower of cost and net realizable value adjustment	(10,595)	24,015
Change in value of common stock warrants	0	(4,270)
Deferred taxes	0	(21,088)
Loss (gain) on sale of assets, net	(64,402)	0
Stock-based compensation	4,072	3,537
Unrealized (gain) loss on derivative contracts	(5,517)	2,048
Equity (earnings) losses from Laramie Energy, LLC	0	46,905
Net changes in operating assets and liabilities:
Trade accounts receivable	(99,462)	114,219
Prepaid and other assets	5,482	28,241
Inventories	(184,107)	164,178
Deferred turnaround expenditures	(5,731)	(6,399)
Obligations under inventory financing agreements	199,644	(150,358)
Accounts payable, other accrued liabilities, and operating lease ROU assets and liabilities	275,415	(18,958)
Net cash provided by operating activities	1,815	33,767
Cash flows from investing activities:
Capital expenditures	(14,007)	(30,165)
Proceeds from sale of assets	102,854	5
Net cash provided by (used in) investing activities	88,847	(30,160)
Cash flows from financing activities:
Proceeds from sale of common stock, net of offering costs	87,193	0
Proceeds from borrowings	56,409	180,950
Repayments of borrowings	(197,669)	(88,208)
Net borrowings (repayments) on deferred payment arrangements and receivable advances	76,032	(72,506)
Payment of deferred loan costs	(331)	(6,055)
Purchase of common stock for retirement	(1,323)	(1,068)
Payments for debt extinguishment and commitment costs	(5,618)	0
Other financing activities, net	665	134
Net cash provided by financing activities	15,358	13,247
Net increase in cash, cash equivalents, and restricted cash	106,020	16,854
Cash, cash equivalents, and restricted cash at beginning of period	70,309	128,428
Cash, cash equivalents, and restricted cash at end of period	176,329	145,282
Net cash received (paid) for:
Interest	(37,601)	(28,950)
Taxes	54	240
Non-cash investing and financing activities:
Accrued capital expenditures	2,129	5,060
Value of warrants reclassified to equity	0	3,936
ROU assets obtained in exchange for new finance lease liabilities	1,102	1,915
ROU assets obtained in exchange for new operating lease liabilities	87,331	4,557
ROU assets terminated in exchange for release from operating lease liabilities	$ 113	$ 7,738

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Income
Balance at period start (in shares) at Dec. 31, 2019		53,254
Balance at period start at Dec. 31, 2019	$ 648,242	$ 533	$ 715,069	$ (67,942)	$ 582
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock option / common stock warrants (in shares)		351
Exercise of common stock warrants	3,936	$ 3	3,933
Stock-based compensation (in shares)		296
Stock-based compensation	1,615	$ 3	1,612
Purchase of common stock for retirement (in shares)		(64)
Purchase of common stock for retirement	(1,068)	$ (1)	(1,067)
Net loss	(222,337)			(222,337)
Balance at period end (in shares) at Mar. 31, 2020		53,837
Balance at period end at Mar. 31, 2020	430,388	$ 538	719,547	(290,279)	582
Balance at period start (in shares) at Dec. 31, 2019		53,254
Balance at period start at Dec. 31, 2019	648,242	$ 533	715,069	(67,942)	582
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive income	0
Net loss	(262,897)
Balance at period end (in shares) at Jun. 30, 2020		53,942
Balance at period end at Jun. 30, 2020	392,476	$ 539	722,194	(330,839)	582
Balance at period start (in shares) at Mar. 31, 2020		53,837
Balance at period start at Mar. 31, 2020	430,388	$ 538	719,547	(290,279)	582
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock for employee stock purchase plan (in shares)		95
Issuance of common stock for employee stock purchase plan	855	$ 1	854
Stock-based compensation (in shares)		10
Stock-based compensation	1,794		1,794
Purchase of common stock for retirement	(1)		(1)
Other comprehensive income	0
Net loss	(40,560)			(40,560)
Balance at period end (in shares) at Jun. 30, 2020		53,942
Balance at period end at Jun. 30, 2020	392,476	$ 539	722,194	(330,839)	582
Balance at period start (in shares) at Dec. 31, 2020		54,003
Balance at period start at Dec. 31, 2020	246,274	$ 540	726,504	(477,028)	(3,742)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock offering, net of issuance costs (in shares)		5,750
Common stock offering, net of issuance costs	87,401	$ 58	87,343
Exercise of stock option / common stock warrants (in shares)		4
Exercise of common stock warrants	58		58
Stock-based compensation (in shares)		461
Stock-based compensation	1,886	$ 3	1,883
Purchase of common stock for retirement (in shares)		(76)
Purchase of common stock for retirement	(1,321)		(1,321)
Other comprehensive income	3,996				3,996
Net loss	(62,227)			(62,227)
Balance at period end (in shares) at Mar. 31, 2021		60,142
Balance at period end at Mar. 31, 2021	276,067	$ 601	814,467	(539,255)	254
Balance at period start (in shares) at Dec. 31, 2020		54,003
Balance at period start at Dec. 31, 2020	246,274	$ 540	726,504	(477,028)	(3,742)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive income	3,996
Net loss	(171,185)
Balance at period end (in shares) at Jun. 30, 2021		60,185
Balance at period end at Jun. 30, 2021	169,692	$ 602	817,049	(648,213)	254
Balance at period start (in shares) at Mar. 31, 2021		60,142
Balance at period start at Mar. 31, 2021	276,067	$ 601	814,467	(539,255)	254
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock offering, net of issuance costs	(208)		(208)
Issuance of common stock for employee stock purchase plan (in shares)		42
Issuance of common stock for employee stock purchase plan	714	$ 1	713
Exercise of common stock warrants	0
Stock-based compensation (in shares)		1
Stock-based compensation	2,079		2,079
Purchase of common stock for retirement	(2)		(2)
Other comprehensive income	0
Net loss	(108,958)			(108,958)
Balance at period end (in shares) at Jun. 30, 2021		60,185
Balance at period end at Jun. 30, 2021	$ 169,692	$ 602	$ 817,049	$ (648,213)	$ 254

Overview

Overview	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Overview	Overview Par Pacific Holdings, Inc. and its wholly owned subsidiaries (“Par” or the “Company”) own and operate market-leading energy and infrastructure businesses. Our strategy is to acquire and develop businesses in logistically-complex markets. Currently, we operate in three primary business segments: 1) Refining - We own and operate four refineries, including one idled refinery, with total operating throughput capacity of over 150 Mbpd in Hawaii, Wyoming, and Washington. 2) Retail - Our retail outlets in Hawaii, Washington, and Idaho sell gasoline, diesel, and retail merchandise through Hele and “76” branded sites, “nomnom” branded company-operated convenience stores, 7-Eleven operated convenience stores, other sites operated by third parties, and unattended cardlock stations. We completed the rebranding of all company-operated convenience stores in Washington and Idaho to “nomnom,” our proprietary brand. 3) Logistics - We operate an extensive multi-modal logistics network spanning the Pacific, the Northwest, and the Rocky Mountain regions that primarily transports and stores our crude oil and refined products for our refineries and transports refined products to our retail sites or third-party purchasers. As of June 30, 2021, we owned a 46.0% equity investment in Laramie Energy, LLC (“Laramie Energy”). Laramie Energy is focused on producing natural gas in Garfield, Mesa, and Rio Blanco counties, Colorado. Our Corporate and Other reportable segment primarily includes general and administrative costs.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Principles of Consolidation and Basis of Presentation The condensed consolidated financial statements include the accounts of Par and its subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Certain amounts previously reported in our condensed consolidated financial statements for prior periods have been reclassified to conform with the current presentation. The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information, the instructions to Form 10-Q, and Article 10 of Regulation S-X of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Accordingly, they do not include all of the information and notes required by GAAP for complete consolidated financial statements. The condensed consolidated financial statements contained in this report include all material adjustments of a normal recurring nature that, in the opinion of management, are necessary for a fair presentation of the results for the interim periods presented. The results of operations for the interim periods presented are not necessarily indicative of the results that may be expected for the complete fiscal year or for any other period. The condensed consolidated balance sheet as of December 31, 2020 was derived from our audited consolidated financial statements as of that date. These condensed consolidated financial statements should be read together with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2020. Use of Estimates The preparation of our condensed consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses and the related disclosures. Actual amounts could differ from these estimates. The worldwide spread and severity of the COVID-19 coronavirus and certain developments in the global crude oil markets have impacted our businesses, people, and operations. We are continuing to actively respond to these ongoing matters and many uncertainties remain. Due to the rapid development and fluidity of the situation, the full magnitude of the COVID-19 pandemic’s impact on our estimates and assumptions, financial condition, future results of operations, and future cash flows and liquidity is uncertain and has been and may continue to be material. Allowance for Credit Losses We are exposed to credit losses primarily through our sales of refined products. Credit limits and/or prepayment requirements are set based on such factors as the customer’s financial results, credit rating, payment history, and industry, and are reviewed annually for customers with material credit limits. Credit allowances are reviewed at least quarterly based on changes in the customer’s creditworthiness due to economic conditions, liquidity, and business strategy as publicly reported and through discussions between the customer and the Company. We establish provisions for losses on trade receivables based on the estimated credit loss we expect to incur over the life of the receivable. We did not have a material change in our allowances on trade receivables during the three and six months ended June 30, 2021 or 2020. Cost Classifications Cost of revenues (excluding depreciation) includes the hydrocarbon-related costs of inventory sold, transportation costs of delivering product to customers, crude oil consumed in the refining process, costs to satisfy our Renewable Identification Numbers (“RINs”) obligations, and certain hydrocarbon fees and taxes. Cost of revenues (excluding depreciation) also includes the unrealized gains (losses) on derivatives and inventory valuation adjustments. Certain direct operating expenses related to our logistics segment are also included in Cost of revenues (excluding depreciation). Operating expense (excluding depreciation) includes direct costs of labor, maintenance and services, energy and utility costs, property taxes, and environmental compliance costs, as well as chemicals and catalysts and other direct operating expenses. The following table summarizes depreciation and finance lease amortization expense excluded from each line item in our condensed consolidated statements of operations (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Cost of revenues $ 5,341 $ 5,867 $ 10,560 $ 10,495 Operating expense 13,080 14,115 25,882 28,566 General and administrative expense 715 835 1,595 1,636 Benefit Plans We maintain defined benefit pension plans covering eligible employees of Hermes Consolidated, LLC, and its wholly owned subsidiary, Wyoming Pipeline Company, LLC, (collectively, “WRC” or “Wyoming Refining”) and the employees of U.S. Oil & Refining Co. and certain affiliated entities (collectively, “U.S. Oil”) covered by collective bargaining agreements. In March 2021, the Wyoming Refining plan was amended (the “Plan Amendment”) to freeze all future benefit accruals for hourly plan participants. The Plan Amendment reduced the projected benefit obligation by $6.0 million. We recorded a $2.0 million Gain on curtailment of pension obligation in our condensed consolidated statements of operations for the six months ended June 30, 2021, and an unrealized actuarial gain of $4.0 million as Other post-retirement benefits income (loss), net of tax, in our condensed consolidated statements of other comprehensive income for the six months ended June 30, 2021. The projected benefit obligation estimate was determined based on the present value of projected future benefit payments similar to the evaluation done for the estimate as of December 31, 2021. In determining the discount rate, we used pricing and yield information for high-quality corporate bonds that result in payments similar to the estimated distributions of benefits from our plans. The weighted average discount rate used to determine benefit obligations increased from 2.65% to 3.25%, or 23%, from December 31, 2020 to March 31, 2021. The estimated rate of compensation increase remained 3.00%. Recent Accounting Pronouncements There have been no developments to recent accounting pronouncements, including the expected dates of adoption and estimated effects on our financial condition, results of operations, and cash flows, from those disclosed in our Annual Report on Form 10-K for the year ended December 31, 2020. Accounting Principles Adopted On December 31, 2020, we adopted Accounting Standards Update (“ASU”) No. 2018-14, Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans ( “ ASU 2018-14”), using the required retrospective transition method. This ASU amended, added, and removed certain disclosure requirements under FASB ASC Topic 715 “Compensation — Retirement Benefits.” Our adoption of ASU 2018-14 did not have a material impact on our financial condition, results of operations, cash flows, or related disclosures. On January 1, 2021, we adopted ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes ( “ ASU 2019-12”). We adopted this ASU under the prospective method and information that was presented prior to January 1, 2021 has not been restated and continues to be reported under the accounting standards in effect for that period. This ASU simplified the accounting for income taxes by removing certain exceptions to general principles and clarified and amended guidance to improve consistency under FASB ASC Topic 740 “Income Taxes.” Our adoption of ASU 2019-12 did not have a material impact on our financial condition, results of operations, or cash flows. On February 11, 2021, we elected to adopt ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”) and ASU No. 2021-01, Reference Rate Reform (Topic 848) (“ASU 2021-01”) following our execution of an amendment to the Washington Refinery Intermediation Agreement which included transition guidance on the interest rate of the Merrill Lynch Commodities, Inc. (“MLC”) receivable advances (“MLC receivable advances”) to U.S. Oil to be based on another industry standard benchmark rate that will be effective upon the London Interbank Offered Rate’s (“LIBOR”) scheduled retirement at the end of 2021. These ASUs provide for optional expedients and allowable exceptions to GAAP to ease the potential burden in recognizing the effects of reference rate reform, especially in regards to the cessation of LIBOR. ASU 2020-04 and ASU 2021-01 are applicable to contract modifications that meet certain requirements and are entered into between March 12, 2020 and December 31, 2022. Our adoption of ASUs 2020-04 and 2021-01 did not have a material impact on our financial condition, results of operations, or cash flows.

Investment in Laramie Energy, L

Investment in Laramie Energy, LLC	6 Months Ended
	Jun. 30, 2021
Equity Method Investments and Joint Ventures [Abstract]
Investment in Laramie Energy, LLC	Investment in Laramie Energy, LLC As of June 30, 2021, we had a 46.0% ownership interest in Laramie Energy. Laramie Energy is focused on producing natural gas in Garfield, Mesa, and Rio Blanco counties, Colorado. Laramie Energy had a $400 million revolving credit facility with a borrowing base set at $147.4 million that was secured by a lien on its natural gas and crude oil properties and related assets. As of June 30, 2021, the balance outstanding on the revolving credit facility was approximately $147.4 million. On July 1, 2021, Laramie Energy entered into a term loan agreement which provided a term loan in the principal amount of $160 million. Laramie Energy used the proceeds from the term loan to repay the outstanding balance on the revolving credit facility. The term loan is secured by a lien on its natural gas and crude oil properties and related assets. Under the terms of the term loan, Laramie Energy is generally prohibited from making future cash distributions to its owners, including us, except for certain permitted tax distributions. Laramie Energy’s term loan matures on July 1, 2025. During the year ended December 31, 2020, Laramie Energy incurred losses that reduced the book value of our investment to zero, and as of December 31, 2020, we had discontinued the application of the equity method of accounting for our investment in Laramie Energy. As such, the balance of our investment in Laramie Energy was zero as of June 30, 2021 and December 31, 2020. Summarized financial information for Laramie Energy is as follows (in thousands): June 30, 2021 December 31, 2020 Current assets $ 48,982 $ 34,573 Non-current assets 340,782 355,538 Current liabilities 229,294 217,523 Non-current liabilities 40,491 93,193 Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Natural gas and oil revenues $ 37,616 $ 23,545 $ 119,964 $ 58,258 Income (loss) from operations 5,941 (8,699) 53,150 (7,330) Net income (loss) 133 (14,349) 40,584 (13,775) Laramie Energy’s net income includes (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Depreciation, depletion, and amortization $ 8,772 $ 10,042 $ 15,756 $ 19,321 Unrealized (gain) loss on derivative instruments 731 4,139 182 1,725

Revenue Recognition

Revenue Recognition	6 Months Ended
	Jun. 30, 2021
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition As of June 30, 2021 and December 31, 2020, receivables from contracts with customers were $205.1 million and $104.9 million, respectively. Our refining segment recognizes deferred revenues when cash payments are received in advance of delivery of products to the customer. Deferred revenue was $11.9 million and $4.1 million as of June 30, 2021 and December 31, 2020, respectively. We have elected to apply a practical expedient not to disclose the value of unsatisfied performance obligations for (i) contracts with an original expected duration of less than one year and (ii) contracts where the variable consideration has been allocated entirely to our unsatisfied performance obligation. The following table provides information about disaggregated revenue by major product line and includes a reconciliation of the disaggregated revenues to total segment revenues (in thousands): Three Months Ended June 30, 2021 Refining Logistics Retail Product or service: Gasoline $ 393,283 $ — $ 86,182 Distillates (1) 491,626 — 6,942 Other refined products (2) 270,757 — — Merchandise — — 24,146 Transportation and terminalling services — 48,706 — Other revenue 181 — 1,176 Total segment revenues (3) $ 1,155,847 $ 48,706 $ 118,446 Three Months Ended June 30, 2020 Refining Logistics Retail Product or service: Gasoline $ 135,370 $ — $ 47,157 Distillates (1) 189,760 — 8,642 Other refined products (2) 129,086 — — Merchandise — — 23,382 Transportation and terminalling services — 42,132 — Other revenue 1,085 — 440 Total segment revenues (3) $ 455,301 $ 42,132 $ 79,621 Six Months Ended June 30, 2021 Refining Logistics Retail Product or service: Gasoline $ 670,862 $ — $ 150,004 Distillates (1) 842,425 — 12,010 Other refined products (2) 480,537 — — Merchandise — — 45,432 Transportation and terminalling services — 90,015 — Other revenue 778 — 2,188 Total segment revenues (3) $ 1,994,602 $ 90,015 $ 209,634 Six Months Ended June 30, 2020 Refining Logistics Retail Product or service: Gasoline $ 421,968 $ — $ 120,004 Distillates (1) 773,468 — 17,092 Other refined products (2) 393,253 — — Merchandise — — 44,411 Transportation and terminalling services — 101,282 — Other revenue 14,738 — 927 Total segment revenues (3) $ 1,603,427 $ 101,282 $ 182,434 _______________________________________________________ (1) Distillates primarily include diesel and jet fuel. (2) Other refined products include fuel oil, gas oil, asphalt, and naphtha.

Inventories

Inventories	6 Months Ended
	Jun. 30, 2021
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories at June 30, 2021 and December 31, 2020 consisted of the following (in thousands): Titled Inventory Supply and Offtake Agreements (1) Total June 30, 2021 Crude oil and feedstocks $ 73,378 $ 201,847 $ 275,225 Refined products and blendstock 122,872 120,557 243,429 Warehouse stock and other (2) 105,499 — 105,499 Total $ 301,749 $ 322,404 $ 624,153 December 31, 2020 Crude oil and feedstocks $ 88,307 $ 75,340 $ 163,647 Refined products and blendstock 112,146 83,601 195,747 Warehouse stock and other (2) 70,461 — 70,461 Total $ 270,914 $ 158,941 $ 429,855 ________________________________________________________ (1) Please read Note 7—Inventory Financing Agreements for further information. (2) Includes $60.6 million and $26.7 million of RINs and environmental credits, reported at cost, as of June 30, 2021 and December 31, 2020, respectively. RINs and environmental obligations of $354.5 million and $150.5 million, reported at market value, are included in Other accrued liabilities on our condensed consolidated balance sheets as of June 30, 2021 and December 31, 2020, respectively. As of June 30, 2021, we had no reserve for the lower of cost or net realizable value of inventory. As of December 31, 2020, there was a $10.6 million reserve for the lower of cost or net realizable value of inventory. As of June 30, 2021, the excess of current replacement cost over the last-in, first-out (“LIFO”) inventory carrying value at the Washington refinery was approximately $35.4 million. Our LIFO inventories, net of the lower of cost or net realizable reserve, were equal to current cost as of December 31, 2020.

Prepaid and Other Current Asset

Prepaid and Other Current Assets	6 Months Ended
	Jun. 30, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid and Other Current Assets	Prepaid and Other Current Assets Prepaid and other current assets at June 30, 2021 and December 31, 2020 consisted of the following (in thousands): June 30, 2021 December 31, 2020 Advances to suppliers $ 3,966 $ — Collateral posted with broker for derivative instruments (1) 410 1,489 Prepaid insurance 5,147 14,932 Derivative assets 3,953 1,346 Other 6,332 6,881 Total $ 19,808 $ 24,648 _________________________________________________________ (1) Our cash margin that is required as collateral deposits on our commodity derivatives cannot be offset against the fair value of open contracts except in the event of default. Please read Note 10—Derivatives for further information.

Inventory Financing Agreements

Inventory Financing Agreements	6 Months Ended
	Jun. 30, 2021
Other Commitments [Abstract]
Inventory Financing Agreements	Inventory Financing Agreements The following table summarizes our outstanding obligations under our inventory financing agreements (in thousands): June 30, 2021 December 31, 2020 Supply and Offtake Agreements $ 518,150 $ 312,185 Washington Refinery Intermediation Agreement 181,212 111,501 Obligations under inventory financing agreements $ 699,362 $ 423,686 Supply and Offtake Agreement We have an agreement with J. Aron & Company LLC (“J. Aron”) to support our Hawaii refining operations. On May 4, 2021, we amended the first amended and restated supply and offtake agreement and extended the term expiry date from May 31, 2021, to June 30, 2021. A deferred payment arrangement under the agreement allowed for us to defer payments owed under the agreements up to the lesser of $165 million or 85% of eligible accounts receivable and inventory. As of June 30, 2021 and December 31, 2020, the capacity of the deferred payment arrangement was $118.7 million and $80.1 million, respectively. As of June 30, 2021 and December 31, 2020, we had $114.9 million and $78.6 million outstanding, respectively, under the deferred payment arrangement. Under the first amended and restated supply and offtake agreement, we paid or received certain fees from J. Aron based on changes in market prices over time. In 2017, we fixed the market fee for the period from June 1, 2018 through May 2021 for $2.2 million. In 2020, we fixed the market fee for the period from February 1, 2020 through April 1, 2021 for an additional $0.8 million to be settled in fifteen payments. The amount due to or from J. Aron was recorded as an adjustment to our Obligations under inventory financing agreements as allowed under the first amended and restated supply and offtake agreement. As of June 30, 2021 and December 31, 2020, we had a payable of $3.1 million and a receivable of $0.5 million, respectively. On June 1, 2021, we entered into the Second Amended and Restated Supply and Offtake Agreement (as amended, the “Supply and Offtake Agreement”). The Supply and Offtake Agreement expires May 31, 2024 (as extended, the “Expiration Date”), subject to a one-year extension at the mutual agreement of the parties at least 120 days prior to the Expiration Date. Under the Supply and Offtake Agreement, we are subject to an early termination fee if we terminate the Supply and Offtake Agreement on or prior to May 31, 2023. Under the Supply and Offtake Agreement, Par Hawaii Refining, LLC (“PHR”) is required to maintain minimum liquidity of not less than $15 million for any three consecutive business days, with at least $7.5 million of such liquidity consisting of cash and cash equivalents. Commencing on July 1, 2021 (the “Adjustment Date”), the Supply and Offtake Agreement makes available a discretionary draw facility (the “Discretionary Draw Facility”) to PHR. The Discretionary Draw Facility is available to PHR from the Adjustment Date up to but excluding the Expiration Date. Under the Discretionary Draw Facility, J. Aron agreed to make advances to PHR from time to time at the request of PHR, subject to the satisfaction of certain conditions precedent, in an aggregate principal amount at any one time outstanding not to exceed the lesser of $165 million or the borrowing base, which is calculated as (x) 85% of the eligible accounts receivables, plus (y) the lesser of $82.5 million and 85% of eligible hydrocarbon inventory, minus (z) such reserves as established by J. Aron in respect of eligible receivables and eligible hydrocarbon inventory. The deferred amounts under the Discretionary Draw Facility bear interest at a rate equal to three-month LIBOR plus 4.00% per annum until May 31, 2022. Beginning on June 1, 2022, the deferred amounts will bear interest at a rate equal to LIBOR (or LIBOR equivalent) plus an applicable spread between 3.50% and 4.00% to be determined annually based on certain financial ratios. Washington Refinery Intermediation Agreement The Washington Refinery Intermediation Agreement with MLC provides a structured financing arrangement based on U.S. Oil’s crude oil and refined products inventories and associated accounts receivable. On February 11, 2021, we and MLC amended the Washington Refinery Intermediation Agreement and extended the term through March 31, 2022. This amendment also includes transition guidance on the interest rate of the MLC receivable advances to be based on another industry standard benchmark rate that will be effective upon LIBOR’s scheduled retirement at the end of 2021. As of June 30, 2021, our outstanding balance under the MLC receivable advances was $80.8 million and our borrowing base was $84.5 million. As of December 31, 2020, our outstanding balance under the MLC receivable advances was equal to our borrowing base of $41.1 million. Additionally, as of June 30, 2021 and December 31, 2020, we had approximately $125.4 million and $93.6 million in letters of credit outstanding through MLC’s credit support, respectively. The following table summarizes the inventory intermediation fees, which are included in Cost of revenues (excluding depreciation) on our condensed consolidated statements of operations, and Interest expense and financing costs, net related to the intermediation agreements (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Net fees and expenses: Supply and Offtake Agreement Inventory intermediation fees (benefits) $ 5,280 $ (204) $ 9,050 $ 6,666 Interest expense and financing costs, net 478 713 1,324 2,062 Washington Refinery Intermediation Agreement Inventory intermediation fees (benefits) $ 765 $ 1,012 $ 1,736 $ 2,119 Interest expense and financing costs, net 1,134 727 2,111 1,724 The Supply and Offtake Agreement and the Washington Refinery Intermediation Agreement also provide us with the ability to economically hedge price risk on our inventories and crude oil purchases. Please read Note 10—Derivatives for further information.

Other Accrued Liabilities

Other Accrued Liabilities	6 Months Ended
	Jun. 30, 2021
Payables and Accruals [Abstract]
Other Accrued Liabilities	Other Accrued Liabilities Other accrued liabilities at June 30, 2021 and December 31, 2020 consisted of the following (in thousands): June 30, 2021 December 31, 2020 Accrued payroll and other employee benefits $ 16,603 $ 14,916 Gross environmental credit obligations (1) 354,486 150,482 Other 32,678 38,313 Total $ 403,767 $ 203,711 ___________________________________________________ (1) Gross environmental credit obligations are stated at market as of June 30, 2021 and December 31, 2020. Please read Note 11—Fair Value Measurements for further information. A portion of these obligations are expected to be settled with our RINs assets and other environmental credits, which are presented as Inventories on our condensed consolidated balance sheet and are stated at the lower of cost and net realizable value. The carrying costs of these assets were $60.6 million and $26.7 million as of June 30, 2021 and December 31, 2020, respectively.

Debt

Debt	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Debt	Debt The following table summarizes our outstanding debt (in thousands): June 30, 2021 December 31, 2020 5.00% Convertible Senior Notes due 2021 $ — $ 48,665 ABL Credit Facility due 2022 — — Retail Property Term Loan due 2024 — 42,494 7.75% Senior Secured Notes due 2025 298,000 300,000 Term Loan B due 2026 221,875 228,125 12.875% Senior Secured Notes due 2026 68,250 105,000 Mid Pac Term Loan due 2028 — 1,399 PHL Term Loan — 5,840 Principal amount of long-term debt 588,125 731,523 Less: unamortized discount and deferred financing costs (17,144) (22,930) Total debt, net of unamortized discount and deferred financing costs 570,981 708,593 Less: current maturities, net of unamortized discount and deferred financing costs (10,840) (59,933) Long-term debt, net of current maturities $ 560,141 $ 648,660 As of June 30, 2021 and December 31, 2020, we had $19.5 million and $1.7 million in letters of credit outstanding under the Loan and Security Agreement dated as of December 21, 2017 with certain lenders and Bank of America, N.A., as administrative agent and collateral agent (the “ABL Credit Facility”), respectively, and $3.6 million in cash-collateralized letters of credit and surety bonds outstanding. Under the ABL Credit Facility, the indentures governing the 7.75% Senior Secured Notes and 12.875% Senior Secured Notes, and the term loan facility with Goldman Sachs Bank USA (the “Term Loan B Facility”), our subsidiaries are restricted from paying dividends or making other equity distributions, subject to certain exceptions. 5.00% Convertible Senior Notes Due 2021 On June 15, 2021, the remaining $48.7 million aggregate principal amount of the 5.00% Convertible Senior Notes matured and were paid in full. ABL Credit Facility The ABL Credit Facility provides for a revolving credit facility that provides for revolving loans and for the issuance of letters of credit (the “ABL Revolver”). As of June 30, 2021, the ABL Revolver had no outstanding revolving loans, $19.5 million in letters of credit outstanding, and a borrowing base of approximately $85.0 million. Retail Property Term Loan On March 29, 2019, Par Pacific Hawaii Property Company, LLC (“Par Property LLC”), our wholly owned subsidiary, entered into a term loan agreement (the “Retail Property Term Loan”) with Bank of Hawaii (“BOH”), which provided a term loan in the principal amount of $45.0 million. The proceeds from the Retail Property Term Loan were used to repay and terminate the loan agreement previously entered into on January 9, 2019 with BOH (the “Par Pacific Term Loan Agreement”). The Retail Property Term Loan bore interest based on a floating rate equal to the applicable LIBOR for a one-month interest period plus 1.5%. Principal and interest payments were payable monthly based on a 20-year amortization schedule, principal prepayments were allowed subject to applicable prepayment penalties, and the remaining unpaid principal, plus any unpaid interest or other charges, was due on April 1, 2024, the maturity date of the Retail Property Term Loan. On February 23, 2021, we terminated and repaid all amounts outstanding under the Retail Property Term Loan. We recognized approximately $1.4 million of debt extinguishment costs in the six months ended June 30, 2021 related to our prepayment of the loan principal. 7.75% Senior Secured Notes Due 2025 On December 21, 2017, Par Petroleum, LLC and Par Petroleum Finance Corp. (collectively, the “Issuers”), both our wholly owned subsidiaries, completed the issuance and sale of $300 million in aggregate principal amount of 7.75% Senior Secured Notes in a private placement under Rule 144A and Regulation S of the Securities Act of 1933, as amended (the “Securities Act”). The net proceeds of $289.2 million (net of financing costs and original issue discount of 1%) from the sale were used to repay certain previous credit facilities and a forward sale agreement with J. Aron and for general corporate purposes. The 7.75% Senior Secured Notes bear interest at a rate of 7.750% per year (payable semi-annually in arrears on June 15 and December 15 of each year, beginning on June 15, 2018) and will mature on December 15, 2025. On March 23, 2021, we repurchased and cancelled $2 million in aggregate principal amount of the 7.75% Senior Secured Notes . As of June 30, 2021, the 7.75% Senior Secured Notes had an outstanding principal balance of $298.0 million. Mid Pac Term Loan On September 27, 2018, Par Hawaii, LLC (“PHL”, formerly known as Par Hawaii, Inc. and includes the assets of the dissolved entity formerly known as Mid Pac Petroleum, LLC), our wholly owned subsidiary, entered into the Mid Pac Term Loan with American Savings Bank, F.S.B., which provided a term loan of up to $1.5 million. We received the proceeds on October 18, 2018, which were used to purchase certain retail property. The Mid Pac Term Loan was scheduled to mature on October 18, 2028. The Mid Pac Term Loan was payable monthly, bore interest at an annual rate of 4.375%, was secured by a first-priority lien on the real property purchased with the funds, including leases and rents on the property and the property’s fixed assets and fixtures, and was guaranteed by Par Petroleum, LLC. On March 12, 2021, we terminated and repaid all amounts outstanding under the Mid Pac Term Loan. PHL Term Loan On April 13, 2020, PHL, our wholly owned subsidiary, entered into a Term Loan Agreement (“PHL Term Loan”) with American Savings Bank F.S.B., which provided a term loan in the principal amount of approximately $6.0 million. The proceeds from the PHL Term Loan were used to finance PHL’s equity in certain real property. The PHL Term Loan bore interest at a fixed rate of 2.750% per annum. Principal and interest payments were payable monthly based on a 25-year amortization schedule, principal prepayments were allowed with no prepayment charge, and the remaining principal, plus any unpaid interest or other charges, was due on April 15, 2030, the maturity date of the PHL Term Loan. The PHL Term Loan was guaranteed by Par Petroleum, LLC. On February 23, 2021, we terminated and repaid all amounts outstanding under the PHL Term Loan. 12.875% Senior Secured Notes Due 2026 On June 14, 2021, we redeemed $36.8 million aggregate principal amount of 12.875% Senior Secured Notes at a redemption price of 112.875% of the aggregate principal amount of the notes redeemed, plus the accrued and unpaid interest as of the redemption date. Upon redemption, we paid a premium of approximately $4.7 million and incurred additional debt extinguishment costs of $1.9 million, which were recorded in Debt extinguishment and commitment costs on our condensed consolidated statement of operations for the three and six months ended June 30, 2021. As of June 30, 2021, the 12.875% Senior Secured Notes had an outstanding principal balance of $68.3 million. Cross Default Provisions Included within each of our debt agreements are affirmative and negative covenants, and customary cross default provisions, that require the repayment of amounts outstanding on demand unless the triggering payment default or acceleration is remedied, rescinded, or waived. As of June 30, 2021, we were in compliance with all of our debt instruments. Guarantors In connection with our shelf registration statement on Form S-3, which was filed with the Securities and Exchange Commission (“SEC”) on February 6, 2019 and declared effective on February 15, 2019 (“Registration Statement”), we may sell non-convertible debt securities and other securities in one or more offerings with an aggregate initial offering price of up to $750.0 million. Any non-convertible debt securities issued under the Registration Statement may be fully and unconditionally guaranteed (except for customary release provisions), on a joint and several basis, by some or all of our subsidiaries, other than subsidiaries that are “minor” within the meaning of Rule 3-10 of Regulation S-X (the “Guarantor Subsidiaries”). We have no “independent assets or operations” within the meaning of Rule 3-10 of Regulation S-X and certain of the Guarantor Subsidiaries may be subject to restrictions on their ability to distribute funds to us, whether by cash dividends, loans, or advances.

Derivatives

Derivatives	6 Months Ended
	Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	Derivatives Commodity Derivatives Our condensed consolidated balance sheets present derivative assets and liabilities on a net basis. Please read Note 11—Fair Value Measurements for the gross fair value and net carrying value of our derivative instruments. Our cash margin that is required as collateral deposits cannot be offset against the fair value of open contracts except in the event of default. Our open futures and over-the-counter (“OTC”) swaps at June 30, 2021 will settle by October 2021. At June 30, 2021, our open commodity derivative contracts represented (in thousands of barrels): Contract type Purchases Sales Net Futures — — — Swaps 24,200 (23,900) 300 Total 24,200 (23,900) 300 At June 30, 2021, we also had option collars of 25 thousand barrels of crude oil per month that economically hedge our internally consumed fuel at our Hawaii refineries. These option collars have a weighted-average strike price ranging from a floor of $36.50 per barrel to a ceiling of $60.00 per barrel and expire in December 2021. Interest Rate Derivatives We are exposed to interest rate volatility in our ABL Revolver, Term Loan B Facility, Supply and Offtake Agreement, and Washington Refinery Intermediation Agreement. We may utilize interest rate swaps to manage our interest rate risk. As of December 31, 2020, we had entered into an interest rate swap at an average fixed rate of 3.91% in exchange for the floating interest rate on the notional amounts due under the Retail Property Term Loan. This swap was set to expire on April 1, 2024, the maturity date of the Retail Property Term Loan. On February 23, 2021, we terminated and repaid all amounts outstanding under the Retail Property Term Loan and the related interest rate swap. Our 5.00% Convertible Senior Notes included a redemption option and a related make-whole premium which represented an embedded derivative that was not clearly and closely related to the 5.00% Convertible Senior Notes. As such, we accounted for this embedded derivative at fair value with changes in the fair value recorded in Interest expense and financing costs, net, on our condensed consolidated statements of operations. On June 15, 2021, the 5.00% Convertible Senior Notes matured and were paid in full, and the related embedded derivative was settled. The following table provides information on the fair value amounts (in thousands) of these derivatives as of June 30, 2021 and December 31, 2020 and their placement within our condensed consolidated balance sheets. Balance Sheet Location June 30, 2021 December 31, 2020 Asset (Liability) Commodity derivatives (1) Prepaid and other current assets $ 3,953 $ 1,346 J. Aron repurchase obligation derivative Obligations under inventory financing agreements (26,114) (20,797) MLC terminal obligation derivative Obligations under inventory financing agreements (10,250) (10,161) Interest rate derivatives Other accrued liabilities — (966) Interest rate derivatives Other liabilities — (2,027) _________________________________________________________ (1) Does not include cash collateral of $0.4 million and $1.5 million recorded in Prepaid and other current assets as of June 30, 2021 and December 31, 2020, respectively, and $9.5 million in Other long-term assets as of both June 30, 2021 and December 31, 2020. 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 2021 2020 2021 2020 Commodity derivatives Cost of revenues (excluding depreciation) $ (10,223) $ 781 $ (9,592) $ (56,378) J. Aron repurchase obligation derivative Cost of revenues (excluding depreciation) (4,542) (10,370) (5,317) (57,015) MLC terminal obligation derivative Cost of revenues (excluding depreciation) (31,229) (26,882) (55,601) 56,076 Interest rate derivatives Interest expense and financing costs, net — (292) 104 (2,312)

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Assets and Liabilities Measured at Fair Value on a Recurring Basis Common Stock Warrants During January and March 2020, one of our stockholders and its affiliates exercised 354,350 common stock warrants with a fair value of $3.9 million. As a result of this cashless transaction, 350,542 shares of common stock were issued. As of June 30, 2021, we had no common stock warrants outstanding. Derivative Instruments We utilize commodity derivative contracts to manage our price exposure to our inventory positions, future purchases of crude oil, future purchases and sales of refined products, and cost of crude oil consumed in the refining process. We may utilize interest rate swaps to manage our interest rate risk. We classify financial assets and liabilities according to the fair value hierarchy. Financial assets and liabilities classified as Level 1 instruments are valued using quoted prices in active markets for identical assets and liabilities. These include our exchange traded futures. Level 2 instruments are valued using quoted prices for similar assets and liabilities in active markets and inputs other than quoted prices that are observable for the asset or liability. Our Level 2 instruments include OTC swaps and options. These derivatives are valued using market quotations from independent price reporting agencies and commodity exchange price curves that are corroborated with market data. Level 3 instruments are valued using significant unobservable inputs that are not supported by sufficient market activity. The valuation of the embedded derivatives related to our J. Aron repurchase and MLC terminal obligations is based on estimates of the prices and differentials assuming settlement at the end of the reporting period. Estimates of the J. Aron and MLC settlement prices are based on observable inputs, such as Brent and West Texas Intermediate Crude Oil (“WTI”) indices, and unobservable inputs, such as contractual price differentials as defined in the Supply and Offtake Agreement and Washington Refinery Intermediation Agreement. Such contractual differentials vary by location and by the type of product and range from a discount of $14.45 per barrel to a premium of $20.63 per barrel as of June 30, 2021. Contractual price differentials are considered unobservable inputs; therefore, these embedded derivatives are classified as Level 3 instruments. We did not have other commodity derivatives classified as Level 3 at June 30, 2021 or December 31, 2020. Please read Note 10—Derivatives for further information on derivatives. Gross Environmental credit obligations Estimates of our gross environmental credit obligations are based on the amount of RINs or other environmental credits required to comply with U.S. Environmental Protection Agency (“EPA”) regulations and the market prices of those RINs or other environmental credits as of the end of the reporting period. The gross environmental credit obligations are classified as Level 2 instruments as we obtain the pricing inputs for our RINs and other environmental credits from brokers based on market quotes on similar instruments. Please read Note 13—Commitments and Contingencies for further information on the EPA regulations related to greenhouse gases. Financial Statement Impact Fair value amounts by hierarchy level as of June 30, 2021 and December 31, 2020 are presented gross in the tables below (in thousands): June 30, 2021 Level 1 Level 2 Level 3 Gross Fair Value Effect of Counter-Party Netting Net Carrying Value on Balance Sheet (1) Assets Commodity derivatives $ — $ 11,333 $ — $ 11,333 $ (7,380) $ 3,953 Liabilities Commodity derivatives $ — $ (7,380) $ — $ (7,380) $ 7,380 $ — J. Aron repurchase obligation derivative — — (26,114) (26,114) — (26,114) MLC terminal obligation derivative — — (10,250) (10,250) — (10,250) Interest rate derivatives — — — — — — Gross environmental credit obligations (2) — (354,486) — (354,486) — (354,486) Total Liabilities $ — $ (361,866) $ (36,364) $ (398,230) $ 7,380 $ (390,850) December 31, 2020 Level 1 Level 2 Level 3 Gross Fair Value Effect of Counter-Party Netting Net Carrying Value on Balance Sheet (1) Assets Commodity derivatives $ 616 $ 1,573 $ — $ 2,189 $ (843) $ 1,346 Liabilities Commodity derivatives $ (3) $ (840) $ — $ (843) $ 843 $ — J. Aron repurchase obligation derivative — — (20,797) (20,797) — (20,797) MLC terminal obligation derivative — — (10,161) (10,161) — (10,161) Interest rate derivatives — (2,993) — (2,993) — (2,993) Gross environmental credit obligations (2) — (150,482) — (150,482) — (150,482) Total Liabilities $ (3) $ (154,315) $ (30,958) $ (185,276) $ 843 $ (184,433) _________________________________________________________ (1) Does not include cash collateral of $9.9 million and $11.0 million as of June 30, 2021 and December 31, 2020, respectively, included within Prepaid and other current assets and Other long-term assets on our condensed consolidated balance sheets. (2) Does not include RINs assets and other environmental credits of $60.6 million and $26.7 million presented as Inventories on our condensed consolidated balance sheet and stated at the lower of cost and net realizable value as of June 30, 2021 and December 31, 2020, respectively. 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, 2021 2020 2021 2020 Balance, at beginning of period $ (21,162) $ 4,534 $ (30,958) $ (22,750) Settlements 20,569 (33,380) 55,512 (46,679) Acquired — — — — Total gains (losses) included in earnings (35,771) (37,252) (60,918) 3,331 Balance, at end of period $ (36,364) $ (66,098) $ (36,364) $ (66,098) The carrying value and fair value of long-term debt and other financial instruments as of June 30, 2021 and December 31, 2020 are as follows (in thousands): June 30, 2021 Carrying Value Fair Value ABL Credit Facility due 2022 (2) $ — $ — 7.75% Senior Secured Notes due 2025 (1) 291,934 301,510 Term Loan B Facility due 2026 (1) 214,297 220,766 12.875% Senior Secured Notes due 2026 (1) 64,750 77,464 December 31, 2020 Carrying Value Fair Value 5.00% Convertible Senior Notes due 2021 (1) (3) $ 47,301 $ 50,311 ABL Credit Facility due 2022 (2) — — Retail Property Term Loan due 2024 (2) 41,891 41,891 7.75% Senior Secured Notes due 2025 (1) 293,289 289,521 Term Loan B Facility due 2026 (1) 219,708 215,578 12.875% Senior Secured Notes due 2026 (1) 99,213 112,901 Mid Pac Term Loan due 2028 (2) 1,399 1,399 PHL Term Loan due 2030 (2) 5,792 5,792 _________________________________________________________ (1) The fair value measurements of the 5.00% Convertible Senior Notes, 7.75% Senior Secured Notes, Term Loan B Facility, and 12.875% Senior Secured Notes are considered Level 2 measurements in the fair value hierarchy as discussed below. (2) The fair value measurements of the ABL Credit Facility, Mid Pac Term Loan, Retail Property Term Loan, and PHL Term Loan are considered Level 3 measurements in the fair value hierarchy. (3) The carrying value of the 5.00% Convertible Senior Notes excludes the fair value of the equity component, which was classified as equity upon issuance. The fair value of the 5.00% Convertible Senior Notes was determined by aggregating the fair value of the liability and equity components of the notes. The fair value of the liability component of the 5.00% Convertible Senior Notes was determined using a discounted cash flow analysis in which the projected interest and principal payments were discounted at an estimated market yield for a similar debt instrument without the conversion feature. The equity component was estimated based on the Black-Scholes model for a call option with strike price equal to the conversion price, a term matching the remaining life of the 5.00% Convertible Senior Notes, and an implied volatility based on market values of options outstanding as of the measurement date. The remaining aggregate principal amount of the 5.00% Convertible Senior Notes matured and were paid in full on June 15, 2021. The fair value of the 5.00% Convertible Senior Notes was considered a Level 2 measurement in the fair value hierarchy. The fair value of the 7.75% Senior Secured Notes, Term Loan B Facility, and 12.875% Senior Secured Notes were determined using a market approach based on quoted prices. The inputs used to measure the fair value are classified as Level 2

Leases

Leases	6 Months Ended
	Jun. 30, 2021
Leases [Abstract]
Leases	Leases We have cancellable and non-cancellable finance and operating lease liabilities for the lease of land, vehicles, office space, retail facilities, and other facilities used in the storage and transportation of crude oil and refined products. Most of our leases include one or more options to renew, with renewal terms that can extend the lease term from one The following table provides information on the amounts (in thousands, except lease term and discount rates) of our right-of-use assets (“ROU assets”) and liabilities as of June 30, 2021 and December 31, 2020 and their placement within our condensed consolidated balance sheets: Lease type Balance Sheet Location June 30, 2021 December 31, 2020 Assets Finance Property, plant, and equipment $ 19,722 $ 14,998 Finance Accumulated amortization (7,437) (6,486) Finance Property, plant, and equipment, net $ 12,285 $ 8,512 Operating Operating lease right-of-use assets 413,292 357,166 Total right-of-use assets $ 425,577 $ 365,678 Liabilities Current Finance Other accrued liabilities $ 1,383 $ 1,491 Operating Operating lease liabilities 55,507 56,965 Long-term Finance Finance lease liabilities 7,049 7,925 Operating Operating lease liabilities 362,494 304,355 Total lease liabilities $ 426,433 $ 370,736 Weighted-average remaining lease term (in years) Finance 6.56 6.97 Operating 11.31 10.52 Weighted-average discount rate Finance 7.91 % 7.93 % Operating 6.81 % 7.59 % The following table summarizes the lease costs recognized in our condensed consolidated statements of operations (in thousands): Three Months Ended June 30, Six Months Ended June 30, Lease cost type 2021 2020 2021 2020 Finance lease cost Amortization of finance lease ROU assets $ 460 $ 534 $ 950 $ 1,014 Interest on lease liabilities 149 164 323 331 Operating lease cost 23,367 27,160 45,744 54,130 Variable lease cost 1,633 1,855 3,405 4,550 Short-term lease cost 174 643 203 842 Net lease cost $ 25,783 $ 30,356 $ 50,625 $ 60,867 The following table summarizes the supplemental cash flow information related to leases as follows (in thousands): Six Months Ended June 30, Lease type 2021 2020 Cash paid for amounts included in the measurement of liabilities Financing cash flows from finance leases $ 1,874 $ 819 Operating cash flows from finance leases 325 322 Operating cash flows from operating leases 44,023 51,179 Non-cash supplemental amounts ROU assets obtained in exchange for new finance lease liabilities 1,102 1,915 ROU assets obtained in exchange for new operating lease liabilities 87,331 4,557 ROU assets terminated in exchange for release from operating lease liabilities 113 7,738 The table below includes the estimated future undiscounted cash flows for finance and operating leases as of June 30, 2021 (in thousands): For the year ending December 31, Finance leases Operating leases Total 2021 (1) $ 996 $ 43,256 $ 44,252 2022 1,919 76,015 77,934 2023 1,912 62,160 64,072 2024 1,601 52,232 53,833 2025 1,362 50,896 52,258 2026 894 46,392 47,286 Thereafter 2,318 236,641 238,959 Total lease payments 11,002 567,592 578,594 Less amount representing interest (2,570) (149,591) (152,161) Present value of lease liabilities $ 8,432 $ 418,001 $ 426,433 _________________________________________________________ (1) Represents the period from July 1, 2021 to December 31, 2021. Additionally, we have $6.3 million in future undiscounted cash flows for operating leases that have not yet commenced. These leases are expected to commence when the lessor has made the equipment or location available to us to operate or begin construction, respectively. Sale-Leaseback Transactions On February 11, 2021, PHL and Par Hawaii Property Company, LLC (collectively, the “Sellers”), both our wholly owned subsidiaries, entered into a Purchase Agreement and Escrow Instructions with MDC Coast HI 1, LLC, a subsidiary of Realty Income Corporation (the “Buyer”), and Fidelity National Title Insurance Company, pursuant to which the Sellers and Buyer agreed to consummate sale-leaseback transactions (the “Sale-Leaseback Transactions”). Under the terms of the Purchase Agreement, the Sellers agreed to sell to the Buyer a total of twenty-two (22) retail convenience store/fuel station properties located in Hawaii (the “Sale-Leaseback Properties”) for an aggregate cash purchase price of $112.8 million, net of transaction fees. On February 23, 2021, the Sellers and Buyer closed the Sale-Leaseback Transactions with respect to twenty-one (21) Sale-Leaseback Properties for an aggregate cash purchase price of approximately $107.0 million, net of transaction fees. On March 12, 2021, the Sellers and Buyer closed the sale of one additional property for an aggregate cash purchase price of approximately $5.8 million, net of transaction fees. We recognized a gain of $63.9 million as a result of these transactions, which is included in Loss (gain) on sale of assets, net on our condensed consolidated statements of operations for the six months ended June 30, 2021. Upon the closings of the sales of the Sale-Leaseback Properties, PHL entered into a Master Land and Building Lease Agreement (the “Lease Agreement”) with the Buyer, pursuant to which, among other things, PHL leased the Sale-Leaseback Properties from the Buyer, on a commercial triple-net basis, for 15 years, unless earlier terminated. The initial lease term may be extended for up to four five-year renewal terms in accordance with the terms of the Lease Agreement. Under the terms of the Lease Agreement, PHL is responsible for monthly rent and all expenses related to the leased facilities, including, but not limited to, insurance premiums, taxes, and other expenses, such as utilities. As a result of the Sale-Leaseback Transactions, we recorded operating ROU assets and lease liabilities of $81.3 million. Certain of the Sale-Leaseback Properties were treated as failed sale-leaseback transactions based on the terms of the lease. As such, we retained the book value of the assets and recognized a finance liability of $12.4 million included in Other accrued liabilities and Other liabilities on our condensed consolidated balance sheet. In connection with PHL’s entry into the Lease Agreement, Par Petroleum, LLC, our wholly owned subsidiary, entered into a guaranty agreement in favor of the Buyer, pursuant to which, among other things, Par Petroleum, LLC guaranteed the payment when due of the monthly rent, and all other additional rent, interest, and charges payable by PHL to the Buyer under the Lease Agreement, and the performance by PHL of all the material terms, conditions, covenants, and agreements of the Lease Agreement.
Leases	Leases We have cancellable and non-cancellable finance and operating lease liabilities for the lease of land, vehicles, office space, retail facilities, and other facilities used in the storage and transportation of crude oil and refined products. Most of our leases include one or more options to renew, with renewal terms that can extend the lease term from one The following table provides information on the amounts (in thousands, except lease term and discount rates) of our right-of-use assets (“ROU assets”) and liabilities as of June 30, 2021 and December 31, 2020 and their placement within our condensed consolidated balance sheets: Lease type Balance Sheet Location June 30, 2021 December 31, 2020 Assets Finance Property, plant, and equipment $ 19,722 $ 14,998 Finance Accumulated amortization (7,437) (6,486) Finance Property, plant, and equipment, net $ 12,285 $ 8,512 Operating Operating lease right-of-use assets 413,292 357,166 Total right-of-use assets $ 425,577 $ 365,678 Liabilities Current Finance Other accrued liabilities $ 1,383 $ 1,491 Operating Operating lease liabilities 55,507 56,965 Long-term Finance Finance lease liabilities 7,049 7,925 Operating Operating lease liabilities 362,494 304,355 Total lease liabilities $ 426,433 $ 370,736 Weighted-average remaining lease term (in years) Finance 6.56 6.97 Operating 11.31 10.52 Weighted-average discount rate Finance 7.91 % 7.93 % Operating 6.81 % 7.59 % The following table summarizes the lease costs recognized in our condensed consolidated statements of operations (in thousands): Three Months Ended June 30, Six Months Ended June 30, Lease cost type 2021 2020 2021 2020 Finance lease cost Amortization of finance lease ROU assets $ 460 $ 534 $ 950 $ 1,014 Interest on lease liabilities 149 164 323 331 Operating lease cost 23,367 27,160 45,744 54,130 Variable lease cost 1,633 1,855 3,405 4,550 Short-term lease cost 174 643 203 842 Net lease cost $ 25,783 $ 30,356 $ 50,625 $ 60,867 The following table summarizes the supplemental cash flow information related to leases as follows (in thousands): Six Months Ended June 30, Lease type 2021 2020 Cash paid for amounts included in the measurement of liabilities Financing cash flows from finance leases $ 1,874 $ 819 Operating cash flows from finance leases 325 322 Operating cash flows from operating leases 44,023 51,179 Non-cash supplemental amounts ROU assets obtained in exchange for new finance lease liabilities 1,102 1,915 ROU assets obtained in exchange for new operating lease liabilities 87,331 4,557 ROU assets terminated in exchange for release from operating lease liabilities 113 7,738 The table below includes the estimated future undiscounted cash flows for finance and operating leases as of June 30, 2021 (in thousands): For the year ending December 31, Finance leases Operating leases Total 2021 (1) $ 996 $ 43,256 $ 44,252 2022 1,919 76,015 77,934 2023 1,912 62,160 64,072 2024 1,601 52,232 53,833 2025 1,362 50,896 52,258 2026 894 46,392 47,286 Thereafter 2,318 236,641 238,959 Total lease payments 11,002 567,592 578,594 Less amount representing interest (2,570) (149,591) (152,161) Present value of lease liabilities $ 8,432 $ 418,001 $ 426,433 _________________________________________________________ (1) Represents the period from July 1, 2021 to December 31, 2021. Additionally, we have $6.3 million in future undiscounted cash flows for operating leases that have not yet commenced. These leases are expected to commence when the lessor has made the equipment or location available to us to operate or begin construction, respectively. Sale-Leaseback Transactions On February 11, 2021, PHL and Par Hawaii Property Company, LLC (collectively, the “Sellers”), both our wholly owned subsidiaries, entered into a Purchase Agreement and Escrow Instructions with MDC Coast HI 1, LLC, a subsidiary of Realty Income Corporation (the “Buyer”), and Fidelity National Title Insurance Company, pursuant to which the Sellers and Buyer agreed to consummate sale-leaseback transactions (the “Sale-Leaseback Transactions”). Under the terms of the Purchase Agreement, the Sellers agreed to sell to the Buyer a total of twenty-two (22) retail convenience store/fuel station properties located in Hawaii (the “Sale-Leaseback Properties”) for an aggregate cash purchase price of $112.8 million, net of transaction fees. On February 23, 2021, the Sellers and Buyer closed the Sale-Leaseback Transactions with respect to twenty-one (21) Sale-Leaseback Properties for an aggregate cash purchase price of approximately $107.0 million, net of transaction fees. On March 12, 2021, the Sellers and Buyer closed the sale of one additional property for an aggregate cash purchase price of approximately $5.8 million, net of transaction fees. We recognized a gain of $63.9 million as a result of these transactions, which is included in Loss (gain) on sale of assets, net on our condensed consolidated statements of operations for the six months ended June 30, 2021. Upon the closings of the sales of the Sale-Leaseback Properties, PHL entered into a Master Land and Building Lease Agreement (the “Lease Agreement”) with the Buyer, pursuant to which, among other things, PHL leased the Sale-Leaseback Properties from the Buyer, on a commercial triple-net basis, for 15 years, unless earlier terminated. The initial lease term may be extended for up to four five-year renewal terms in accordance with the terms of the Lease Agreement. Under the terms of the Lease Agreement, PHL is responsible for monthly rent and all expenses related to the leased facilities, including, but not limited to, insurance premiums, taxes, and other expenses, such as utilities. As a result of the Sale-Leaseback Transactions, we recorded operating ROU assets and lease liabilities of $81.3 million. Certain of the Sale-Leaseback Properties were treated as failed sale-leaseback transactions based on the terms of the lease. As such, we retained the book value of the assets and recognized a finance liability of $12.4 million included in Other accrued liabilities and Other liabilities on our condensed consolidated balance sheet. In connection with PHL’s entry into the Lease Agreement, Par Petroleum, LLC, our wholly owned subsidiary, entered into a guaranty agreement in favor of the Buyer, pursuant to which, among other things, Par Petroleum, LLC guaranteed the payment when due of the monthly rent, and all other additional rent, interest, and charges payable by PHL to the Buyer under the Lease Agreement, and the performance by PHL of all the material terms, conditions, covenants, and agreements of the Lease Agreement.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies In the ordinary course of business, we are a party to various lawsuits and other contingent matters. We establish accruals for specific legal matters when we determine that the likelihood of an unfavorable outcome is probable and the loss is reasonably estimable. It is possible that an unfavorable outcome of one or more of these lawsuits or other contingencies could have a material impact on our financial condition, results of operations, or cash flows. Environmental Matters Like other petroleum refiners, our operations are subject to extensive and periodically-changing federal, state, and local environmental laws and regulations governing air emissions, wastewater discharges, and solid and hazardous waste management activities. Many of these regulations are becoming increasingly stringent and the cost of compliance can be expected to increase over time. Periodically, we receive communications from various federal, state, and local governmental authorities asserting violations of environmental laws and/or regulations. These governmental entities may also propose or assess fines or require corrective actions for these asserted violations. Except as disclosed below, we do not anticipate that any such matters currently asserted will have a material impact on our financial condition, results of operations, or cash flows. Wyoming Refinery Our Wyoming refinery is subject to a number of consent decrees, orders, and settlement agreements involving the EPA and/or the Wyoming Department of Environmental Quality, some of which date back to the late 1970s and several of which remain in effect, requiring further actions at the Wyoming refinery. The largest cost component arising from these various decrees relates to the investigation, monitoring, and remediation of soil, groundwater, surface water, and sediment contamination associated with the facility’s historic operations. Investigative work by Wyoming Refining and negotiations with the relevant agencies as to remedial approaches remain ongoing on a number of aspects of the contamination, meaning that investigation, monitoring, and remediation costs are not reasonably estimable for some elements of these efforts. As of June 30, 2021, we have accrued $16.0 million for the well-understood components of these efforts based on current information, approximately one-third of which we expect to incur in the next five years and the remainder to be incurred over approximately 30 years. Additionally, we believe the Wyoming refinery will need to modify or close a series of wastewater impoundments in the next several years and replace those impoundments with a new wastewater treatment system. Based on current information, reasonable estimates we have received suggest costs of approximately $11.6 million to design and construct a new wastewater treatment system. Finally, among the various historic consent decrees, orders, and settlement agreements into which Wyoming Refining has entered, there are several penalty orders associated with exceedances of permitted limits by the Wyoming refinery’s wastewater discharges. Although the frequency of these exceedances has declined over time, Wyoming Refining may become subject to new penalty enforcement action in the next several years, which could involve penalties in excess of $300,000. Regulation of Greenhouse Gases The EPA regulates greenhouse gases (“GHG”) under the federal Clean Air Act (“CAA”). New construction or material expansions that meet certain GHG emissions thresholds will likely require that, among other things, a GHG permit be issued in accordance with the federal CAA regulations and we will be required, in connection with such permitting, to undertake a technology review to determine appropriate controls to be implemented with the project in order to reduce GHG emissions. Furthermore, the EPA is currently developing refinery-specific GHG regulations and performance standards that are expected to impose GHG emission limits and/or technology requirements. These control requirements may affect a wide range of refinery operations. Any such controls could result in material increased compliance costs, additional operating restrictions for our business, and an increase in the cost of the products we produce, which could have a material adverse effect on our financial condition, results of operations, or cash flows. Additionally, the EPA’s final rule updating standards that control toxic air emissions from petroleum refineries imposed additional controls and monitoring requirements on flaring operations, storage tanks, sulfur recovery units, delayed coking units, and required fenceline monitoring. Compliance with this rule has not had a material impact on our financial condition, results of operations, or cash flows to date. In 2007, the State of Hawaii passed Act 234, which required that GHG emissions be rolled back on a statewide basis to 1990 levels by the year 2020. In June of 2014, the Hawaii Department of Health (“DOH”) adopted regulations that require each major facility to reduce CO 2 emissions by 16% by 2020 relative to a calendar year 2010 baseline (the first year in which GHG emissions were reported to the EPA under 40 CFR Part 98). The Hawaii refineries’ capacity to materially reduce fuel use and GHG emissions is limited because most energy conservation measures have already been implemented over the past 20 years. The regulation allows for “partnering” with other facilities (principally power plants) that have already dramatically reduced greenhouse emissions or are on schedule to reduce CO 2 emissions in order to comply independently with the state’s Renewable Portfolio Standards. Accordingly, our Hawaii refineries submitted a GHG reduction plan that incorporates the partnering provisions and demonstrates that additional reductions are not cost-effective or necessary because of the Hawaii refineries’ shared baseline allocation and because the State of Hawaii has already reached the 1990 levels according to a report prepared by the DOH in January 2019. In 2007, the U.S. Congress passed the Energy Independence and Security Act (the “EISA”) which, among other things, set a target fuel economy standard of 35 miles per gallon for the combined fleet of cars and light trucks in the U.S. by model year 2020 and contained an expanded Renewable Fuel Standard (the “RFS”). In August 2012, the EPA and National Highway Traffic Safety Administration (“NHTSA”) jointly adopted regulations that establish vehicle carbon dioxide emissions standards and an average industry fuel economy of 54.5 miles per gallon by model year 2025. On August 8, 2018, the EPA and NHTSA jointly proposed to revise existing fuel economy standards for model years 2021-2025 and to set standards for 2026 for the first time. On March 31, 2020, the agencies released updated fuel economy and vehicle emissions standards, which provide for an increase in stringency by 1.5% each year through model year 2026, as compared with the standards issued in 2012 that required 5% annual increases. Higher fuel economy standards have the potential to reduce demand for our refined transportation fuel products. Under EISA, the RFS requires an increasing amount of renewable fuel to be blended into the nation’s transportation fuel supply, up to 36 billion gallons by 2022. Over time, higher annual RFS requirements have the potential to reduce demand for our refined transportation fuel products. In the near term, the RFS will be satisfied primarily with fuel ethanol blended into gasoline. We, and other refiners subject to the RFS, may meet the RFS requirements by blending the necessary volumes of renewable fuels produced by us or purchased from third parties. To the extent that refiners will not or cannot blend renewable fuels into the products they produce in the quantities required to satisfy their obligations under the RFS program, those refiners must purchase renewable credits, referred to as RINs, to maintain compliance. To the extent that we exceed the minimum volumetric requirements for blending of renewable fuels, we have the option of retaining these RINs for current or future RFS compliance or selling those RINs on the open market. The EPA has not yet set volumetric requirements for 2021, which makes it difficult to estimate our obligations. As of June 30, 2021, our estimate of the renewable volume obligation (“RVO”) liability for the 2021 compliance year is based on the RFS volumetric requirements for the 2020 compliance year. Additionally, the RFS enables the EPA to exempt certain small refineries from the renewable fuels blending requirements in the event such requirements would cause disproportionate economic hardship to that refinery. We petitioned the EPA for a small refinery waiver for certain of our refineries for 2019-2020, but in January 2021, the EPA announced it would cease granting hardship exemptions to small refineries that had not received continuous exemptions since 2011. In HollyFrontier Cheyenne Refining, LLC v. Renewable Fuels Association, the United States Supreme Court recently held that the CAA authorizes the EPA to exempt a small refinery from compliance with the renewable fuel standards program even if the small refinery had not received an exemption in each year since the program began in 2011. It is uncertain whether the EPA will begin granting hardship exemptions again in light of the Court’s decision or withhold approval of pending hardship exemption requests on other grounds. The RFS may present production and logistics challenges for both the renewable fuels and petroleum refining and marketing industries in that we may have to enter into arrangements with other parties or purchase D3 waivers from the EPA to meet our obligations to use advanced biofuels, including biomass-based diesel and cellulosic biofuel, with potentially uncertain supplies of these new fuels. In October 2010, the EPA issued a partial waiver decision under the federal CAA to allow for an increase in the amount of ethanol permitted to be blended into gasoline from 10% (“E10”) to 15% (“E15”) for 2007 and newer light duty motor vehicles. In 2019, the EPA approved year-round sales of E15. There are numerous issues, including state and federal regulatory issues, that need to be addressed before E15 can be marketed on a large scale for use in traditional gasoline engines; however, increased renewable fuel in the nation’s transportation fuel supply could reduce demand for our refined products. In March 2014, the EPA published a final Tier 3 gasoline standard that requires, among other things, that gasoline contain no more than 10 parts per million (“ppm”) sulfur on an annual average basis and no more than 80 ppm sulfur on a per-gallon basis. The standard also lowers the allowable benzene, aromatics, and olefins content of gasoline. The effective date for the new standard was January 1, 2017, however, approved small volume refineries had until January 1, 2020 to meet the standard. The Par East Hawaii refinery was required to comply with Tier 3 gasoline standards within 30 months of June 21, 2016, the date it was disqualified from small volume refinery status. On March 19, 2015, the EPA confirmed the small refinery status of our Wyoming refinery. The Par East Hawaii refinery, our Wyoming refinery, and our Washington refinery, acquired in January 2019, were all granted small refinery status by the EPA for 2018. All of our refineries are compliant with the final Tier 3 gasoline standard. Beginning on June 30, 2014, new sulfur standards for fuel oil used by marine vessels operating within 200 miles of the U.S. coastline (which includes the entire Hawaiian Island chain) were lowered from 10,000 ppm (1%) to 1,000 ppm (0.1%). The sulfur standards began at the Hawaii refineries and were phased in so that by January 1, 2015, they were to be fully aligned with the International Marine Organization (“IMO”) standards and deadline. The more stringent standards apply universally to both U.S. and foreign-flagged ships. Although the marine fuel regulations provided vessel operators with a few compliance options such as installation of on-board pollution controls and demonstration unavailability, many vessel operators will be forced to switch to a distillate fuel while operating within the Emission Control Area (“ECA”). Beyond the 200 mile ECA, large ocean vessels are still allowed to burn marine fuel with up to 3.5% sulfur. Our Hawaii refineries are capable of producing the 1% sulfur residual fuel oil that was previously required within the ECA. Although our Hawaii refineries remain in a position to supply vessels traveling to and through Hawaii, the market for 0.1% sulfur distillate fuel and 3.5% sulfur residual fuel is much more competitive. In addition to U.S. fuels requirements, the IMO has also adopted newer standards that further reduce the global limit on sulfur content in maritime fuels to 0.5% beginning in 2020 (“IMO 2020”). Environmental Agreement On September 25, 2013, Par Petroleum, LLC (formerly Hawaii Pacific Energy, a wholly owned subsidiary of Par created for purposes of the acquisition of PHR), Tesoro Corporation (“Tesoro”), and PHR entered into an Environmental Agreement (“Environmental Agreement”) that allocated responsibility for known and contingent environmental liabilities related to the acquisition of PHR, including a consent decree. Indemnification In addition to its obligation to reimburse us for capital expenditures incurred pursuant to a consent decree, Tesoro agreed to indemnify us for claims and losses arising out of related breaches of Tesoro’s representations, warranties, and covenants in the Environmental Agreement, certain defined “corrective actions” relating to pre-existing environmental conditions, third-party claims arising under environmental laws for personal injury or property damage arising out of or relating to releases of hazardous materials that occurred prior to the date of the closing of the PHR acquisition, any fine, penalty, or other cost assessed by a governmental authority in connection with violations of environmental laws by PHR prior to the date of the closing of the PHR acquisition, certain groundwater remediation work, fines, or penalties imposed on PHR by a consent decree related to acts or omissions of Tesoro prior to the date of the closing of the PHR acquisition, and claims and losses related to the Pearl City Superfund Site. Tesoro’s indemnification obligations are subject to certain limitations as set forth in the Environmental Agreement. These limitations include a deductible of $1 million and a cap of $15 million for certain of Tesoro’s indemnification obligations related to certain pre-existing conditions, as well as certain restrictions regarding the time limits for submitting notice and supporting documentation for remediation actions. Recovery Trusts We emerged from the reorganization of Delta Petroleum Corporation (“Delta”) on August 31, 2012 (“Emergence Date”), when the plan of reorganization (“Plan”) was consummated. On the Emergence Date, we formed the Delta Petroleum General Recovery Trust (“General Trust”). The General Trust was formed to pursue certain litigation against third parties, including preference actions, fraudulent transfer and conveyance actions, rights of setoff and other claims, or causes of action under the U.S. Bankruptcy Code and other claims and potential claims that Delta and its subsidiaries (collectively, “Debtors”) hold against third parties. On February 27, 2018, the Bankruptcy Court entered its final decree closing the Chapter 11 bankruptcy cases of Delta and the other Debtors, discharging the trustee for the General Trust, and finding that all assets of the General Trust were resolved, abandoned, or liquidated and have been distributed in accordance with the requirements of the Plan. In addition, the final decree required the Company or the General Trust, as applicable, to maintain the current accruals owed on account of the remaining claims of the U.S. Government and Noble Energy, Inc. As of June 30, 2021, two related claims totaling approximately $22.4 million remained to be resolved and we have accrued approximately $0.5 million representing the estimated value of claims remaining to be settled which are deemed probable and estimable at period end. One of the two remaining claims was filed by the U.S. Government for approximately $22.4 million relating to ongoing litigation concerning a plugging and abandonment obligation in Pacific Outer Continental Shelf Lease OCS-P 0320, comprising part of the Sword Unit in the Santa Barbara Channel, California. The second unliquidated claim, which is related to the same plugging and abandonment obligation, was filed by Noble Energy Inc., the operator and majority interest owner of the Sword Unit. We believe the probability of issuing stock to satisfy the full claim amount is remote, as the obligations upon which such proof of claim is asserted are joint and several among all working interest owners and Delta, our predecessor, only owned an approximate 3.4% aggregate working interest in the unit. The settlement of claims is subject to ongoing litigation and we are unable to predict with certainty how many shares will be required to satisfy all claims. Pursuant to the Plan, allowed claims are settled at a ratio of 54.4 shares per $1,000 of claim.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity Issuance of Common Stock On March 16, 2021, we entered into an underwriting agreement with J.P. Morgan Securities LLC and Goldman Sachs & Co. LLC, as representatives of the several underwriters named therein, in connection with an underwritten public offering (the “Equity Offering”) of 5.75 million shares of common stock, par value $0.01 per share, at a public offering price of $16.00 per share. We completed the issuance of these shares on March 19, 2021. The net proceeds from the Equity Offering were approximately $87.2 million, after deducting underwriting discounts and commissions and offering expenses. We used the net proceeds from the Equity Offering for general corporate purposes, including repaying indebtedness, capital expenditures, and funding working capital. Incentive Plans The following table summarizes our compensation costs recognized in General and administrative expense (excluding depreciation) and Operating expense (excluding depreciation) under the Amended and Restated Par Pacific Holdings, Inc. 2012 Long-term Incentive Plan and Stock Purchase Plan (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Restricted Stock Awards $ 1,252 $ 1,036 $ 2,364 $ 1,951 Restricted Stock Units 328 324 656 644 Stock Option Awards 499 434 945 814 During the three and six months ended June 30, 2021, we granted 13 thousand and 439 thousand shares of restricted stock and restricted stock units with a fair value of approximately $0.2 million and $7.2 million, respectively. As of June 30, 2021, there were approximately $11.7 million of total unrecognized compensation costs related to restricted stock awards and restricted stock units, which are expected to be recognized on a straight-line basis over a weighted-average period of 1.9 years. During the six months ended June 30, 2021, we granted 382 thousand stock option awards with a weighted-average exercise price of $16.52 per share and no grants were made for the three months ended June 30, 2021. As of June 30, 2021, there were approximately $4.8 million of total unrecognized compensation costs related to stock option awards, which are expected to be recognized on a straight-line basis over a weighted-average period of 1.9 years. During the six months ended June 30, 2021, we granted 64 thousand performance restricted stock units to executive officers and no grants were made for the three months ended June 30, 2021. These performance restricted stock units had a fair value of approximately $1.1 million and are subject to certain annual performance targets based on three-year-performance periods as defined by our Board of Directors. As of June 30, 2021, there were approximately $1.6 million of total unrecognized compensation costs related to the performance restricted stock units, which are expected to be recognized on a straight-line basis over a weighted-average period of 2.1 years.

Income (Loss) per Share

Income (Loss) per Share	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Income (Loss) per Share	Income (Loss) per Share Basic income (loss) per share is computed by dividing net income (loss) attributable to common stockholders by the sum of the weighted-average number of common shares outstanding and the weighted-average number of shares issuable under the common stock warrants, representing 161 thousand shares during the six months ended June 30, 2020. The common stock warrants are included in the calculation of basic income (loss) per share for the six months ended June 30, 2020 because they were issuable for minimal consideration. As of March 31, 2020, the previously outstanding common stock warrants had been exercised for common stock and no warrants were outstanding. The following table sets forth the computation of basic and diluted income (loss) per share (in thousands, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Net Loss $ (108,958) $ (40,560) $ (171,185) $ (262,897) Less: Undistributed income allocated to participating securities — — — — Net loss attributable to common stockholders (108,958) (40,560) (171,185) (262,897) Plus: Net income effect of convertible securities — — — — Numerator for diluted loss per common share $ (108,958) $ (40,560) $ (171,185) $ (262,897) Basic weighted-average common stock shares outstanding 59,367 53,265 56,837 53,246 Plus: dilutive effects of common stock equivalents — — — — Diluted weighted-average common stock shares outstanding 59,367 53,265 56,837 53,246 Basic loss per common share $ (1.84) $ (0.76) $ (3.01) $ (4.94) Diluted loss per common share $ (1.84) $ (0.76) $ (3.01) $ (4.94) Diluted income (loss) per common share excludes the following equity instruments because their effect would be anti-dilutive: Shares of unvested restricted stock 830 581 828 555 Shares of stock options 2,288 2,309 2,188 2,231 Common stock equivalents using the if-converted method of settling the 5.00% Convertible Senior Notes 2,258 2,704 2,480 2,704

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management continues to conclude that we did not meet the “more likely than not” requirement in order to recognize deferred tax assets on the remaining amounts and a valuation allowance has been recorded for substantially all of our net deferred tax assets at June 30, 2021 and December 31, 2020. We believe that any adjustment to our uncertain tax positions would not have a material impact on our financial statements given the Company’s deferred tax and corresponding valuation allowance position as of June 30, 2021 and December 31, 2020. As of December 31, 2020, we had approximately $1.7 billion in net operating loss carryforwards (“NOL carryforwards”); however, we currently have a valuation allowance against this and substantially all of our other deferred taxed assets. Our net taxable income must be apportioned to various states based upon the income tax laws of the states in which we derive our revenue. Our NOL carryforwards will not always be available to offset taxable income apportioned to the various states. The states from which our refining, retail, and logistics revenues are derived are not the same states in which our NOLs were incurred; therefore, we expect to incur state tax liabilities in connection with our refining, retail, and logistics operations.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2021
Segment Reporting [Abstract]
Segment Information	Segment Information We report the results for the following four reportable segments: (i) Refining, (ii) Retail, (iii) Logistics, and (iv) Corporate and Other. Summarized financial information concerning reportable segments consists of the following (in thousands): Three Months Ended June 30, 2021 Refining Logistics Retail Corporate, Eliminations and Other (1) Total Revenues $ 1,155,847 $ 48,706 $ 118,446 $ (105,474) $ 1,217,525 Cost of revenues (excluding depreciation) 1,190,797 25,314 86,671 (105,484) 1,197,298 Operating expense (excluding depreciation) 47,944 3,494 17,383 — 68,821 Depreciation, depletion, and amortization 14,561 5,377 2,874 736 23,548 Loss (gain) on sale of assets, net 1,664 (21) (1,133) — 510 General and administrative expense (excluding depreciation) — — — 12,201 12,201 Acquisition and integration costs — — — (352) (352) Operating income (loss) $ (99,119) $ 14,542 $ 12,651 $ (12,575) $ (84,501) Interest expense and financing costs, net (17,186) Debt extinguishment and commitment costs (6,628) Other expense, net (36) Loss before income taxes (108,351) Income tax expense (607) Net loss $ (108,958) Capital expenditures $ 2,432 $ 1,112 $ 1,983 $ 302 $ 5,829 Three Months Ended June 30, 2020 Refining Logistics Retail Corporate, Eliminations and Other (1) Total Revenues $ 455,301 $ 42,132 $ 79,621 $ (61,753) $ 515,301 Cost of revenues (excluding depreciation) 429,967 27,680 45,382 (61,751) 441,278 Operating expense (excluding depreciation) 49,385 2,247 15,395 — 67,027 Depreciation, depletion, and amortization 12,706 5,902 2,664 856 22,128 General and administrative expense (excluding depreciation) — — — 10,221 10,221 Acquisition and integration costs — — — 90 90 Operating income (loss) $ (36,757) $ 6,303 $ 16,180 $ (11,169) $ (25,443) Interest expense and financing costs, net (16,414) Other income, net 455 Equity losses from Laramie Energy, LLC (1,874) Loss before income taxes (43,276) Income tax benefit 2,716 Net loss $ (40,560) Capital expenditures $ 11,165 $ 2,972 $ 527 $ 553 $ 15,217 ________________________________________________________ (1) Includes eliminations of intersegment revenues and cost of revenues of $105.5 million and $61.8 million for the three months ended June 30, 2021 and 2020, respectively. Six Months Ended June 30, 2021 Refining Logistics Retail Corporate, Eliminations and Other (1) Total Revenues $ 1,994,602 $ 90,015 $ 209,634 $ (188,046) $ 2,106,205 Cost of revenues (excluding depreciation) 2,074,274 47,396 152,543 (188,052) 2,086,161 Operating expense (excluding depreciation) 101,282 7,390 34,337 — 143,009 Depreciation, depletion, and amortization 28,625 10,631 5,534 1,638 46,428 Gain on sale of assets, net (19,595) (21) (44,786) — (64,402) General and administrative expense (excluding depreciation) — — — 24,086 24,086 Acquisition and integration costs — — — 86 86 Operating income (loss) $ (189,984) $ 24,619 $ 62,006 $ (25,804) $ (129,163) Interest expense and financing costs, net (35,337) Debt extinguishment and commitment costs (8,135) Gain on curtailment of pension obligation 2,032 Other income, net 25 Loss before income taxes (170,578) Income tax expense (607) Net loss $ (171,185) Capital expenditures $ 7,007 $ 3,963 $ 2,575 $ 462 $ 14,007 Six Months Ended June 30, 2020 Refining Logistics Retail Corporate, Eliminations and Other (1) Total Revenues $ 1,603,427 $ 101,282 $ 182,434 $ (167,759) $ 1,719,384 Cost of revenues (excluding depreciation) 1,643,320 59,116 116,812 (167,759) 1,651,489 Operating expense (excluding depreciation) 101,629 6,518 32,271 — 140,418 Depreciation, depletion, and amortization 25,700 10,569 5,463 1,679 43,411 Impairment expense 38,105 — 29,817 — 67,922 General and administrative expense (excluding depreciation) — — — 22,005 22,005 Acquisition and integration costs — — — 755 755 Operating income (loss) $ (205,327) $ 25,079 $ (1,929) $ (24,439) $ (206,616) Interest expense and financing costs, net (35,088) Other income, net 479 Change in value of common stock warrants 4,270 Equity losses from Laramie Energy, LLC (46,905) Loss before income taxes (283,860) Income tax benefit 20,963 Net loss $ (262,897) Capital expenditures $ 17,248 $ 10,190 $ 1,861 $ 866 $ 30,165 ________________________________________________________ (1) Includes eliminations of intersegment revenues and cost of revenues of $188.0 million and $167.8 million for the six months ended June 30, 2021 and 2020, respectively.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2021
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Equity Group Investments (“EGI”) - Service Agreement On September 17, 2013, we entered into a letter agreement (“Services Agreement”) with Equity Group Investments (“EGI”), an affiliate of Zell Credit Opportunities Fund, LP (“ZCOF”), which owns 10% or more of our common stock directly or through affiliates. Pursuant to the Services Agreement, EGI agreed to provide us with ongoing strategic, advisory, and consulting services that may include (i) advice on financing structures and our relationship with lenders and bankers, (ii) advice regarding public and private offerings of debt and equity securities, (iii) advice regarding asset dispositions, acquisitions, or other asset management strategies, (iv) advice regarding potential business acquisitions, dispositions, or combinations involving us or our affiliates, or (v) such other advice directly related or ancillary to the above strategic, advisory, and consulting services as may be reasonably requested by us. EGI does not receive a fee for the provision of the strategic, advisory, or consulting services set forth in the Services Agreement, but may be periodically reimbursed by us, upon request, for (i) travel and out-of-pocket expenses, provided that, in the event that such expenses exceed $50 thousand in the aggregate with respect to any single proposed matter, EGI will obtain our consent prior to incurring additional costs, and (ii) provided that we provide prior consent to their engagement with respect to any particular proposed matter, all reasonable fees and disbursements of counsel, accountants, and other professionals incurred in connection with EGI’s services under the Services Agreement. In consideration of the services provided by EGI under the Services Agreement, we agreed to indemnify EGI for certain losses relating to or arising out of the Services Agreement or the services provided thereunder. The Services Agreement has a term of one year and will be automatically extended for successive one-year periods unless terminated by either party at least 60 days prior to any extension date. There were no costs incurred related to this agreement during the three and six months ended June 30, 2021 or 2020.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Principles of Consolidation and Basis of Presentation	Principles of Consolidation and Basis of Presentation The condensed consolidated financial statements include the accounts of Par and its subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Certain amounts previously reported in our condensed consolidated financial statements for prior periods have been reclassified to conform with the current presentation. The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information, the instructions to Form 10-Q, and Article 10 of Regulation S-X of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Accordingly, they do not include all of the information and notes required by GAAP for complete consolidated financial statements. The condensed consolidated financial statements contained in this report include all material adjustments of a normal recurring nature that, in the opinion of management, are necessary for a fair presentation of the results for the interim periods presented. The results of operations for the interim periods presented are not necessarily indicative of the results that may be expected for the complete fiscal year or for any other period. The condensed consolidated balance sheet as of December 31, 2020 was derived from our audited consolidated financial statements as of that date. These condensed consolidated financial statements should be read together with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2020.
Use of Estimates	Use of Estimates The preparation of our condensed consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses and the related disclosures. Actual amounts could differ from these estimates. The worldwide spread and severity of the COVID-19 coronavirus and certain developments in the global crude oil markets have impacted our businesses, people, and operations. We are continuing to actively respond to these ongoing matters and many uncertainties remain. Due to the rapid development and fluidity of the situation, the full magnitude of the COVID-19 pandemic’s impact on our estimates and assumptions, financial condition, future results of operations, and future cash flows and liquidity is uncertain and has been and may continue to be material.
Allowance for Credit Losses	Allowance for Credit Losses We are exposed to credit losses primarily through our sales of refined products. Credit limits and/or prepayment requirements are set based on such factors as the customer’s financial results, credit rating, payment history, and industry, and are reviewed annually for customers with material credit limits. Credit allowances are reviewed at least quarterly based on
Cost Classification	Cost Classifications Cost of revenues (excluding depreciation) includes the hydrocarbon-related costs of inventory sold, transportation costs of delivering product to customers, crude oil consumed in the refining process, costs to satisfy our Renewable Identification Numbers (“RINs”) obligations, and certain hydrocarbon fees and taxes. Cost of revenues (excluding depreciation) also includes the unrealized gains (losses) on derivatives and inventory valuation adjustments. Certain direct operating expenses related to our logistics segment are also included in Cost of revenues (excluding depreciation).
Operating Expenses	Operating expense (excluding depreciation) includes direct costs of labor, maintenance and services, energy and utility costs, property taxes, and environmental compliance costs, as well as chemicals and catalysts and other direct operating expenses.
Benefit Plans	Benefit Plans We maintain defined benefit pension plans covering eligible employees of Hermes Consolidated, LLC, and its wholly owned subsidiary, Wyoming Pipeline Company, LLC, (collectively, “WRC” or “Wyoming Refining”) and the employees of U.S. Oil & Refining Co. and certain affiliated entities (collectively, “U.S. Oil”) covered by collective bargaining agreements. In March 2021, the Wyoming Refining plan was amended (the “Plan Amendment”) to freeze all future benefit accruals for hourly plan participants. The Plan Amendment reduced the projected benefit obligation by $6.0 million. We recorded a $2.0 million Gain on curtailment of pension obligation in our condensed consolidated statements of operations for the six months ended June 30, 2021, and an unrealized actuarial gain of $4.0 million as Other post-retirement benefits income (loss), net of tax, in our condensed consolidated statements of other comprehensive income for the six months ended June 30, 2021. The projected benefit obligation estimate was determined based on the present value of projected future benefit payments similar to the evaluation done for the estimate as of December 31, 2021. In determining the discount rate, we used pricing and yield information for high-quality corporate bonds that result in payments similar to the estimated distributions of benefits from our plans. The weighted average discount rate used to determine benefit obligations increased from 2.65% to 3.25%, or 23%, from December 31, 2020 to March 31, 2021. The estimated rate of compensation increase remained 3.00%.
Recent Accounting Pronouncements and Accounting Principles Adopted	Recent Accounting Pronouncements There have been no developments to recent accounting pronouncements, including the expected dates of adoption and estimated effects on our financial condition, results of operations, and cash flows, from those disclosed in our Annual Report on Form 10-K for the year ended December 31, 2020. Accounting Principles Adopted On December 31, 2020, we adopted Accounting Standards Update (“ASU”) No. 2018-14, Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans ( “ ASU 2018-14”), using the required retrospective transition method. This ASU amended, added, and removed certain disclosure requirements under FASB ASC Topic 715 “Compensation — Retirement Benefits.” Our adoption of ASU 2018-14 did not have a material impact on our financial condition, results of operations, cash flows, or related disclosures. On January 1, 2021, we adopted ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes ( “ ASU 2019-12”). We adopted this ASU under the prospective method and information that was presented prior to January 1, 2021 has not been restated and continues to be reported under the accounting standards in effect for that period. This ASU simplified the accounting for income taxes by removing certain exceptions to general principles and clarified and amended guidance to improve consistency under FASB ASC Topic 740 “Income Taxes.” Our adoption of ASU 2019-12 did not have a material impact on our financial condition, results of operations, or cash flows. On February 11, 2021, we elected to adopt ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”) and ASU No. 2021-01, Reference Rate Reform (Topic 848) (“ASU 2021-01”) following our execution of an amendment to the Washington Refinery Intermediation Agreement which included transition guidance on the interest rate of the Merrill Lynch Commodities, Inc. (“MLC”) receivable advances (“MLC receivable advances”) to U.S. Oil to be based on another industry standard benchmark rate that will be effective upon the London Interbank Offered Rate’s (“LIBOR”) scheduled retirement at the end of 2021. These ASUs provide for optional expedients and allowable exceptions to GAAP to ease the potential burden in recognizing the effects of reference rate reform, especially in regards to the cessation of LIBOR. ASU 2020-04 and ASU 2021-01 are applicable to contract modifications that meet certain requirements and are entered into between March 12, 2020 and December 31, 2022. Our adoption of ASUs 2020-04 and 2021-01 did not have a material impact on our financial condition, results of operations, or cash flows.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Depreciation Expense Excluded from Each Line Item in Consolidated Statements of Operations	The following table summarizes depreciation and finance lease amortization expense excluded from each line item in our condensed consolidated statements of operations (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Cost of revenues $ 5,341 $ 5,867 $ 10,560 $ 10,495 Operating expense 13,080 14,115 25,882 28,566 General and administrative expense 715 835 1,595 1,636

Investment in Laramie Energy,_2

Investment in Laramie Energy, LLC (Tables)	6 Months Ended
	Jun. 30, 2021
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investees Financial Information	Summarized financial information for Laramie Energy is as follows (in thousands): June 30, 2021 December 31, 2020 Current assets $ 48,982 $ 34,573 Non-current assets 340,782 355,538 Current liabilities 229,294 217,523 Non-current liabilities 40,491 93,193 Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Natural gas and oil revenues $ 37,616 $ 23,545 $ 119,964 $ 58,258 Income (loss) from operations 5,941 (8,699) 53,150 (7,330) Net income (loss) 133 (14,349) 40,584 (13,775)
Equity Method Investees Unrealized (Gain) Loss	Laramie Energy’s net income includes (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Depreciation, depletion, and amortization $ 8,772 $ 10,042 $ 15,756 $ 19,321 Unrealized (gain) loss on derivative instruments 731 4,139 182 1,725

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
	Jun. 30, 2021
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following table provides information about disaggregated revenue by major product line and includes a reconciliation of the disaggregated revenues to total segment revenues (in thousands): Three Months Ended June 30, 2021 Refining Logistics Retail Product or service: Gasoline $ 393,283 $ — $ 86,182 Distillates (1) 491,626 — 6,942 Other refined products (2) 270,757 — — Merchandise — — 24,146 Transportation and terminalling services — 48,706 — Other revenue 181 — 1,176 Total segment revenues (3) $ 1,155,847 $ 48,706 $ 118,446 Three Months Ended June 30, 2020 Refining Logistics Retail Product or service: Gasoline $ 135,370 $ — $ 47,157 Distillates (1) 189,760 — 8,642 Other refined products (2) 129,086 — — Merchandise — — 23,382 Transportation and terminalling services — 42,132 — Other revenue 1,085 — 440 Total segment revenues (3) $ 455,301 $ 42,132 $ 79,621 Six Months Ended June 30, 2021 Refining Logistics Retail Product or service: Gasoline $ 670,862 $ — $ 150,004 Distillates (1) 842,425 — 12,010 Other refined products (2) 480,537 — — Merchandise — — 45,432 Transportation and terminalling services — 90,015 — Other revenue 778 — 2,188 Total segment revenues (3) $ 1,994,602 $ 90,015 $ 209,634 Six Months Ended June 30, 2020 Refining Logistics Retail Product or service: Gasoline $ 421,968 $ — $ 120,004 Distillates (1) 773,468 — 17,092 Other refined products (2) 393,253 — — Merchandise — — 44,411 Transportation and terminalling services — 101,282 — Other revenue 14,738 — 927 Total segment revenues (3) $ 1,603,427 $ 101,282 $ 182,434 _______________________________________________________ (1) Distillates primarily include diesel and jet fuel. (2) Other refined products include fuel oil, gas oil, asphalt, and naphtha.

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2021
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories at June 30, 2021 and December 31, 2020 consisted of the following (in thousands): Titled Inventory Supply and Offtake Agreements (1) Total June 30, 2021 Crude oil and feedstocks $ 73,378 $ 201,847 $ 275,225 Refined products and blendstock 122,872 120,557 243,429 Warehouse stock and other (2) 105,499 — 105,499 Total $ 301,749 $ 322,404 $ 624,153 December 31, 2020 Crude oil and feedstocks $ 88,307 $ 75,340 $ 163,647 Refined products and blendstock 112,146 83,601 195,747 Warehouse stock and other (2) 70,461 — 70,461 Total $ 270,914 $ 158,941 $ 429,855 ________________________________________________________ (1) Please read Note 7—Inventory Financing Agreements for further information. (2) Includes $60.6 million and $26.7 million of RINs and environmental credits, reported at cost, as of June 30, 2021 and December 31, 2020, respectively. RINs and environmental obligations of $354.5 million and $150.5 million, reported at market value, are included in Other accrued liabilities on our condensed consolidated balance sheets as of June 30, 2021 and December 31, 2020, respectively.

Prepaid and Other Current Ass_2

Prepaid and Other Current Assets (Tables)	6 Months Ended
	Jun. 30, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid and Other Current Assets	Prepaid and other current assets at June 30, 2021 and December 31, 2020 consisted of the following (in thousands): June 30, 2021 December 31, 2020 Advances to suppliers $ 3,966 $ — Collateral posted with broker for derivative instruments (1) 410 1,489 Prepaid insurance 5,147 14,932 Derivative assets 3,953 1,346 Other 6,332 6,881 Total $ 19,808 $ 24,648 _________________________________________________________ (1) Our cash margin that is required as collateral deposits on our commodity derivatives cannot be offset against the fair value of open contracts except in the event of default. Please read Note 10—Derivatives for further information.

Inventory Financing Agreements

Inventory Financing Agreements (Tables)	6 Months Ended
	Jun. 30, 2021
Other Commitments [Abstract]
Schedule Obligations Under Inventory Financing Agreements	The following table summarizes our outstanding obligations under our inventory financing agreements (in thousands): June 30, 2021 December 31, 2020 Supply and Offtake Agreements $ 518,150 $ 312,185 Washington Refinery Intermediation Agreement 181,212 111,501 Obligations under inventory financing agreements $ 699,362 $ 423,686
Schedule of Inventory Intermediation Fees	The following table summarizes the inventory intermediation fees, which are included in Cost of revenues (excluding depreciation) on our condensed consolidated statements of operations, and Interest expense and financing costs, net related to the intermediation agreements (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Net fees and expenses: Supply and Offtake Agreement Inventory intermediation fees (benefits) $ 5,280 $ (204) $ 9,050 $ 6,666 Interest expense and financing costs, net 478 713 1,324 2,062 Washington Refinery Intermediation Agreement Inventory intermediation fees (benefits) $ 765 $ 1,012 $ 1,736 $ 2,119 Interest expense and financing costs, net 1,134 727 2,111 1,724

Other Accrued Liabilities (Tabl

Other Accrued Liabilities (Tables)	6 Months Ended
	Jun. 30, 2021
Payables and Accruals [Abstract]
Schedule of Accrued Liabilities	Other accrued liabilities at June 30, 2021 and December 31, 2020 consisted of the following (in thousands): June 30, 2021 December 31, 2020 Accrued payroll and other employee benefits $ 16,603 $ 14,916 Gross environmental credit obligations (1) 354,486 150,482 Other 32,678 38,313 Total $ 403,767 $ 203,711 ___________________________________________________ (1) Gross environmental credit obligations are stated at market as of June 30, 2021 and December 31, 2020. Please read Note 11—Fair Value Measurements for further information. A portion of these obligations are expected to be settled with our RINs assets and other environmental credits, which are presented as Inventories on our condensed consolidated balance sheet and are stated at the lower of cost and net realizable value. The carrying costs of these assets were $60.6 million and $26.7 million as of June 30, 2021 and December 31, 2020, respectively.

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Summary of Outstanding Debt	The following table summarizes our outstanding debt (in thousands): June 30, 2021 December 31, 2020 5.00% Convertible Senior Notes due 2021 $ — $ 48,665 ABL Credit Facility due 2022 — — Retail Property Term Loan due 2024 — 42,494 7.75% Senior Secured Notes due 2025 298,000 300,000 Term Loan B due 2026 221,875 228,125 12.875% Senior Secured Notes due 2026 68,250 105,000 Mid Pac Term Loan due 2028 — 1,399 PHL Term Loan — 5,840 Principal amount of long-term debt 588,125 731,523 Less: unamortized discount and deferred financing costs (17,144) (22,930) Total debt, net of unamortized discount and deferred financing costs 570,981 708,593 Less: current maturities, net of unamortized discount and deferred financing costs (10,840) (59,933) Long-term debt, net of current maturities $ 560,141 $ 648,660

Derivatives (Tables)

Derivatives (Tables)	6 Months Ended
	Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Notional Amounts of Outstanding Derivative Positions	At June 30, 2021, our open commodity derivative contracts represented (in thousands of barrels): Contract type Purchases Sales Net Futures — — — Swaps 24,200 (23,900) 300 Total 24,200 (23,900) 300
Fair Value Amounts of Derivatives and Placement in Consolidated Balance Sheets	The following table provides information on the fair value amounts (in thousands) of these derivatives as of June 30, 2021 and December 31, 2020 and their placement within our condensed consolidated balance sheets. Balance Sheet Location June 30, 2021 December 31, 2020 Asset (Liability) Commodity derivatives (1) Prepaid and other current assets $ 3,953 $ 1,346 J. Aron repurchase obligation derivative Obligations under inventory financing agreements (26,114) (20,797) MLC terminal obligation derivative Obligations under inventory financing agreements (10,250) (10,161) Interest rate derivatives Other accrued liabilities — (966) Interest rate derivatives Other liabilities — (2,027) _________________________________________________________ (1) Does not include cash collateral of $0.4 million and $1.5 million recorded in Prepaid and other current assets as of June 30, 2021 and December 31, 2020, respectively, and $9.5 million in Other long-term assets as of both June 30, 2021 and December 31, 2020.
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 2021 2020 2021 2020 Commodity derivatives Cost of revenues (excluding depreciation) $ (10,223) $ 781 $ (9,592) $ (56,378) J. Aron repurchase obligation derivative Cost of revenues (excluding depreciation) (4,542) (10,370) (5,317) (57,015) MLC terminal obligation derivative Cost of revenues (excluding depreciation) (31,229) (26,882) (55,601) 56,076 Interest rate derivatives Interest expense and financing costs, net — (292) 104 (2,312)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value Amounts by Hierarchy Level	Fair value amounts by hierarchy level as of June 30, 2021 and December 31, 2020 are presented gross in the tables below (in thousands): June 30, 2021 Level 1 Level 2 Level 3 Gross Fair Value Effect of Counter-Party Netting Net Carrying Value on Balance Sheet (1) Assets Commodity derivatives $ — $ 11,333 $ — $ 11,333 $ (7,380) $ 3,953 Liabilities Commodity derivatives $ — $ (7,380) $ — $ (7,380) $ 7,380 $ — J. Aron repurchase obligation derivative — — (26,114) (26,114) — (26,114) MLC terminal obligation derivative — — (10,250) (10,250) — (10,250) Interest rate derivatives — — — — — — Gross environmental credit obligations (2) — (354,486) — (354,486) — (354,486) Total Liabilities $ — $ (361,866) $ (36,364) $ (398,230) $ 7,380 $ (390,850) December 31, 2020 Level 1 Level 2 Level 3 Gross Fair Value Effect of Counter-Party Netting Net Carrying Value on Balance Sheet (1) Assets Commodity derivatives $ 616 $ 1,573 $ — $ 2,189 $ (843) $ 1,346 Liabilities Commodity derivatives $ (3) $ (840) $ — $ (843) $ 843 $ — J. Aron repurchase obligation derivative — — (20,797) (20,797) — (20,797) MLC terminal obligation derivative — — (10,161) (10,161) — (10,161) Interest rate derivatives — (2,993) — (2,993) — (2,993) Gross environmental credit obligations (2) — (150,482) — (150,482) — (150,482) Total Liabilities $ (3) $ (154,315) $ (30,958) $ (185,276) $ 843 $ (184,433) _________________________________________________________ (1) Does not include cash collateral of $9.9 million and $11.0 million as of June 30, 2021 and December 31, 2020, respectively, included within Prepaid and other current assets and Other long-term assets on our condensed consolidated balance sheets. (2) Does not include RINs assets and other environmental credits of $60.6 million and $26.7 million presented as Inventories on our condensed consolidated balance sheet and stated at the lower of cost and net realizable value as of June 30, 2021 and December 31, 2020, respectively.
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, 2021 2020 2021 2020 Balance, at beginning of period $ (21,162) $ 4,534 $ (30,958) $ (22,750) Settlements 20,569 (33,380) 55,512 (46,679) Acquired — — — — Total gains (losses) included in earnings (35,771) (37,252) (60,918) 3,331 Balance, at end of period $ (36,364) $ (66,098) $ (36,364) $ (66,098)
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, 2021 and December 31, 2020 are as follows (in thousands): June 30, 2021 Carrying Value Fair Value ABL Credit Facility due 2022 (2) $ — $ — 7.75% Senior Secured Notes due 2025 (1) 291,934 301,510 Term Loan B Facility due 2026 (1) 214,297 220,766 12.875% Senior Secured Notes due 2026 (1) 64,750 77,464 December 31, 2020 Carrying Value Fair Value 5.00% Convertible Senior Notes due 2021 (1) (3) $ 47,301 $ 50,311 ABL Credit Facility due 2022 (2) — — Retail Property Term Loan due 2024 (2) 41,891 41,891 7.75% Senior Secured Notes due 2025 (1) 293,289 289,521 Term Loan B Facility due 2026 (1) 219,708 215,578 12.875% Senior Secured Notes due 2026 (1) 99,213 112,901 Mid Pac Term Loan due 2028 (2) 1,399 1,399 PHL Term Loan due 2030 (2) 5,792 5,792 _________________________________________________________ (1) The fair value measurements of the 5.00% Convertible Senior Notes, 7.75% Senior Secured Notes, Term Loan B Facility, and 12.875% Senior Secured Notes are considered Level 2 measurements in the fair value hierarchy as discussed below. (2) The fair value measurements of the ABL Credit Facility, Mid Pac Term Loan, Retail Property Term Loan, and PHL Term Loan are considered Level 3 measurements in the fair value hierarchy. (3) The carrying value of the 5.00% Convertible Senior Notes excludes the fair value of the equity component, which was classified as equity upon issuance.

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2021
Leases [Abstract]
Assets and Liabilities, Lessee	The following table provides information on the amounts (in thousands, except lease term and discount rates) of our right-of-use assets (“ROU assets”) and liabilities as of June 30, 2021 and December 31, 2020 and their placement within our condensed consolidated balance sheets: Lease type Balance Sheet Location June 30, 2021 December 31, 2020 Assets Finance Property, plant, and equipment $ 19,722 $ 14,998 Finance Accumulated amortization (7,437) (6,486) Finance Property, plant, and equipment, net $ 12,285 $ 8,512 Operating Operating lease right-of-use assets 413,292 357,166 Total right-of-use assets $ 425,577 $ 365,678 Liabilities Current Finance Other accrued liabilities $ 1,383 $ 1,491 Operating Operating lease liabilities 55,507 56,965 Long-term Finance Finance lease liabilities 7,049 7,925 Operating Operating lease liabilities 362,494 304,355 Total lease liabilities $ 426,433 $ 370,736 Weighted-average remaining lease term (in years) Finance 6.56 6.97 Operating 11.31 10.52 Weighted-average discount rate Finance 7.91 % 7.93 % Operating 6.81 % 7.59 %
Lease, Cost	The following table summarizes the lease costs recognized in our condensed consolidated statements of operations (in thousands): Three Months Ended June 30, Six Months Ended June 30, Lease cost type 2021 2020 2021 2020 Finance lease cost Amortization of finance lease ROU assets $ 460 $ 534 $ 950 $ 1,014 Interest on lease liabilities 149 164 323 331 Operating lease cost 23,367 27,160 45,744 54,130 Variable lease cost 1,633 1,855 3,405 4,550 Short-term lease cost 174 643 203 842 Net lease cost $ 25,783 $ 30,356 $ 50,625 $ 60,867 The following table summarizes the supplemental cash flow information related to leases as follows (in thousands): Six Months Ended June 30, Lease type 2021 2020 Cash paid for amounts included in the measurement of liabilities Financing cash flows from finance leases $ 1,874 $ 819 Operating cash flows from finance leases 325 322 Operating cash flows from operating leases 44,023 51,179 Non-cash supplemental amounts ROU assets obtained in exchange for new finance lease liabilities 1,102 1,915 ROU assets obtained in exchange for new operating lease liabilities 87,331 4,557 ROU assets terminated in exchange for release from operating lease liabilities 113 7,738
Lessee, Operating Lease, Liability, Maturity	The table below includes the estimated future undiscounted cash flows for finance and operating leases as of June 30, 2021 (in thousands): For the year ending December 31, Finance leases Operating leases Total 2021 (1) $ 996 $ 43,256 $ 44,252 2022 1,919 76,015 77,934 2023 1,912 62,160 64,072 2024 1,601 52,232 53,833 2025 1,362 50,896 52,258 2026 894 46,392 47,286 Thereafter 2,318 236,641 238,959 Total lease payments 11,002 567,592 578,594 Less amount representing interest (2,570) (149,591) (152,161) Present value of lease liabilities $ 8,432 $ 418,001 $ 426,433 _________________________________________________________ (1) Represents the period from July 1, 2021 to December 31, 2021.
Finance Lease, Liability, Maturity	The table below includes the estimated future undiscounted cash flows for finance and operating leases as of June 30, 2021 (in thousands): For the year ending December 31, Finance leases Operating leases Total 2021 (1) $ 996 $ 43,256 $ 44,252 2022 1,919 76,015 77,934 2023 1,912 62,160 64,072 2024 1,601 52,232 53,833 2025 1,362 50,896 52,258 2026 894 46,392 47,286 Thereafter 2,318 236,641 238,959 Total lease payments 11,002 567,592 578,594 Less amount representing interest (2,570) (149,591) (152,161) Present value of lease liabilities $ 8,432 $ 418,001 $ 426,433 _________________________________________________________ (1) Represents the period from July 1, 2021 to December 31, 2021.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
Compensation Costs Recognized	The following table summarizes our compensation costs recognized in General and administrative expense (excluding depreciation) and Operating expense (excluding depreciation) under the Amended and Restated Par Pacific Holdings, Inc. 2012 Long-term Incentive Plan and Stock Purchase Plan (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Restricted Stock Awards $ 1,252 $ 1,036 $ 2,364 $ 1,951 Restricted Stock Units 328 324 656 644 Stock Option Awards 499 434 945 814

Income (Loss) per Share (Tables

Income (Loss) per Share (Tables)	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Schedule of Computation of Basic and Diluted Income (Loss) Per Share	The following table sets forth the computation of basic and diluted income (loss) per share (in thousands, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Net Loss $ (108,958) $ (40,560) $ (171,185) $ (262,897) Less: Undistributed income allocated to participating securities — — — — Net loss attributable to common stockholders (108,958) (40,560) (171,185) (262,897) Plus: Net income effect of convertible securities — — — — Numerator for diluted loss per common share $ (108,958) $ (40,560) $ (171,185) $ (262,897) Basic weighted-average common stock shares outstanding 59,367 53,265 56,837 53,246 Plus: dilutive effects of common stock equivalents — — — — Diluted weighted-average common stock shares outstanding 59,367 53,265 56,837 53,246 Basic loss per common share $ (1.84) $ (0.76) $ (3.01) $ (4.94) Diluted loss per common share $ (1.84) $ (0.76) $ (3.01) $ (4.94) Diluted income (loss) per common share excludes the following equity instruments because their effect would be anti-dilutive: Shares of unvested restricted stock 830 581 828 555 Shares of stock options 2,288 2,309 2,188 2,231 Common stock equivalents using the if-converted method of settling the 5.00% Convertible Senior Notes 2,258 2,704 2,480 2,704

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2021
Segment Reporting [Abstract]
Schedule of Segment Summarized Financial Information	Summarized financial information concerning reportable segments consists of the following (in thousands): Three Months Ended June 30, 2021 Refining Logistics Retail Corporate, Eliminations and Other (1) Total Revenues $ 1,155,847 $ 48,706 $ 118,446 $ (105,474) $ 1,217,525 Cost of revenues (excluding depreciation) 1,190,797 25,314 86,671 (105,484) 1,197,298 Operating expense (excluding depreciation) 47,944 3,494 17,383 — 68,821 Depreciation, depletion, and amortization 14,561 5,377 2,874 736 23,548 Loss (gain) on sale of assets, net 1,664 (21) (1,133) — 510 General and administrative expense (excluding depreciation) — — — 12,201 12,201 Acquisition and integration costs — — — (352) (352) Operating income (loss) $ (99,119) $ 14,542 $ 12,651 $ (12,575) $ (84,501) Interest expense and financing costs, net (17,186) Debt extinguishment and commitment costs (6,628) Other expense, net (36) Loss before income taxes (108,351) Income tax expense (607) Net loss $ (108,958) Capital expenditures $ 2,432 $ 1,112 $ 1,983 $ 302 $ 5,829 Three Months Ended June 30, 2020 Refining Logistics Retail Corporate, Eliminations and Other (1) Total Revenues $ 455,301 $ 42,132 $ 79,621 $ (61,753) $ 515,301 Cost of revenues (excluding depreciation) 429,967 27,680 45,382 (61,751) 441,278 Operating expense (excluding depreciation) 49,385 2,247 15,395 — 67,027 Depreciation, depletion, and amortization 12,706 5,902 2,664 856 22,128 General and administrative expense (excluding depreciation) — — — 10,221 10,221 Acquisition and integration costs — — — 90 90 Operating income (loss) $ (36,757) $ 6,303 $ 16,180 $ (11,169) $ (25,443) Interest expense and financing costs, net (16,414) Other income, net 455 Equity losses from Laramie Energy, LLC (1,874) Loss before income taxes (43,276) Income tax benefit 2,716 Net loss $ (40,560) Capital expenditures $ 11,165 $ 2,972 $ 527 $ 553 $ 15,217 ________________________________________________________ (1) Includes eliminations of intersegment revenues and cost of revenues of $105.5 million and $61.8 million for the three months ended June 30, 2021 and 2020, respectively. Six Months Ended June 30, 2021 Refining Logistics Retail Corporate, Eliminations and Other (1) Total Revenues $ 1,994,602 $ 90,015 $ 209,634 $ (188,046) $ 2,106,205 Cost of revenues (excluding depreciation) 2,074,274 47,396 152,543 (188,052) 2,086,161 Operating expense (excluding depreciation) 101,282 7,390 34,337 — 143,009 Depreciation, depletion, and amortization 28,625 10,631 5,534 1,638 46,428 Gain on sale of assets, net (19,595) (21) (44,786) — (64,402) General and administrative expense (excluding depreciation) — — — 24,086 24,086 Acquisition and integration costs — — — 86 86 Operating income (loss) $ (189,984) $ 24,619 $ 62,006 $ (25,804) $ (129,163) Interest expense and financing costs, net (35,337) Debt extinguishment and commitment costs (8,135) Gain on curtailment of pension obligation 2,032 Other income, net 25 Loss before income taxes (170,578) Income tax expense (607) Net loss $ (171,185) Capital expenditures $ 7,007 $ 3,963 $ 2,575 $ 462 $ 14,007 Six Months Ended June 30, 2020 Refining Logistics Retail Corporate, Eliminations and Other (1) Total Revenues $ 1,603,427 $ 101,282 $ 182,434 $ (167,759) $ 1,719,384 Cost of revenues (excluding depreciation) 1,643,320 59,116 116,812 (167,759) 1,651,489 Operating expense (excluding depreciation) 101,629 6,518 32,271 — 140,418 Depreciation, depletion, and amortization 25,700 10,569 5,463 1,679 43,411 Impairment expense 38,105 — 29,817 — 67,922 General and administrative expense (excluding depreciation) — — — 22,005 22,005 Acquisition and integration costs — — — 755 755 Operating income (loss) $ (205,327) $ 25,079 $ (1,929) $ (24,439) $ (206,616) Interest expense and financing costs, net (35,088) Other income, net 479 Change in value of common stock warrants 4,270 Equity losses from Laramie Energy, LLC (46,905) Loss before income taxes (283,860) Income tax benefit 20,963 Net loss $ (262,897) Capital expenditures $ 17,248 $ 10,190 $ 1,861 $ 866 $ 30,165 ________________________________________________________ (1) Includes eliminations of intersegment revenues and cost of revenues of $188.0 million and $167.8 million for the six months ended June 30, 2021 and 2020, respectively.

Overview (Details)

Overview (Details) bbl / d in Thousands	6 Months Ended
	Jun. 30, 2021bbl / dsegmentrefinery
Schedule of Equity Method Investments [Line Items]
Operating segments | segment	3
Number of owned and operated refineries | refinery	4
Oil and gas refinery capacity (in Mbpd) | bbl / d	150
Laramie Energy Company
Schedule of Equity Method Investments [Line Items]
Ownership interest in Laramie Energy, LLC (in Percent)	46.00%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Summarizes Depreciation and Finance Lease Amortization Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Accounting Policies [Abstract]
Cost of revenues	$ 5,341	$ 5,867	$ 10,560	$ 10,495
Operating expense	13,080	14,115	25,882	28,566
General and administrative expense	$ 715	$ 835	$ 1,595	$ 1,636

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligation				$ (6,000)
Gain on curtailment of pension obligation	$ 0		$ 0	2,032	$ 0
Other post-retirement benefits income (loss), net of tax	$ 0		$ 0	$ 3,996	$ 0
Change in discount rate		23.00%
Rate of compensation increase (in percent)		3.00%
Weighted Average
Defined Benefit Plan Disclosure [Line Items]
Weighted average discount rate (in percent)		3.25%				2.65%

Investment in Laramie Energy,_3

Investment in Laramie Energy, LLC - Narrative (Details) - Laramie Energy Company - USD ($)	Jul. 01, 2021	Jun. 30, 2021	Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]
Ownership interest in Laramie Energy, LLC (in Percent)		46.00%
Investment in Laramie Energy, LLC		$ 0	$ 0
Subsequent Event
Schedule of Equity Method Investments [Line Items]
Debt instrument, face amount	$ 160,000,000
Revolving Credit Facility
Schedule of Equity Method Investments [Line Items]
Credit facility, maximum borrowing amount		400,000,000
Asset borrowing base		147,400,000
Balance outstanding on the revolving credit facility		$ 147,400,000

Investment in Laramie Energy,_4

Investment in Laramie Energy, LLC - Summarized Financial Information (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
ASSETS
Current assets	$ 1,030,679				$ 1,030,679		$ 636,469
Current liabilities	1,369,690				1,369,690		878,680
REVENUE
Income (loss) from operations	(84,501)		$ (25,443)		(129,163)	$ (206,616)
Net income (loss)	(108,958)	$ (62,227)	(40,560)	$ (222,337)	(171,185)	(262,897)
Laramie Energy Company
ASSETS
Current assets	48,982				48,982		34,573
Non-current assets	340,782				340,782		355,538
Current liabilities	229,294				229,294		217,523
Non-current liabilities	40,491				40,491		$ 93,193
REVENUE
Natural gas and oil revenues	37,616		23,545		119,964	58,258
Income (loss) from operations	5,941		(8,699)		53,150	(7,330)
Net income (loss)	$ 133		$ (14,349)		$ 40,584	$ (13,775)

Investment in Laramie Energy,_5

Investment in Laramie Energy, LLC - Equity Method Investees Net income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Schedule of Equity Method Investments [Line Items]
Depreciation, depletion, and amortization	$ 23,548	$ 22,128	$ 46,428	$ 43,411
Unrealized (gain) loss on derivative instruments			(5,517)	2,048
Laramie Energy Company
Schedule of Equity Method Investments [Line Items]
Depreciation, depletion, and amortization	8,772	10,042	15,756	19,321
Unrealized (gain) loss on derivative instruments	$ 731	$ 4,139	$ 182	$ 1,725

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Contract receivable	$ 205.1	$ 104.9
Deferred revenue	$ 11.9	$ 4.1

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disaggregation of Revenue [Line Items]
Revenues	$ 1,217,525	$ 515,301	$ 2,106,205	$ 1,719,384
Refining
Disaggregation of Revenue [Line Items]
Revenues	1,155,847	455,301	1,994,602	1,603,427
Refining | Gasoline
Disaggregation of Revenue [Line Items]
Revenues	393,283	135,370	670,862	421,968
Refining | Distillates
Disaggregation of Revenue [Line Items]
Revenues	491,626	189,760	842,425	773,468
Refining | Other refined products
Disaggregation of Revenue [Line Items]
Revenues	270,757	129,086	480,537	393,253
Refining | Merchandise
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Refining | Transportation and terminalling services
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Refining | Other revenue
Disaggregation of Revenue [Line Items]
Revenues	181	1,085	778	14,738
Logistics
Disaggregation of Revenue [Line Items]
Revenues	48,706	42,132	90,015	101,282
Logistics | Gasoline
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Logistics | Distillates
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Logistics | Other refined products
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Logistics | Merchandise
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Logistics | Transportation and terminalling services
Disaggregation of Revenue [Line Items]
Revenues	48,706	42,132	90,015	101,282
Logistics | Other revenue
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Retail
Disaggregation of Revenue [Line Items]
Revenues	118,446	79,621	209,634	182,434
Retail | Gasoline
Disaggregation of Revenue [Line Items]
Revenues	86,182	47,157	150,004	120,004
Retail | Distillates
Disaggregation of Revenue [Line Items]
Revenues	6,942	8,642	12,010	17,092
Retail | Other refined products
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Retail | Merchandise
Disaggregation of Revenue [Line Items]
Revenues	24,146	23,382	45,432	44,411
Retail | Transportation and terminalling services
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Retail | Other revenue
Disaggregation of Revenue [Line Items]
Revenues	$ 1,176	$ 440	$ 2,188	$ 927

Inventories - Schedule of Inven

Inventories - Schedule of Inventory (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Inventory [Line Items]
Crude oil and feedstocks	$ 275,225	$ 163,647
Refined products and blendstock	243,429	195,747
Warehouse stock and other	105,499	70,461
Total	624,153	429,855
RINs and environmental obligations	354,486	150,482
Titled Inventory
Inventory [Line Items]
Crude oil and feedstocks	73,378	88,307
Refined products and blendstock	122,872	112,146
Warehouse stock and other	105,499	70,461
Total	301,749	270,914
Supply and Offtake Agreements
Inventory [Line Items]
Crude oil and feedstocks	201,847	75,340
Refined products and blendstock	120,557	83,601
Warehouse stock and other	0	0
Total	322,404	158,941
Renewable Identification Numbers “RINs” and Environmental Credits
Inventory [Line Items]
Warehouse stock and other	$ 60,600	$ 26,700

Inventories - Narrative (Detail

Inventories - Narrative (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Reserves for the lower of cost or market value of inventory	$ 0	$ 10,600,000
LIFO reserve	$ 35,400,000

Prepaid and Other Current Ass_3

Prepaid and Other Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Advances to suppliers	$ 3,966	$ 0
Collateral posted with broker for derivative instruments	410	1,489
Prepaid insurance	5,147	14,932
Derivative assets	3,953	1,346
Other	6,332	6,881
Total	$ 19,808	$ 24,648

Inventory Financing Agreement_2

Inventory Financing Agreements - Schedule Obligations Under Inventory Financing Agreements (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Supply Commitment [Line Items]
Obligations under inventory financing agreements	$ 699,362	$ 423,686
Supply and Offtake Agreements
Supply Commitment [Line Items]
Obligations under inventory financing agreements	518,150	312,185
Washington Refinery Intermediation Agreement
Supply Commitment [Line Items]
Obligations under inventory financing agreements	$ 181,212	$ 111,501

Inventory Financing Agreement_3

Inventory Financing Agreements - Supply and Offtake Agreements (Details) - Supply and Offtake Agreements $ in Millions	Jun. 01, 2021USD ($)day	Feb. 01, 2020USD ($)settlement_payment	Jun. 27, 2018USD ($)	Jun. 30, 2021USD ($)	Dec. 31, 2020USD ($)	Jun. 01, 2018USD ($)
Supply Commitment [Line Items]
Amount of deferred payment arrangement	$ 165		$ 165
Percentage of receivables and inventory for deferred payment arrangement (in percent)	85.00%		85.00%
Deferral arrangement fee				$ 118.7	$ 80.1
Outstanding amount of deferred payment arrangement				114.9	78.6
Fee agreement receivable (payable)		$ 0.8		$ 3.1	$ 0.5	$ 2.2
Number of settlement payments | settlement_payment		15
Commitment period	1 year
Termination period between extension date	120 days
Inventory maintain minimum liquidity of not less than amount	$ 15
Number of consecutive business days | day	3
Inventory liquidity consisting of cash and cash equivalents	$ 7.5
Amount deferred payment arrangement, inventory	$ 82.5
Minimum
Supply Commitment [Line Items]
Related Party Transaction, Rate (in percent)	3.50%
Maximum
Supply Commitment [Line Items]
Related Party Transaction, Rate (in percent)	4.00%
London Interbank Offered Rate (LIBOR)
Supply Commitment [Line Items]
Margin on LIBOR rate (in percent)	4.00%

Inventory Financing Agreement_4

Inventory Financing Agreements - Washington Refinery Intermediation Agreement (Details) - Washington Refinery Intermediation Agreement - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Supply Commitment [Line Items]
Outstanding receivable advance balance	$ 80.8	$ 41.1
Line of credit facility, borrowing base	84.5
Letter of Credit
Supply Commitment [Line Items]
Balance outstanding on the credit facility	$ 125.4	$ 93.6

Inventory Financing Agreement_5

Inventory Financing Agreements - Schedule of Inventory Intermediation Fees (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Supply Commitment [Line Items]
Inventory intermediation fees (benefits)	$ 1,197,298	$ 441,278	$ 2,086,161	$ 1,651,489
Interest expense and financing costs, net	17,186	16,414	35,337	35,088
Supply and Offtake Agreements
Supply Commitment [Line Items]
Interest expense and financing costs, net	478	713	1,324	2,062
Supply and Offtake Agreements | Inventory Intermediation
Supply Commitment [Line Items]
Inventory intermediation fees (benefits)	5,280	(204)	9,050	6,666
Washington Refinery Intermediation Agreement
Supply Commitment [Line Items]
Interest expense and financing costs, net	1,134	727	2,111	1,724
Washington Refinery Intermediation Agreement | Inventory Intermediation
Supply Commitment [Line Items]
Inventory intermediation fees (benefits)	$ 765	$ 1,012	$ 1,736	$ 2,119

Other Accrued Liabilities (Deta

Other Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Other Accrued Liabilities [Line Items]
Accrued payroll and other employee benefits	$ 16,603	$ 14,916
Gross environmental credit obligations	354,486	150,482
Other	32,678	38,313
Total	403,767	203,711
Warehouse stock and other	105,499	70,461
Renewable Identification Numbers “RINs” and Environmental Credits
Other Accrued Liabilities [Line Items]
Warehouse stock and other	$ 60,600	$ 26,700

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Apr. 13, 2020	Sep. 27, 2018	Dec. 21, 2017
Debt Instrument [Line Items]
Principal amount of long-term debt	$ 588,125	$ 731,523
Less: unamortized discount and deferred financing costs	(17,144)	(22,930)
Total debt, net of unamortized discount and deferred financing costs	570,981	708,593
Less: current maturities, net of unamortized discount and deferred financing costs	(10,840)	(59,933)
Long-term debt, net of current maturities	$ 560,141	$ 648,660
5.00% Convertible Senior Notes due 2021
Debt Instrument [Line Items]
Debt instrument, interest rate (in percent)		5.00%
7.75% Senior Secured Notes due 2025
Debt Instrument [Line Items]
Debt instrument, interest rate (in percent)	7.75%	7.75%
12.875% Senior Secured Notes due 2026
Debt Instrument [Line Items]
Debt instrument, interest rate (in percent)	12.875%	12.875%
Convertible Debt | 5.00% Convertible Senior Notes due 2021
Debt Instrument [Line Items]
Debt instrument, interest rate (in percent)	5.00%
Principal amount of long-term debt	$ 0	$ 48,665
Term Loan | Retail Property Term Loan due 2024
Debt Instrument [Line Items]
Principal amount of long-term debt	0	42,494
Term Loan | Term Loan B due 2026
Debt Instrument [Line Items]
Principal amount of long-term debt	221,875	228,125
Term Loan | Mid Pac Term Loan due 2028
Debt Instrument [Line Items]
Debt instrument, interest rate (in percent)				4.375%
Principal amount of long-term debt	0	1,399
Term Loan | PHL Term Loan
Debt Instrument [Line Items]
Debt instrument, interest rate (in percent)			2.75%
Principal amount of long-term debt	$ 0	5,840
Senior Notes | 7.75% Senior Secured Notes due 2025
Debt Instrument [Line Items]
Debt instrument, interest rate (in percent)	7.75%				7.75%
Principal amount of long-term debt	$ 298,000	300,000			$ 300,000
Senior Notes | 12.875% Senior Secured Notes due 2026
Debt Instrument [Line Items]
Debt instrument, interest rate (in percent)	12.875%
Principal amount of long-term debt	$ 68,250	105,000
Revolving Credit Facility | ABL Credit Facility due 2022
Debt Instrument [Line Items]
Principal amount of long-term debt	0	0
Letters of credit outstanding, amount	19,500	1,700
Letters of Credit and Surety Bonds
Debt Instrument [Line Items]
Letters of credit outstanding, amount	$ 3,600	$ 3,600

Debt - 5.00% Convertible Senior

Debt - 5.00% Convertible Senior Notes Due 2021 (Details) $ in Millions	Jun. 15, 2021USD ($)
Convertible Debt | 5.00% Convertible Senior Notes due 2021
Debt Instrument [Line Items]
Repurchased face amount	$ 48.7

Debt - ABL Credit Facility (Det

Debt - ABL Credit Facility (Details) - Revolving Credit Facility - USD ($)	Jun. 30, 2021	Dec. 31, 2020
ABL Revolver
Debt Instrument [Line Items]
Outstanding receivable advance balance	$ 0
Line of credit facility, borrowing base	85,000,000
ABL Credit Facility due 2022
Debt Instrument [Line Items]
Letters of credit outstanding, amount	$ 19,500,000	$ 1,700,000

Debt - Retail Property Term Loa

Debt - Retail Property Term Loan (Details) - USD ($)	Mar. 29, 2019	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Debt Instrument [Line Items]
Debt extinguishment and commitment costs		$ 6,628,000	$ 0	$ 8,135,000	$ 0
Term Loan | Retail Property Term Loan due 2024
Debt Instrument [Line Items]
Debt instrument, face amount	$ 45,000,000
Debt instrument, term	20 years
Debt extinguishment and commitment costs				$ 1,400,000
Term Loan | Retail Property Term Loan due 2024 | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Margin on LIBOR rate (in percent)	1.50%

Debt - 7.75% Senior Secured Not

Debt - 7.75% Senior Secured Notes Due 2025 (Details) - USD ($) $ in Thousands	Mar. 23, 2021	Dec. 21, 2017	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Debt Instrument [Line Items]
Principal amount of long-term debt			$ 588,125		$ 731,523
Repayments of debt			$ 197,669	$ 88,208
7.75% Senior Secured Notes due 2025
Debt Instrument [Line Items]
Debt instrument, interest rate (in percent)			7.75%		7.75%
Senior Notes | 7.75% Senior Secured Notes due 2025
Debt Instrument [Line Items]
Principal amount of long-term debt		$ 300,000	$ 298,000		$ 300,000
Proceeds from issuance of senior long-term debt		$ 289,200
Unamortized discount (premium) and debt issuance costs, percentage (in percent)		1.00%
Debt instrument, interest rate (in percent)		7.75%	7.75%
Repayments of debt	$ 2,000

Debt - Mid Pac Term Loan (Detai

Debt - Mid Pac Term Loan (Details) - USD ($) $ in Thousands	Sep. 27, 2018	Jun. 30, 2021	Jun. 30, 2020
Debt Instrument [Line Items]
Proceeds from issuance of debt		$ 56,409	$ 180,950
Term Loan | Mid Pac Term Loan due 2028
Debt Instrument [Line Items]
Proceeds from issuance of debt	$ 1,500
Debt instrument, interest rate (in percent)	4.375%

Debt - PHL Term Loan (Details)

Debt - PHL Term Loan (Details) - Term Loan - PHL Term Loan	Apr. 13, 2020USD ($)
Debt Instrument [Line Items]
Debt instrument, face amount	$ 6,000,000
Debt instrument, interest rate (in percent)	2.75%
Debt instrument, term	25 years

Debt - 12.875% Senior Secured N

Debt - 12.875% Senior Secured Notes Due 2026 (Details) - USD ($)	Jun. 14, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Debt Instrument [Line Items]
Debt extinguishment and commitment costs		$ 6,628,000	$ 0	$ 8,135,000	$ 0
Principal amount of long-term debt		$ 588,125,000		$ 588,125,000		$ 731,523,000
12.875% Senior Secured Notes due 2026
Debt Instrument [Line Items]
Debt instrument, interest rate (in percent)		12.875%		12.875%		12.875%
Senior Notes | 12.875% Senior Secured Notes due 2026
Debt Instrument [Line Items]
Debt instrument, face amount	$ 36,800,000
Debt instrument, interest rate (in percent)		12.875%		12.875%
Redemption price, percentage	112.875%
Loss on repurchase of debt instrument		$ 4,700,000		$ 4,700,000
Debt extinguishment and commitment costs		1,900,000		1,900,000
Principal amount of long-term debt		$ 68,250,000		$ 68,250,000		$ 105,000,000

Debt - Guarantors (Details)

Debt - Guarantors (Details) $ in Millions	Feb. 06, 2019USD ($)
Debt Disclosure [Abstract]
Debt instruments, initial offering price	$ 750

Derivatives - Schedule of Notio

Derivatives - Schedule of Notional Amounts of Outstanding Derivative Positions (Details) bbl in Thousands	6 Months Ended
	Jun. 30, 2021bbl
Credit Derivatives [Line Items]
Derivative contracts, barrels	300
Purchases
Credit Derivatives [Line Items]
Derivative contracts, barrels	24,200
Sales
Credit Derivatives [Line Items]
Derivative contracts, barrels	23,900
Futures
Credit Derivatives [Line Items]
Derivative contracts, barrels	0
Futures | Purchases
Credit Derivatives [Line Items]
Derivative contracts, barrels	0
Futures | Sales
Credit Derivatives [Line Items]
Derivative contracts, barrels	0
Swaps
Credit Derivatives [Line Items]
Derivative contracts, barrels	300
Swaps | Purchases
Credit Derivatives [Line Items]
Derivative contracts, barrels	24,200
Swaps | Sales
Credit Derivatives [Line Items]
Derivative contracts, barrels	23,900

Derivatives - Narrative (Detail

Derivatives - Narrative (Details) bbl in Thousands	6 Months Ended
	Jun. 30, 2021$ / bblbbl	Dec. 31, 2020
Credit Derivatives [Line Items]
Derivative contracts, barrels | bbl	300
Average fixed interest rate		3.91%
5.00% Convertible Senior Notes due 2021
Credit Derivatives [Line Items]
Debt instrument, interest rate (in percent)		5.00%
5.00% Convertible Senior Notes due 2021 | Convertible Debt
Credit Derivatives [Line Items]
Debt instrument, interest rate (in percent)	5.00%
Option Collars
Credit Derivatives [Line Items]
Derivative contracts, barrels | bbl	25
Option Collar - Floor | Maximum
Credit Derivatives [Line Items]
Derivative, average price risk option strike price | $ / bbl	36.50
Option Collar - Ceiling | Maximum
Credit Derivatives [Line Items]
Derivative, average price risk option strike price | $ / bbl	60

Derivatives - Fair Value Amount

Derivatives - Fair Value Amounts of Derivatives and Placement in Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Prepaid and other current assets
Derivative Instruments, Gain (Loss) [Line Items]
Cash collateral	$ 400	$ 1,500
Other non-current assets
Derivative Instruments, Gain (Loss) [Line Items]
Cash collateral	9,500	9,500
Commodity derivatives | Prepaid and other current assets
Derivative Instruments, Gain (Loss) [Line Items]
Asset (Liability)	3,953	1,346
J. Aron repurchase obligation derivative | Over the Counter | Obligations under inventory financing agreements
Derivative Instruments, Gain (Loss) [Line Items]
Asset (Liability)	(26,114)	(20,797)
MLC terminal obligation derivative | Over the Counter | Obligations under inventory financing agreements
Derivative Instruments, Gain (Loss) [Line Items]
Asset (Liability)	(10,250)	(10,161)
Interest rate derivatives | Other accrued liabilities
Derivative Instruments, Gain (Loss) [Line Items]
Asset (Liability)	0	(966)
Interest rate derivatives | Other liabilities
Derivative Instruments, Gain (Loss) [Line Items]
Asset (Liability)	$ 0	$ (2,027)

Derivatives - Schedule of Pre-T

Derivatives - Schedule of Pre-Tax Gain (Loss) Recognized in the Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Commodity derivatives | Cost of revenue
Derivative Instruments, Gain (Loss) [Line Items]
Pre-tax gains (losses)	$ (10,223)	$ 781	$ (9,592)	$ (56,378)
J. Aron repurchase obligation derivative | Cost of revenue
Derivative Instruments, Gain (Loss) [Line Items]
Pre-tax gains (losses)	(4,542)	(10,370)	(5,317)	(57,015)
MLC terminal obligation derivative | Cost of revenue
Derivative Instruments, Gain (Loss) [Line Items]
Pre-tax gains (losses)	(31,229)	(26,882)	(55,601)	56,076
Interest rate derivatives | Interest expense
Derivative Instruments, Gain (Loss) [Line Items]
Pre-tax gains (losses)	$ 0	$ (292)	$ 104	$ (2,312)

Fair Value Measurements - Commo

Fair Value Measurements - Common Stock Warrants (Details) $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)shares	Jun. 30, 2021$ / bblshares	Dec. 31, 2020shares
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants not settleable in cash, fair value | $	$ 3.9
Common stock, shares issued (in shares)		60,184,679	54,002,538
Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, price per barrel | $ / bbl		14.45
Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, price per barrel | $ / bbl		20.63
Warrant
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Common stock warrants exercised (in shares)	354,350
Common stock, shares issued (in shares)	350,542
Common stock warrants outstanding (in shares)		0

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value Amounts by Hierarchy Level (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Liabilities
Warehouse stock and other	$ 105,499	$ 70,461
Renewable Identification Numbers “RINs” and Environmental Credits
Liabilities
Warehouse stock and other	60,600	26,700
Fair Value, Measurements, Recurring
Liabilities
Liabilities, fair value disclosure, gross	(398,230)	(185,276)
Derivative, fair value, net	7,380	843
Financial and nonfinancial liabilities, fair value disclosure	(390,850)	(184,433)
Cash collateral	9,900	11,000
Interest rate derivatives | Fair Value, Measurements, Recurring
Liabilities
Gross Fair Value	0	(2,993)
Effect of Counter-Party Netting	0	0
Net Carrying Value on Balance Sheet	0	(2,993)
Level 1 | Fair Value, Measurements, Recurring
Liabilities
Liabilities, fair value disclosure, gross	0	(3)
Level 1 | Interest rate derivatives | Fair Value, Measurements, Recurring
Liabilities
Gross Fair Value	0	0
Level 2 | Fair Value, Measurements, Recurring
Liabilities
Liabilities, fair value disclosure, gross	(361,866)	(154,315)
Level 2 | Interest rate derivatives | Fair Value, Measurements, Recurring
Liabilities
Gross Fair Value	0	(2,993)
Level 3 | Fair Value, Measurements, Recurring
Liabilities
Liabilities, fair value disclosure, gross	(36,364)	(30,958)
Level 3 | Interest rate derivatives | Fair Value, Measurements, Recurring
Liabilities
Gross Fair Value	0	0
Exchange Traded | Futures | Fair Value, Measurements, Recurring
Assets
Gross Fair Value	11,333	2,189
Effect of Counter-Party Netting	(7,380)	(843)
Net Carrying Value on Balance Sheet	3,953	1,346
Liabilities
Gross Fair Value	(7,380)	(843)
Effect of Counter-Party Netting	7,380	843
Net Carrying Value on Balance Sheet	0	0
Exchange Traded | J. Aron repurchase obligation derivative | Fair Value, Measurements, Recurring
Liabilities
Gross Fair Value	(26,114)	(20,797)
Effect of Counter-Party Netting	0	0
Net Carrying Value on Balance Sheet	(26,114)	(20,797)
Exchange Traded | MLC terminal obligation derivative | Fair Value, Measurements, Recurring
Liabilities
Gross Fair Value	(10,250)	(10,161)
Effect of Counter-Party Netting	0	0
Net Carrying Value on Balance Sheet	(10,250)	(10,161)
Exchange Traded | Gross environmental credit obligations | Fair Value, Measurements, Recurring
Liabilities
Environmental credit obligation	(354,486)	(150,482)
Exchange Traded | Level 1 | Futures | Fair Value, Measurements, Recurring
Assets
Gross Fair Value	0	616
Liabilities
Gross Fair Value	0	(3)
Exchange Traded | Level 1 | J. Aron repurchase obligation derivative | Fair Value, Measurements, Recurring
Liabilities
Gross Fair Value	0	0
Exchange Traded | Level 1 | MLC terminal obligation derivative | Fair Value, Measurements, Recurring
Liabilities
Gross Fair Value	0	0
Exchange Traded | Level 1 | Gross environmental credit obligations | Fair Value, Measurements, Recurring
Liabilities
Environmental credit obligation	0	0
Exchange Traded | Level 2 | Futures | Fair Value, Measurements, Recurring
Assets
Gross Fair Value	11,333	1,573
Liabilities
Gross Fair Value	(7,380)	(840)
Exchange Traded | Level 2 | J. Aron repurchase obligation derivative | Fair Value, Measurements, Recurring
Liabilities
Gross Fair Value	0	0
Exchange Traded | Level 2 | MLC terminal obligation derivative | Fair Value, Measurements, Recurring
Liabilities
Gross Fair Value	0	0
Exchange Traded | Level 2 | Gross environmental credit obligations | Fair Value, Measurements, Recurring
Liabilities
Environmental credit obligation	(354,486)	(150,482)
Exchange Traded | Level 3 | Futures | Fair Value, Measurements, Recurring
Assets
Gross Fair Value	0	0
Liabilities
Gross Fair Value	0	0
Exchange Traded | Level 3 | J. Aron repurchase obligation derivative | Fair Value, Measurements, Recurring
Liabilities
Gross Fair Value	(26,114)	(20,797)
Exchange Traded | Level 3 | MLC terminal obligation derivative | Fair Value, Measurements, Recurring
Liabilities
Gross Fair Value	(10,250)	(10,161)
Exchange Traded | Level 3 | Gross environmental credit obligations | Fair Value, Measurements, Recurring
Liabilities
Environmental credit obligation	0	0
Exchange Traded | Fair Value Measured at Net Asset Value Per Share | Gross environmental credit obligations | Fair Value, Measurements, Recurring
Liabilities
Environmental credit obligation	$ 0	$ 0

Fair Value Measurements - Roll

Fair Value Measurements - Roll Forward of Level 3 Financial Instruments Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, at beginning of period	$ (21,162)	$ 4,534	$ (30,958)	$ (22,750)
Settlements	20,569	(33,380)	55,512	(46,679)
Acquired	0	0	0	0
Total gains (losses) included in earnings	(35,771)	(37,252)	(60,918)	3,331
Balance, at end of period	$ (36,364)	$ (66,098)	$ (36,364)	$ (66,098)

Fair Value Measurements - Carry

Fair Value Measurements - Carrying Value and Fair Value of Long-Term Debt and Other Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
5.00% Convertible Senior Notes due 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, interest rate (in percent)		5.00%
7.75% Senior Secured Notes due 2025
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, interest rate (in percent)	7.75%	7.75%
12.875% Senior Secured Notes due 2026
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, interest rate (in percent)	12.875%	12.875%
Level 2 | Carrying Value | 5.00% Convertible Senior Notes due 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt		$ 47,301
Level 2 | Carrying Value | 7.75% Senior Secured Notes due 2025
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	$ 291,934	293,289
Level 2 | Carrying Value | Term Loan B
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	214,297	219,708
Level 2 | Carrying Value | 12.875% Senior Secured Notes due 2026
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	64,750	99,213
Level 2 | Fair Value | 5.00% Convertible Senior Notes due 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt		50,311
Level 2 | Fair Value | 7.75% Senior Secured Notes due 2025
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	301,510	289,521
Level 2 | Fair Value | Term Loan B
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	220,766	215,578
Level 2 | Fair Value | 12.875% Senior Secured Notes due 2026
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	77,464	112,901
Level 3 | Carrying Value | ABL Credit Facility due 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	0	0
Level 3 | Carrying Value | Retail Property Term Loan due 2024
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt		41,891
Level 3 | Carrying Value | Mid Pac Term Loan due 2028
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt		1,399
Level 3 | Carrying Value | PHL Term Loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt		5,792
Level 3 | Fair Value | ABL Credit Facility due 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	$ 0	0
Level 3 | Fair Value | Retail Property Term Loan due 2024
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt		41,891
Level 3 | Fair Value | Mid Pac Term Loan due 2028
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt		1,399
Level 3 | Fair Value | PHL Term Loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt		$ 5,792

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Thousands	Mar. 12, 2021USD ($)Property	Feb. 23, 2021USD ($)retail_site	Feb. 11, 2021retail_siteOption	Mar. 12, 2021USD ($)Property	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Mar. 31, 2021USD ($)	Dec. 31, 2020USD ($)
Lessee, Lease, Description [Line Items]
Lease not yet commenced, undiscounted amount					$ 6,300		$ 6,300
Number of real estate properties | retail_site		21	22
Sale leaseback transaction, aggregate purchase price	$ 5,800	$ 107,000		$ 112,800
Number of properties | Property	1			1
Gain (loss) on sale of assets, net					(510)	$ 0	64,402	$ 0
Sale-leaseback transaction term of contract			15 years
Number of renewal terms | Option			4
Sale-leaseback transaction renewal terms			5 years
Operating lease right-of-use assets					413,292		413,292			$ 357,166
Present value of lease liabilities					$ 418,001		418,001
Lease Agreement
Lessee, Lease, Description [Line Items]
Gain (loss) on sale of assets, net							$ 63,900
Operating lease right-of-use assets									$ 81,300
Present value of lease liabilities									81,300
Other liabilities									$ 12,400
Minimum
Lessee, Lease, Description [Line Items]
Lease, remaining lease term							1 year
Maximum
Lessee, Lease, Description [Line Items]
Lease, remaining lease term							30 years

Leases - Leased Assets and Liab

Leases - Leased Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Finance
ROU asset, gross	$ 19,722	$ 14,998
Accumulated amortization	(7,437)	(6,486)
Total finance	12,285	8,512
Operating
Operating lease right-of-use assets	413,292	357,166
Total right-of-use assets	425,577	365,678
Current
Finance	1,383	1,491
Operating	55,507	56,965
Long-term
Finance	7,049	7,925
Operating	362,494	304,355
Total lease liabilities	$ 426,433	$ 370,736
Weighted-average remaining lease term (in years)
Finance	6 years 6 months 21 days	6 years 11 months 19 days
Operating	11 years 3 months 21 days	10 years 6 months 7 days
Weighted-average discount rate
Finance	7.91%	7.93%
Operating	6.81%	7.59%
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	us-gaap:PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization	us-gaap:PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	us-gaap:OtherAccruedLiabilitiesCurrent	us-gaap:OtherAccruedLiabilitiesCurrent

Leases - Lease Cost (Details)

Leases - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Finance lease cost
Amortization of finance lease ROU assets	$ 460	$ 534	$ 950	$ 1,014
Interest on lease liabilities	149	164	323	331
Operating lease cost	23,367	27,160	45,744	54,130
Variable lease cost	1,633	1,855	3,405	4,550
Short-term lease cost	174	643	203	842
Net lease cost	$ 25,783	$ 30,356	$ 50,625	$ 60,867

Leases - Cash Flow (Details)

Leases - Cash Flow (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash paid for amounts included in the measurement of liabilities
Financing cash flows from finance leases	$ 1,874	$ 819
Operating cash flows from finance leases	325	322
Operating cash flows from operating leases	44,023	51,179
Non-cash supplemental amounts
ROU assets obtained in exchange for new finance lease liabilities	1,102	1,915
ROU assets obtained in exchange for new operating lease liabilities	87,331	4,557
ROU assets terminated in exchange for release from operating lease liabilities	$ 113	$ 7,738

Leases - Maturity Schedule (Det

Leases - Maturity Schedule (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Finance leases
2021	$ 996
2022	1,919
2023	1,912
2024	1,601
2025	1,362
2026	894
Thereafter	2,318
Total lease payments	11,002
Less amount representing interest	(2,570)
Present value of lease liabilities	8,432
Operating leases
2021	43,256
2022	76,015
2023	62,160
2024	52,232
2025	50,896
2026	46,392
Thereafter	236,641
Total lease payments	567,592
Less amount representing interest	(149,591)
Present value of lease liabilities	418,001
Total
2021	44,252
2022	77,934
2023	64,072
2024	53,833
2025	52,258
2026	47,286
Thereafter	238,959
Total lease payments	578,594
Less amount representing interest	(152,161)
Total lease liabilities	$ 426,433	$ 370,736

Commitments and Contingencies (

Commitments and Contingencies (Details)	6 Months Ended
	Jun. 30, 2021USD ($)claim
Long-term Purchase Commitment [Line Items]
Number of remaining claim to be resolved | claim	2
Bankruptcy claims amount of claims to be settled	$ 22,400,000
Estimated value of claims remaining to be settled	500,000
Maximum bankruptcy claims remaining	$ 22,400,000
Predecessor working ownership percentage	3.40%
Allowed claims, settlement ratio	0.0544
Tesoro Corporation | Indemnification Agreement
Long-term Purchase Commitment [Line Items]
Deductible for indemnification obligation	$ 1,000,000
Indemnification obligation cap	15,000,000
Wyoming Refinery One
Long-term Purchase Commitment [Line Items]
Environmental remediation accrual	$ 16,000,000
Environmental costs recognized, period for recognition of one third costs	5 years
Environmental costs recognized, remainder, period for recognition	30 years
Wyoming Refinery Two | Waste Water Treatment System
Long-term Purchase Commitment [Line Items]
Environmental remediation accrual	$ 11,600,000
Wyoming Refinery
Long-term Purchase Commitment [Line Items]
Loss contingency, range of possible loss	$ 300,000

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	Mar. 16, 2021	Jun. 30, 2021	Jun. 30, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Common stock, par value (in dollars per share)		$ 0.01	$ 0.01	$ 0.01
Restricted Stock Awards
Class of Stock [Line Items]
Restricted stock and restricted stock units granted (in shares)		13,000	439,000
Grants in the period, aggregate fair value		$ 0.2	$ 7.2
Unrecognized compensation costs related to restricted stock awards		$ 11.7	$ 11.7
Weighted average period of recognition			1 year 10 months 24 days
Stock Option Awards
Class of Stock [Line Items]
Weighted average period of recognition			1 year 10 months 24 days
Options, granted (in shares)		0	382,000
Weighted average exercise price (in dollars per share)			$ 16.52
Unrecognized compensation costs related to options		$ 4.8	$ 4.8
Performance Restricted Stock Units
Class of Stock [Line Items]
Restricted stock and restricted stock units granted (in shares)		0	64,000
Grants in the period, aggregate fair value			$ 1.1
Unrecognized compensation costs related to restricted stock awards		$ 1.6	$ 1.6
Weighted average period of recognition			2 years 1 month 6 days
Performance period (in years)			3 years
Common Stock
Class of Stock [Line Items]
Shares sold in offering (in shares)	5,750,000
Common stock, par value (in dollars per share)	$ 0.01
Offering price per share ( in dollars per share)	$ 16
Aggregate net proceeds from stock offering	$ 87.2

Stockholders' Equity - Compensa

Stockholders' Equity - Compensation Costs Recognized (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Restricted Stock Awards
Class of Stock [Line Items]
Compensation cost	$ 1,252	$ 1,036	$ 2,364	$ 1,951
Restricted Stock Units
Class of Stock [Line Items]
Compensation cost	328	324	656	644
Stock Option Awards
Class of Stock [Line Items]
Compensation cost	$ 499	$ 434	$ 945	$ 814

Income (Loss) Per Share - Narra

Income (Loss) Per Share - Narrative (Details) shares in Thousands	6 Months Ended
	Jun. 30, 2020shares
Warrant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average number of shares issuable under the common stock warrants (in shares)	161

Income (Loss) per Share - Basic

Income (Loss) per Share - Basic and Diluted Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Earnings Per Share Reconciliation [Abstract]
Net Loss	$ (108,958)	$ (62,227)	$ (40,560)	$ (222,337)	$ (171,185)	$ (262,897)
Less: Undistributed income allocated to participating securities	0		0		0	0
Net loss attributable to common stockholders	(108,958)		(40,560)		(171,185)	(262,897)
Plus: Net income effect of convertible securities	0		0		0	0
Numerator for diluted loss per common share	$ (108,958)		$ (40,560)		$ (171,185)	$ (262,897)
Basic weighted-average common stock shares outstanding (in shares)	59,367		53,265		56,837	53,246
Dilutive effects of common stock equivalents (in shares)	0		0		0	0
Diluted weighted-average common stock shares outstanding (in shares)	59,367		53,265		56,837	53,246
Basic loss per common share (in dollars per share)	$ (1.84)		$ (0.76)		$ (3.01)	$ (4.94)
Diluted loss per common share (in dollars per share)	$ (1.84)		$ (0.76)		$ (3.01)	$ (4.94)
5.00% Convertible Senior Notes due 2021
Earnings Per Share Reconciliation [Abstract]
Debt instrument, interest rate (in percent)							5.00%
5.00% Convertible Senior Notes due 2021 | Convertible Debt
Earnings Per Share Reconciliation [Abstract]
Debt instrument, interest rate (in percent)	5.00%				5.00%
Restricted Stock Awards
Earnings Per Share Reconciliation [Abstract]
Antidilutive securities (in shares)	830		581		828	555
Stock Option Awards
Earnings Per Share Reconciliation [Abstract]
Antidilutive securities (in shares)	2,288		2,309		2,188	2,231
Convertible Debt Securities
Earnings Per Share Reconciliation [Abstract]
Antidilutive securities (in shares)	2,258		2,704		2,480	2,704

Income Taxes (Details)

Income Taxes (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Adjustments recognized for uncertain tax positions	$ 0	$ 0
Operating loss carryforwards		$ 1,700,000,000

Segment Information (Details)

Segment Information (Details) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2021USD ($)	Mar. 31, 2021USD ($)	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Jun. 30, 2021USD ($)segment	Jun. 30, 2020USD ($)
Segment Reporting [Abstract]
Reporting segments | segment					4
Segment Reporting Information [Line Items]
Revenues	$ 1,217,525		$ 515,301		$ 2,106,205	$ 1,719,384
Inventory intermediation fees (benefits)	1,197,298		441,278		2,086,161	1,651,489
Operating expense (excluding depreciation)	68,821		67,027		143,009	140,418
Depreciation, depletion, and amortization	23,548		22,128		46,428	43,411
Impairment expense						67,922
Loss (gain) on sale of assets, net	510		0		(64,402)	0
General and administrative expense (excluding depreciation)	12,201		10,221		24,086	22,005
Acquisition and integration costs	(352)		90		86	755
Operating loss	(84,501)		(25,443)		(129,163)	(206,616)
Interest expense and financing costs, net	(17,186)		(16,414)		(35,337)	(35,088)
Debt extinguishment and commitment costs	(6,628)		0		(8,135)	0
Gain on curtailment of pension obligation	0		0		2,032	0
Other income (expense), net	(36)		455		25	479
Change in value of common stock warrants	0		0		0	4,270
Equity losses from Laramie Energy, LLC	0		(1,874)		0	(46,905)
Loss before income taxes	(108,351)		(43,276)		(170,578)	(283,860)
Income tax benefit (expense)	(607)		2,716		(607)	20,963
Net Loss	(108,958)	$ (62,227)	(40,560)	$ (222,337)	(171,185)	(262,897)
Capital expenditures	5,829		15,217		14,007	30,165
Refining
Segment Reporting Information [Line Items]
Revenues	1,155,847		455,301		1,994,602	1,603,427
Logistics
Segment Reporting Information [Line Items]
Revenues	48,706		42,132		90,015	101,282
Retail
Segment Reporting Information [Line Items]
Revenues	118,446		79,621		209,634	182,434
Operating Segments | Refining
Segment Reporting Information [Line Items]
Revenues	1,155,847		455,301		1,994,602	1,603,427
Inventory intermediation fees (benefits)	1,190,797		429,967		2,074,274	1,643,320
Operating expense (excluding depreciation)	47,944		49,385		101,282	101,629
Depreciation, depletion, and amortization	14,561		12,706		28,625	25,700
Impairment expense						38,105
Loss (gain) on sale of assets, net	1,664				(19,595)
General and administrative expense (excluding depreciation)	0		0		0	0
Acquisition and integration costs	0		0		0	0
Operating loss	(99,119)		(36,757)		(189,984)	(205,327)
Capital expenditures	2,432		11,165		7,007	17,248
Operating Segments | Logistics
Segment Reporting Information [Line Items]
Revenues	48,706		42,132		90,015	101,282
Inventory intermediation fees (benefits)	25,314		27,680		47,396	59,116
Operating expense (excluding depreciation)	3,494		2,247		7,390	6,518
Depreciation, depletion, and amortization	5,377		5,902		10,631	10,569
Impairment expense						0
Loss (gain) on sale of assets, net	(21)				(21)
General and administrative expense (excluding depreciation)	0		0		0	0
Acquisition and integration costs	0		0		0	0
Operating loss	14,542		6,303		24,619	25,079
Capital expenditures	1,112		2,972		3,963	10,190
Operating Segments | Retail
Segment Reporting Information [Line Items]
Revenues	118,446		79,621		209,634	182,434
Inventory intermediation fees (benefits)	86,671		45,382		152,543	116,812
Operating expense (excluding depreciation)	17,383		15,395		34,337	32,271
Depreciation, depletion, and amortization	2,874		2,664		5,534	5,463
Impairment expense						29,817
Loss (gain) on sale of assets, net	(1,133)				(44,786)
General and administrative expense (excluding depreciation)	0		0		0	0
Acquisition and integration costs	0		0		0	0
Operating loss	12,651		16,180		62,006	(1,929)
Capital expenditures	1,983		527		2,575	1,861
Corporate, Eliminations and Other
Segment Reporting Information [Line Items]
Revenues	(105,474)		(61,753)		(188,046)	(167,759)
Inventory intermediation fees (benefits)	(105,484)		(61,751)		(188,052)	(167,759)
Operating expense (excluding depreciation)	0		0		0	0
Depreciation, depletion, and amortization	736		856		1,638	1,679
Impairment expense						0
Loss (gain) on sale of assets, net	0				0
General and administrative expense (excluding depreciation)	12,201		10,221		24,086	22,005
Acquisition and integration costs	(352)		90		86	755
Operating loss	(12,575)		(11,169)		(25,804)	(24,439)
Capital expenditures	$ 302		$ 553		462	866
Gross Profit					$ (188,000)	$ (167,800)

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Related Party Transaction [Line Items]
Travel and out of pocket expenses			$ 50,000
Investor
Related Party Transaction [Line Items]
Initial term of service agreements			1 year
Renewal term for service agreements			1 year
Termination period between extension date			60 days
EGI
Related Party Transaction [Line Items]
Percentage ownership of Par common stock (or more)	10.00%		10.00%
EGI | Investor
Related Party Transaction [Line Items]
Service agreements, commitment costs	$ 0	$ 0	$ 0	$ 0