Fair value measurements (Tables)
|
3 Months Ended |
12 Months Ended |
Mar. 31, 2017 |
Dec. 31, 2016 |
| Fair Value Disclosures [Abstract] |
|
|
| Fair value hierarchy for financial instruments measured at fair value on a recurring basis |
The fair value hierarchy for our financial assets and liabilities
is shown by the following table:
|
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|
|
|
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|
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| |
|
Successor |
|
|
Predecessor |
|
| |
|
March 31, 2017 |
|
|
December 31, 2016 |
|
| |
|
Derivative
assets |
|
|
Derivative
liabilities |
|
|
Net assets
(liabilities) |
|
|
Derivative
assets |
|
|
Derivative
liabilities |
|
|
Net assets
(liabilities) |
|
|
Significant other observable inputs (Level 2)
|
|
$ |
19,432 |
|
|
$ |
(363 |
) |
|
$ |
19,069 |
|
|
$ |
184 |
|
|
$ |
(13,455 |
) |
|
$ |
(13,271 |
) |
|
Significant unobservable inputs (Level 3)
|
|
|
476 |
|
|
|
— |
|
|
|
476 |
|
|
|
— |
|
|
|
(98 |
) |
|
|
(98 |
) |
|
Netting adjustments (1)
|
|
|
(363 |
) |
|
|
363 |
|
|
|
— |
|
|
|
(184 |
) |
|
|
184 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
19,545 |
|
|
$ |
— |
|
|
$ |
19,545 |
|
|
$ |
— |
|
|
$ |
(13,369 |
) |
|
$ |
(13,369 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
| (1) |
Amounts represent the impact of
master netting agreements that allow us to net settle positive and
negative positions with the same counterparty. Positive and
negative positions with counterparties are netted on the balance
sheet only to the extent that they relate to the same current
versus noncurrent classification. |
|
The fair value hierarchy for our financial assets and liabilities
is shown by the following table:
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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|
|
|
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| |
|
As of December 31,
2016 |
|
|
As of December 31,
2015 |
|
| |
|
Derivative
assets |
|
|
Derivative
liabilities |
|
|
Net assets
(liabilities) |
|
|
Derivative
assets |
|
|
Derivative
liabilities |
|
|
Net assets
(liabilities) |
|
|
Significant other observable inputs (Level 2)
|
|
$ |
184 |
|
|
$ |
(13,455 |
) |
|
$ |
(13,271 |
) |
|
$ |
41,328 |
|
|
$ |
(1,158 |
) |
|
$ |
40,170 |
|
|
Significant unobservable inputs (Level 3)
|
|
|
— |
|
|
|
(98 |
) |
|
|
(98 |
) |
|
|
123,068 |
|
|
|
— |
|
|
|
123,068 |
|
|
Netting adjustments (1)
|
|
|
(184 |
) |
|
|
184 |
|
|
|
— |
|
|
|
(1,158 |
) |
|
|
1,158 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
— |
|
|
$ |
(13,369 |
) |
|
$ |
(13,369 |
) |
|
$ |
163,238 |
|
|
$ |
— |
|
|
$ |
163,238 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) |
Amounts represent the impact of
master netting agreements that allow us to net settle positive and
negative positions with the same counterparty. Positive and
negative positions with a counterparty are netted on the balance
sheet only to the extent that they relate to the same current
versus noncurrent classification. |
|
| Level 3 rollforward |
Changes in the fair value of our derivative instruments, classified
as Level 3 in the fair value hierarchy, were as follows for the
periods presented:
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|
|
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| |
|
Successor |
|
|
Predecessor |
|
|
Net derivative assets (liabilities)
|
|
Period from
March 22,
2017
through
March 31,
2017 |
|
|
Period from
January 1,
2017
through
March 21,
2017 |
|
|
Three months
ended
March 31,
2016 |
|
|
Beginning balance
|
|
$ |
715 |
|
|
$ |
(98 |
) |
|
$ |
123,068 |
|
|
Realized and unrealized (losses) gains included in derivative
gains
|
|
|
(239 |
) |
|
|
813 |
|
|
|
6,978 |
|
|
Settlements received
|
|
|
— |
|
|
|
— |
|
|
|
(39,093 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending balance
|
|
$ |
476 |
|
|
$ |
715 |
|
|
$ |
90,953 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Losses) gains relating to instruments still held at the reporting
date included in derivative (losses) gains for the period
|
|
$ |
(239 |
) |
|
$ |
813 |
|
|
$ |
2,027 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in the fair value of our derivative instruments classified
as Level 3 in the fair value hierarchy at December 31, 2016
and 2015 were:
|
|
|
|
|
|
|
|
|
|
Net derivative assets (liabilities)
|
|
2016 |
|
|
2015 |
|
|
Beginning balance
|
|
$ |
123,068 |
|
|
$ |
195,167 |
|
|
Realized and unrealized (losses) gains included in non-hedge
derivative (losses) gains
|
|
|
(9,314 |
) |
|
|
105,055 |
|
|
Purchases
|
|
|
— |
|
|
|
— |
|
|
Settlements received
|
|
|
(113,852 |
) |
|
|
(177,154 |
) |
|
|
|
|
|
|
|
|
|
|
Ending balance
|
|
$ |
(98 |
) |
|
$ |
123,068 |
|
|
|
|
|
|
|
|
|
|
|
(Losses) gains relating to instruments still held at the reporting
date included in non-hedge derivative (losses) gains for the
period
|
|
$ |
(98 |
) |
|
$ |
61,260 |
|
|
|
|
|
|
|
|
|
|
|
| Fair value of other financial instruments |
The carrying value and estimated fair value of our debt at
March 31, 2017, and December 31, 2016, were as
follows:
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|
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|
|
|
| |
|
Successor |
|
|
Predecessor |
|
| |
|
March 31, 2017 |
|
|
December 31, 2016 |
|
|
Level 2
|
|
Carrying
value (1) |
|
|
Estimated
fair value |
|
|
Carrying
value (1) |
|
|
Estimated
fair value |
|
|
New Revolver
|
|
$ |
120,000 |
|
|
$ |
120,000 |
|
|
$ |
— |
|
|
$ |
— |
|
|
New Term Loan
|
|
|
150,000 |
|
|
|
150,000 |
|
|
|
— |
|
|
|
— |
|
|
Other secured debt
|
|
|
9,665 |
|
|
|
9,665 |
|
|
|
10,029 |
|
|
|
10,029 |
|
|
9.875% Senior Notes due 2020
|
|
|
— |
|
|
|
— |
|
|
|
298,000 |
|
|
|
268,200 |
|
|
8.25% Senior Notes due 2021
|
|
|
— |
|
|
|
— |
|
|
|
384,045 |
|
|
|
344,680 |
|
|
7.625% Senior Notes due 2022
|
|
|
— |
|
|
|
— |
|
|
|
525,910 |
|
|
|
470,689 |
|
| (1) |
The carrying value excludes
deductions for debt issuance costs and discounts. |
|
The carrying value and estimated fair value of our debt at
December 31, 2016 and 2015 were as follows:
|
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|
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|
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|
|
|
|
|
|
|
|
| |
|
December 31, 2016 |
|
|
December 31, 2015 |
|
|
Level 2
|
|
Carrying
value |
|
|
Estimated
fair value |
|
|
Carrying
value |
|
|
Estimated
fair value |
|
|
9.875% Senior Notes due 2020
|
|
$ |
298,000 |
|
|
$ |
268,200 |
|
|
$ |
293,815 |
|
|
$ |
75,750 |
|
|
8.25% Senior Notes due 2021
|
|
|
384,045 |
|
|
|
344,680 |
|
|
|
384,045 |
|
|
|
96,956 |
|
|
7.625% Senior Notes due 2022
|
|
|
525,910 |
|
|
|
470,689 |
|
|
|
530,849 |
|
|
|
120,478 |
|
|
Existing Credit Facility (1)
|
|
|
NA |
|
|
|
NA |
|
|
|
367,000 |
|
|
|
367,000 |
|
|
Other secured debt
|
|
|
10,029 |
|
|
|
10,029 |
|
|
|
11,981 |
|
|
|
11,981 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1,217,984 |
|
|
$ |
1,093,598 |
|
|
$ |
1,587,690 |
|
|
$ |
672,165 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) |
We have not disclosed the fair value
of outstanding amounts under our Existing Credit Facility as it was
not practicable to obtain a reasonable estimate of such value while
the Predecessor was in bankruptcy. |
|
| Offsetting Assets and Liabilities |
The following table summarizes our derivative assets and
liabilities which are offset in the consolidated balance sheets
under our master netting agreements. It also reflects the amounts
outstanding under our credit facilities that are available to
offset our net derivative assets due from counterparties that are
lenders under our credit facilities.
|
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|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Offset in the consolidated balance sheets |
|
|
Gross amounts not offset in the consolidated balance sheets |
|
| |
|
Gross assets
(liabilities) |
|
|
Offsetting assets
(liabilities) |
|
|
Net assets
(liabilities) |
|
|
Derivatives (1) |
|
|
Amounts
outstanding
under credit
facilities |
|
|
Net amount |
|
|
Successor—March 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivative assets
|
|
$ |
19,908 |
|
|
$ |
(363 |
) |
|
$ |
19,545 |
|
|
$ |
— |
|
|
$ |
(19,545 |
) |
|
$ |
— |
|
|
Derivative liabilities
|
|
|
(363 |
) |
|
|
363 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
19,545 |
|
|
$ |
— |
|
|
$ |
19,545 |
|
|
$ |
— |
|
|
$ |
(19,545 |
) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Predecessor—December 31, 2016
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivative assets
|
|
$ |
184 |
|
|
$ |
(184 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
Derivative liabilities
|
|
|
(13,553 |
) |
|
|
184 |
|
|
|
(13,369 |
) |
|
|
— |
|
|
|
— |
|
|
|
(13,369 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(13,369 |
) |
|
$ |
— |
|
|
$ |
(13,369 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(13,369 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) |
Since positive and negative positions
with a counterparty are netted on the balance sheet only to the
extent that they relate to the same current versus noncurrent
classification, these represent remaining amounts that could have
been offset under our master netting agreements. |
|
The following table summarizes our derivative assets and
liabilities which are offset in the consolidated balance sheets
under our master netting agreements. It also reflects the amounts
outstanding under our Existing Credit Facility that are available
to offset our net derivative assets due from counterparties that
are lenders under our Existing Credit Facility.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Offset in the consolidated balance sheets |
|
|
Gross amounts not offset in the consolidated balance sheets |
|
| |
|
Gross assets
(liabilities) |
|
|
Offsetting assets
(liabilities) |
|
|
Net assets
(liabilities) |
|
|
Derivatives (1) |
|
|
Amounts outstanding under
Existing Credit Facility |
|
|
Net amount |
|
|
As of December 31, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivative assets
|
|
$ |
184 |
|
|
$ |
(184 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
Derivative liabilities
|
|
|
(13,553 |
) |
|
|
184 |
|
|
|
(13,369 |
) |
|
|
— |
|
|
|
— |
|
|
|
(13,369 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(13,369 |
) |
|
$ |
— |
|
|
$ |
(13,369 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(13,369 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivative assets
|
|
$ |
164,396 |
|
|
$ |
(1,158 |
) |
|
$ |
163,238 |
|
|
$ |
— |
|
|
$ |
(103,618 |
) |
|
$ |
59,620 |
|
|
Derivative liabilities
|
|
|
(1,158 |
) |
|
|
1,158 |
|
|
|
— |
|
|
$ |
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
163,238 |
|
|
$ |
— |
|
|
$ |
163,238 |
|
|
$ |
— |
|
|
$ |
(103,618 |
) |
|
$ |
59,620 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) |
Since positive and negative positions
with a counterparty are netted on the balance sheet only to the
extent that they relate to the same current versus noncurrent
classification, these represent remaining amounts that could have
been offset under our master netting agreements. |
|
| Percentages of Total Commodity Sales Excluding Effects of Hedging Activities |
|
Commodity sales to our top three purchasers accounted for the
following percentages of our total commodity sales, excluding the
effects of hedging activities, for the years ended
December 31:
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
2016 |
|
|
2015 |
|
|
2014 |
|
|
Coffeyville Resources LLC
|
|
|
19.3 |
% |
|
|
14.5 |
% |
|
|
14.0 |
% |
|
Valero Energy Corporation
|
|
|
15.6 |
% |
|
|
20.7 |
% |
|
|
23.7 |
% |
|
Phillips 66 Company
|
|
|
15.1 |
% |
|
|
11.8 |
% |
|
|
* |
|
|