CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | ||||
|---|---|---|---|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
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| Cash flows from operating activities: | ||||||
| Net income | $ 316,622 | $ 385,005 | $ 1,710,895 | $ 3,041,174 | $ 663,254 | |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
| Depreciation and amortization | 198,729 | 173,983 | 770,573 | 656,787 | 503,539 | |
| Lower of cost or market inventory valuation adjustment | (219,370) | 47,597 | 270,419 | 52,412 | (310,123) | |
| Earnings of equity method investments, inclusive of distributions | (3,821) | (1,799) | 8,093 | 19,769 | 0 | |
| Early extinguishment loss on debt | 0 | (604) | 0 | |||
| Gain on sale of assets | (782) | (414) | (6,879) | (2,118) | (89,765) | |
| Deferred income taxes | 14,769 | 15,305 | 192,550 | 53,168 | 128,570 | |
| Equity-based compensation expense | 5,380 | 3,325 | 41,135 | 30,318 | 39,273 | |
| Change in fair value – derivative instruments | (7,764) | 15,402 | 16,555 | 9,989 | (34,096) | |
| (Increase) decrease in current assets: | ||||||
| Accounts receivable | (92,036) | 86,369 | (17,131) | (4,282) | (614,407) | |
| Inventories | 1,120 | (280,263) | 30,246 | (224,421) | (344,559) | |
| Income taxes receivable | 13,462 | 10,494 | (2,691) | 42,641 | (6,415) | |
| Prepayments and other | 1,263 | 28,007 | 8,062 | (40,810) | (18,672) | |
| Increase (decrease) in current liabilities: | ||||||
| Accounts payable | 64,664 | (220,018) | (108,859) | 194,424 | 612,410 | |
| Income taxes payable | 48,689 | 51,697 | 925 | (17,169) | 23,158 | |
| Accrued liabilities | 30,655 | 32,424 | (29,619) | 78,349 | 83,602 | |
| Turnaround expenditures | (70,379) | (163,734) | (555,697) | (144,759) | (214,431) | |
| Other, net | 15,694 | (5,675) | (31,342) | 32,291 | (14,656) | |
| Net cash provided by operating activities | 316,895 | 177,705 | 2,297,235 | 3,777,159 | 406,682 | |
| Cash flows from investing activities: | ||||||
| Additions to properties, plants and equipment | (89,108) | (100,069) | (353,451) | (485,043) | (725,073) | |
| Acquisitions, net of cash acquired | 0 | (251,448) | (624,332) | |||
| Proceeds from sale of assets | 811 | 1,572 | 17,361 | 3,344 | 106,357 | |
| Investment in Osage Pipe Line Company LLC | (5,000) | (2,500) | ||||
| Distributions from equity method investments in excess of equity earnings | 1,925 | 760 | 4,211 | 10,623 | 4,165 | |
| Net cash used for investing activities | (91,372) | (100,237) | (371,323) | (774,488) | (1,327,219) | |
| Cash flows from financing activities: | ||||||
| Borrowings under credit agreements | 0 | 42,000 | 60,000 | 510,000 | 555,500 | |
| Repayments under credit agreements | (61,500) | (58,500) | (272,500) | (682,000) | (629,000) | |
| Redemption of senior notes - HEP | (307,827) | (41,420) | 0 | |||
| Purchase of treasury stock | (169,612) | (245,566) | (999,282) | (1,371,700) | (7,058) | |
| Dividends | (99,353) | (87,987) | (340,736) | (255,928) | (57,663) | |
| Distributions to noncontrolling interests | (2,395) | (25,986) | (102,523) | (96,192) | (75,395) | |
| Contributions from noncontrolling interests | 0 | 0 | 23,194 | |||
| Payments on finance leases | (2,600) | (3,071) | (11,923) | (11,713) | (3,990) | |
| HEP Merger Transaction consideration | (267,592) | 0 | 0 | |||
| Deferred financing costs | (899) | (9,273) | (14,500) | |||
| Other, net | (600) | (2,533) | (2,891) | |||
| Net cash used for financing activities | (335,460) | (379,110) | (2,243,882) | (1,560,759) | (211,803) | |
| Effect of exchange rate on cash flow | (2,950) | 1,506 | 6,651 | (11,290) | (1,534) | |
| Cash and cash equivalents: | ||||||
| Decrease for the period | (112,887) | (300,136) | (311,319) | 1,430,622 | (1,133,874) | |
| Beginning of period | 1,353,747 | 1,665,066 | 1,665,066 | 234,444 | 1,368,318 | |
| End of period | 1,240,860 | 1,364,930 | 1,353,747 | 1,665,066 | 234,444 | |
| Cash paid during the period for: | ||||||
| Interest | (23,600) | (25,934) | (203,063) | (160,409) | (136,429) | |
| Income taxes, net | (7,644) | (22,010) | (250,815) | (816,379) | 19,760 | |
| Decrease in accrued and unpaid capital expenditures | $ (5,678) | $ (17,819) | (5,924) | (31,714) | (15,319) | |
| HEP | ||||||
| Cash flows from investing activities: | ||||||
| Additions to properties, plants and equipment | (31,962) | (38,964) | (88,336) | |||
| Investment in Osage Pipe Line Company LLC | (7,482) | (13,000) | 0 | |||
| Cash flows from financing activities: | ||||||
| Proceeds from issuance of senior notes - HEP | $ 0 | $ 400,000 | $ 0 | |||
| X | ||||||||||
- Definition Cash paid during the period for. No definition available.
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- Definition Increase (Decrease) In Accrued Capital Expenditures Incurred But Not Yet Paid No definition available.
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- Definition Increase (Decrease) In Turnaround Expenditures No definition available.
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- References No definition available.
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- Definition Amount of cash and cash equivalents, and cash and cash equivalents restricted to withdrawal or usage. Excludes amount for disposal group and discontinued operations. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of increase (decrease) in cash, cash equivalents, and cash and cash equivalents restricted to withdrawal or usage; including effect from exchange rate change. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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- Definition Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of increase (decrease) from effect of exchange rate changes on cash and cash equivalents, and cash and cash equivalents restricted to withdrawal or usage; held in foreign currencies. Excludes amounts for disposal group and discontinued operations. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of cash outflow for principal payment on finance lease. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of gain (loss) on sale or disposal of property, plant and equipment assets, including oil and gas property and timber property. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Difference between the fair value of payments made and the carrying amount of debt which is extinguished prior to maturity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition This element represents the undistributed income (or loss) of equity method investments, net of dividends or other distributions received from unconsolidated subsidiaries, certain corporate joint ventures, and certain noncontrolled corporations; such investments are accounted for under the equity method of accounting. This element excludes distributions that constitute a return of investment, which are classified as investing activities. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The amount of cash paid during the current period to foreign, federal, state, and local authorities as taxes on income, net of any cash received during the current period as refunds for the overpayment of taxes. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition The increase (decrease) during the reporting period in the aggregate amount of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition The increase (decrease) during the reporting period in amount due within one year (or one business cycle) from customers for the credit sale of goods and services. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The increase (decrease) during the period in the amount due for taxes based on the reporting entity's earnings or attributable to the entity's income earning process (business presence) within a given jurisdiction. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The increase (decrease) during the reporting period in the aggregate amount of expenses incurred but not yet paid. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The increase (decrease) during the reporting period in income taxes receivable, which represents the amount due from tax authorities for refunds of overpayments or recoveries of income taxes paid. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The increase (decrease) during the reporting period in the aggregate value of all inventory held by the reporting entity, associated with underlying transactions that are classified as operating activities. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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- References No definition available.
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- Definition Amount of increase (decrease) in prepaid expenses, and assets classified as other. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of cash paid for interest, excluding capitalized interest, classified as operating activity. Includes, but is not limited to, payment to settle zero-coupon bond for accreted interest of debt discount and debt instrument with insignificant coupon interest rate in relation to effective interest rate of borrowing attributable to accreted interest of debt discount. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of loss from reductions in inventory due to subsequent measurement adjustments, including, but not limited to, physical deterioration, obsolescence, or changes in price levels. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of cash inflow (outflow) from financing activities, including discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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- Definition Amount of cash inflow (outflow) from investing activities, including discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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- Definition Amount of cash inflow (outflow) from operating activities, including discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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- Definition Amount of income (expense) included in net income that results in no cash inflow (outflow), classified as other. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The cash outflow to reacquire common stock during the period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of cash outflow in the form of ordinary dividends to common shareholders of the parent entity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The cash outflow for loan and debt issuance costs. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The cash outflow for financing costs associated with business combinations. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The cash outflow associated with the acquisition of a business, net of the cash acquired from the purchase. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The cash outflow associated with the purchase of or advances to an equity method investments, which are investments in joint ventures and entities in which the entity has an equity ownership interest normally of 20 to 50 percent and exercises significant influence. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The cash outflow associated with the acquisition of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale; includes cash outflows to pay for construction of self-constructed assets. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount of cash outflow to a noncontrolling interest. Includes, but not limited to, reduction of noncontrolling interest ownership. Excludes dividends paid to the noncontrolling interest. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The cash inflow from an entity that is affiliated with the entity by means of direct or indirect ownership. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of distribution received from equity method investee for return of investment, classified as investing activities. Excludes distribution for return on investment, classified as operating activities. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The cash inflow from a borrowing with the highest claim on the assets of the entity in case of bankruptcy or liquidation (with maturities initially due after one year or beyond the operating cycle, if longer). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The cash inflow from a contractual arrangement with the lender, including letter of credit, standby letter of credit and revolving credit arrangements, under which borrowings can be made up to a specific amount at any point in time with maturities due beyond one year or the operating cycle, if longer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of cash inflow (outflow) from financing activities classified as other. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The cash inflow from the sale of property, plant and equipment (capital expenditures), software, and other intangible assets. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The cash outflow for debt initially having maturity due after one year or beyond the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The cash outflow for the settlement of obligation drawn from a contractual arrangement with the lender, including letter of credit, standby letter of credit and revolving credit arrangements, under which borrowings can be made up to a specific amount at any point in time with maturities due beyond one year or the operating cycle, if longer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of noncash expense for share-based payment arrangement. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The net change in the difference between the fair value and the carrying value, or in the comparative fair values, of derivative instruments, including options, swaps, futures, and forward contracts, held at each balance sheet date, that was included in earnings for the period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Details
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