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Segment Reporting (Tables)
6 Months Ended
Jun. 30, 2022
Segment Reporting  
Summary of financial information for the reportable segments

Three Months Ended

Six Months Ended

June 30,

June 30,

    

2022

    

2021

    

2022

2021

Wholesale Segment:

Sales

Gasoline and gasoline blendstocks

$

2,002,632

$

1,505,658

$

3,422,858

$

2,325,056

Other oils and related products (1)

 

999,151

 

474,909

 

2,182

 

33,934

Crude oil (2)

 

708

 

17,016

 

2,355,154

 

1,190,078

Total

$

3,002,491

$

1,997,583

$

5,780,194

$

3,549,068

Product margin

Gasoline and gasoline blendstocks

$

41,034

$

23,516

$

38,749

$

39,921

Other oils and related products (1)

 

51,852

 

13,340

 

104,974

 

31,955

Crude oil (2)

 

(2,311)

 

(3,321)

 

(6,060)

 

(7,848)

Total

$

90,575

$

33,535

$

137,663

$

64,028

Gasoline Distribution and Station Operations Segment:

Sales

Gasoline

$

1,813,436

$

1,023,187

$

3,090,397

$

1,779,195

Station operations (3)

 

144,314

 

123,162

 

260,206

 

223,326

Total

$

1,957,750

$

1,146,349

$

3,350,603

$

2,002,521

Product margin

Gasoline

$

129,852

$

101,303

$

244,738

$

181,555

Station operations (3)

 

69,008

 

61,141

 

127,105

 

111,298

Total

$

198,860

$

162,444

$

371,843

$

292,853

Commercial Segment:

Sales

$

363,409

$

135,213

$

693,391

$

280,883

Product margin

$

12,512

$

2,701

$

20,653

$

6,891

Combined sales and Product margin:

Sales

$

5,323,650

$

3,279,145

$

9,824,188

$

5,832,472

Product margin (4)

$

301,947

$

198,680

$

530,159

$

363,772

Depreciation allocated to cost of sales

 

(20,471)

 

(20,635)

 

(42,445)

 

(40,695)

Combined gross profit

$

281,476

$

178,045

$

487,714

$

323,077

(1)Other oils and related products primarily consist of distillates and residual oil.
(2)Crude oil consists of the Partnership’s crude oil sales and revenue from its logistics activities.
(3)Station operations consist of convenience store and prepared food sales, rental income and sundries.
(4)Product margin is a non-GAAP financial measure used by management and external users of the Partnership’s consolidated financial statements to assess its business. The table above includes a reconciliation of product margin on a combined basis to gross profit, a directly comparable GAAP measure.

Schedule of reconciliation of the totals reported for the reportable segments to the applicable line items in the consolidated financial statements

Three Months Ended

Six Months Ended

June 30,

June 30,

 

    

2022

    

2021

    

2022

2021

 

Combined gross profit

$

281,476

$

178,045

$

487,714

$

323,077

Operating costs and expenses not allocated to operating segments:

Selling, general and administrative expenses

 

60,870

 

54,031

 

117,151

 

100,355

Operating expenses

 

108,525

 

88,169

 

207,758

 

168,697

Amortization expense

2,117

2,673

4,616

5,396

Net gain on sale and disposition of assets

(76,849)

(8)

(81,760)

(483)

Long-lived asset impairment

188

188

Total operating costs and expenses

 

94,663

 

145,053

 

247,765

 

274,153

Operating income

 

186,813

 

32,992

 

239,949

 

48,924

Interest expense

 

(21,056)

 

(20,320)

 

(42,530)

 

(40,679)

Income tax expense

 

(2,950)

 

(533)

 

(4,127)

 

(403)

Net income

$

162,807

$

12,139

$

193,292

$

7,842

Schedule of total assets by reportable segment

 

Wholesale

 

Commercial

 

GDSO

 

Unallocated

 

Total

June 30, 2022

   

$

602,436

   

$

   

$

1,898,319

   

$

508,813

   

$

3,009,568

December 31, 2021

   

$

739,523

   

$

   

$

1,655,475

   

$

436,167

   

$

2,831,165