Segment Reporting

3 Months Ended

Mar. 31, 2020

We operate and report in two business segments: (i) crude oil marketing, transportation and storage, and (ii) tank truck transportation of liquid chemicals and dry bulk.

Financial information by reporting segment was as follows for the periods indicated (in thousands):


	Reporting Segments
	Marketing		Transportation		Other		Total

Three Months Ended March 31, 2020
Revenues	$	337,221	$	16,256	$	—	$	353,477
Segment operating (losses) earnings ⁽¹⁾	(17,651)		605		—		(17,046)
Depreciation and amortization	2,007		2,466		—		4,473
Property and equipment additions ⁽²⁾	2,032		41		139		2,212

Three Months Ended March 31, 2019
Revenues	$	429,761	$	15,407	$	—	$	445,168
Segment operating (losses) earnings ⁽¹⁾	7,098		839		—		7,937
Depreciation and amortization	2,122		1,467		—		3,589
Property and equipment additions ⁽³⁾	1,654		6,697		—		8,351

_______________

(1)Our crude oil marketing segment’s operating (losses) earnings included inventory valuation losses of $24.2 million and inventory liquidation gains of $4.5 million for the three months ended March 31, 2020 and 2019, respectively.

(2)During the three months ended March 31, 2020, we had $0.1 million of property and equipment additions for leasehold improvements at our corporate headquarters, which is not attributed or allocated to any of our reporting segments.

(3)Our crude oil marketing segment’s property and equipment additions do not include approximately $0.6 million of tractors acquired under finance leases during the three months ended March 31, 2019. See Note 12 for further information.

Segment operating (losses) earnings reflect revenues net of operating costs and depreciation and amortization expense and are reconciled to (losses) earnings before income taxes, as follows for the periods indicated (in thousands):


	Three Months Ended March 31,

	2020		2019

Segment operating (losses) earnings	$	(17,046)	$	7,937
General and administrative	(2,894)		(2,684)
Operating (losses) earnings	(19,940)		5,253
Gain on dissolution of investment	—		498



Interest income	365		656
Interest expense	(150)		(65)
(Losses) Earnings before income taxes	$	(19,725)	$	6,342

Identifiable assets by business segment were as follows at the dates indicated (in thousands):


	March 31,		December 31,
	2020		2019

Reporting segment:
Marketing	$	81,887	$	141,402
Transportation	56,933		58,483

Cash and other	114,836		130,957
Total assets	$	253,656	$	330,842

There were no intersegment sales during the three months ended March 31, 2020 and 2019, respectively. Other identifiable assets are primarily corporate cash, corporate accounts receivable and properties not identified with any specific segment of our business. Accounting policies for transactions between reportable segments are consistent with applicable accounting policies as disclosed herein.