Revenue Recognition

6 Months Ended

Jun. 30, 2020

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Revenue Recognition

Revenue Disaggregation

The following table disaggregates our revenue by segment and by major source for the periods indicated (in thousands):

	Reporting Segments
	Marketing		Transportation		Total
Three Months Ended June 30, 2020
Revenues from contracts with customers	$	131,529	$	12,145	$	143,674
Other (1)	8,612		—		8,612
Total revenues	$	140,141	$	12,145	$	152,286
Timing of revenue recognition:
Goods transferred at a point in time	$	131,529	$	—	$	131,529
Services transferred over time	—		12,145		12,145
Total revenues from contracts with customers	$	131,529	$	12,145	$	143,674
Three Months Ended June 30, 2019
Revenues from contracts with customers	$	390,407	$	17,393	$	407,800
Other (1)	76,633		—		76,633
Total revenues	$	467,040	$	17,393	$	484,433
Timing of revenue recognition:
Goods transferred at a point in time	$	390,407	$	—	$	390,407
Services transferred over time	—		17,393		17,393
Total revenues from contracts with customers	$	390,407	$	17,393	$	407,800
Six Months Ended June 30, 2020
Revenues from contracts with customers	$	451,246	$	28,401	$	479,647
Other (1)	26,116		—		26,116
Total revenues	$	477,362	$	28,401	$	505,763
Timing of revenue recognition:
Goods transferred at a point in time	$	451,246	$	—	$	451,246
Services transferred over time	—		28,401		28,401
Total revenues from contracts with customers	$	451,246	$	28,401	$	479,647
Six Months Ended June 30, 2019
Revenues from contracts with customers	$	751,138	$	32,800	$	783,938
Other (1)	145,663		—		145,663
Total revenues	$	896,801	$	32,800	$	929,601
Timing of revenue recognition:
Goods transferred at a point in time	$	751,138	$	—	$	751,138
Services transferred over time	—		32,800		32,800
Total revenues from contracts with customers	$	751,138	$	32,800	$	783,938

_______________

(1)Other marketing revenues are recognized under ASC 815, Derivatives and Hedging, and ASC 845, Nonmonetary Transactions – Purchases and Sales of Inventory with the Same Counterparty.

Other Crude Oil Marketing Revenue

Certain of the commodity purchase and sale contracts utilized by our crude oil marketing business qualify as derivative instruments with certain specifically identified contracts also designated as trading activity. From the time of contract origination, these contracts are marked-to-market and recorded on a net revenue basis in the accompanying consolidated financial statements.

Certain of our crude oil contracts may be with a single counterparty to provide for similar quantities of crude oil to be bought and sold at different locations. These contracts are entered into for a variety of reasons, including effecting the transportation of the commodity, to minimize credit exposure, and/or to meet the competitive demands of the customer. These buy/sell arrangements are reflected on a net revenue basis in the accompanying consolidated financial statements.

Reporting these crude oil contracts on a gross revenue basis would increase our reported revenues as follows for the periods indicated (in thousands):

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2020		2019		2020		2019
Revenue gross-up	$	60,044	$	223,043	$	217,483	$	465,166