(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) |
(Address of Principal Executive Offices, including Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||||||||||
☑ | Smaller reporting company | |||||||||||||
Emerging growth company |
Page No. | ||||||||
June 30, | December 31, | |||||||||||||
2021 | 2020 | |||||||||||||
ASSETS | ||||||||||||||
Current assets: | ||||||||||||||
Cash and cash equivalents | $ | $ | ||||||||||||
Restricted cash | ||||||||||||||
Accounts receivable, net of allowance for doubtful | ||||||||||||||
accounts of $ | ||||||||||||||
Accounts receivable – related party | ||||||||||||||
Inventory | ||||||||||||||
Derivative assets | ||||||||||||||
Income tax receivable | ||||||||||||||
Prepayments and other current assets | ||||||||||||||
Total current assets | ||||||||||||||
Property and equipment, net | ||||||||||||||
Operating lease right-of-use assets, net | ||||||||||||||
Intangible assets, net | ||||||||||||||
Other assets | ||||||||||||||
Total assets | $ | $ | ||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||
Current liabilities: | ||||||||||||||
Accounts payable | $ | $ | ||||||||||||
Derivative liabilities | ||||||||||||||
Current portion of finance lease obligations | ||||||||||||||
Current portion of operating lease liabilities | ||||||||||||||
Other current liabilities | ||||||||||||||
Total current liabilities | ||||||||||||||
Other long-term liabilities: | ||||||||||||||
Long-term debt | ||||||||||||||
Asset retirement obligations | ||||||||||||||
Finance lease obligations | ||||||||||||||
Operating lease liabilities | ||||||||||||||
Deferred taxes and other liabilities | ||||||||||||||
Total liabilities | ||||||||||||||
Commitments and contingencies (Note 15) | ||||||||||||||
Shareholders’ equity: | ||||||||||||||
Preferred stock – $ | ||||||||||||||
authorized, | ||||||||||||||
Common stock – $ | ||||||||||||||
authorized, | ||||||||||||||
Contributed capital | ||||||||||||||
Retained earnings | ||||||||||||||
Total shareholders’ equity | ||||||||||||||
Total liabilities and shareholders’ equity | $ | $ |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Marketing | $ | $ | $ | $ | |||||||||||||||||||
Transportation | |||||||||||||||||||||||
Pipeline and storage | |||||||||||||||||||||||
Total revenues | |||||||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||
Marketing | |||||||||||||||||||||||
Transportation | |||||||||||||||||||||||
Pipeline and storage | |||||||||||||||||||||||
General and administrative | |||||||||||||||||||||||
Depreciation and amortization | |||||||||||||||||||||||
Total costs and expenses | |||||||||||||||||||||||
Operating earnings (losses) | ( | ||||||||||||||||||||||
Other income (expense): | |||||||||||||||||||||||
Interest and other income | |||||||||||||||||||||||
Interest expense | ( | ( | ( | ( | |||||||||||||||||||
Total other (expense) income, net | ( | ( | |||||||||||||||||||||
Earnings (Losses) before income taxes | ( | ||||||||||||||||||||||
Income tax (provision) benefit | ( | ( | |||||||||||||||||||||
Net earnings (losses) | $ | $ | $ | $ | ( | ||||||||||||||||||
Earnings (Losses) per share: | |||||||||||||||||||||||
Basic net earnings (losses) per common share | $ | $ | $ | $ | ( | ||||||||||||||||||
Diluted net earnings (losses) per common share | $ | $ | $ | $ | ( | ||||||||||||||||||
Dividends per common share | $ | $ | $ | $ | |||||||||||||||||||
Six Months Ended | |||||||||||
June 30, | |||||||||||
2021 | 2020 | ||||||||||
Operating activities: | |||||||||||
Net earnings (losses) | $ | $ | ( | ||||||||
Adjustments to reconcile net earnings (losses) to net cash | |||||||||||
provided by (used in) operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Gains on sales of property | ( | ( | |||||||||
Provision for doubtful accounts | ( | ( | |||||||||
Stock-based compensation expense | |||||||||||
Deferred income taxes | ( | ( | |||||||||
Net change in fair value contracts | ( | ( | |||||||||
Changes in assets and liabilities: | |||||||||||
Accounts receivable | ( | ||||||||||
Accounts receivable/payable, affiliates | ( | ||||||||||
Inventories | ( | ||||||||||
Income tax receivable | ( | ||||||||||
Prepayments and other current assets | |||||||||||
Accounts payable | ( | ||||||||||
Accrued liabilities | |||||||||||
Other | ( | ||||||||||
Net cash provided by (used in) operating activities | ( | ||||||||||
Investing activities: | |||||||||||
Property and equipment additions | ( | ( | |||||||||
Asset acquisition | ( | ||||||||||
Proceeds from property sales | |||||||||||
Insurance and state collateral (deposits) refunds | |||||||||||
Net cash used in investing activities | ( | ( | |||||||||
Financing activities: | |||||||||||
Borrowings under Credit Agreement | |||||||||||
Principal repayments of finance lease obligations | ( | ( | |||||||||
Payment for financed portion of VEX acquisition | ( | ||||||||||
Payment of contingent consideration liability | ( | ||||||||||
Dividends paid on common stock | ( | ( | |||||||||
Net cash used in financing activities | ( | ( | |||||||||
Increase (Decrease) in cash and cash equivalents, including restricted cash | ( | ||||||||||
Cash and cash equivalents, including restricted cash, at beginning of period | |||||||||||
Cash and cash equivalents, including restricted cash, at end of period | $ | $ |
Total | ||||||||||||||||||||||||||
Common | Contributed | Retained | Shareholders’ | |||||||||||||||||||||||
Stock | Capital | Earnings | Equity | |||||||||||||||||||||||
Balance, January 1, 2021 | $ | $ | $ | $ | ||||||||||||||||||||||
Net earnings | — | — | ||||||||||||||||||||||||
Stock-based compensation expense | — | — | ||||||||||||||||||||||||
Cancellation of shares withheld to cover | ||||||||||||||||||||||||||
taxes upon vesting of restricted awards | — | ( | — | ( | ||||||||||||||||||||||
Dividends declared: | ||||||||||||||||||||||||||
Common stock, $ | — | — | ( | ( | ||||||||||||||||||||||
Awards under LTIP, $ | — | — | ( | ( | ||||||||||||||||||||||
Balance, March 31, 2021 | ||||||||||||||||||||||||||
Net earnings | — | — | ||||||||||||||||||||||||
Stock-based compensation expense | — | — | ||||||||||||||||||||||||
Vesting of restricted awards | ( | — | ||||||||||||||||||||||||
Cancellation of shares withheld to cover | ||||||||||||||||||||||||||
taxes upon vesting of restricted awards | — | ( | — | ( | ||||||||||||||||||||||
Dividends declared: | ||||||||||||||||||||||||||
Common stock, $ | — | — | ( | ( | ||||||||||||||||||||||
Awards under LTIP, $ | — | — | ( | ( | ||||||||||||||||||||||
Balance, June 30, 2021 | $ | $ | $ | $ | ||||||||||||||||||||||
Total | ||||||||||||||||||||||||||
Common | Contributed | Retained | Shareholders’ | |||||||||||||||||||||||
Stock | Capital | Earnings | Equity | |||||||||||||||||||||||
Balance, January 1, 2020 | $ | $ | $ | $ | ||||||||||||||||||||||
Net losses | — | — | ( | ( | ||||||||||||||||||||||
Stock-based compensation expense | — | — | ||||||||||||||||||||||||
Dividends declared: | ||||||||||||||||||||||||||
Common stock, $ | — | — | ( | ( | ||||||||||||||||||||||
Awards under LTIP, $ | — | — | ( | ( | ||||||||||||||||||||||
Balance, March 31, 2020 | ||||||||||||||||||||||||||
Net earnings | — | — | ||||||||||||||||||||||||
Stock-based compensation expense | — | — | ||||||||||||||||||||||||
Cancellation of shares withheld to cover | ||||||||||||||||||||||||||
taxes upon vesting of restricted awards | — | ( | — | ( | ||||||||||||||||||||||
Dividends declared: | ||||||||||||||||||||||||||
Common stock, $ | — | — | ( | ( | ||||||||||||||||||||||
Awards under LTIP, $ | — | — | ( | ( | ||||||||||||||||||||||
Balance, June 30, 2020 | $ | $ | $ | $ | ||||||||||||||||||||||
June 30, | December 31, | |||||||||||||
2021 | 2020 | |||||||||||||
Cash and cash equivalents | $ | $ | ||||||||||||
Restricted cash: | ||||||||||||||
Collateral for outstanding letters of credit (1) | ||||||||||||||
Captive insurance subsidiary (2) | ||||||||||||||
Total cash, cash equivalents and restricted cash shown in the | ||||||||||||||
unaudited condensed consolidated statements of cash flows | $ | $ |
Common | ||||||||
shares | ||||||||
Balance, January 1, 2021 | ||||||||
Vesting of restricted stock unit awards | ||||||||
Shares withheld to cover taxes upon vesting of restricted stock unit awards | ( | |||||||
Balance, March 31, 2021 | ||||||||
Vesting of restricted stock unit awards | ||||||||
Vesting of performance share unit awards | ||||||||
Shares withheld to cover taxes upon vesting of equity awards | ( | |||||||
Balance, June 30, 2021 | ||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Earnings (losses) per share — numerator: | |||||||||||||||||||||||
Net earnings (losses) | $ | $ | $ | $ | ( | ||||||||||||||||||
Denominator: | |||||||||||||||||||||||
Basic weighted average number of shares outstanding | |||||||||||||||||||||||
Basic earnings (losses) per share | $ | $ | $ | $ | ( | ||||||||||||||||||
Diluted earnings (losses) per share: | |||||||||||||||||||||||
Diluted weighted average number of shares outstanding: | |||||||||||||||||||||||
Common shares | |||||||||||||||||||||||
Restricted stock unit awards (1) | |||||||||||||||||||||||
Performance share unit awards (2) | |||||||||||||||||||||||
Total diluted shares | |||||||||||||||||||||||
Diluted earnings (losses) per share | $ | $ | $ | $ | ( |
Reporting Segments | |||||||||||||||||||||||
Crude Oil Marketing | Transportation | Pipeline and storage | Total | ||||||||||||||||||||
Three Months Ended June 30, 2021 | |||||||||||||||||||||||
Revenues from contracts with customers | $ | $ | $ | $ | |||||||||||||||||||
Other (1) | |||||||||||||||||||||||
Total revenues | $ | $ | $ | $ | |||||||||||||||||||
Timing of revenue recognition: | |||||||||||||||||||||||
Goods transferred at a point in time | $ | $ | $ | $ | |||||||||||||||||||
Services transferred over time | |||||||||||||||||||||||
Total revenues from contracts with customers | $ | $ | $ | $ | |||||||||||||||||||
Three Months Ended June 30, 2020 | |||||||||||||||||||||||
Revenues from contracts with customers | $ | $ | $ | $ | |||||||||||||||||||
Other (1) | |||||||||||||||||||||||
Total revenues | $ | $ | $ | $ | |||||||||||||||||||
Timing of revenue recognition: | |||||||||||||||||||||||
Goods transferred at a point in time | $ | $ | $ | $ | |||||||||||||||||||
Services transferred over time | |||||||||||||||||||||||
Total revenues from contracts with customers | $ | $ | $ | $ | |||||||||||||||||||
Six Months Ended June 30, 2021 | |||||||||||||||||||||||
Revenues from contracts with customers | $ | $ | $ | $ | |||||||||||||||||||
Other (1) | |||||||||||||||||||||||
Total revenues | $ | $ | $ | $ | |||||||||||||||||||
Timing of revenue recognition: | |||||||||||||||||||||||
Goods transferred at a point in time | $ | $ | $ | $ | |||||||||||||||||||
Services transferred over time | |||||||||||||||||||||||
Total revenues from contracts with customers | $ | $ | $ | $ | |||||||||||||||||||
Six Months Ended June 30, 2020 | |||||||||||||||||||||||
Revenues from contracts with customers | $ | $ | $ | $ | |||||||||||||||||||
Other (1) | |||||||||||||||||||||||
Total revenues | $ | $ | $ | $ | |||||||||||||||||||
Timing of revenue recognition: | |||||||||||||||||||||||
Goods transferred at a point in time | $ | $ | $ | $ | |||||||||||||||||||
Services transferred over time | |||||||||||||||||||||||
Total revenues from contracts with customers | $ | $ | $ | $ |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Revenue gross-up | $ | $ | $ | $ |
June 30, | December 31, | ||||||||||
2021 | 2020 | ||||||||||
Insurance premiums | $ | $ | |||||||||
Vendor prepayment | |||||||||||
Rents, licenses and other | |||||||||||
Total prepayments and other current assets | $ | $ |
Estimated | |||||||||||||||||
Useful Life | June 30, | December 31, | |||||||||||||||
in Years | 2021 | 2020 | |||||||||||||||
Tractors and trailers | $ | $ | |||||||||||||||
Field equipment | |||||||||||||||||
Finance lease ROU assets (1) | |||||||||||||||||
Pipeline and related facilities | |||||||||||||||||
Linefill and base gas (2) | N/A | ||||||||||||||||
Buildings | |||||||||||||||||
Office equipment | |||||||||||||||||
Land | N/A | ||||||||||||||||
Construction in progress | N/A | ||||||||||||||||
Total | |||||||||||||||||
Less accumulated depreciation and amortization | ( | ( | |||||||||||||||
Property and equipment, net | $ | $ |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Depreciation and amortization, excluding amounts | |||||||||||||||||||||||
under finance leases | $ | $ | $ | $ | |||||||||||||||||||
Amortization of property and equipment under | |||||||||||||||||||||||
finance leases | |||||||||||||||||||||||
Total depreciation and amortization | $ | $ | $ | $ |
June 30, | December 31, | ||||||||||
2021 | 2020 | ||||||||||
Amounts associated with liability insurance program: | |||||||||||
Insurance collateral deposits | $ | $ | |||||||||
Excess loss fund | |||||||||||
Accumulated interest income | |||||||||||
Other amounts: | |||||||||||
State collateral deposits | |||||||||||
Materials and supplies | |||||||||||
Debt issuance costs | |||||||||||
Other | |||||||||||
Total other assets | $ | $ |
Reporting Segments | |||||||||||||||||||||||||||||
Crude Oil Marketing | Transportation | Pipeline and storage | Other | Total | |||||||||||||||||||||||||
Three Months Ended June 30, 2021 | |||||||||||||||||||||||||||||
Segment revenues (1) | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Less: Intersegment revenues (1) | ( | ( | ( | ||||||||||||||||||||||||||
Revenues | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Segment operating earnings (losses) (2) | ( | ||||||||||||||||||||||||||||
Depreciation and amortization | |||||||||||||||||||||||||||||
Property and equipment additions (3) | |||||||||||||||||||||||||||||
Three Months Ended June 30, 2020 | |||||||||||||||||||||||||||||
Segment revenues | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Less: Intersegment revenues | |||||||||||||||||||||||||||||
Revenues | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Segment operating earnings (losses) (2) | ( | ||||||||||||||||||||||||||||
Depreciation and amortization | |||||||||||||||||||||||||||||
Property and equipment additions (3) (4) | |||||||||||||||||||||||||||||
Six Months Ended June 30, 2021 | |||||||||||||||||||||||||||||
Segment revenues (1) | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Less: Intersegment revenues (1) | ( | ( | ( | ||||||||||||||||||||||||||
Revenues | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Segment operating earnings (losses) (2) | ( | ||||||||||||||||||||||||||||
Depreciation and amortization | |||||||||||||||||||||||||||||
Property and equipment additions (3) (4) | |||||||||||||||||||||||||||||
Six Months Ended June 30, 2020 | |||||||||||||||||||||||||||||
Segment revenues | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Less: Intersegment revenues | |||||||||||||||||||||||||||||
Revenues | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Segment operating earnings (losses) (2) | ( | ( | ( | ||||||||||||||||||||||||||
Depreciation and amortization | |||||||||||||||||||||||||||||
Property and equipment additions (3) (4) |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Segment operating earnings (losses) | $ | $ | $ | $ | ( | ||||||||||||||||||
General and administrative | ( | ( | ( | ( | |||||||||||||||||||
Operating earnings (losses) | ( | ||||||||||||||||||||||
Interest and other income | |||||||||||||||||||||||
Interest expense | ( | ( | ( | ( | |||||||||||||||||||
Earnings (losses) before income taxes | $ | $ | $ | $ | ( |
June 30, | December 31, | ||||||||||
2021 | 2020 | ||||||||||
Reporting segment: | |||||||||||
Crude oil marketing | $ | $ | |||||||||
Transportation | |||||||||||
Pipeline and storage | |||||||||||
Cash and other (1) | |||||||||||
Total assets | $ | $ |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Affiliate billings to us | $ | $ | $ | $ | |||||||||||||||||||
Billings to affiliates | |||||||||||||||||||||||
Rentals paid to affiliate |
June 30, | December 31, | ||||||||||
2021 | 2020 | ||||||||||
Accrued purchase price for VEX acquisition | $ | $ | |||||||||
Accrual for payroll, benefits and bonuses | |||||||||||
Accrued automobile and workers’ compensation claims | |||||||||||
Accrued medical claims | |||||||||||
Accrued taxes | |||||||||||
Other | |||||||||||
Total other current liabilities | $ | $ |
Balance Sheet Location and Amount | |||||||||||||||||||||||
Current | Other | Current | Other | ||||||||||||||||||||
Assets | Assets | Liabilities | Liabilities | ||||||||||||||||||||
June 30, 2021 | |||||||||||||||||||||||
Asset derivatives: | |||||||||||||||||||||||
Fair value forward hydrocarbon commodity | |||||||||||||||||||||||
contracts at gross valuation | $ | $ | $ | $ | |||||||||||||||||||
Liability derivatives: | |||||||||||||||||||||||
Fair value forward hydrocarbon commodity | |||||||||||||||||||||||
contracts at gross valuation | |||||||||||||||||||||||
Less counterparty offsets | |||||||||||||||||||||||
As reported fair value contracts | $ | $ | $ | $ | |||||||||||||||||||
December 31, 2020 | |||||||||||||||||||||||
Asset derivatives: | |||||||||||||||||||||||
Fair value forward hydrocarbon commodity | |||||||||||||||||||||||
contracts at gross valuation | $ | $ | $ | $ | |||||||||||||||||||
Liability derivatives: | |||||||||||||||||||||||
Fair value forward hydrocarbon commodity | |||||||||||||||||||||||
contracts at gross valuation | |||||||||||||||||||||||
Less counterparty offsets | |||||||||||||||||||||||
As reported fair value contracts | $ | $ | $ | $ |
Gains (losses) | |||||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Revenues – marketing | $ | $ | ( | $ | $ |
Fair Value Measurements Using | |||||||||||||||||||||||||||||
Quoted Prices | |||||||||||||||||||||||||||||
in Active | Significant | ||||||||||||||||||||||||||||
Markets for | Other | Significant | |||||||||||||||||||||||||||
Identical Assets | Observable | Unobservable | |||||||||||||||||||||||||||
and Liabilities | Inputs | Inputs | Counterparty | ||||||||||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | Offsets | Total | |||||||||||||||||||||||||
June 30, 2021 | |||||||||||||||||||||||||||||
Derivatives: | |||||||||||||||||||||||||||||
Current assets | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Current liabilities | ( | ( | |||||||||||||||||||||||||||
Net value | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
December 31, 2020 | |||||||||||||||||||||||||||||
Derivatives: | |||||||||||||||||||||||||||||
Current assets | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Current liabilities | ( | ( | |||||||||||||||||||||||||||
Net value | $ | $ | $ | $ | $ |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Compensation expense | $ | $ | $ | $ |
Weighted- | |||||||||||
Average Grant | |||||||||||
Number of | Date Fair Value | ||||||||||
Shares | per Share (1) | ||||||||||
Restricted stock unit awards at January 1, 2021 | $ | ||||||||||
Granted (2) | $ | ||||||||||
Vested | ( | $ | |||||||||
Forfeited | ( | $ | |||||||||
Restricted stock unit awards at June 30, 2021 | $ |
Weighted- | ||||||||||||||
Average Grant | ||||||||||||||
Number of | Date Fair Value | |||||||||||||
Shares | per Share (1) | |||||||||||||
Performance share unit awards at January 1, 2021 | $ | |||||||||||||
Granted (2) | $ | |||||||||||||
Vested | ( | $ | ||||||||||||
Forfeited | $ | |||||||||||||
Performance share unit awards at June 30, 2021 | $ |
Six Months Ended | |||||||||||
June 30, | |||||||||||
2021 | 2020 | ||||||||||
Cash paid for interest | $ | $ | |||||||||
Cash paid for federal and state income taxes | |||||||||||
Cash refund for NOL carryback under CARES Act | |||||||||||
Non-cash transactions: | |||||||||||
Change in accounts payable related to property and equipment additions | ( | ( | |||||||||
Property and equipment acquired under finance leases |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
Finance lease cost: | ||||||||||||||||||||||||||
Amortization of ROU assets | $ | $ | $ | $ | ||||||||||||||||||||||
Interest on lease liabilities | ||||||||||||||||||||||||||
Operating lease cost | ||||||||||||||||||||||||||
Short-term lease cost | ||||||||||||||||||||||||||
Variable lease cost | ||||||||||||||||||||||||||
Total lease expense | $ | $ | $ | $ |
Six Months Ended | ||||||||||||||
June 30, | ||||||||||||||
2021 | 2020 | |||||||||||||
Cash paid for amounts included in measurement of lease liabilities: | ||||||||||||||
Operating cash flows from operating leases (1) | $ | $ | ||||||||||||
Operating cash flows from finance leases | ||||||||||||||
Financing cash flows from finance leases | ||||||||||||||
ROU assets obtained in exchange for new lease liabilities: | ||||||||||||||
Finance leases | ||||||||||||||
Operating leases |
Six Months Ended | ||||||||||||||
June 30, | ||||||||||||||
2021 | 2020 | |||||||||||||
Weighted-average remaining lease term (years): | ||||||||||||||
Finance leases | ||||||||||||||
Operating leases | ||||||||||||||
Weighted-average discount rate: | ||||||||||||||
Finance leases | ||||||||||||||
Operating leases |
June 30, | December 31, | |||||||||||||
2021 | 2020 | |||||||||||||
Assets | ||||||||||||||
Finance lease ROU assets (1) | $ | $ | ||||||||||||
Operating lease ROU assets | ||||||||||||||
Liabilities | ||||||||||||||
Current | ||||||||||||||
Finance lease liabilities | ||||||||||||||
Operating lease liabilities | ||||||||||||||
Noncurrent | ||||||||||||||
Finance lease liabilities | ||||||||||||||
Operating lease liabilities |
Finance | Operating | |||||||||||||
Lease | Lease | |||||||||||||
Remainder of 2021 | $ | $ | ||||||||||||
2022 | ||||||||||||||
2023 | ||||||||||||||
2024 | ||||||||||||||
2025 | ||||||||||||||
Thereafter | ||||||||||||||
Total lease payments | ||||||||||||||
Less: Interest | ( | ( | ||||||||||||
Present value of lease liabilities | ||||||||||||||
Less: Current portion of lease obligation | ( | ( | ||||||||||||
Total long-term lease obligation | $ | $ |
Finance | Operating | |||||||||||||
Lease | Lease | |||||||||||||
2021 | $ | $ | ||||||||||||
2022 | ||||||||||||||
2023 | ||||||||||||||
2024 | ||||||||||||||
2025 | ||||||||||||||
Thereafter | ||||||||||||||
Total lease payments | ||||||||||||||
Less: Interest | ( | ( | ||||||||||||
Present value of lease liabilities | ||||||||||||||
Less: Current portion of lease obligation | ( | ( | ||||||||||||
Total long-term lease obligation | $ | $ |
June 30, | December 31, | ||||||||||
2021 | 2020 | ||||||||||
Pre-funded premiums for losses incurred but not reported | $ | $ | |||||||||
Accrued automobile and workers’ compensation claims | |||||||||||
Accrued medical claims |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||||||||||||||
2021 | 2020 | Change (1) | 2021 | 2020 | Change (1) | ||||||||||||||||||||||||||||||
Revenues | $ | 463,092 | $ | 140,141 | 230 | % | $ | 767,115 | $ | 477,362 | 61 | % | |||||||||||||||||||||||
Operating earnings (losses) (2) | 8,370 | 6,830 | 23 | % | 15,388 | (10,821) | (242 | %) | |||||||||||||||||||||||||||
Depreciation and amortization | 1,641 | 1,857 | (12 | %) | 3,439 | 3,864 | (11 | %) | |||||||||||||||||||||||||||
Driver compensation | 4,296 | 4,089 | 5 | % | 8,686 | 9,382 | (7 | %) | |||||||||||||||||||||||||||
Insurance | 1,869 | 2,166 | (14 | %) | 3,846 | 4,640 | (17 | %) | |||||||||||||||||||||||||||
Fuel | 1,971 | 1,132 | 74 | % | 3,712 | 3,166 | 17 | % |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Field level purchase volumes – per day (1) | |||||||||||||||||||||||
Crude oil – barrels | 89,585 | 81,152 | 86,254 | 95,203 | |||||||||||||||||||
Average purchase price | |||||||||||||||||||||||
Crude oil – per barrel | $ | 63.27 | $ | 24.12 | $ | 59.28 | $ | 36.03 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
As reported segment operating earnings (losses) (1) | $ | 8,370 | $ | 6,830 | $ | 15,388 | $ | (10,821) | |||||||||||||||
Add (subtract): | |||||||||||||||||||||||
Inventory liquidation gains | (3,650) | (6,031) | (10,593) | — | |||||||||||||||||||
Inventory valuation losses | — | — | — | 18,184 | |||||||||||||||||||
Derivative valuation (gains) losses | (4) | 7 | (25) | (12) | |||||||||||||||||||
Field level operating earnings (2) | $ | 4,716 | $ | 806 | $ | 4,770 | $ | 7,351 |
June 30, 2021 | December 31, 2020 | ||||||||||||||||||||||
Average | Average | ||||||||||||||||||||||
Barrels | Price | Barrels | Price | ||||||||||||||||||||
Crude oil inventory | 413,973 | $ | 71.45 | 421,759 | $ | 45.83 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||||||||||||||
2021 | 2020 | Change (1) | 2021 | 2020 | Change (1) | ||||||||||||||||||||||||||||||
Revenues | $ | 23,497 | $ | 12,145 | 93 | % | $ | 44,732 | $ | 28,401 | 58 | % | |||||||||||||||||||||||
Operating earnings (losses) | $ | 1,482 | $ | (1,164) | (227 | %) | $ | 2,256 | $ | (559) | (504 | %) | |||||||||||||||||||||||
Depreciation and amortization | $ | 2,937 | $ | 2,421 | 21 | % | $ | 5,938 | $ | 4,887 | 22 | % | |||||||||||||||||||||||
Driver commissions | $ | 3,875 | $ | 1,951 | 99 | % | $ | 7,471 | $ | 4,558 | 64 | % | |||||||||||||||||||||||
Insurance | $ | 2,164 | $ | 1,562 | 39 | % | $ | 4,312 | $ | 3,086 | 40 | % | |||||||||||||||||||||||
Fuel | $ | 2,105 | $ | 606 | 247 | % | $ | 3,980 | $ | 1,887 | 111 | % | |||||||||||||||||||||||
Maintenance expense | $ | 1,061 | $ | 620 | 71 | % | $ | 1,974 | $ | 1,451 | 36 | % | |||||||||||||||||||||||
Mileage (000s) | 7,246 | 3,890 | 86 | % | 14,178 | 9,130 | 55 | % |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Total transportation revenue | $ | 23,497 | $ | 12,145 | $ | 44,732 | $ | 28,401 | |||||||||||||||
Diesel fuel cost | (2,105) | (606) | (3,980) | (1,887) | |||||||||||||||||||
Revenues, net of fuel cost (1) | $ | 21,392 | $ | 11,539 | $ | 40,752 | $ | 26,514 |
Three Months | Six Months | ||||||||||
Ended | Ended | ||||||||||
June 30, | June 30, | ||||||||||
2021 | 2021 | ||||||||||
Segment revenues (1) | $ | 651 | $ | 1,070 | |||||||
Less: Intersegment revenues (1) | (496) | (682) | |||||||||
Revenues | $ | 155 | $ | 388 | |||||||
Operating losses | (556) | (1,121) | |||||||||
Depreciation and amortization | 223 | 477 | |||||||||
Insurance | 148 | 358 |
Three Months | Six Months | ||||||||||
Ended | Ended | ||||||||||
June 30, | June 30, | ||||||||||
2021 | 2021 | ||||||||||
Pipeline throughput | 7,876 | 5,430 | |||||||||
Terminalling | 8,106 | 6,518 |
June 30, | December 31, | ||||||||||
2021 | 2020 | ||||||||||
Cash and cash equivalents | $ | 88,668 | $ | 39,293 | |||||||
Working capital | 88,143 | 72,965 |
Six Months Ended | |||||||||||
June 30, | |||||||||||
2021 | 2020 | ||||||||||
Cash provided by (used in): | |||||||||||
Operating activities | $ | 52,107 | $ | (30,459) | |||||||
Investing activities | (2,286) | (10,374) | |||||||||
Financing activities | (6,185) | (3,225) |
June 30, | December 31, | ||||||||||
2021 | 2020 | ||||||||||
Early payments received | $ | 51,133 | $ | 939 | |||||||
Prepayments to suppliers | — | 1,085 |
Six Months Ended | |||||||||||
June 30, | |||||||||||
2021 | 2020 | ||||||||||
Crude oil marketing (1) | $ | 702 | $ | 2,050 | |||||||
Transportation (2) | 2,703 | 364 | |||||||||
Pipeline and storage (3) | 189 | — | |||||||||
Other (4) | 8 | 466 | |||||||||
Capital spending | $ | 3,602 | $ | 2,880 |
Payments due by period | ||||||||||||||||||||||||||||||||
Contractual Obligations | Total | Less than 1 year | 1-3 years | 3-5 years | More than 5 years | |||||||||||||||||||||||||||
Credit Agreement (1) | $ | 8,073 | $ | 8,073 | $ | — | $ | — | $ | — | ||||||||||||||||||||||
Finance lease obligations (2) | 16,441 | 4,673 | 6,041 | 5,727 | — | |||||||||||||||||||||||||||
Operating lease obligations (3) | 7,810 | 2,344 | 3,717 | 1,183 | 566 | |||||||||||||||||||||||||||
Purchase obligations (4) | 11,830 | 11,830 | — | — | — | |||||||||||||||||||||||||||
Total contractual obligations | $ | 44,154 | $ | 26,920 | $ | 9,758 | $ | 6,910 | $ | 566 |
Exhibit | ||||||||
Number | Exhibit | |||||||
3.1 | ||||||||
3.2 | ||||||||
10.1 | ||||||||
31.1* | ||||||||
31.2* | ||||||||
32.1* | ||||||||
32.2* | ||||||||
101.CAL* | Inline XBRL Calculation Linkbase Document | |||||||
101.DEF* | Inline XBRL Definition Linkbase Document | |||||||
101.INS* | Inline XBRL Instance Document — the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | |||||||
101.LAB* | Inline XBRL Labels Linkbase Document | |||||||
101.PRE* | Inline XBRL Presentation Linkbase Document | |||||||
101.SCH* | Inline XBRL Schema Document | |||||||
104* | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) |
ADAMS RESOURCES & ENERGY, INC. | |||||||||||
(Registrant) | |||||||||||
Date: | August 12, 2021 | By: | /s/ Kevin J. Roycraft | ||||||||
Kevin J. Roycraft | |||||||||||
Chief Executive Officer | |||||||||||
(Principal Executive Officer) | |||||||||||
By: | /s/ Tracy E. Ohmart | ||||||||||
Tracy E. Ohmart | |||||||||||
Chief Financial Officer | |||||||||||
(Principal Financial Officer and Principal | |||||||||||
Accounting Officer) |
Date: | August 12, 2021 | By: | /s/ Kevin J. Roycraft | ||||||||
Kevin J. Roycraft | |||||||||||
Chief Executive Officer |
Date: | August 12, 2021 | By: | /s/ Tracy E. Ohmart | ||||||||
Tracy E. Ohmart | |||||||||||
Chief Financial Officer |
Date: | August 12, 2021 | By: | /s/ Kevin J. Roycraft | ||||||||
Kevin J. Roycraft | |||||||||||
Chief Executive Officer |
Date: | August 12, 2021 | By: | /s/ Tracy E. Ohmart | ||||||||
Tracy E. Ohmart | |||||||||||
Chief Financial Officer |
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Current assets: | ||
Allowance for doubtful accounts | $ 112 | $ 114 |
Shareholders’ equity: | ||
Preferred stock - par value (in dollars per share) | $ 1.00 | $ 1.00 |
Preferred stock - shares authorized (in shares) | 960,000 | 960,000 |
Preferred stock - shares outstanding (in shares) | 0 | 0 |
Common stock - par value (in dollars per share) | $ 0.10 | $ 0.10 |
Common stock - shares authorized (in shares) | 7,500,000 | 7,500,000 |
Common stock - shares outstanding (in shares) | 4,257,378 | 4,243,716 |
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares |
3 Months Ended | |||
---|---|---|---|---|
Jun. 30, 2021 |
Mar. 31, 2021 |
Jun. 30, 2020 |
Mar. 31, 2020 |
|
Statement of Stockholders' Equity [Abstract] | ||||
Dividends per common share (in dollars per share) | $ 0.24 | $ 0.24 | $ 0.24 | $ 0.24 |
Awards under LTIP (in dollars per share) | $ 0.24 | $ 0.24 | $ 0.24 | $ 0.24 |
Organization and Basis of Presentation |
6 Months Ended |
---|---|
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Basis of Presentation | Organization and Basis of Presentation Organization Adams Resources & Energy, Inc. is a publicly traded Delaware corporation organized in 1973, the common shares of which are listed on the NYSE American LLC under the ticker symbol “AE”. Through our subsidiaries, we are primarily engaged in crude oil marketing, transportation, terminalling and storage in various crude oil and natural gas basins in the lower 48 states of the United States (“U.S.”). We also conduct tank truck transportation of liquid chemicals, pressurized gases, asphalt and dry bulk primarily in the lower 48 states of the U.S. with deliveries into Canada and Mexico, and with eighteen terminals across the U.S. Unless the context requires otherwise, references to “we,” “us,” “our” or “Company” are intended to mean the business and operations of Adams Resources & Energy, Inc. and its consolidated subsidiaries. We operate and report in three business segments: (i) crude oil marketing, transportation and storage; (ii) tank truck transportation of liquid chemicals, pressurized gases, asphalt and dry bulk; and (iii) pipeline transportation, terminalling and storage of crude oil. See Note 7 for further information regarding our business segments. Basis of Presentation Our results of operations for the three and six months ended June 30, 2021 are not necessarily indicative of results expected for the full year of 2021. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments consisting of normal recurring accruals necessary for fair presentation. The condensed consolidated financial statements and the accompanying notes are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial statements and the rules of the U.S. Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures required by GAAP for complete annual financial statements have been omitted and, therefore, these interim financial statements should be read in conjunction with our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2020 (the “2020 Form 10-K”) filed with the SEC on March 5, 2021. All significant intercompany transactions and balances have been eliminated in consolidation. Use of Estimates The preparation of our financial statements in conformity with GAAP requires management to use estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. We base our estimates and judgments on historical experience and on various other assumptions and information we believe to be reasonable under the circumstances. Estimates and assumptions about future events and their effects cannot be perceived with certainty and, accordingly, these estimates may change as new events occur, as more experience is acquired, as additional information is obtained and as the operating environment changes. While we believe the estimates and assumptions used in the preparation of these condensed consolidated financial statements are appropriate, actual results could differ from those estimates.
|
Summary of Significant Accounting Policies |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Cash, Cash Equivalents and Restricted Cash The following table provides a reconciliation of cash and cash equivalents and restricted cash as reported in the unaudited condensed consolidated balance sheets that totals to the amounts shown in the unaudited condensed consolidated statements of cash flows at the dates indicated (in thousands):
_____________ (1)Represents amounts held in a segregated bank account by Wells Fargo as collateral for outstanding letters of credit. Effective with our entry into a credit agreement (see Note 10), letters of credit are now secured under the credit agreement. (2)$1.5 million of the restricted cash balance relates to the initial capitalization of our captive insurance company formed in late 2020, and the remainder represents amounts paid to our captive insurance company for insurance premiums. Common Shares Outstanding The following table reconciles our outstanding common stock for the periods indicated:
Earnings Per Share Basic earnings (losses) per share is computed by dividing our net earnings (losses) by the weighted average number of common shares outstanding during the period. Diluted earnings (losses) per share is computed by giving effect to all potential common shares outstanding, including our shares related to unvested restricted stock unit awards. Unvested restricted stock unit awards granted under the Adams Resources & Energy, Inc. 2018 Long-Term Incentive Plan (“2018 LTIP”) are not considered to be participating securities as the holders of these shares do not have non-forfeitable dividend rights in the event of our declaration of a dividend for common shares (see Note 12 for further discussion). A reconciliation of the calculation of basic and diluted earnings (losses) per share was as follows for the periods indicated (in thousands, except per share data):
_______________ (1)For the six months ended June 30, 2020, the effect of the restricted stock unit awards and the performance share awards on losses per share is anti-dilutive. (2)The dilutive effect of performance share awards are included in the calculation of diluted earnings per share when the performance share award performance conditions have been achieved. Fair Value Measurements The carrying amounts reported in the unaudited condensed consolidated balance sheets for cash and cash equivalents, accounts receivable and accounts payable approximates fair value because of the immediate or short-term maturity of these financial instruments. Marketable securities are recorded at fair value based on market quotations from actively traded liquid markets. A three-tier hierarchy has been established that classifies fair value amounts recognized in the financial statements based on the observability of inputs used to estimate these fair values. The hierarchy considers fair value amounts based on observable inputs (Levels 1 and 2) to be more reliable and predictable than those based primarily on unobservable inputs (Level 3). At each balance sheet reporting date, we categorize our financial assets and liabilities using this hierarchy. Fair value contracts consist of derivative financial instruments and are recorded as either an asset or liability measured at its fair value. Changes in fair value are recognized immediately in earnings unless the derivatives qualify for, and we elect, cash flow hedge accounting. We had no contracts designated for hedge accounting during any current reporting periods (see Note 11 for further information). Income Taxes Income taxes are accounted for using the asset and liability method. Under this approach, deferred tax assets and liabilities are recognized based on anticipated future tax consequences attributable to differences between financial statement carrying amounts of these items and their respective tax basis. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was enacted and signed into law in response to the COVID-19 pandemic. The CARES Act, among other things, permits net operating losses (“NOL”) incurred in tax years 2018, 2019 and 2020 to offset 100 percent of taxable income and be carried back to each of the five preceding taxable years to generate a refund of previously paid income taxes. We have determined that the NOL carryback provision in the CARES Act would result in a cash benefit to us for the fiscal years 2018 and 2019. We carried back our NOL for fiscal year 2018 to 2013, and in June 2020, we received a cash refund of approximately $2.7 million. We also carried back the NOL for the fiscal year 2019 to 2014, and in April 2021, we received a cash refund of approximately $3.7 million. We have an income tax receivable at June 30, 2021, of approximately $6.8 million for the benefit of carrying back the NOL for the fiscal year 2020 to 2015 and 2016. As we are carrying the losses back to years beginning before January 1, 2018, the receivable was recorded at the previous 35 percent federal tax rate rather than the current statutory rate of 21 percent. Inventory Inventory consists of crude oil held in storage tanks and at third-party pipelines as part of our crude oil marketing and pipeline and storage operations. Crude oil inventory is carried at the lower of cost or net realizable value. At the end of each reporting period, we assess the carrying value of our inventory and make adjustments necessary to reduce the carrying value to the applicable net realizable value. Any resulting adjustments are a component of marketing costs and expenses or pipeline and storage expenses on our consolidated statements of operations. During the six months ended June 30, 2020, we recorded a charge of $24.2 million related to the write-down of our crude oil inventory in our crude oil marketing segment due to declines in prices. Property and Equipment Property and equipment is recorded at cost. Expenditures for additions, improvements and other enhancements to property and equipment are capitalized, and minor replacements, maintenance and repairs that do not extend asset life or add value are charged to expense as incurred. When property and equipment assets are retired or otherwise disposed of, the related cost and accumulated depreciation is removed from the accounts and any resulting gain or loss is included in results of operations in operating costs and expenses for the respective period. Property and equipment, except for land, is depreciated using the straight-line method over the estimated average useful lives ranging from to thirty-nine years. We review our long-lived assets for impairment whenever there is evidence that the carrying value of these assets may not be recoverable. Any impairment recognized is permanent and may not be restored. Property and equipment is reviewed at the lowest level of identifiable cash flows. For property and equipment requiring impairment, the fair value is estimated based on an internal discounted cash flow model of future cash flows. See Note 5 for additional information regarding our property and equipment. Stock-Based Compensation We measure all share-based payment awards, including the issuance of restricted stock unit awards and performance share unit awards to employees and board members, using a fair-value based method. The cost of services received from employees and non-employee board members in exchange for awards of equity instruments is recognized in the consolidated statements of operations based on the estimated fair value of those awards on the grant date and is amortized on a straight-line basis over the requisite service period. The fair value of restricted stock unit awards and performance share unit awards is based on the closing price of our common stock on the grant date. We account for forfeitures as they occur. See Note 12 for additional information regarding our 2018 LTIP.
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Revenue Recognition |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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):
_______________ (1)Other crude oil marketing revenues are recognized under Accounting Standards Codification (“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):
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Prepayments and Other Current Assets |
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prepayments and Other Current Assets | Prepayments and Other Current Assets The components of prepayments and other current assets were as follows at the dates indicated (in thousands):
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Property and Equipment |
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property and Equipment | Property and Equipment The historical costs of our property and equipment and related accumulated depreciation and amortization balances were as follows at the dates indicated (in thousands):
_______________ (1)Our finance lease right-of-use (“ROU)” assets arise from leasing arrangements for the right to use various classes of underlying assets including tractors, trailers, a tank storage and throughput arrangement and office equipment (see Note 14 for further information). Accumulated amortization of the assets presented as “Finance lease ROU assets” was $7.4 million and $5.0 million at June 30, 2021 and December 31, 2020, respectively. (2)Linefill and base gas represents crude oil in the VEX pipeline and storage tanks we own, and the crude oil is recorded at historical cost. Components of depreciation and amortization expense were as follows for the periods indicated (in thousands):
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Other Assets |
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets | Other Assets Components of other assets were as follows at the dates indicated (in thousands):
We have established certain deposits to support participation in our liability insurance program and remittance of state crude oil severance taxes and other state collateral deposits. Insurance collateral deposits are held by the insurance company to cover past or potential open claims based upon a percentage of the maximum assessment under our insurance policies. Insurance collateral deposits are invested at the discretion of our insurance carrier. Excess amounts in our loss fund represent premium payments in excess of claims incurred to date that we may be entitled to recover through settlement or commutation as claim periods are closed. Interest income is earned on the majority of amounts held by the insurance companies and will be paid to us upon settlement of policy years.
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Segment Reporting |
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting | Segment Reporting We operate and report in three business segments: (i) crude oil marketing, transportation and storage; (ii) tank truck transportation of liquid chemicals, pressurized gases, asphalt and dry bulk; and (iii) pipeline transportation, terminalling and storage of crude oil. Financial information by reporting segment was as follows for the periods indicated (in thousands):
_______________ (1)Segment revenues include intersegment amounts that are eliminated in operating costs and expenses in our unaudited condensed consolidated statements of operations. Intersegment activities are conducted at posted tariff rates where applicable, or otherwise at rates similar to those charged to third parties or rates that we believe approximate market at the time the agreement is executed. (2)Our crude oil marketing segment’s operating (losses) earnings included inventory liquidation gains of $3.7 million and $6.0 million for the three months ended June 30, 2021 and 2020, respectively. For the six months ended June 30, 2021 and 2020, our crude oil marketing segment’s operating (losses) earnings included inventory liquidation gains of $10.6 million and inventory valuation losses of $18.2 million, respectively. (3)Our segment property and equipment additions do not include assets acquired under finance leases during the three and six months ended June 30, 2021 and 2020. See Note 14 for further information. (4)During the three months ended June 30, 2020 and the six months ended June 30, 2021 and 2020, we had $0.3 million, $8.0 thousand and $0.5 million, respectively, of property and equipment additions for computer equipment and leasehold improvements at our corporate headquarters, which were not attributed or allocated to any of our reporting segments. Segment operating earnings (losses) reflect revenues net of operating costs and depreciation and amortization expense and are reconciled to earnings (losses) before income taxes, as follows for the periods indicated (in thousands):
Identifiable assets by business segment were as follows at the dates indicated (in thousands):
_______________ (1)Other identifiable assets are primarily corporate cash, corporate accounts receivable, properties and operating lease right-of-use assets 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.
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Transactions with Affiliates |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transactions with Affiliates | Transactions with Affiliates We enter into certain transactions in the normal course of business with affiliated entities including direct cost reimbursement for shared phone and administrative services from KSA Industries, Inc. (“KSA”), an affiliated entity. We lease our corporate office space in a building operated by 17 South Briar Hollow Lane, LLC, an affiliate of KSA. Activities with affiliates were as follows for the periods indicated (in thousands):
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Other Current Liabilities |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Other Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Current Liabilities | Other Current Liabilities The components of other current liabilities were as follows at the dates indicated (in thousands):
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Credit Agreement |
6 Months Ended |
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Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Credit Agreement | Credit AgreementOn May 4, 2021, we entered into a Credit Agreement (“Credit Agreement”) with Wells Fargo Bank, National Association, as Agent and Issuing Lender, under which we may borrow or issue letters of credit in an aggregate of up to $40.0 million under a revolving credit facility (the “Revolving Credit Facility”), which will mature on May 4, 2024, subject to our compliance with certain financial covenants. At June 30, 2021, we had $8.0 million of borrowings outstanding under the Credit Agreement at a weighted average interest rate of 2.75 percent per annum and $9.2 million of letters of credit issued under the Credit Agreement at a fee of 1.75 percent per annum. For each borrowing under the Revolving Credit Facility, we can elect whether the loans bear interest at (i) the Base Rate plus Applicable Margin; or (ii) the LIBOR Rate plus Applicable Margin. Base Rate is the highest of (a) the Prime Rate, (b) the Federal Funds Rate, plus 0.50 percent and (c) LIBOR for an interest period of three months plus 1.00 percent. The Applicable Margin to be added to a Base Rate borrowing is 0.75 percent. The LIBOR Rate is (x) LIBOR (which shall not be less than 1.00 percent) divided by (y) 1.00 minus the Eurodollar Reserve Percentage. The Applicable Margin to be added to a LIBOR borrowing is 1.75 percent. A commitment fee of 0.25 percent per annum will accrue on the daily average unused amount of the commitments under the Revolving Credit Facility. Under the Credit Agreement, we are required to maintain compliance with the following financial covenants on a pro forma basis, after giving effect to any borrowings (in each case commencing with the fiscal quarter ending June 30, 2021): (i) the Consolidated Total Leverage Ratio, which is the ratio of (a) Consolidated Funded Indebtedness on such date to (b) Consolidated EBITDA for the most recently completed Reference Period shall not be greater than 3.00 to 1.00.; (ii) the Current Ratio, which is (a) consolidated current assets to (b) consolidated current liabilities, in each case with certain exclusions, shall not be less than 1.25 to 1.00; (iii) Consolidated Interest Coverage Ratio, which is the ratio of (a) Consolidated EBITDA for the most recently completed Reference Period to (b) Consolidated Interest Expense for the most recently completed Reference Period shall be not be less than 3.00 to 1.00; and (iv) the Consolidated Tangible Net Worth, which is (a) our shareholders’, equity as shown on our consolidated statement of financial position, with certain exclusions, minus (b) all goodwill and intangible assets as of such date shall not be less than $100.0 million. The Reference Period means the most recently completed four consecutive fiscal quarters. Consolidated EBITDA is defined under the Credit Agreement as: (a) Consolidated Net Income for such period plus (b) the sum of the following, without duplication, to the extent deducted in determining Consolidated Net Income for such period: (i) Consolidated Interest Expense; (ii) expense for taxes measured by net income, profits or capital (or any similar measures), paid or accrued, including federal and state and local income taxes, foreign income taxes and franchise taxes; and (iii) depreciation, amortization and other non-cash charges or expenses, excluding any non-cash charge or expense that represents an accrual for a cash expense to be taken in a future period; less (c) the sum of the following, without duplication, to the extent included in determining Consolidated Net Income for such period: (i) interest income, (ii) federal, state, local and foreign income tax credits us and our subsidiaries for such period (to the extent not netted from income tax expense); (iii) any unusual and non-recurring gains; (iv) non-cash gains or non-cash items; and (v) any cash expense made during such period which represents the reversal of any non-cash expense that was added in a prior period pursuant to clause (b)(iii) above subsequent to the fiscal quarter in which the relevant non-cash expenses, charges or losses were incurred. The Credit Agreement contains certain customary representations and warranties and affirmative and negative covenants. The affirmative covenants require us to provide the lenders with certain financial statements, business plans, compliance certificates and other documents and reports and to comply with certain laws. The negative covenants restrict each of the borrowers’ ability to incur additional indebtedness, create additional liens on its assets, make certain investments, dispose of its assets or engage in a merger or other similar transaction or engage in transactions with affiliates, subject, in each case, to the various exceptions and conditions described in the Credit Agreement. The negative covenants further restrict our ability to make certain restricted payments. Our obligations under the Credit Agreement are secured by a pledge of substantially all of our personal property and substantially all of the personal property of certain of our other direct and indirect subsidiaries. At June 30, 2021, we were in compliance with all covenants under the Credit Agreement. We incurred $0.3 million of debt issuance costs, which are included in other assets and are being amortized to interest expense over the term of the Credit Agreement.
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Derivative Instruments and Fair Value Measurements |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Fair Value Measurements | Derivative Instruments and Fair Value Measurements Derivative Instruments In the normal course of our operations, our crude oil marketing segment purchases and sells crude oil. We seek to profit by procuring the commodity as it is produced and then delivering the material to the end users or the intermediate use marketplace. As typical for the industry, these transactions are made pursuant to the terms of forward month commodity purchase and/or sale contracts. Some of these contracts meet the definition of a derivative instrument, and therefore, we account for these contracts at fair value, unless the normal purchase and sale exception is applicable. These types of underlying contracts are standard for the industry and are the governing document for our crude oil marketing segment. None of our derivative instruments have been designated as hedging instruments. At June 30, 2021, we had in place seven commodity purchase and sale contracts which had a fair value associated with them as the contractual prices of crude oil were outside of the range of prices specified in the agreements. These commodity purchase and sale contracts encompassed approximately 740 barrels per day of crude oil during July 2021 through December 2021. At December 31, 2020, we had in place six commodity purchase and sale contracts, of which three had a fair value associated with them as the contractual prices of crude oil were outside the range of prices specified in the agreements. These commodity purchase and sale contracts encompassed approximately 192 barrels per day of crude oil during January 2021 through December 2021. The estimated fair value of forward month commodity contracts (derivatives) reflected in the accompanying unaudited condensed consolidated balance sheets were as follows at the dates indicated (in thousands):
We only enter into commodity contracts with creditworthy counterparties and evaluate our exposure to significant counterparties on an ongoing basis. At June 30, 2021 and December 31, 2020, we were not holding nor have we posted any collateral to support our forward month fair value derivative activity. We are not subject to any credit-risk related trigger events. We have no other financial investment arrangements that would serve to offset our derivative contracts. Forward month commodity contracts (derivatives) reflected in the accompanying unaudited condensed consolidated statements of operations were as follows for the periods indicated (in thousands):
Fair Value Measurements The following tables set forth, by level with the Level 1, 2 and 3 fair value hierarchy, the carrying values of our financial assets and liabilities at the dates indicated (in thousands):
These assets and liabilities are measured on a recurring basis and are classified based on the lowest level of input used to estimate their fair value. Our assessment of the relative significance of these inputs requires judgments. When determining fair value measurements, we make credit valuation adjustments to reflect both our own nonperformance risk and our counterparty’s nonperformance risk. When adjusting the fair value of derivative contracts for the effect of nonperformance risk, we consider the impact of netting and any applicable credit enhancements. Credit valuation adjustments utilize Level 3 inputs, such as credit scores to evaluate the likelihood of default by us or our counterparties. At June 30, 2021 and December 31, 2020, credit valuation adjustments were not significant to the overall valuation of our fair value contracts. As a result, applicable fair value assets and liabilities are included in their entirety in the fair value hierarchy.
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Stock-Based Compensation Plan |
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Share-based Payment Arrangement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-Based Compensation Plan | Stock-Based Compensation Plan We have in place a long-term incentive plan in which any employee or non-employee director who provides services to us is eligible to participate. The 2018 LTIP, which is overseen by the Compensation Committee of our Board of Directors, provides for the grant of various types of equity awards, of which restricted stock unit awards and performance-based compensation awards have been granted. The maximum number of shares authorized for issuance under the 2018 LTIP is 150,000 shares, and the 2018 LTIP is effective until May 8, 2028. After giving effect to awards granted and forfeitures made under the 2018 LTIP, the achievement of performance factors through December 31, 2020, and assuming the potential achievement of the maximum amounts of the performance factors through June 30, 2021, a total of 38,525 shares were available for issuance. Compensation expense recognized in connection with equity-based awards was as follows for the periods indicated (in thousands):
At June 30, 2021 and December 31, 2020, we had $55,600 and $50,800, respectively, of accrued dividend amounts for awards granted under the 2018 LTIP. Restricted Stock Unit Awards The following table presents restricted stock unit award activity for the periods indicated:
_______________ (1)Determined by dividing the aggregate grant date fair value of awards by the number of awards issued. (2)The aggregate grant date fair value of restricted stock unit awards issued during 2021 was $0.8 million based on a grant date market price of our common shares ranging from $29.70 to $30.00 per share. Unrecognized compensation cost associated with restricted stock unit awards was approximately $0.7 million at June 30, 2021. Due to the graded vesting provisions of these awards, we expect to recognize the remaining compensation cost for these awards over a weighted-average period of 1.5 years. Performance Share Unit Awards The following table presents performance share unit award activity for the periods indicated:
_______________ (1)Determined by dividing the aggregate grant date fair value of awards by the number of awards issued. (2)The aggregate grant date fair value of performance share unit awards issued during 2021 was $0.4 million based on a grant date market price of our common shares of $29.70 per share and assuming a performance factor of 100 percent. Unrecognized compensation cost associated with performance share unit awards was approximately $0.5 million at June 30, 2021. We expect to recognize the remaining compensation cost for these awards over a weighted-average period of 2.5 years.
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Supplemental Cash Flow Information |
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Supplemental Cash Flow Information | Supplemental Cash Flow Information Supplemental cash flows and non-cash transactions were as follows for the periods indicated (in thousands):
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Leases |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | Leases The following table provides the components of lease expense for the periods indicated (in thousands):
The following table provides supplemental cash flow and other information related to leases for the periods indicated (in thousands):
______________ (1)Amounts are included in Other operating activities on the unaudited condensed consolidated statements of cash flows. The following table provides the lease terms and discount rates for the periods indicated:
The following table provides supplemental balance sheet information related to leases at the dates indicated (in thousands):
______________ (1)Amounts are included in Property and equipment, net on the unaudited condensed consolidated balance sheets. The following table provides maturities of undiscounted lease liabilities at June 30, 2021 (in thousands):
The following table provides maturities of undiscounted lease liabilities at December 31, 2020 (in thousands):
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Leases | Leases The following table provides the components of lease expense for the periods indicated (in thousands):
The following table provides supplemental cash flow and other information related to leases for the periods indicated (in thousands):
______________ (1)Amounts are included in Other operating activities on the unaudited condensed consolidated statements of cash flows. The following table provides the lease terms and discount rates for the periods indicated:
The following table provides supplemental balance sheet information related to leases at the dates indicated (in thousands):
______________ (1)Amounts are included in Property and equipment, net on the unaudited condensed consolidated balance sheets. The following table provides maturities of undiscounted lease liabilities at June 30, 2021 (in thousands):
The following table provides maturities of undiscounted lease liabilities at December 31, 2020 (in thousands):
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Commitments and Contingencies |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies | Commitments and Contingencies Insurance We have accrued liabilities for estimated workers’ compensation and other casualty claims incurred based upon claim reserves plus an estimate for loss development and incurred but not reported claims. We self-insure a significant portion of expected losses relating to workers’ compensation, general liability and automobile liability, with a self-insured retention of $1.0 million. Insurance is purchased over our retention to reduce our exposure to catastrophic events. We also share 20 percent of the risk of loss, capped at $1.0 million for any claims in excess of $5.0 million. Estimates are recorded for potential and incurred outstanding liabilities for workers’ compensation, auto and general liability claims and claims that are incurred but not reported. Estimates are based on adjusters’ estimates, historical experience and statistical methods commonly used within the insurance industry that we believe are reliable. We have also engaged a third-party actuary to perform a review of our accrued liability for these claims as well as potential funded losses in our captive insurance company. Insurance estimates include certain assumptions and management judgments regarding the frequency and severity of claims, claim development and settlement practices and the selection of estimated loss among estimates derived using different methods. Unanticipated changes in these factors may produce materially different amounts of expense that would be reported under these programs. On October 1, 2020, we elected to utilize a wholly owned insurance captive to insure the self-insured retention for our workers’ compensation, general liability and automobile liability insurance programs. All accrued liabilities associated with periods from October 1, 2017 through current were transferred to the captive. We maintain excess property and casualty reinsurance programs with third-party insurers in an effort to limit the financial impact of significant events covered under these programs. Our operating subsidiaries pay premiums to both the excess and reinsurance carriers and our captive for the estimated losses based on an external actuarial analysis. These premiums held by our wholly owned captive are currently held in a restricted account, resulting in a transfer of risk from our operating subsidiaries to the captive. We also maintain a self-insurance program for managing employee medical claims in excess of employee deductibles. As claims are paid, the liability is relieved. We also maintain third party insurance stop-loss coverage for individual medical claims exceeding a certain minimum threshold. In addition, we maintain $1.4 million of umbrella insurance coverage for annual aggregate medical claims exceeding approximately $7.5 million. Our accruals for automobile, workers’ compensation and medical claims were as follows at the dates indicated (in thousands):
Litigation From time to time as incidental to our operations, we may become involved in various lawsuits and/or disputes. Primarily as an operator of an extensive trucking fleet, we are a party to motor vehicle accidents, worker compensation claims and other items of general liability as would be typical for the industry. We are presently unaware of any claims against us that are either outside the scope of insurance coverage or that may exceed the level of insurance coverage and could potentially represent a material adverse effect on our financial position, results of operations or cash flows.
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Summary of Significant Accounting Policies (Policies) |
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Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Organization | Organization Adams Resources & Energy, Inc. is a publicly traded Delaware corporation organized in 1973, the common shares of which are listed on the NYSE American LLC under the ticker symbol “AE”. Through our subsidiaries, we are primarily engaged in crude oil marketing, transportation, terminalling and storage in various crude oil and natural gas basins in the lower 48 states of the United States (“U.S.”). We also conduct tank truck transportation of liquid chemicals, pressurized gases, asphalt and dry bulk primarily in the lower 48 states of the U.S. with deliveries into Canada and Mexico, and with eighteen terminals across the U.S. Unless the context requires otherwise, references to “we,” “us,” “our” or “Company” are intended to mean the business and operations of Adams Resources & Energy, Inc. and its consolidated subsidiaries. We operate and report in three business segments: (i) crude oil marketing, transportation and storage; (ii) tank truck transportation of liquid chemicals, pressurized gases, asphalt and dry bulk; and (iii) pipeline transportation, terminalling and storage of crude oil. See Note 7 for further information regarding our business segments.
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Basis of Presentation | Basis of Presentation Our results of operations for the three and six months ended June 30, 2021 are not necessarily indicative of results expected for the full year of 2021. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments consisting of normal recurring accruals necessary for fair presentation. The condensed consolidated financial statements and the accompanying notes are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial statements and the rules of the U.S. Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures required by GAAP for complete annual financial statements have been omitted and, therefore, these interim financial statements should be read in conjunction with our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2020 (the “2020 Form 10-K”) filed with the SEC on March 5, 2021. All significant intercompany transactions and balances have been eliminated in consolidation.
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Use of Estimates | Use of EstimatesThe preparation of our financial statements in conformity with GAAP requires management to use estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. We base our estimates and judgments on historical experience and on various other assumptions and information we believe to be reasonable under the circumstances. Estimates and assumptions about future events and their effects cannot be perceived with certainty and, accordingly, these estimates may change as new events occur, as more experience is acquired, as additional information is obtained and as the operating environment changes. While we believe the estimates and assumptions used in the preparation of these condensed consolidated financial statements are appropriate, actual results could differ from those estimates. |
Earnings Per Share | Earnings Per ShareBasic earnings (losses) per share is computed by dividing our net earnings (losses) by the weighted average number of common shares outstanding during the period. Diluted earnings (losses) per share is computed by giving effect to all potential common shares outstanding, including our shares related to unvested restricted stock unit awards. Unvested restricted stock unit awards granted under the Adams Resources & Energy, Inc. 2018 Long-Term Incentive Plan (“2018 LTIP”) are not considered to be participating securities as the holders of these shares do not have non-forfeitable dividend rights in the event of our declaration of a dividend for common shares (see Note 12 for further discussion). |
Fair Value Measurements | Fair Value Measurements The carrying amounts reported in the unaudited condensed consolidated balance sheets for cash and cash equivalents, accounts receivable and accounts payable approximates fair value because of the immediate or short-term maturity of these financial instruments. Marketable securities are recorded at fair value based on market quotations from actively traded liquid markets. A three-tier hierarchy has been established that classifies fair value amounts recognized in the financial statements based on the observability of inputs used to estimate these fair values. The hierarchy considers fair value amounts based on observable inputs (Levels 1 and 2) to be more reliable and predictable than those based primarily on unobservable inputs (Level 3). At each balance sheet reporting date, we categorize our financial assets and liabilities using this hierarchy. Fair value contracts consist of derivative financial instruments and are recorded as either an asset or liability measured at its fair value. Changes in fair value are recognized immediately in earnings unless the derivatives qualify for, and we elect, cash flow hedge accounting. We had no contracts designated for hedge accounting during any current reporting periods (see Note 11 for further information).
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Income Taxes | Income Taxes Income taxes are accounted for using the asset and liability method. Under this approach, deferred tax assets and liabilities are recognized based on anticipated future tax consequences attributable to differences between financial statement carrying amounts of these items and their respective tax basis. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was enacted and signed into law in response to the COVID-19 pandemic. The CARES Act, among other things, permits net operating losses (“NOL”) incurred in tax years 2018, 2019 and 2020 to offset 100 percent of taxable income and be carried back to each of the five preceding taxable years to generate a refund of previously paid income taxes. We have determined that the NOL carryback provision in the CARES Act would result in a cash benefit to us for the fiscal years 2018 and 2019. We carried back our NOL for fiscal year 2018 to 2013, and in June 2020, we received a cash refund of approximately $2.7 million. We also carried back the NOL for the fiscal year 2019 to 2014, and in April 2021, we received a cash refund of approximately $3.7 million. We have an income tax receivable at June 30, 2021, of approximately $6.8 million for the benefit of carrying back the NOL for the fiscal year 2020 to 2015 and 2016. As we are carrying the losses back to years beginning before January 1, 2018, the receivable was recorded at the previous 35 percent federal tax rate rather than the current statutory rate of 21 percent.
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Inventory | InventoryInventory consists of crude oil held in storage tanks and at third-party pipelines as part of our crude oil marketing and pipeline and storage operations. Crude oil inventory is carried at the lower of cost or net realizable value. At the end of each reporting period, we assess the carrying value of our inventory and make adjustments necessary to reduce the carrying value to the applicable net realizable value. Any resulting adjustments are a component of marketing costs and expenses or pipeline and storage expenses on our consolidated statements of operations. During the six months ended June 30, 2020, we recorded a charge of $24.2 million related to the write-down of our crude oil inventory in our crude oil marketing segment due to declines in prices. |
Property and Equipment | Property and Equipment Property and equipment is recorded at cost. Expenditures for additions, improvements and other enhancements to property and equipment are capitalized, and minor replacements, maintenance and repairs that do not extend asset life or add value are charged to expense as incurred. When property and equipment assets are retired or otherwise disposed of, the related cost and accumulated depreciation is removed from the accounts and any resulting gain or loss is included in results of operations in operating costs and expenses for the respective period. Property and equipment, except for land, is depreciated using the straight-line method over the estimated average useful lives ranging from to thirty-nine years. We review our long-lived assets for impairment whenever there is evidence that the carrying value of these assets may not be recoverable. Any impairment recognized is permanent and may not be restored. Property and equipment is reviewed at the lowest level of identifiable cash flows. For property and equipment requiring impairment, the fair value is estimated based on an internal discounted cash flow model of future cash flows.
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Stock-Based Compensation | Stock-Based CompensationWe measure all share-based payment awards, including the issuance of restricted stock unit awards and performance share unit awards to employees and board members, using a fair-value based method. The cost of services received from employees and non-employee board members in exchange for awards of equity instruments is recognized in the consolidated statements of operations based on the estimated fair value of those awards on the grant date and is amortized on a straight-line basis over the requisite service period. The fair value of restricted stock unit awards and performance share unit awards is based on the closing price of our common stock on the grant date. We account for forfeitures as they occur. |
Other Crude Oil Marketing Revenue | 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
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Summary of Significant Accounting Policies (Tables) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Cash and Cash Equivalents and Restricted Cash | The following table provides a reconciliation of cash and cash equivalents and restricted cash as reported in the unaudited condensed consolidated balance sheets that totals to the amounts shown in the unaudited condensed consolidated statements of cash flows at the dates indicated (in thousands):
_____________ (1)Represents amounts held in a segregated bank account by Wells Fargo as collateral for outstanding letters of credit. Effective with our entry into a credit agreement (see Note 10), letters of credit are now secured under the credit agreement. (2)$1.5 million of the restricted cash balance relates to the initial capitalization of our captive insurance company formed in late 2020, and the remainder represents amounts paid to our captive insurance company for insurance premiums.
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Schedule of Common Stock Outstanding | The following table reconciles our outstanding common stock for the periods indicated:
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Schedule of Earnings Per Share, Basic and Diluted | A reconciliation of the calculation of basic and diluted earnings (losses) per share was as follows for the periods indicated (in thousands, except per share data):
_______________ (1)For the six months ended June 30, 2020, the effect of the restricted stock unit awards and the performance share awards on losses per share is anti-dilutive. (2)The dilutive effect of performance share awards are included in the calculation of diluted earnings per share when the performance share award performance conditions have been achieved.
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Revenue Recognition (Tables) |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue | The following table disaggregates our revenue by segment and by major source for the periods indicated (in thousands):
_______________ (1)Other crude oil marketing revenues are recognized under Accounting Standards Codification (“ASC”) 815, Derivatives and Hedging, and ASC 845, Nonmonetary Transactions – Purchases and Sales of Inventory with the Same Counterparty.
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Schedule of New Accounting Pronouncements and Changes in Accounting Principles | Reporting these crude oil contracts on a gross revenue basis would increase our reported revenues as follows for the periods indicated (in thousands):
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Prepayments and Other Current Assets (Tables) |
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Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Prepayments and Other Current Assets | The components of prepayments and other current assets were as follows at the dates indicated (in thousands):
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Property and Equipment (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property and equipment | The historical costs of our property and equipment and related accumulated depreciation and amortization balances were as follows at the dates indicated (in thousands):
_______________ (1)Our finance lease right-of-use (“ROU)” assets arise from leasing arrangements for the right to use various classes of underlying assets including tractors, trailers, a tank storage and throughput arrangement and office equipment (see Note 14 for further information). Accumulated amortization of the assets presented as “Finance lease ROU assets” was $7.4 million and $5.0 million at June 30, 2021 and December 31, 2020, respectively. (2)Linefill and base gas represents crude oil in the VEX pipeline and storage tanks we own, and the crude oil is recorded at historical cost. Components of depreciation and amortization expense were as follows for the periods indicated (in thousands):
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Other Assets (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Assets | Components of other assets were as follows at the dates indicated (in thousands):
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Segment Reporting (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Information concerning business activities | Financial information by reporting segment was as follows for the periods indicated (in thousands):
_______________ (1)Segment revenues include intersegment amounts that are eliminated in operating costs and expenses in our unaudited condensed consolidated statements of operations. Intersegment activities are conducted at posted tariff rates where applicable, or otherwise at rates similar to those charged to third parties or rates that we believe approximate market at the time the agreement is executed. (2)Our crude oil marketing segment’s operating (losses) earnings included inventory liquidation gains of $3.7 million and $6.0 million for the three months ended June 30, 2021 and 2020, respectively. For the six months ended June 30, 2021 and 2020, our crude oil marketing segment’s operating (losses) earnings included inventory liquidation gains of $10.6 million and inventory valuation losses of $18.2 million, respectively. (3)Our segment property and equipment additions do not include assets acquired under finance leases during the three and six months ended June 30, 2021 and 2020. See Note 14 for further information. (4)During the three months ended June 30, 2020 and the six months ended June 30, 2021 and 2020, we had $0.3 million, $8.0 thousand and $0.5 million, respectively, of property and equipment additions for computer equipment and leasehold improvements at our corporate headquarters, which were not attributed or allocated to any of our reporting segments.
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Reconciliation of segment earnings to earnings before income taxes | Segment operating earnings (losses) reflect revenues net of operating costs and depreciation and amortization expense and are reconciled to earnings (losses) before income taxes, as follows for the periods indicated (in thousands):
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Identifiable assets by industry segment | Identifiable assets by business segment were as follows at the dates indicated (in thousands):
_______________ (1)Other identifiable assets are primarily corporate cash, corporate accounts receivable, properties and operating lease right-of-use assets not identified with any specific segment of our business.
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Transactions with Affiliates (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Activities with affiliates | Activities with affiliates were as follows for the periods indicated (in thousands):
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Other Current Liabilities (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Current Liabilities | The components of other current liabilities were as follows at the dates indicated (in thousands):
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Derivative Instruments and Fair Value Measurements (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives reflected in the consolidated balance sheet | The estimated fair value of forward month commodity contracts (derivatives) reflected in the accompanying unaudited condensed consolidated balance sheets were as follows at the dates indicated (in thousands):
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Derivatives reflected in the consolidated statement of operations | Forward month commodity contracts (derivatives) reflected in the accompanying unaudited condensed consolidated statements of operations were as follows for the periods indicated (in thousands):
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Fair value assets and liabilities | The following tables set forth, by level with the Level 1, 2 and 3 fair value hierarchy, the carrying values of our financial assets and liabilities at the dates indicated (in thousands):
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Stock-Based Compensation Plan (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Payment Arrangement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Share-based Payment Arrangement | Compensation expense recognized in connection with equity-based awards was as follows for the periods indicated (in thousands):
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Share-based Compensation, Activity | The following table presents restricted stock unit award activity for the periods indicated:
_______________ (1)Determined by dividing the aggregate grant date fair value of awards by the number of awards issued. (2)The aggregate grant date fair value of restricted stock unit awards issued during 2021 was $0.8 million based on a grant date market price of our common shares ranging from $29.70 to $30.00 per share.The following table presents performance share unit award activity for the periods indicated:
_______________ (1)Determined by dividing the aggregate grant date fair value of awards by the number of awards issued. (2)The aggregate grant date fair value of performance share unit awards issued during 2021 was $0.4 million based on a grant date market price of our common shares of $29.70 per share and assuming a performance factor of 100 percent.
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Supplemental Cash Flow Information (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Cash Flow Elements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Cash Flow Information | Supplemental cash flows and non-cash transactions were as follows for the periods indicated (in thousands):
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Leases (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease, Cost | The following table provides the components of lease expense for the periods indicated (in thousands):
The following table provides supplemental cash flow and other information related to leases for the periods indicated (in thousands):
______________ (1)Amounts are included in Other operating activities on the unaudited condensed consolidated statements of cash flows. The following table provides the lease terms and discount rates for the periods indicated:
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Assets and Liabilities, Lessee | The following table provides supplemental balance sheet information related to leases at the dates indicated (in thousands):
______________ (1)Amounts are included in Property and equipment, net on the unaudited condensed consolidated balance sheets.
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Lessee, Operating Lease, Liability, Maturity | The following table provides maturities of undiscounted lease liabilities at June 30, 2021 (in thousands):
The following table provides maturities of undiscounted lease liabilities at December 31, 2020 (in thousands):
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Finance Lease, Liability, Maturity | The following table provides maturities of undiscounted lease liabilities at June 30, 2021 (in thousands):
The following table provides maturities of undiscounted lease liabilities at December 31, 2020 (in thousands):
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Commitments and Contingencies (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of expenses and losses incurred but not reported and accrued workers' compensation | Our accruals for automobile, workers’ compensation and medical claims were as follows at the dates indicated (in thousands):
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Organization and Basis of Presentation (Details) |
6 Months Ended |
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Jun. 30, 2021
segment
state
| |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of states in which entity operates | state | 48 |
Number of operating segments | 3 |
Number of reportable segments | 3 |
Summary of Significant Accounting Policies - Reconciliation of Cash and Restricted Cash (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|---|---|
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Cash and cash equivalents | $ 88,668 | $ 39,293 | ||
Restricted cash | 7,033 | 12,772 | ||
Total cash, cash equivalents and restricted cash shown in the unaudited condensed consolidated statements of cash flows | 95,701 | 52,065 | $ 78,197 | $ 122,255 |
Letter of Credit | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted cash | 7,033 | 7,628 | ||
Captive Insurance Subsidiary | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted cash | 0 | $ 5,144 | ||
Initial Capitalization | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted cash | $ 1,500 |
Summary of Significant Accounting Policies - Common Shares Outstanding (Details) - shares |
3 Months Ended | |
---|---|---|
Jun. 30, 2021 |
Mar. 31, 2021 |
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance (in shares) | 4,251,015 | 4,243,716 |
Vesting of restricted stock unit awards (in shares) | 5,700 | 8,544 |
Shares withheld to cover taxes upon vesting of restricted stock unit awards (in shares) | (1,798) | (1,245) |
Ending balance (in shares) | 4,257,378 | 4,251,015 |
Performance Unit Awards | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Vesting of performance share unit awards (in shares) | 2,461 |
Summary of Significant Accounting Policies - Fair Value (Details) |
Jun. 30, 2021
contract
|
---|---|
Hedging accounting | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Number of contracts held | 0 |
Summary of Significant Accounting Policies - Income Taxes, Inventory and Property and Equipment (Details) - USD ($) $ in Millions |
1 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Apr. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Accounting Policies [Abstract] | ||||
Income tax cash refunds | $ 3.7 | $ 2.7 | ||
CARES Act, cash benefits for the fiscal year 2020 | $ 6.8 | |||
Inventory write-down | $ 24.2 | |||
Minimum | ||||
Property, Plant and Equipment [Abstract] | ||||
Property and equipment, useful life | 2 years | |||
Maximum | ||||
Property, Plant and Equipment [Abstract] | ||||
Property and equipment, useful life | 39 years |
Revenue Recognition - Other Revenue (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Revenue from Contract with Customer [Abstract] | ||||
Revenue gross-up | $ 189,512 | $ 60,044 | $ 324,378 | $ 217,483 |
Prepayments and Other Current Assets (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Insurance premiums | $ 847 | $ 690 |
Vendor prepayment | 193 | 1,085 |
Rents, licenses and other | 1,082 | 1,189 |
Total prepayments and other current assets | $ 2,122 | $ 2,964 |
Other Assets (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Insurance collateral deposits | $ 714 | $ 714 |
Excess loss fund | 617 | 617 |
Accumulated interest income | 469 | 449 |
State collateral deposits | 36 | 31 |
Materials and supplies | 509 | 488 |
Debt issuance costs | 324 | 0 |
Other | 261 | 84 |
Total other assets | $ 2,930 | $ 2,383 |
Segment Reporting - Identifiable Assets by Industry Segment (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Segment Reconciliation [Abstract] | ||
Total assets | $ 365,006 | $ 296,187 |
Operating segments | ||
Segment Reconciliation [Abstract] | ||
Total assets | 365,006 | 296,187 |
Operating segments | Crude Oil Marketing | ||
Segment Reconciliation [Abstract] | ||
Total assets | 165,072 | 128,441 |
Operating segments | Transportation | ||
Segment Reconciliation [Abstract] | ||
Total assets | 68,110 | 72,247 |
Operating segments | Pipeline and storage | ||
Segment Reconciliation [Abstract] | ||
Total assets | 24,253 | 24,541 |
Cash and other | ||
Segment Reconciliation [Abstract] | ||
Total assets | $ 107,571 | $ 70,958 |
Transactions with Affiliates (Details) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021
USD ($)
truck
|
Jun. 30, 2020
USD ($)
|
Jun. 30, 2021
USD ($)
|
Jun. 30, 2020
USD ($)
|
|
Transactions with Affiliates [Abstract] | ||||
Billings to affiliates | $ 476,472 | $ 143,674 | $ 795,415 | $ 479,647 |
Asset acquisition | 0 | 9,137 | ||
Affiliated entities | ||||
Transactions with Affiliates [Abstract] | ||||
Affiliate billings to us | 0 | 15 | 12 | 32 |
Billings to affiliates | 5 | 1 | 6 | 2 |
Rentals paid to affiliate | $ 143 | $ 122 | $ 317 | $ 244 |
Number of pickup tracks purchased | truck | 8 | |||
Asset acquisition | $ 400 |
Other Current Liabilities (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Other Liabilities Disclosure [Abstract] | ||
Accrued purchase price for VEX acquisition | $ 0 | $ 10,000 |
Accrual for payroll, benefits and bonuses | 6,354 | 6,575 |
Accrued automobile and workers’ compensation claims | 4,345 | 3,171 |
Accrued medical claims | 1,422 | 915 |
Accrued taxes | 799 | 772 |
Other | 636 | 910 |
Total other current liabilities | $ 13,556 | $ 22,343 |
Derivative Instruments and Fair Value Measurements - Narrative (Details) - Commodity Contract |
3 Months Ended | 6 Months Ended | |
---|---|---|---|
Mar. 31, 2021
barrel_of_oil_per_day
|
Jun. 30, 2021
barrel_of_oil_per_day
contract
|
Dec. 31, 2020
contract
|
|
Derivative Instruments, Gain (Loss) [Line Items] | |||
Number of contracts held | contract | 7 | 6 | |
Number of contracts held, fair value | contract | 3 | ||
July 2021 through December 2021 | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Production | barrel_of_oil_per_day | 740 | ||
January 2021 through December 2021 | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Production | barrel_of_oil_per_day | 192 |
Derivative Instruments and Fair Value Measurements - Use of Derivative Instruments (Details) - Commodity Contract - Not Designated as Hedging Instrument - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Current Assets | ||
Derivatives, Fair Value [Line Items] | ||
Asset derivatives | $ 1,255 | $ 61 |
Liability derivatives | 0 | 0 |
Less counterparty offsets | 0 | 0 |
As reported fair value contracts | 1,255 | 61 |
Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Asset derivatives | 0 | 0 |
Liability derivatives | 0 | 0 |
Less counterparty offsets | 0 | 0 |
As reported fair value contracts | 0 | 0 |
Current Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Asset derivatives | 0 | 0 |
Liability derivatives | 1,221 | 52 |
Less counterparty offsets | 0 | 0 |
As reported fair value contracts | 1,221 | 52 |
Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Asset derivatives | 0 | 0 |
Liability derivatives | 0 | 0 |
Less counterparty offsets | 0 | 0 |
As reported fair value contracts | $ 0 | $ 0 |
Derivative Instruments and Fair Value Measurements - Gain (Loss) on Derivatives (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Revenues – marketing | Not Designated as Hedging Instrument | Commodity Contract | ||||
Derivative [Line Items] | ||||
Gain (loss) on derivative | $ 5 | $ (7) | $ 25 | $ 12 |
Derivative Instruments and Fair Value Measurements - Fair Value Measurements (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Derivatives: | ||
Current assets | $ 1,255 | $ 61 |
Current assets, counterparty offsets | 0 | 0 |
Current liabilities | (1,221) | (52) |
Current liabilities, counterparty offsets | 0 | 0 |
Net value | 34 | 9 |
Net value, counterparty offsets | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) | ||
Derivatives: | ||
Current assets | 0 | 0 |
Current liabilities | 0 | 0 |
Net value | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ||
Derivatives: | ||
Current assets | 1,255 | 61 |
Current liabilities | (1,221) | (52) |
Net value | 34 | 9 |
Significant Unobservable Inputs (Level 3) | ||
Derivatives: | ||
Current assets | 0 | 0 |
Current liabilities | 0 | 0 |
Net value | $ 0 | $ 0 |
Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Supplemental Cash Flow Elements [Abstract] | ||
Cash paid for interest | $ 424 | $ 218 |
Cash paid for federal and state income taxes | 258 | 182 |
Cash refund for NOL carryback under CARES Act | 3,712 | 2,703 |
Non-cash transactions: | ||
Change in accounts payable related to property and equipment additions | (1,238) | (1,237) |
Property and equipment acquired under finance leases | $ 2,083 | $ 1,656 |
Commitments and Contingencies - Additional Information (Details) |
6 Months Ended |
---|---|
Jun. 30, 2021
USD ($)
| |
Commitments and Contingencies Disclosure [Abstract] | |
Self-insured retention | $ 1,000,000.0 |
Percent of risk loss shared | 20.00% |
Amount of risk loss shared | $ 1,000,000.0 |
Benchmark for risk of loss amount | 5,000,000.0 |
Umbrellas insurance coverage | 1,400,000 |
Aggregate medical claims for umbrella insurance coverage per calendar year | $ 7,500,000 |
Commitments and Contingencies - Pre-funded Insurance (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Commitments and Contingencies Disclosure [Abstract] | ||
Pre-funded premiums for losses incurred but not reported | $ 57 | $ 55 |
Accrued automobile and workers’ compensation claims | 4,345 | 3,171 |
Accrued medical claims | $ 1,422 | $ 915 |