Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2021

Information concerning business activities

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


	Reporting Segments
	Crude Oil Marketing		Transportation		Pipeline and storage		Other		Total

Three Months Ended June 30, 2021
Segment revenues (1)	$	463,092	$	23,535	$	651	$	—	$	487,278
Less: Intersegment revenues (1)	—		(38)		(496)		—		(534)
Revenues	$	463,092	$	23,497	$	155	$	—	$	486,744

Segment operating earnings (losses) (2)	8,370		1,482		(556)		—		9,296
Depreciation and amortization	1,641		2,937		223		—		4,801
Property and equipment additions (3)	492		2,761		179		—		3,432

Three Months Ended June 30, 2020
Segment revenues	$	140,141	$	12,145	$	—	$	—	$	152,286
Less: Intersegment revenues	—		—		—		—		—
Revenues	$	140,141	$	12,145	$	—	$	—	$	152,286

Segment operating earnings (losses) (2)	6,830		(1,164)		—		—		5,666
Depreciation and amortization	1,857		2,421		—		—		4,278
Property and equipment additions (3) (4)	18		323		—		327		668

Six Months Ended June 30, 2021
Segment revenues (1)	$	767,115	$	44,803	$	1,070	$	—	$	812,988
Less: Intersegment revenues (1)	—		(71)		(682)		—		(753)
Revenues	$	767,115	$	44,732	$	388	$	—	$	812,235

Segment operating earnings (losses) (2)	15,388		2,256		(1,121)		—		16,523
Depreciation and amortization	3,439		5,938		477		—		9,854
Property and equipment additions (3) (4)	702		2,703		189		8		3,602

Six Months Ended June 30, 2020
Segment revenues	$	477,362	$	28,401	$	—	$	—	$	505,763
Less: Intersegment revenues	—		—		—		—		—
Revenues	$	477,362	$	28,401	$	—	$	—	$	505,763

Segment operating earnings (losses) (2)	(10,821)		(559)		—		—		(11,380)
Depreciation and amortization	3,864		4,887		—		—		8,751
Property and equipment additions (3) (4)	2,050		364		—		466		2,880

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(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.

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):


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2021		2020		2021		2020

Segment operating earnings (losses)	$	9,296	$	5,666	$	16,523	$	(11,380)
General and administrative	(2,961)		(2,731)		(6,337)		(5,625)
Operating earnings (losses)	6,335		2,935		10,186		(17,005)
Interest and other income	62		144		196		509
Interest expense	(204)		(68)		(424)		(218)
Earnings (losses) before income taxes	$	6,193	$	3,011	$	9,958	$	(16,714)

Identifiable assets by industry segment

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


	June 30,		December 31,
	2021		2020

Reporting segment:
Crude oil marketing	$	165,072	$	128,441
Transportation	68,110		72,247
Pipeline and storage	24,253		24,541
Cash and other (1)	107,571		70,958
Total assets	$	365,006	$	296,187

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(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.