Revenue Recognition

9 Months Ended

Sep. 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):

	Reporting Segments
	Crude Oil Marketing		Transportation		Pipeline and storage		Total
Three Months Ended September 30, 2021
Revenues from contracts with customers	$	535,166	$	24,826	$	127	$	560,119
Other (1)	8,062		—		—		8,062
Total revenues	$	543,228	$	24,826	$	127	$	568,181
Timing of revenue recognition:
Goods transferred at a point in time	$	535,166	$	—	$	—	$	535,166
Services transferred over time	—		24,826		127		24,953
Total revenues from contracts with customers	$	535,166	$	24,826	$	127	$	560,119
Three Months Ended September 30, 2020
Revenues from contracts with customers	$	242,267	$	21,720	$	—	$	263,987
Other (1)	2,917		—		—		2,917
Total revenues	$	245,184	$	21,720	$	—	$	266,904
Timing of revenue recognition:
Goods transferred at a point in time	$	242,267	$	—	$	—	$	242,267
Services transferred over time	—		21,720		—		21,720
Total revenues from contracts with customers	$	242,267	$	21,720	$	—	$	263,987
Nine Months Ended September 30, 2021
Revenues from contracts with customers	$	1,285,461	$	69,558	$	515	$	1,355,534
Other (1)	24,882		—		—		24,882
Total revenues	$	1,310,343	$	69,558	$	515	$	1,380,416
Timing of revenue recognition:
Goods transferred at a point in time	$	1,285,461	$	—	$	—	$	1,285,461
Services transferred over time	—		69,558		515		70,073
Total revenues from contracts with customers	$	1,285,461	$	69,558	$	515	$	1,355,534
Nine Months Ended September 30, 2020
Revenues from contracts with customers	$	693,513	$	50,121	$	—	$	743,634
Other (1)	29,033		—		—		29,033
Total revenues	$	722,546	$	50,121	$	—	$	772,667
Timing of revenue recognition:
Goods transferred at a point in time	$	693,513	$	—	$	—	$	693,513
Services transferred over time	—		50,121		—		50,121
Total revenues from contracts with customers	$	693,513	$	50,121	$	—	$	743,634

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(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):

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Revenue gross-up	$	201,704	$	97,566	$	526,082	$	315,049