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Segment Reporting
 12 Months Ended
Dec. 31, 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) beginning in the fourth quarter of 2020, pipeline transportation, terminalling and storage of crude oil, which includes the pipeline and related terminal facility assets we acquired in October 2020 (see Note 6 for further information regarding our acquisition). Our business segments are generally organized and managed according to the types of services rendered. See Note 3 for a summary of the types of products and services from which each segment derives its revenues.

Our Chief Operating Decision Maker (“CODM”) (our Chief Executive Officer) evaluates segment performance based on measures including segment operating (losses) earnings and capital spending (property and equipment additions). Segment operating (losses) earnings is calculated as segment revenues less segment operating costs and depreciation and amortization expense.

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

Reporting Segments
Crude Oil MarketingTransportationPipeline and storageOtherTotal
Year Ended December 31, 2021
Segment revenues (1)
$1,930,042 $94,824 $4,524 $— $2,029,390 
Less: Intersegment revenues (1)
— (326)(3,860)— (4,186)
Revenues$1,930,042 $94,498 $664 $— $2,025,204 
Segment operating (losses) earnings (2)
25,243 7,104 (2,487)— 29,860 
Depreciation and amortization
6,673 12,099 1,025 — 19,797 
Property and equipment additions (3)(4)
3,245 7,960 1,169 8 12,382 
Year Ended December 31, 2020
Segment revenues
$950,426 $71,724 $272 $— $1,022,422 
Less: Intersegment revenues — — — — — 
Revenues$950,426 $71,724 $272 $— $1,022,422 
Segment operating (losses) earnings (2)
2,974 1,873 (310)— 4,537 
Depreciation and amortization
7,421 10,963 189 — 18,573 
Property and equipment additions (3)(4)
3,130 1,355 — 523 5,008 
Year Ended December 31, 2019
Segment revenues
$1,748,056 $63,191 $— $— $1,811,247 
Less: Intersegment revenues — — — — — 
Revenues$1,748,056 $63,191 $— $— $1,811,247 
Segment operating (losses) earnings (2)
16,099 1,899 — — 17,998 
Depreciation and amortization
8,741 7,900 — — 16,641 
Property and equipment additions (3)(4)
7,249 28,472 — 22 35,743 
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(1)Segment revenues include intersegment amounts that are eliminated in operating costs and expenses in our 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 earnings included net inventory liquidation gains of $10.3 million, net inventory valuation losses of $15.0 million, and net inventory liquidation gains of $3.7 million for the years ended December 31, 2021, 2020 and 2019, respectively.
(3)Our segment property and equipment additions do not include assets acquired under finance leases during the years ended December 31, 2021, 2020 and 2019. See Note 17 for further information.
(4)Amounts included in property and equipment additions for Other are additions for leasehold improvements and computer equipment at our corporate headquarters, which were not attributed or allocated to any of our reporting segments.

Segment operating earnings 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):
Year Ended December 31,
202120202019
Segment operating earnings
$29,860 $4,537 $17,998 
General and administrative
(13,701)(10,284)(10,198)
Operating earnings (losses)
16,159 (5,747)7,800 
 Gain on dissolution of investment— — 573 
 Interest income
243 656 2,766 
Interest expense
(746)(444)(636)
Earnings (losses) before income taxes
$15,656 $(5,535)$10,503 

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

December 31,
202120202019
Reporting segment:
Marketing
$162,770 $128,441 $141,402 
Transportation
67,167 72,247 58,483 
Pipeline and storage25,569 24,541 — 
Cash and other (1)
119,197 70,958 130,957 
Total assets
$374,703 $296,187 $330,842 
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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.

All of our property and equipment is located in the U.S. Substantially all of our consolidated revenues are earned in the U.S. and derived from a wide customer base. Accounting policies for transactions between business segments are consistent with applicable accounting policies as disclosed herein.