Segment Reporting (Tables)

12 Months Ended

Dec. 31, 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

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.

Reconciliation of Segment Earnings to Earnings Before Income Taxes

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,
	2021		2020		2019

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

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


	December 31,
	2021		2020		2019

Reporting segment:
Marketing	$	162,770	$	128,441	$	141,402
Transportation	67,167		72,247		58,483
Pipeline and storage	25,569		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.