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Segment Reporting
 12 Months Ended
Dec. 31, 2022
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
We operate and report in four business segments: (i) crude oil marketing, transportation and storage; (ii) tank truck transportation of liquid chemicals, pressurized gases, asphalt and dry bulk; (iii) pipeline transportation, terminalling and storage of crude oil; and (iv) beginning in the third quarter of 2022, interstate bulk transportation logistics of crude oil, condensate, fuels, oils and other petroleum products and recycling and repurposing of off-specification fuels, lubricants, crude oil and other chemicals, which includes the businesses we acquired in August 2022 (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 earnings (losses) and capital spending (property and equipment additions). Segment operating earnings (losses) 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 marketingTrans-portationPipeline and storage
Logistics and repurposing (1)
OtherTotal
Year Ended December 31, 2022
Segment revenues (2)
$3,232,193 $112,653 $3,804 $24,654 $— $3,373,304 
Less: Intersegment revenues (2)
— (277)(3,804)(2,306)— (6,387)
Revenues$3,232,193 $112,376 $— $22,348 $— $3,366,917 
Segment operating earnings (losses) (3)
15,874 10,891 (3,579)303 — 23,489 
Depreciation and amortization7,724 11,512 1,077 2,394 — 22,707 
Property and equipment additions (4) (5)
4,534 1,608 1,050 282 17 7,491 
Year Ended December 31, 2021
Segment revenues (2)
$1,930,042 $94,824 $4,524 $— $— $2,029,390 
Less: Intersegment revenues (2)
— (326)(3,860)— — (4,186)
Revenues$1,930,042 $94,498 $664 $— $— $2,025,204 
Segment operating earnings (losses) (3)
25,243 7,104 (2,487)— — 29,860 
Depreciation and amortization6,673 12,099 1,025 — — 19,797 
Property and equipment additions (4) (5)
3,245 7,960 1,169 — 8 12,382 
Year Ended December 31, 2020
Segment revenues (2)
$950,426 $71,724 $272 $— $— $1,022,422 
Less: Intersegment revenues (2)
— — — — — — 
Revenues$950,426 $71,724 $272 $— $— $1,022,422 
Segment operating earnings (losses) (3)
2,974 1,873 (310)— — 4,537 
Depreciation and amortization7,421 10,963 189 — — 18,573 
Property and equipment additions (4) (5)
3,130 1,355 — — 523 5,008 
_______________
(1)On August 12, 2022, we acquired a transportation logistics and recycling and repurposing business, resulting in a new operating segment. See Note 6 for further information.
(2)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.
(3)Our crude oil marketing segment’s operating earnings included net inventory valuation losses of $2.0 million, net inventory liquidation gains of $10.3 million, and net inventory valuation losses of $15.0 million for the years ended December 31, 2022, 2021 and 2020, respectively.
(4)Our segment property and equipment additions do not include assets acquired under finance leases during the years ended December 31, 2022, 2021 and 2020. See Note 17 for further information.
(5)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,
202220212020
Segment operating earnings
$23,489 $29,860 $4,537 
General and administrative
(17,718)(13,701)(10,284)
Operating earnings (losses)
5,771 16,159 (5,747)
 Interest income
921 243 656 
Interest expense
(1,287)(746)(444)
Earnings (losses) before income taxes
$5,405 $15,656 $(5,535)

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

December 31,
202220212020
Reporting segment:
Marketing
$215,813 $162,770 $128,441 
Transportation
60,405 67,167 72,247 
Pipeline and storage25,815 25,569 24,541 
Logistics and repurposing (1)
45,307 — — 
Cash and other (2)
36,819 119,197 70,958 
Total assets
$384,159 $374,703 $296,187 
_________________
(1)On August 12, 2022, we acquired a transportation logistics and recycling and repurposing business, resulting in a new operating segment. See Note 6 for further information.
(2)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.