Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2023

Schedule of Information Concerning Business Activities

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


	Reporting Segments
	Crude oil marketing		Trans-portation		Pipeline and storage		Logistics and repurposing (1)		Other		Total

Three Months Ended March 31, 2023
Segment revenues (2)	$	608,476	$	26,530	$	809	$	16,747	$	—	$	652,562
Less: Intersegment revenues (2)	—		(85)		(809)		(1506)		—		(2,400)
Revenues	$	608,476	$	26,445	$	—	$	15,241	$	—	$	650,162

Segment operating earnings (losses) (3)	1,907		901		(1,201)		535		—		2,142
Depreciation and amortization	2,075		3,131		263		1,581		—		7,050
Property and equipment additions (4) (5)	275		167		971		460		27		1,900

Three Months Ended March 31, 2022
Segment revenues (2)	$	747,555	$	26,718	$	897	$	—	$	—	$	775,170
Less: Intersegment revenues (2)	—		(28)		(897)		—		—		(925)
Revenues	$	747,555	$	26,690	$	—	$	—	$	—	$	774,245

Segment operating earnings (losses) (3)	10,120		2,868		(822)		—		—		12,166
Depreciation and amortization	1,788		2,957		268		—		—		5,013
Property and equipment additions (4) (5)	3,124		535		27		—		8		3,694

_______________

(1)On August 12, 2022, we acquired a transportation logistics and recycling and repurposing business, resulting in a new operating segment.

(2)Segment revenues include intersegment amounts that are eliminated due to consolidation 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.

(3)Our crude oil marketing segment’s operating earnings included inventory valuation losses of $1.0 million and inventory liquidation gains of $8.7 million for the three months ended March 31, 2023 and 2022, respectively.

(4)Our segment property and equipment additions do not include assets acquired under finance leases during the three months ended March 31, 2023 and 2022. See Note 15 for further information.

(5)Amounts included in property and equipment additions for Other are additions for computer equipment at our corporate headquarters, which were not attributed or allocated to any of our reporting segments.

Schedule of 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 (losses) earnings before income taxes, as follows for the periods indicated (in thousands):


	Three Months Ended
	March 31,
	2023		2022

Segment operating earnings	$	2,142	$	12,166
General and administrative	(4,772)		(4,018)
Operating (losses) earnings	(2,630)		8,148
Interest and other income	204		24
Interest expense	(696)		(114)
(Losses) Earnings before income taxes	$	(3,122)	$	8,058

Schedule of Identifiable Assets by Industry Segment

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


	March 31,		December 31,
	2023		2022

Reporting segment:
Crude oil marketing	$	183,972	$	215,813
Transportation	61,115		60,405
Pipeline and storage	26,480		25,815
Logistics and repurposing	43,544		45,307
Cash and other (1)	56,452		36,819
Total assets	$	371,563	$	384,159

_______________

(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.