Segment Reporting (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2023
Segment revenues (2)	$	585,272	$	24,576	$	894	$	15,780	$	—	$	626,522
Less: Intersegment revenues (2)	—		(124)		(645)		(987)		—		(1,756)
Revenues	$	585,272	$	24,452	$	249	$	14,793	$	—	$	624,766

Segment operating earnings (losses) (3)	3,351		1,056		(779)		(133)		—		3,495
Depreciation and amortization	2,168		3,136		275		1,724		—		7,303
Property and equipment additions (4) (5)	394		1,171		270		2,088		85		4,008

Three Months Ended June 30, 2022
Segment revenues (2)	$	962,516	$	29,593	$	1,163	$	—	$	—	$	993,272
Less: Intersegment revenues (2)	—		(59)		(1,163)		—		—		(1,222)
Revenues	$	962,516	$	29,534	$	—	$	—	$	—	$	992,050

Segment operating earnings (losses) (3)	5,111		2,937		(877)		—		—		7,171
Depreciation and amortization	1,894		2,923		271		—		—		5,088
Property and equipment additions (4) (5)	884		159		46		—		—		1,089

Six Months Ended June 30, 2023
Segment revenues (2)	$	1,193,748	$	51,106	$	1,703	$	32,527	$	—	$	1,279,084
Less: Intersegment revenues (2)	—		(209)		(1,454)		(2,493)		—		(4,156)
Revenues	$	1,193,748	$	50,897	$	249	$	30,034	$	—	$	1,274,928

Segment operating earnings (losses) (3)	5,258		1,957		(1,980)		402		—		5,637
Depreciation and amortization	4,243		6,267		538		3,305		—		14,353
Property and equipment additions (4) (5)	669		1,338		1,241		2,548		112		5,908

Six Months Ended June 30, 2022
Segment revenues (2)	$	1,710,071	$	56,311	$	2,060	$	—	$	—	$	1,768,442
Less: Intersegment revenues (2)	—		(87)		(2,060)		—		—		(2,147)
Revenues	$	1,710,071	$	56,224	$	—	$	—	$	—	$	1,766,295

Segment operating earnings (losses) (3)	15,231		5,805		(1,699)		—		—		19,337
Depreciation and amortization	3,682		5,880		539		—		—		10,101
Property and equipment additions (4) (5)	4,008		694		73		—		8		4,783

_______________

(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 $1.5 million for the three months ended June 30, 2023 and 2022, respectively. For the six months ended June 30, 2023 and 2022, our crude oil marketing segment’s operating (losses) earnings included inventory valuation losses of $2.0 million and inventory liquidation gains of $7.2 million, respectively.

(4)Our segment property and equipment additions do not include assets acquired under finance leases during the three and six months ended June 30, 2023 and 2022. See Note 15 for further information.

(5)Amounts included in property and equipment additions for Other are additions for computer or other office equipment and a company vehicle 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 earnings (losses) before income taxes, as follows for the periods indicated (in thousands):


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022

Segment operating earnings	$	3,495	$	7,171	$	5,637	$	19,337
General and administrative	(1,715)		(4,211)		(6,487)		(8,229)
Operating earnings (losses)	1,780		2,960		(850)		11,108
Interest and other income	570		303		774		327
Interest expense	(802)		(136)		(1,498)		(250)
Earnings (Losses) before income taxes	$	1,548	$	3,127	$	(1,574)	$	11,185

Schedule of Identifiable Assets by Industry Segment

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


	June 30,		December 31,
	2023		2022

Reporting segment:
Crude oil marketing	$	193,478	$	215,813
Transportation	58,276		60,405
Pipeline and storage	25,444		25,815
Logistics and repurposing	43,097		45,307
Cash and other (1)	23,187		36,819
Total assets	$	343,482	$	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.