Segment Reporting (Tables)

12 Months Ended

Dec. 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

Year Ended December 31, 2023
Segment revenues (2)	$	2,585,355	$	98,769	$	3,267	$	65,920	$	—	$	2,753,311
Less: Intersegment revenues (2)	—		(410)		(2,944)		(4,664)		—		(8,018)
Revenues	$	2,585,355	$	98,359	$	323	$	61,256	$	—	$	2,745,293

Segment operating earnings (losses) (3)	17,029		5,091		(3,855)		(934)		—		17,331
Depreciation and amortization	8,042		12,277		1,071		6,473		—		27,863
Property and equipment additions (4) (5)	1,185		5,130		1,503		3,967		112		11,897

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 amortization	7,724		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 amortization	6,673		12,099		1,025		—		—		19,797
Property and equipment additions (4) (5)	3,245		7,960		1,169		—		8		12,382

_______________

(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 due to consolidation 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 $0.8 million, net inventory valuation losses of $2.0 million, and net inventory liquidation gains of $10.3 million for the years ended December 31, 2023, 2022 and 2021, respectively.

(4)Our segment property and equipment additions do not include assets acquired under finance leases during the years ended December 31, 2023, 2022 and 2021. See Note 17 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 before income taxes, as follows for the periods indicated (in thousands):


	Year Ended December 31,
	2023		2022		2021

Segment operating earnings	$	17,331	$	23,489	$	29,860
General and administrative	(14,932)		(17,718)		(13,701)
Operating earnings	2,399		5,771		16,159
Interest income	1,471		921		243
Interest expense	(3,384)		(1,287)		(746)
Earnings before income taxes	$	486	$	5,405	$	15,656

Schedule of Identifiable Assets by Industry Segment

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


	December 31,
	2023		2022		2021

Reporting segment:
Marketing	$	185,285	$	215,813	$	162,770
Transportation	57,653		60,405		67,167
Pipeline and storage	25,027		25,815		25,569
Logistics and repurposing (1)	43,258		45,307		—
Cash and other (2)	50,111		36,819		119,197
Total assets	$	361,334	$	384,159	$	374,703

_________________

(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.