(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) |
(Address of Principal Executive Offices, including Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Large accelerated filer | ☐ | ☑ | ||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ||||||||||||
Emerging growth company |
Page Number | ||||||||
March 31, | December 31, | |||||||||||||
2024 | 2023 | |||||||||||||
ASSETS | ||||||||||||||
Current assets: | ||||||||||||||
Cash and cash equivalents | $ | $ | ||||||||||||
Restricted cash | ||||||||||||||
Accounts receivable, net of allowance for credit | ||||||||||||||
losses of $ | ||||||||||||||
Inventory | ||||||||||||||
Prepayments and other current assets | ||||||||||||||
Total current assets | ||||||||||||||
Property and equipment, net | ||||||||||||||
Operating lease right-of-use assets, net | ||||||||||||||
Intangible assets, net | ||||||||||||||
Goodwill | ||||||||||||||
Other assets | ||||||||||||||
Total assets | $ | $ | ||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||
Current liabilities: | ||||||||||||||
Accounts payable | $ | $ | ||||||||||||
Current portion of finance lease obligations | ||||||||||||||
Current portion of operating lease liabilities | ||||||||||||||
Current portion of long-term debt | ||||||||||||||
Other current liabilities | ||||||||||||||
Total current liabilities | ||||||||||||||
Other long-term liabilities: | ||||||||||||||
Long-term debt | ||||||||||||||
Asset retirement obligations | ||||||||||||||
Finance lease obligations | ||||||||||||||
Operating lease liabilities | ||||||||||||||
Deferred taxes and other liabilities | ||||||||||||||
Total liabilities | ||||||||||||||
Commitments and contingencies (Note 14) | ||||||||||||||
Shareholders’ equity: | ||||||||||||||
Preferred stock – $ | ||||||||||||||
authorized, | ||||||||||||||
Common stock – $ | ||||||||||||||
authorized, | ||||||||||||||
Contributed capital | ||||||||||||||
Retained earnings | ||||||||||||||
Total shareholders’ equity | ||||||||||||||
Total liabilities and shareholders’ equity | $ | $ |
Three Months Ended | |||||||||||
March 31, | |||||||||||
2024 | 2023 | ||||||||||
Revenues: | |||||||||||
Marketing | $ | $ | |||||||||
Transportation | |||||||||||
Pipeline and storage | |||||||||||
Logistics and repurposing | |||||||||||
Total revenues | |||||||||||
Costs and expenses: | |||||||||||
Marketing | |||||||||||
Transportation | |||||||||||
Pipeline and storage | |||||||||||
Logistics and repurposing | |||||||||||
General and administrative | |||||||||||
Depreciation and amortization | |||||||||||
Total costs and expenses | |||||||||||
Operating losses | ( | ( | |||||||||
Other income (expense): | |||||||||||
Interest and other income | |||||||||||
Interest expense | ( | ( | |||||||||
Total other income (expense), net | ( | ( | |||||||||
Losses before income taxes | ( | ( | |||||||||
Income tax benefit | |||||||||||
Net losses | $ | ( | $ | ( | |||||||
Losses per share: | |||||||||||
Basic net losses per common share | $ | ( | $ | ( | |||||||
Diluted net losses per common share | $ | ( | $ | ( | |||||||
Dividends per common share | $ | $ | |||||||||
Three Months Ended | |||||||||||
March 31, | |||||||||||
2024 | 2023 | ||||||||||
Operating activities: | |||||||||||
Net losses | $ | ( | $ | ( | |||||||
Adjustments to reconcile net losses to net cash | |||||||||||
provided by operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Gains on sales of property | ( | ( | |||||||||
Provision for credit losses | ( | ( | |||||||||
Stock-based compensation expense | |||||||||||
Deferred income taxes | ( | ( | |||||||||
Net change in fair value contracts | ( | ||||||||||
Changes in assets and liabilities: | |||||||||||
Accounts receivable | ( | ||||||||||
Accounts receivable/payable, affiliates | ( | ||||||||||
Inventories | ( | ||||||||||
Prepayments and other current assets | |||||||||||
Accounts payable | ( | ||||||||||
Accrued liabilities | ( | ( | |||||||||
Other | ( | ( | |||||||||
Net cash provided by operating activities | |||||||||||
Investing activities: | |||||||||||
Property and equipment additions | ( | ( | |||||||||
Proceeds from property sales | |||||||||||
Net cash used in investing activities | ( | ( | |||||||||
Financing activities: | |||||||||||
Borrowings under Credit Agreement | |||||||||||
Repayments under Credit Agreement | ( | ( | |||||||||
Principal repayments of finance lease obligations | ( | ( | |||||||||
Net proceeds from sale of equity | |||||||||||
Dividends paid on common stock | ( | ( | |||||||||
Net cash used in financing activities | ( | ( | |||||||||
Increase in cash and cash equivalents, including restricted cash | |||||||||||
Cash and cash equivalents, including restricted cash, at beginning of period | |||||||||||
Cash and cash equivalents, including restricted cash, at end of period | $ | $ |
Total | ||||||||||||||||||||||||||
Common | Contributed | Retained | Shareholders’ | |||||||||||||||||||||||
Stock | Capital | Earnings | Equity | |||||||||||||||||||||||
Balance, January 1, 2024 | $ | $ | $ | $ | ||||||||||||||||||||||
Net losses | — | — | ( | ( | ||||||||||||||||||||||
Stock-based compensation expense | — | — | ||||||||||||||||||||||||
Vesting of restricted awards | ( | — | ||||||||||||||||||||||||
Cancellation of shares withheld to cover | ||||||||||||||||||||||||||
taxes upon vesting of restricted awards | ( | ( | — | ( | ||||||||||||||||||||||
Dividends declared: | ||||||||||||||||||||||||||
Common stock, $ | — | — | ( | ( | ||||||||||||||||||||||
Awards under LTIP, $ | — | — | ( | ( | ||||||||||||||||||||||
Balance, March 31, 2024 | $ | $ | $ | $ | ||||||||||||||||||||||
Total | ||||||||||||||||||||||||||
Common | Contributed | Retained | Shareholders’ | |||||||||||||||||||||||
Stock | Capital | Earnings | Equity | |||||||||||||||||||||||
Balance, January 1, 2023 | $ | $ | $ | $ | ||||||||||||||||||||||
Net losses | — | — | ( | ( | ||||||||||||||||||||||
Stock-based compensation expense | — | — | ||||||||||||||||||||||||
Vesting of restricted awards | ( | — | ||||||||||||||||||||||||
Cancellation of shares withheld to cover | ||||||||||||||||||||||||||
taxes upon vesting of restricted awards | — | ( | — | ( | ||||||||||||||||||||||
Shares sold under at-the-market offering | ||||||||||||||||||||||||||
program | — | |||||||||||||||||||||||||
Dividends declared: | ||||||||||||||||||||||||||
Common stock, $ | — | — | ( | ( | ||||||||||||||||||||||
Awards under LTIP, $ | — | — | ( | ( | ||||||||||||||||||||||
Balance, March 31, 2023 | $ | $ | $ | $ | ||||||||||||||||||||||
March 31, | December 31, | |||||||||||||
2024 | 2023 | |||||||||||||
Cash and cash equivalents | $ | $ | ||||||||||||
Restricted cash: | ||||||||||||||
Collateral for outstanding letters of credit (1) | ||||||||||||||
Captive insurance subsidiary (2) | ||||||||||||||
Total cash, cash equivalents and restricted cash shown in the | ||||||||||||||
unaudited condensed consolidated statements of cash flows | $ | $ |
Common | ||||||||
shares | ||||||||
Balance, January 1, 2024 | ||||||||
Vesting of restricted stock unit awards (see Note 11) | ||||||||
Vesting of performance share unit awards (see Note 11) | ||||||||
Shares withheld to cover taxes upon vesting of equity awards | ( | |||||||
Balance, March 31, 2024 | ||||||||
Three Months Ended | |||||||||||
March 31, | |||||||||||
2024 | 2023 | ||||||||||
Earnings (Losses) per share — numerator: | |||||||||||
Net losses | $ | ( | $ | ( | |||||||
Denominator: | |||||||||||
Basic weighted average number of shares outstanding | |||||||||||
Basic net losses per share | $ | ( | $ | ( | |||||||
Diluted earnings per share: | |||||||||||
Diluted weighted average number of shares outstanding: | |||||||||||
Common shares | |||||||||||
Restricted stock unit awards (1) | |||||||||||
Performance share unit awards (1) (2) | |||||||||||
Total diluted shares | |||||||||||
Diluted net losses per share | $ | ( | $ | ( |
Three Months Ended | |||||||||||
March 31, | |||||||||||
2024 | 2023 | ||||||||||
Crude oil marketing: | |||||||||||
Revenue from contracts with customers: | |||||||||||
Goods transferred at a point in time | $ | $ | |||||||||
Services transferred over time | |||||||||||
Total revenues from contracts with customers | |||||||||||
Other (1) | |||||||||||
Total crude oil marketing revenue | $ | $ | |||||||||
Transportation: | |||||||||||
Revenue from contracts with customers: | |||||||||||
Goods transferred at a point in time | $ | $ | |||||||||
Services transferred over time | |||||||||||
Total revenues from contracts with customers | |||||||||||
Other | |||||||||||
Total transportation revenue | $ | $ | |||||||||
Pipeline and storage: (2) | |||||||||||
Revenue from contracts with customers: | |||||||||||
Goods transferred at a point in time | $ | $ | |||||||||
Services transferred over time | |||||||||||
Total revenues from contracts with customers | |||||||||||
Other | |||||||||||
Total pipeline and storage revenue | $ | $ | |||||||||
Logistics and repurposing: | |||||||||||
Revenue from contracts with customers: | |||||||||||
Goods transferred at a point in time | $ | $ | |||||||||
Services transferred over time | |||||||||||
Total revenues from contracts with customers | |||||||||||
Other | |||||||||||
Total logistics and repurposing revenue | $ | $ | |||||||||
Subtotal: | |||||||||||
Total revenues from contracts with customers | $ | $ | |||||||||
Total other (1) | |||||||||||
Total consolidated revenues | $ | $ |
Three Months Ended | |||||||||||
March 31, | |||||||||||
2024 | 2023 | ||||||||||
Revenue gross-up | $ | $ |
March 31, | December 31, | ||||||||||
2024 | 2023 | ||||||||||
Insurance premiums | $ | $ | |||||||||
Rents, licenses and other | |||||||||||
Total prepayments and other current assets | $ | $ |
Estimated | |||||||||||||||||
Useful Life | March 31, | December 31, | |||||||||||||||
in Years | 2024 | 2023 | |||||||||||||||
Tractors and trailers | $ | $ | |||||||||||||||
Field equipment | |||||||||||||||||
Finance lease ROU assets (1) | |||||||||||||||||
Pipeline and related facilities | |||||||||||||||||
Linefill and base gas (2) | N/A | ||||||||||||||||
Buildings | |||||||||||||||||
Office equipment | |||||||||||||||||
Land | N/A | ||||||||||||||||
Construction in progress | N/A | ||||||||||||||||
Total | |||||||||||||||||
Less accumulated depreciation and amortization | ( | ( | |||||||||||||||
Property and equipment, net | $ | $ |
Three Months Ended | |||||||||||
March 31, | |||||||||||
2024 | 2023 | ||||||||||
Depreciation and amortization, excluding amounts under finance leases | $ | $ | |||||||||
Amortization of property and equipment under finance leases | |||||||||||
Amortization of intangible assets | |||||||||||
Total depreciation and amortization | $ | $ |
March 31, | December 31, | ||||||||||
2024 | 2023 | ||||||||||
Insurance collateral deposits | $ | $ | |||||||||
State collateral deposits | |||||||||||
Materials and supplies | |||||||||||
Debt issuance costs | |||||||||||
Other | |||||||||||
Total other assets | $ | $ |
Reporting Segments | |||||||||||||||||||||||||||||||||||
Crude oil marketing | Trans-portation | Pipeline and storage | Logistics and repurposing | Other | Total | ||||||||||||||||||||||||||||||
Three Months Ended March 31, 2024 | |||||||||||||||||||||||||||||||||||
Segment revenues (1) | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Less: Intersegment revenues (1) | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||
Revenues | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Segment operating earnings (losses) (2) | ( | ( | |||||||||||||||||||||||||||||||||
Depreciation and amortization | |||||||||||||||||||||||||||||||||||
Property and equipment additions (3) | |||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2023 | |||||||||||||||||||||||||||||||||||
Segment revenues (1) | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Less: Intersegment revenues (1) | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
Revenues | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Segment operating earnings (losses) (2) | ( | ||||||||||||||||||||||||||||||||||
Depreciation and amortization | |||||||||||||||||||||||||||||||||||
Property and equipment additions (3)(4) | |||||||||||||||||||||||||||||||||||
Three Months Ended | |||||||||||
March 31, | |||||||||||
2024 | 2023 | ||||||||||
Segment operating earnings | $ | $ | |||||||||
General and administrative | ( | ( | |||||||||
Operating losses | ( | ( | |||||||||
Interest and other income | |||||||||||
Interest expense | ( | ( | |||||||||
Losses before income taxes | $ | ( | $ | ( |
March 31, | December 31, | ||||||||||
2024 | 2023 | ||||||||||
Reporting segment: | |||||||||||
Crude oil marketing | $ | $ | |||||||||
Transportation | |||||||||||
Pipeline and storage | |||||||||||
Logistics and repurposing | |||||||||||
Cash and other (1) | |||||||||||
Total assets | $ | $ |
Three Months Ended | |||||||||||
March 31, | |||||||||||
2024 | 2023 | ||||||||||
Billings to KSA and affiliates | $ | $ | |||||||||
Rentals paid to an affiliate of KSA | |||||||||||
Payments to an affiliate of KSA for purchase of vehicles (1) | |||||||||||
Rentals paid to affiliates of Scott Bosard (2) | |||||||||||
Crude oil purchases from affiliate (3) |
March 31, | December 31, | ||||||||||
2024 | 2023 | ||||||||||
Accrual for payroll, benefits and bonuses | $ | $ | |||||||||
Accrued automobile and workers’ compensation claims | |||||||||||
Accrued medical claims | |||||||||||
Accrued taxes | |||||||||||
Other | |||||||||||
Total other current liabilities | $ | $ |
Remainder of 2024 | $ | |||||||
2025 | ||||||||
2026 | ||||||||
2027 | ||||||||
Total debt maturities | $ |
Three Months Ended | |||||||||||
March 31, | |||||||||||
2024 | 2023 | ||||||||||
Compensation expense | $ | $ |
Weighted- | |||||||||||
Average Grant | |||||||||||
Number of | Date Fair Value | ||||||||||
Shares | per Share (1) | ||||||||||
Restricted stock unit awards at January 1, 2024 | $ | ||||||||||
Granted (2) | $ | ||||||||||
Vested | ( | $ | |||||||||
Forfeited | ( | $ | |||||||||
Restricted stock unit awards at March 31, 2024 | $ |
Weighted- | ||||||||||||||
Average Grant | ||||||||||||||
Number of | Date Fair Value | |||||||||||||
Shares | per Share (1) | |||||||||||||
Performance share unit awards at January 1, 2024 | $ | |||||||||||||
Granted (2) | $ | |||||||||||||
Vested | ( | $ | ||||||||||||
Forfeited | ( | $ | ||||||||||||
Performance share unit awards at March 31, 2024 | $ |
Three Months Ended | |||||||||||
March 31, | |||||||||||
2024 | 2023 | ||||||||||
Cash paid for interest | $ | $ | |||||||||
Cash paid for federal and state income taxes | |||||||||||
Non-cash transactions: | |||||||||||
Change in accounts payable related to property and equipment additions | |||||||||||
Property and equipment acquired under finance leases | |||||||||||
Three Months Ended | ||||||||||||||
March 31, | ||||||||||||||
2024 | 2023 | |||||||||||||
Finance lease cost: | ||||||||||||||
Amortization of ROU assets | $ | $ | ||||||||||||
Interest on lease liabilities | ||||||||||||||
Operating lease cost | ||||||||||||||
Short-term lease cost | ||||||||||||||
Variable lease cost | ||||||||||||||
Total lease expense | $ | $ |
Three Months Ended | ||||||||||||||
March 31, | ||||||||||||||
2024 | 2023 | |||||||||||||
Cash paid for amounts included in measurement of lease liabilities: | ||||||||||||||
Operating cash flows from operating leases (1) | $ | $ | ||||||||||||
Operating cash flows from finance leases (1) | ||||||||||||||
Financing cash flows from finance leases | ||||||||||||||
ROU assets obtained in exchange for new lease liabilities: | ||||||||||||||
Finance leases | ||||||||||||||
Operating leases |
Three Months Ended | ||||||||||||||
March 31, | ||||||||||||||
2024 | 2023 | |||||||||||||
Weighted-average remaining lease term (years): | ||||||||||||||
Finance leases | ||||||||||||||
Operating leases | ||||||||||||||
Weighted-average discount rate: | ||||||||||||||
Finance leases | ||||||||||||||
Operating leases |
March 31, | December 31, | |||||||||||||
2024 | 2023 | |||||||||||||
Assets | ||||||||||||||
Finance lease ROU assets (1) | $ | $ | ||||||||||||
Operating lease ROU assets | ||||||||||||||
Liabilities | ||||||||||||||
Current | ||||||||||||||
Finance lease liabilities | ||||||||||||||
Operating lease liabilities | ||||||||||||||
Noncurrent | ||||||||||||||
Finance lease liabilities | ||||||||||||||
Operating lease liabilities |
Finance | Operating | |||||||||||||
Lease | Lease | |||||||||||||
Remainder of 2024 | $ | $ | ||||||||||||
2025 | ||||||||||||||
2026 | ||||||||||||||
2027 | ||||||||||||||
2028 | ||||||||||||||
Thereafter | ||||||||||||||
Total lease payments | ||||||||||||||
Less: Interest | ( | ( | ||||||||||||
Present value of lease liabilities | ||||||||||||||
Less: Current portion of lease obligation | ( | ( | ||||||||||||
Total long-term lease obligation | $ | $ |
Finance | Operating | |||||||||||||
Lease | Lease | |||||||||||||
2024 | $ | $ | ||||||||||||
2025 | ||||||||||||||
2026 | ||||||||||||||
2027 | ||||||||||||||
2028 | ||||||||||||||
Thereafter | ||||||||||||||
Total lease payments | ||||||||||||||
Less: Interest | ( | ( | ||||||||||||
Present value of lease liabilities | ||||||||||||||
Less: Current portion of lease obligation | ( | ( | ||||||||||||
Total long-term lease obligation | $ | $ |
March 31, | December 31, | ||||||||||
2024 | 2023 | ||||||||||
Accrued automobile and workers’ compensation claims | $ | $ | |||||||||
Accrued medical claims |
Three Months Ended | |||||||||||||||||
March 31, | |||||||||||||||||
2024 | 2023 | Change (1) | |||||||||||||||
Revenues | $ | 623,824 | $ | 608,476 | 3 | % | |||||||||||
Operating earnings (2) | 6,654 | 1,907 | 249 | % | |||||||||||||
Depreciation and amortization | 1,579 | 2,075 | (24 | %) | |||||||||||||
Driver compensation | 3,495 | 5,008 | (30 | %) | |||||||||||||
Insurance | 1,296 | 1,786 | (27 | %) | |||||||||||||
Fuel | 1,953 | 2,859 | (32 | %) |
Three Months Ended | |||||||||||
March 31, | |||||||||||
2024 | 2023 | ||||||||||
Field level purchase volumes – per day (1) | |||||||||||
Crude oil – barrels | 64,634 | 94,030 | |||||||||
Average purchase price | |||||||||||
Crude oil – per barrel | $ | 75.35 | $ | 73.27 |
Three Months Ended | |||||||||||
March 31, | |||||||||||
2024 | 2023 | ||||||||||
As reported segment operating earnings | $ | 6,654 | $ | 1,907 | |||||||
Add (subtract): | |||||||||||
Inventory liquidation gains | (1,753) | — | |||||||||
Inventory valuation losses | — | 1,017 | |||||||||
Derivative valuation gains | — | (486) | |||||||||
Field level operating earnings (1) | $ | 4,901 | $ | 2,438 |
March 31, 2024 | December 31, 2023 | ||||||||||||||||||||||
Average | Average | ||||||||||||||||||||||
Barrels | Price | Barrels | Price | ||||||||||||||||||||
Crude oil inventory | 329,287 | $ | 81.96 | 267,731 | $ | 72.35 |
Three Months Ended | |||||||||||||||||
March 31, | |||||||||||||||||
2024 | 2023 | Change (1) | |||||||||||||||
Revenues | $ | 23,231 | $ | 26,445 | (12 | %) | |||||||||||
Operating earnings | $ | 213 | $ | 901 | (76 | %) | |||||||||||
Depreciation and amortization | $ | 2,868 | $ | 3,131 | (8 | %) | |||||||||||
Driver commissions and wages | $ | 3,366 | $ | 3,727 | (10 | %) | |||||||||||
Insurance | $ | 2,157 | $ | 2,180 | (1 | %) | |||||||||||
Fuel | $ | 2,840 | $ | 2,678 | 6 | % | |||||||||||
Maintenance expense | $ | 1,408 | $ | 1,387 | 2 | % | |||||||||||
Mileage (000s) | 6,287 | 6,552 | (4 | %) |
Three Months Ended | |||||||||||
March 31, | |||||||||||
2024 | 2023 | ||||||||||
Total transportation revenue | $ | 23,231 | $ | 26,445 | |||||||
Diesel fuel cost | (2,840) | (2,678) | |||||||||
Revenues, net of fuel costs (1) | $ | 20,391 | $ | 23,767 |
Three Months Ended | |||||||||||||||||
March 31, | |||||||||||||||||
2024 | 2023 | Change (1) | |||||||||||||||
Segment revenues (2) | $ | 926 | $ | 809 | 14 | % | |||||||||||
Less: Intersegment revenues (2) | (922) | (809) | 14 | % | |||||||||||||
Revenues | $ | 4 | $ | — | — | % | |||||||||||
Operating losses | (963) | (1,201) | (20 | %) | |||||||||||||
Depreciation and amortization | 270 | 263 | 3 | % | |||||||||||||
Insurance | 212 | 217 | (2 | %) |
Three Months Ended | |||||||||||
March 31, | |||||||||||
2024 | 2023 | ||||||||||
Pipeline throughput | 11,256 | 10,088 | |||||||||
Terminalling | 11,544 | 10,395 |
Three Months Ended | |||||||||||||||||
March 31, | |||||||||||||||||
2024 | 2023 | Change (1) | |||||||||||||||
Revenues - Firebird | $ | 7,434 | $ | 7,087 | 5% | ||||||||||||
Revenues - Phoenix | 6,557 | 8,154 | (20%) | ||||||||||||||
Revenues | $ | 13,991 | $ | 15,241 | (8%) | ||||||||||||
Operating (losses) earnings | (1,484) | 535 | (377%) | ||||||||||||||
Depreciation and amortization | 1,638 | 1,581 | 4% | ||||||||||||||
Driver commissions | 2,489 | 2,045 | 22% | ||||||||||||||
Insurance | 700 | 568 | 23% | ||||||||||||||
Fuel | 989 | 994 | (1%) | ||||||||||||||
Maintenance expense | 494 | 509 | (3%) |
March 31, | December 31, | ||||||||||
2024 | 2023 | ||||||||||
Cash and cash equivalents | $ | 36,603 | $ | 33,256 | |||||||
Working capital | 17,255 | 21,684 |
Three Months Ended | |||||||||||
March 31, | |||||||||||
2024 | 2023 | ||||||||||
Cash provided by (used in): | |||||||||||
Operating activities | $ | 13,063 | $ | 23,707 | |||||||
Investing activities | (5,190) | (1,459) | |||||||||
Financing activities | (4,852) | (2,333) |
March 31, | December 31, | ||||||||||
2024 | 2023 | ||||||||||
Early payments received | $ | 26,762 | $ | 32,850 | |||||||
Prepayments to suppliers | 6,297 | 4,546 |
Three Months Ended | |||||||||||
March 31, | |||||||||||
2024 | 2023 | ||||||||||
Crude oil marketing (1) | $ | 2,944 | $ | 275 | |||||||
Transportation (2) | 2,923 | 167 | |||||||||
Pipeline and storage (3) | 85 | 971 | |||||||||
Logistics and repurposing (4) | 200 | 460 | |||||||||
Other (5) | — | 27 | |||||||||
Capital spending | $ | 6,152 | $ | 1,900 |
Payments due by period | ||||||||||||||||||||||||||||||||
Contractual Obligations | Total | Less than 1 year | 1-3 years | 3-5 years | More than 5 years | |||||||||||||||||||||||||||
Credit Agreement (1) | $ | 23,964 | $ | 3,889 | $ | 7,202 | $ | 12,873 | $ | — | ||||||||||||||||||||||
Finance lease obligations (2) | 27,299 | 7,424 | 12,147 | 7,728 | — | |||||||||||||||||||||||||||
Operating lease obligations (3) | 5,695 | 2,675 | 2,384 | 636 | — | |||||||||||||||||||||||||||
Purchase obligations (4) | 4,818 | 4,818 | — | — | — | |||||||||||||||||||||||||||
Total contractual obligations | $ | 61,776 | $ | 18,806 | $ | 21,733 | $ | 21,237 | $ | — |
Exhibit | ||||||||
Number | Exhibit | |||||||
3.1 | ||||||||
3.2 | ||||||||
10.1+* | ||||||||
31.1* | ||||||||
31.2* | ||||||||
32.1* | ||||||||
32.2* | ||||||||
101.CAL* | Inline XBRL Calculation Linkbase Document | |||||||
101.DEF* | Inline XBRL Definition Linkbase Document | |||||||
101.INS* | Inline XBRL Instance Document — the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | |||||||
101.LAB* | Inline XBRL Labels Linkbase Document | |||||||
101.PRE* | Inline XBRL Presentation Linkbase Document | |||||||
101.SCH* | Inline XBRL Schema Document | |||||||
104* | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) |
ADAMS RESOURCES & ENERGY, INC. | |||||||||||
(Registrant) | |||||||||||
Date: | May 8, 2024 | By: | /s/ Kevin J. Roycraft | ||||||||
Kevin J. Roycraft | |||||||||||
Chief Executive Officer | |||||||||||
(Principal Executive Officer) | |||||||||||
By: | /s/ Tracy E. Ohmart | ||||||||||
Tracy E. Ohmart | |||||||||||
Chief Financial Officer | |||||||||||
(Principal Financial Officer and Principal | |||||||||||
Accounting Officer) |
COMPANY | |||||||||||
ADAMS RESOURCES & ENERGY, INC. | |||||||||||
By: | |||||||||||
Name: | |||||||||||
Title: | |||||||||||
EMPLOYEE | |||||||||||
By: |
Performance Level | Adjusted Pre-Tax Cash Flow Amount | % of Target Performance Share Units Earned1 | ||||||
Maximum | $32,820,000 | 200% | ||||||
Target | $26,256,000 | 100% | ||||||
Threshold | $19,692,000 | 50% | ||||||
<Threshold | <$19,692,000 | 0% |
Performance Level | Adjusted Pre-Tax Earnings Amount | % of Target Performance Share Units Earned2 | ||||||
Maximum | $3,066,250 | 200% | ||||||
Target | $2,453,000 | 100% | ||||||
Threshold | $1,839,750 | 50% | ||||||
<Threshold | <$1,839,750 | 0% |
Date: | May 8, 2024 | By: | /s/ Kevin J. Roycraft | ||||||||
Kevin J. Roycraft | |||||||||||
Chief Executive Officer |
Date: | May 8, 2024 | By: | /s/ Tracy E. Ohmart | ||||||||
Tracy E. Ohmart | |||||||||||
Chief Financial Officer |
Date: | May 8, 2024 | By: | /s/ Kevin J. Roycraft | ||||||||
Kevin J. Roycraft | |||||||||||
Chief Executive Officer |
Date: | May 8, 2024 | By: | /s/ Tracy E. Ohmart | ||||||||
Tracy E. Ohmart | |||||||||||
Chief Financial Officer |
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Current assets: | ||
Allowance for doubtful accounts | $ 94 | $ 117 |
Shareholders’ equity: | ||
Preferred stock - par value (in dollars per share) | $ 1.00 | $ 1.00 |
Preferred stock - shares authorized (in shares) | 960,000 | 960,000 |
Preferred stock - shares outstanding (in shares) | 0 | 0 |
Common stock - par value (in dollars per share) | $ 0.10 | $ 0.10 |
Common stock - shares authorized (in shares) | 7,500,000 | 7,500,000 |
Common stock - shares outstanding (in shares) | 2,566,649 | 2,547,154 |
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Statement of Stockholders' Equity [Abstract] | ||
Dividends per common share (in dollars per share) | $ 0.24 | $ 0.24 |
Awards under LTIP (in dollars per share) | $ 0.24 | $ 0.24 |
Organization and Basis of Presentation |
3 Months Ended |
---|---|
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Basis of Presentation | Organization and Basis of Presentation Organization Adams Resources & Energy, Inc. is a publicly traded Delaware corporation organized in 1973, the common shares of which are listed on the NYSE American LLC under the ticker symbol “AE”. Through our subsidiaries, we are primarily engaged in crude oil marketing, truck and pipeline transportation of crude oil, and terminalling and storage in various crude oil and natural gas basins in the lower 48 states of the United States (“U.S.”). In addition, we conduct tank truck transportation of liquid chemicals, pressurized gases, asphalt and dry bulk primarily in the lower 48 states of the U.S. with deliveries into Canada and Mexico, and with sixteen terminals across the U.S. We also recycle and repurpose off-specification fuels, lubricants, crude oil and other chemicals from producers in the U.S. Unless the context requires otherwise, references to “we,” “us,” “our,” “Adams” or the “Company” are intended to mean the business and operations of Adams Resources & Energy, Inc. and its consolidated subsidiaries. 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) 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. See Note 7 for further information regarding our business segments. Basis of Presentation Our results of operations for the three months ended March 31, 2024 are not necessarily indicative of results expected for the full year of 2024. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments consisting of normal recurring accruals necessary for fair presentation. The condensed consolidated financial statements and the accompanying notes are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial statements and the rules of the U.S. Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures required by GAAP for complete annual financial statements have been omitted and, therefore, these interim financial statements should be read in conjunction with our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2023 (the “2023 Form 10-K”) filed with the SEC on March 13, 2024. All significant intercompany transactions and balances have been eliminated in consolidation. Use of Estimates The preparation of our financial statements in conformity with GAAP requires management to use estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. We base our estimates and judgments on historical experience and on various other assumptions and information we believe to be reasonable under the circumstances. Estimates and assumptions about future events and their effects cannot be perceived with certainty and, accordingly, these estimates may change as new events occur, as more experience is acquired, as additional information is obtained and as the operating environment changes. While we believe the estimates and assumptions used in the preparation of these condensed consolidated financial statements are appropriate, actual results could differ from those estimates.
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Summary of Significant Accounting Policies |
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Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Cash, Cash Equivalents and Restricted Cash The following table provides a reconciliation of cash and cash equivalents and restricted cash as reported in the unaudited condensed consolidated balance sheets that totals to the amounts shown in the unaudited condensed consolidated statements of cash flows at the dates indicated (in thousands):
_____________ (1)Represents amounts that are held in a segregated bank account by Wells Fargo Bank as collateral for an outstanding letter of credit. (2)$1.5 million of the restricted cash balance relates to the initial capitalization of our captive insurance company formed in late 2020, and the remainder primarily represents cash amounts held by our captive insurance company for insurance premiums. Common Shares Outstanding The following table reconciles our outstanding common stock for the periods indicated:
Earnings Per Share Basic earnings per share is computed by dividing our net earnings (losses) by the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed by giving effect to all potential common shares outstanding, including shares related to unvested restricted stock unit awards. Unvested restricted stock unit awards granted under the Adams Resources & Energy, Inc. 2018 Long-Term Incentive Plan, as amended and restated (“2018 LTIP”), or granted as employment inducement awards outside of the 2018 LTIP, are not considered to be participating securities as the holders of these shares do not have non-forfeitable dividend rights in the event of our declaration of a dividend for common shares (see Note 11 for further discussion). A reconciliation of the calculation of basic and diluted earnings (losses) per share was as follows for the periods indicated (in thousands, except per share data):
_______________ (1)For the three months ended March 31, 2024 and 2023, the effect of the restricted stock unit awards and the performance share unit awards on losses per share was anti-dilutive. (2)The dilutive effect of performance share awards is included in the calculation of diluted earnings per share when the performance share award performance conditions have been achieved. Fair Value Measurements The carrying amounts reported in the unaudited condensed consolidated balance sheets for cash and cash equivalents, accounts receivable and accounts payable approximates fair value because of the immediate or short-term maturity of these financial instruments. Marketable securities are recorded at fair value based on market quotations from actively traded liquid markets. The fair value of the term loan under our credit agreement (see Note 10 for further information) is representative of the carrying value based upon the variable terms and management’s opinion that the current rates available to us with the same maturity and security structure are equivalent to that of the debt. A three-tier hierarchy has been established that classifies fair value amounts recognized in the financial statements based on the observability of inputs used to estimate these fair values. The hierarchy considers fair value amounts based on observable inputs (Levels 1 and 2) to be more reliable and predictable than those based primarily on unobservable inputs (Level 3). At each balance sheet reporting date, we categorize our financial assets and liabilities using this hierarchy. Fair value contracts consist of derivative financial instruments and are recorded as either an asset or liability measured at its fair value. Changes in fair value are recognized immediately in earnings unless the derivatives qualify for, and we elect, cash flow hedge accounting. We had no contracts designated for hedge accounting outstanding during any current reporting periods. Income Taxes Income taxes are accounted for using the asset and liability method. Under this approach, deferred tax assets and liabilities are recognized based on anticipated future tax consequences attributable to differences between financial statement carrying amounts of these items and their respective tax basis. Inventory Inventory consists of crude oil held in storage tanks and at third-party pipelines as part of our crude oil marketing and pipeline and storage operations. Crude oil inventory is carried at the lower of cost or net realizable value. At the end of each reporting period, we assess the carrying value of our inventory and make adjustments necessary to reduce the carrying value to the applicable net realizable value. Any resulting adjustments are a component of marketing costs and expenses or pipeline and storage costs and expenses on our unaudited condensed consolidated statements of operations. Property and Equipment Property and equipment is recorded at cost. Expenditures for additions, improvements and other enhancements to property and equipment are capitalized, and minor replacements, maintenance and repairs that do not extend asset life or add value are charged to expense as incurred. When property and equipment assets are retired or otherwise disposed of, the related cost and accumulated depreciation is removed from the accounts and any resulting gain or loss is included in results of operations in operating costs and expenses for the respective period. Property and equipment, except for land, is depreciated using the straight-line method over the estimated average useful lives ranging from to thirty-nine years. We review our long-lived assets for impairment whenever there is evidence that the carrying value of these assets may not be recoverable. Any impairment recognized is permanent and may not be restored. Property and equipment is reviewed at the lowest level of identifiable cash flows. For property and equipment requiring impairment, the fair value is estimated based on an internal discounted cash flow model of future cash flows. See Note 5 for additional information regarding our property and equipment. Stock-Based Compensation We measure all share-based payment awards, including the issuance of restricted stock unit awards and performance share unit awards to employees and board members, using a fair-value based method. The cost of services received from employees and non-employee board members in exchange for awards of equity instruments is recognized in the consolidated statements of operations based on the estimated fair value of those awards on the grant date and is amortized on a straight-line basis over the requisite service period. The fair value of restricted stock unit awards and performance share unit awards is based on the closing price of our common stock on the grant date. We account for forfeitures as they occur. See Note 11 for additional information regarding our 2018 LTIP.
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Revenue Recognition |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue Recognition | Revenue Recognition Revenue Disaggregation The following table disaggregates our revenue by segment and by major source for the periods indicated (in thousands):
(1)Other crude oil marketing revenues are recognized under Accounting Standards Codification (“ASC”) 815, Derivatives and Hedging, and ASC 845, Nonmonetary Transactions – Purchases and Sales of Inventory with the Same Counterparty. (2)All pipeline and storage revenue earned during the three months ended March 31, 2023, and substantially all pipeline and storage revenue earned during the three months ended March 31, 2024, was from an affiliated shipper, GulfMark Energy, Inc. (“GulfMark”), our subsidiary, and eliminated in consolidation. Other Crude Oil Marketing Revenue Certain of the commodity purchase and sale contracts utilized by our crude oil marketing business qualify as derivative instruments with certain specifically identified contracts also designated as trading activity. From the time of contract origination, these contracts are marked-to-market and recorded on a net revenue basis in the accompanying unaudited condensed consolidated financial statements. Certain of our crude oil contracts may be with a single counterparty to provide for similar quantities of crude oil to be bought and sold at different locations. These contracts are entered into for a variety of reasons, including effecting the transportation of the commodity, to minimize credit exposure, and/or to meet the competitive demands of the customer. These buy/sell arrangements are reflected on a net revenue basis in the accompanying unaudited condensed consolidated financial statements. Reporting these crude oil contracts on a gross revenue basis would increase our reported revenues as follows for the periods indicated (in thousands):
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Prepayments and Other Current Assets |
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Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prepayments and Other Current Assets | Prepayments and Other Current Assets The components of prepayments and other current assets were as follows at the dates indicated (in thousands):
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Property and Equipment |
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property and Equipment | Property and Equipment The historical costs of our property and equipment and related accumulated depreciation and amortization balances were as follows at the dates indicated (in thousands):
_______________ (1)Our finance lease right-of-use (“ROU)” assets arise from leasing arrangements for the right to use various classes of underlying assets including tractors, trailers and a tank storage and throughput arrangement (see Note 13 for further information). Accumulated amortization of the assets presented as “Finance lease ROU assets” was $12.8 million and $11.0 million at March 31, 2024 and December 31, 2023, respectively. (2)Linefill and base gas represents crude oil in the VEX pipeline and storage tanks we own, and the crude oil is recorded at historical cost. Components of depreciation and amortization expense were as follows for the periods indicated (in thousands):
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Other Assets |
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Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets | Other Assets Components of other assets were as follows at the dates indicated (in thousands):
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Segment Reporting |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting | Segment ReportingWe 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) 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. Financial information by reporting segment was as follows for the periods indicated (in thousands):
_______________ (1)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. (2)Our crude oil marketing segment’s operating earnings included inventory liquidation gains of $1.8 million and inventory valuation losses $1.0 million for the three months ended March 31, 2024 and 2023, respectively. (3)Our segment property and equipment additions do not include assets acquired under finance leases during the three months ended March 31, 2024 and 2023. See Note 13 for further information. (4)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. 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):
Identifiable assets by business segment were as follows at the dates indicated (in thousands):
_______________ (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. Accounting policies for transactions between reportable segments are consistent with applicable accounting policies as disclosed herein.
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Transactions with Affiliates |
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transactions with Affiliates | Transactions with Affiliates We enter into certain transactions in the normal course of business with affiliated entities. Activities with affiliates were as follows for the periods indicated (in thousands):
_______________ (1)Amounts paid to West Point Buick GMC were for the purchase of three pickup trucks during the three months ended March 31, 2023, and are net of trade-in values. (2)In connection with the acquisition of Firebird and Phoenix on August 12, 2022, we entered into four operating lease agreements for office and terminal locations with entities owned by Scott Bosard, one of the sellers, for periods ranging from to five years. (3)From time to time, GulfMark purchases crude oil from Endeavor Natural Gas, L.P., of which a member of our Board of Directors is the Managing Partner. Affiliate transactions included direct cost reimbursement for shared phone and administrative services from KSA Industries, Inc. (“KSA”), an affiliated entity. We leased our corporate office space in a building operated by 17 South Briar Hollow Lane, LLC, an affiliate of KSA. In addition, we purchase pickup trucks from West Point Buick GMC, an affiliate of KSA. KSA was our largest shareholder until October 31, 2022, when we repurchased the common stock owned by it. An affiliate of KSA served on our Board of Directors through the date of our 2023 annual meeting, when he retired. As of May 31, 2023, KSA and its affiliates are no longer related parties. The table above consequently does not reflect any payments to or from KSA and its affiliates after that date.
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Other Current Liabilities |
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Other Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Current Liabilities | Other Current Liabilities The components of other current liabilities were as follows at the dates indicated (in thousands):
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Long-Term Debt |
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt | Long-Term Debt On October 27, 2022, we entered into a credit agreement (the “Credit Agreement”) with Cadence Bank, as administrative agent, swingline lender and issuing lender, and the other lenders party thereto (collectively, the “Lenders”). The Credit Agreement provides for (a) a revolving credit facility that allows for borrowings up to $60.0 million in aggregate principal amount from time to time (the “Revolving Credit Facility”) and (b) a Term Loan in aggregate principal amount of $25.0 million (the “Term Loan”). The Revolving Credit Facility matures on October 27, 2027 unless earlier terminated. Pursuant to the terms of the Credit Agreement, we are required to maintain compliance with the following financial covenants as of the end of each fiscal quarter and on a pro forma basis, after giving effect to any borrowings (in each case commencing with the fiscal quarter ending December 31, 2022): (i) the Consolidated Total Leverage Ratio shall not be greater than 2.50 to 1.00; (ii) the Asset Coverage Ratio shall not be less than 2.00 to 1.00; and (iii) the Consolidated Fixed Charge Coverage Ratio shall not be less than 1.25 to 1.00. Each of such ratios is calculated as outlined in the Credit Agreement and subject to certain exclusions and qualifications described therein. On August 2, 2023, we entered into Amendment No. 1 (the “Amendment”) to the Credit Agreement. The Amendment (i) clarifies our ability to exclude crude oil inventory valuation losses (and, to the extent included in our consolidated net income, inventory liquidation gains) from the calculation of Consolidated EBITDA for purposes of the related financial covenants, (ii) provides for the exclusion of unusual and non-recurring losses and expenses from the calculation of Consolidated EBITDA, not to exceed 10.0 percent of Consolidated EBITDA for the period, and (iii) amends the definition of Consolidated Funded Indebtedness to include letters of credit and banker’s acceptances only to the extent such letters of credit or banker’s acceptances have been drawn, for purposes of the Consolidated Total Leverage Ratio calculation in the Credit Agreement. The Amendment applies to our fiscal period ending June 30, 2023 and thereafter. At March 31, 2024, we had $19.3 million outstanding under the Term Loan at a weighted average interest rate of 7.67 percent, and $13.0 million of letters of credit outstanding at a fee of 2.50 percent. No amounts were outstanding under the Revolving Credit Facility. The following table presents the scheduled maturities of principal amounts of our debt obligations at March 31, 2024 for the next five years, and in total thereafter (in thousands):
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Stock-Based Compensation Plan |
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Share-Based Payment Arrangement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-Based Compensation Plan | Stock-Based Compensation Plan We have in place a long-term incentive plan in which any employee or non-employee director who provides services to us is eligible to participate. The 2018 LTIP, which is overseen by the Compensation Committee of our Board of Directors, provides for the grant of various types of equity awards, of which restricted stock unit awards and performance-based compensation awards have been granted. In May 2022, our shareholders approved an amendment and restatement of the 2018 LTIP, in which the maximum number of shares authorized for issuance under the 2018 LTIP was increased by 150,000 shares to a total of 300,000 shares, and the term of the 2018 LTIP was extended through February 23, 2032. After giving effect to awards granted and forfeitures made under the 2018 LTIP and assuming the potential achievement of the maximum amounts of the performance factors through March 31, 2024, a total of 39,115 shares remained available for issuance. Compensation expense recognized in connection with equity-based awards was as follows for the periods indicated (in thousands):
At March 31, 2024 and December 31, 2023, we had $0.1 million and $0.1 million, respectively, of accrued dividend amounts for awards granted under the 2018 LTIP or as inducement awards. Restricted Stock Unit Awards The following table presents restricted stock unit award activity for the periods indicated:
_______________ (1)Determined by dividing the aggregate grant date fair value of awards by the number of awards issued. (2)The aggregate grant date fair value of restricted stock unit awards issued during the first three months of 2024 was $1.6 million based on grant date market prices of our common shares ranging from $24.51 to $30.03 per share. Unrecognized compensation cost associated with restricted stock unit awards was approximately $1.9 million at March 31, 2024. Due to the graded vesting provisions of these awards, we expect to recognize the remaining compensation cost for these awards over a weighted-average period of 1.8 years. Performance Share Unit Awards The following table presents performance share unit award activity for the periods indicated:
_______________ (1)Determined by dividing the aggregate grant date fair value of awards by the number of awards issued. (2)The aggregate grant date fair value of performance share unit awards issued during the first three months of 2024 was $0.9 million based on grant date market prices of our common shares ranging from $24.58 to $30.03 per share and assuming a performance factor of 100 percent. Unrecognized compensation cost associated with performance share unit awards was approximately $1.0 million at March 31, 2024. We expect to recognize the remaining compensation cost for these awards over a weighted-average period of 2.7 years.
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Supplemental Cash Flow Information |
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Supplemental Cash Flow Elements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Cash Flow Information | Supplemental Cash Flow Information Supplemental cash flows and non-cash transactions were as follows for the periods indicated (in thousands):
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Leases |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | Leases The following table provides the components of lease expense for the periods indicated (in thousands):
The following table provides supplemental cash flow and other information related to leases for the periods indicated (in thousands):
______________ (1)Amounts are included in Other operating activities on the unaudited condensed consolidated statements of cash flows. The following table provides the lease terms and discount rates for the periods indicated:
The following table provides supplemental balance sheet information related to leases at the dates indicated (in thousands):
______________ (1)Amounts are included in Property and equipment, net on the unaudited condensed consolidated balance sheets. The following table provides maturities of undiscounted lease liabilities at March 31, 2024 (in thousands):
The following table provides maturities of undiscounted lease liabilities at December 31, 2023 (in thousands):
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Leases | Leases The following table provides the components of lease expense for the periods indicated (in thousands):
The following table provides supplemental cash flow and other information related to leases for the periods indicated (in thousands):
______________ (1)Amounts are included in Other operating activities on the unaudited condensed consolidated statements of cash flows. The following table provides the lease terms and discount rates for the periods indicated:
The following table provides supplemental balance sheet information related to leases at the dates indicated (in thousands):
______________ (1)Amounts are included in Property and equipment, net on the unaudited condensed consolidated balance sheets. The following table provides maturities of undiscounted lease liabilities at March 31, 2024 (in thousands):
The following table provides maturities of undiscounted lease liabilities at December 31, 2023 (in thousands):
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Commitments and Contingencies |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies | Commitments and Contingencies Insurance We have accrued liabilities for estimated workers’ compensation and other casualty claims incurred based upon claim reserves plus an estimate for loss development and incurred but not reported claims. We self-insure a significant portion of expected losses relating to workers’ compensation, general liability and automobile liability, with a self-insurance retention of $1.0 million. On October 1, 2023, the self-insurance retention was increased to $1.5 million for the auto policy. Insurance is purchased over our retention to reduce our exposure to catastrophic events. Estimates are recorded for potential and incurred outstanding liabilities for workers’ compensation, auto and general liability claims and claims that are incurred but not reported. Estimates are based on adjusters’ estimates, historical experience and statistical methods commonly used within the insurance industry that we believe are reliable. We have also engaged a third-party actuary to perform a review of our accrued liability for these claims as well as potential funded losses in our captive insurance company. Insurance estimates include certain assumptions and management judgments regarding the frequency and severity of claims, claim development and settlement practices and the selection of estimated loss among estimates derived using different methods. Unanticipated changes in these factors may produce materially different amounts of expense that would be reported under these programs. Since October 2020, we have elected to utilize a wholly owned insurance captive to insure the self-insured retention for our workers’ compensation, general liability and automobile liability insurance programs. All accrued liabilities associated with periods from October 2017 through current were transferred to the captive. We maintain excess property and casualty programs with third-party insurers in an effort to limit the financial impact of significant events covered under these programs. Our operating subsidiaries pay premiums to both the excess and reinsurance carriers and our captive for the estimated losses based on an external actuarial analysis. These premiums held by our wholly owned captive are currently held in a restricted account, resulting in a transfer of risk from our operating subsidiaries to the captive. We also maintain a self-insurance program for managing employee medical claims in excess of employee deductibles. As claims are paid, the liability is relieved. We also maintain third party insurance stop-loss coverage for individual medical claims exceeding a certain minimum threshold. In addition, we maintain $1.3 million of umbrella insurance coverage for annual aggregate medical claims exceeding approximately $11.3 million. Our accruals for automobile, workers’ compensation and medical claims were as follows at the dates indicated (in thousands):
Litigation From time to time as incidental to our operations, we may become involved in various lawsuits and/or disputes. As an operator of an extensive trucking fleet, we are a party to motor vehicle accidents, worker compensation claims and other items of general liability as would be typical for the industry. We are presently unaware of any claims against us that are either outside the scope of insurance coverage or that may exceed the level of insurance coverage and could potentially represent a material adverse effect on our financial position, results of operations or cash flows.
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Pay vs Performance Disclosure - USD ($) $ in Thousands |
3 Months Ended | |
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Mar. 31, 2024 |
Mar. 31, 2023 |
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Pay vs Performance Disclosure | ||
Net losses | $ (498) | $ (1,999) |
Insider Trading Arrangements |
3 Months Ended |
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Mar. 31, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Summary of Significant Accounting Policies (Policies) |
3 Months Ended |
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Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Organization | Organization Adams Resources & Energy, Inc. is a publicly traded Delaware corporation organized in 1973, the common shares of which are listed on the NYSE American LLC under the ticker symbol “AE”. Through our subsidiaries, we are primarily engaged in crude oil marketing, truck and pipeline transportation of crude oil, and terminalling and storage in various crude oil and natural gas basins in the lower 48 states of the United States (“U.S.”). In addition, we conduct tank truck transportation of liquid chemicals, pressurized gases, asphalt and dry bulk primarily in the lower 48 states of the U.S. with deliveries into Canada and Mexico, and with sixteen terminals across the U.S. We also recycle and repurpose off-specification fuels, lubricants, crude oil and other chemicals from producers in the U.S. Unless the context requires otherwise, references to “we,” “us,” “our,” “Adams” or the “Company” are intended to mean the business and operations of Adams Resources & Energy, Inc. and its consolidated subsidiaries. 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) 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. See Note 7 for further information regarding our business segments.
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Basis of Presentation | Basis of Presentation Our results of operations for the three months ended March 31, 2024 are not necessarily indicative of results expected for the full year of 2024. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments consisting of normal recurring accruals necessary for fair presentation. The condensed consolidated financial statements and the accompanying notes are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial statements and the rules of the U.S. Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures required by GAAP for complete annual financial statements have been omitted and, therefore, these interim financial statements should be read in conjunction with our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2023 (the “2023 Form 10-K”) filed with the SEC on March 13, 2024. All significant intercompany transactions and balances have been eliminated in consolidation.
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Use of Estimates | Use of Estimates The preparation of our financial statements in conformity with GAAP requires management to use estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. We base our estimates and judgments on historical experience and on various other assumptions and information we believe to be reasonable under the circumstances. Estimates and assumptions about future events and their effects cannot be perceived with certainty and, accordingly, these estimates may change as new events occur, as more experience is acquired, as additional information is obtained and as the operating environment changes. While we believe the estimates and assumptions used in the preparation of these condensed consolidated financial statements are appropriate, actual results could differ from those estimates.
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Earnings Per Share | Earnings Per Share Basic earnings per share is computed by dividing our net earnings (losses) by the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed by giving effect to all potential common shares outstanding, including shares related to unvested restricted stock unit awards. Unvested restricted stock unit awards granted under the Adams Resources & Energy, Inc. 2018 Long-Term Incentive Plan, as amended and restated (“2018 LTIP”), or granted as employment inducement awards outside of the 2018 LTIP, are not considered to be participating securities as the holders of these shares do not have non-forfeitable dividend rights in the event of our declaration of a dividend for common shares (see Note 11 for further discussion).
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Fair Value Measurements | Fair Value Measurements The carrying amounts reported in the unaudited condensed consolidated balance sheets for cash and cash equivalents, accounts receivable and accounts payable approximates fair value because of the immediate or short-term maturity of these financial instruments. Marketable securities are recorded at fair value based on market quotations from actively traded liquid markets. The fair value of the term loan under our credit agreement (see Note 10 for further information) is representative of the carrying value based upon the variable terms and management’s opinion that the current rates available to us with the same maturity and security structure are equivalent to that of the debt. A three-tier hierarchy has been established that classifies fair value amounts recognized in the financial statements based on the observability of inputs used to estimate these fair values. The hierarchy considers fair value amounts based on observable inputs (Levels 1 and 2) to be more reliable and predictable than those based primarily on unobservable inputs (Level 3). At each balance sheet reporting date, we categorize our financial assets and liabilities using this hierarchy. Fair value contracts consist of derivative financial instruments and are recorded as either an asset or liability measured at its fair value. Changes in fair value are recognized immediately in earnings unless the derivatives qualify for, and we elect, cash flow hedge accounting. We had no contracts designated for hedge accounting outstanding during any current reporting periods.
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Income Taxes | Income Taxes Income taxes are accounted for using the asset and liability method. Under this approach, deferred tax assets and liabilities are recognized based on anticipated future tax consequences attributable to differences between financial statement carrying amounts of these items and their respective tax basis.
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Inventory | Inventory Inventory consists of crude oil held in storage tanks and at third-party pipelines as part of our crude oil marketing and pipeline and storage operations. Crude oil inventory is carried at the lower of cost or net realizable value. At the end of each reporting period, we assess the carrying value of our inventory and make adjustments necessary to reduce the carrying value to the applicable net realizable value. Any resulting adjustments are a component of marketing costs and expenses or pipeline and storage costs and expenses on our unaudited condensed consolidated statements of operations.
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Property and Equipment | Property and Equipment Property and equipment is recorded at cost. Expenditures for additions, improvements and other enhancements to property and equipment are capitalized, and minor replacements, maintenance and repairs that do not extend asset life or add value are charged to expense as incurred. When property and equipment assets are retired or otherwise disposed of, the related cost and accumulated depreciation is removed from the accounts and any resulting gain or loss is included in results of operations in operating costs and expenses for the respective period. Property and equipment, except for land, is depreciated using the straight-line method over the estimated average useful lives ranging from to thirty-nine years. We review our long-lived assets for impairment whenever there is evidence that the carrying value of these assets may not be recoverable. Any impairment recognized is permanent and may not be restored. Property and equipment is reviewed at the lowest level of identifiable cash flows. For property and equipment requiring impairment, the fair value is estimated based on an internal discounted cash flow model of future cash flows.
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Stock-Based Compensation | Stock-Based Compensation We measure all share-based payment awards, including the issuance of restricted stock unit awards and performance share unit awards to employees and board members, using a fair-value based method. The cost of services received from employees and non-employee board members in exchange for awards of equity instruments is recognized in the consolidated statements of operations based on the estimated fair value of those awards on the grant date and is amortized on a straight-line basis over the requisite service period. The fair value of restricted stock unit awards and performance share unit awards is based on the closing price of our common stock on the grant date. We account for forfeitures as they occur.
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Other Crude Oil Marketing Revenue | Other Crude Oil Marketing Revenue Certain of the commodity purchase and sale contracts utilized by our crude oil marketing business qualify as derivative instruments with certain specifically identified contracts also designated as trading activity. From the time of contract origination, these contracts are marked-to-market and recorded on a net revenue basis in the accompanying unaudited condensed consolidated financial statements. Certain of our crude oil contracts may be with a single counterparty to provide for similar quantities of crude oil to be bought and sold at different locations. These contracts are entered into for a variety of reasons, including effecting the transportation of the commodity, to minimize credit exposure, and/or to meet the competitive demands of the customer. These buy/sell arrangements are reflected on a net revenue basis in the accompanying unaudited condensed consolidated financial statements.
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Summary of Significant Accounting Policies (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Cash and Cash Equivalents and Restricted Cash | The following table provides a reconciliation of cash and cash equivalents and restricted cash as reported in the unaudited condensed consolidated balance sheets that totals to the amounts shown in the unaudited condensed consolidated statements of cash flows at the dates indicated (in thousands):
_____________ (1)Represents amounts that are held in a segregated bank account by Wells Fargo Bank as collateral for an outstanding letter of credit. (2)$1.5 million of the restricted cash balance relates to the initial capitalization of our captive insurance company formed in late 2020, and the remainder primarily represents cash amounts held by our captive insurance company for insurance premiums.
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Schedule of Common Stock Outstanding | The following table reconciles our outstanding common stock for the periods indicated:
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Schedule of Earnings Per Share, Basic and Diluted | A reconciliation of the calculation of basic and diluted earnings (losses) per share was as follows for the periods indicated (in thousands, except per share data):
_______________ (1)For the three months ended March 31, 2024 and 2023, the effect of the restricted stock unit awards and the performance share unit awards on losses per share was anti-dilutive. (2)The dilutive effect of performance share awards is included in the calculation of diluted earnings per share when the performance share award performance conditions have been achieved.
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Revenue Recognition (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Disaggregation of Revenue | The following table disaggregates our revenue by segment and by major source for the periods indicated (in thousands):
(1)Other crude oil marketing revenues are recognized under Accounting Standards Codification (“ASC”) 815, Derivatives and Hedging, and ASC 845, Nonmonetary Transactions – Purchases and Sales of Inventory with the Same Counterparty. (2)All pipeline and storage revenue earned during the three months ended March 31, 2023, and substantially all pipeline and storage revenue earned during the three months ended March 31, 2024, was from an affiliated shipper, GulfMark Energy, Inc. (“GulfMark”), our subsidiary, and eliminated in consolidation.
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Schedule of New Accounting Pronouncements and Changes in Accounting Principles | Reporting these crude oil contracts on a gross revenue basis would increase our reported revenues as follows for the periods indicated (in thousands):
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Prepayments and Other Current Assets (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Prepayments and Other Current Assets | The components of prepayments and other current assets were as follows at the dates indicated (in thousands):
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Property and Equipment (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Property and Equipment | The historical costs of our property and equipment and related accumulated depreciation and amortization balances were as follows at the dates indicated (in thousands):
_______________ (1)Our finance lease right-of-use (“ROU)” assets arise from leasing arrangements for the right to use various classes of underlying assets including tractors, trailers and a tank storage and throughput arrangement (see Note 13 for further information). Accumulated amortization of the assets presented as “Finance lease ROU assets” was $12.8 million and $11.0 million at March 31, 2024 and December 31, 2023, respectively. (2)Linefill and base gas represents crude oil in the VEX pipeline and storage tanks we own, and the crude oil is recorded at historical cost. Components of depreciation and amortization expense were as follows for the periods indicated (in thousands):
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Other Assets (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Assets | Components of other assets were as follows at the dates indicated (in thousands):
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Segment Reporting (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Information Concerning Business Activities | Financial information by reporting segment was as follows for the periods indicated (in thousands):
_______________ (1)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. (2)Our crude oil marketing segment’s operating earnings included inventory liquidation gains of $1.8 million and inventory valuation losses $1.0 million for the three months ended March 31, 2024 and 2023, respectively. (3)Our segment property and equipment additions do not include assets acquired under finance leases during the three months ended March 31, 2024 and 2023. See Note 13 for further information. (4)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.
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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):
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Schedule of Identifiable Assets by Industry Segment | Identifiable assets by business segment were as follows at the dates indicated (in thousands):
_______________ (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.
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Transactions with Affiliates (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Activities with Affiliates | Activities with affiliates were as follows for the periods indicated (in thousands):
_______________ (1)Amounts paid to West Point Buick GMC were for the purchase of three pickup trucks during the three months ended March 31, 2023, and are net of trade-in values. (2)In connection with the acquisition of Firebird and Phoenix on August 12, 2022, we entered into four operating lease agreements for office and terminal locations with entities owned by Scott Bosard, one of the sellers, for periods ranging from to five years. (3)From time to time, GulfMark purchases crude oil from Endeavor Natural Gas, L.P., of which a member of our Board of Directors is the Managing Partner.
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Other Current Liabilities (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Current Liabilities | The components of other current liabilities were as follows at the dates indicated (in thousands):
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Long-Term Debt (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Maturities of Long-Term Debt | The following table presents the scheduled maturities of principal amounts of our debt obligations at March 31, 2024 for the next five years, and in total thereafter (in thousands):
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Stock-Based Compensation Plan (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Share-Based Payment Arrangement | Compensation expense recognized in connection with equity-based awards was as follows for the periods indicated (in thousands):
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Schedule of Share-Based Compensation, Activity | The following table presents restricted stock unit award activity for the periods indicated:
_______________ (1)Determined by dividing the aggregate grant date fair value of awards by the number of awards issued. (2)The aggregate grant date fair value of restricted stock unit awards issued during the first three months of 2024 was $1.6 million based on grant date market prices of our common shares ranging from $24.51 to $30.03 per share.The following table presents performance share unit award activity for the periods indicated:
_______________ (1)Determined by dividing the aggregate grant date fair value of awards by the number of awards issued. (2)The aggregate grant date fair value of performance share unit awards issued during the first three months of 2024 was $0.9 million based on grant date market prices of our common shares ranging from $24.58 to $30.03 per share and assuming a performance factor of 100 percent.
|
Supplemental Cash Flow Information (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Cash Flow Elements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Supplemental Cash Flow Information | Supplemental cash flows and non-cash transactions were as follows for the periods indicated (in thousands):
|
Leases (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Lease, Cost | The following table provides the components of lease expense for the periods indicated (in thousands):
The following table provides supplemental cash flow and other information related to leases for the periods indicated (in thousands):
______________ (1)Amounts are included in Other operating activities on the unaudited condensed consolidated statements of cash flows. The following table provides the lease terms and discount rates for the periods indicated:
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Assets and Liabilities, Lessee | The following table provides supplemental balance sheet information related to leases at the dates indicated (in thousands):
______________ (1)Amounts are included in Property and equipment, net on the unaudited condensed consolidated balance sheets.
|
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Schedule of Lessee, Operating Lease, Liability, Maturity | The following table provides maturities of undiscounted lease liabilities at March 31, 2024 (in thousands):
The following table provides maturities of undiscounted lease liabilities at December 31, 2023 (in thousands):
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Schedule of Finance Lease, Liability, Maturity | The following table provides maturities of undiscounted lease liabilities at March 31, 2024 (in thousands):
The following table provides maturities of undiscounted lease liabilities at December 31, 2023 (in thousands):
|
Commitments and Contingencies (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Expenses and Losses Incurred but Not Reported | Our accruals for automobile, workers’ compensation and medical claims were as follows at the dates indicated (in thousands):
|
Organization and Basis of Presentation (Details) |
3 Months Ended |
---|---|
Mar. 31, 2024
segment
state
terminal
| |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of states in which entity operates | state | 48 |
Number of terminals in which entity operates | terminal | 16 |
Number of operating segments | 4 |
Number of reportable segments | 4 |
Summary of Significant Accounting Policies - Schedule of Cash and Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|---|---|
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Cash and cash equivalents | $ 36,603 | $ 33,256 | ||
Restricted cash | 11,664 | 11,990 | ||
Total cash, cash equivalents and restricted cash shown in the unaudited condensed consolidated statements of cash flows | 48,267 | 45,246 | $ 50,982 | $ 31,067 |
Letter of Credit | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted cash | 112 | 111 | ||
Captive Insurance Subsidiary | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted cash | 11,552 | $ 11,879 | ||
Initial Capitalization | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted cash | $ 1,500 |
Summary of Significant Accounting Policies - Schedule of Common Stock Outstanding (Details) |
3 Months Ended |
---|---|
Mar. 31, 2024
shares
| |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Beginning balance (in shares) | 2,547,154 |
Vesting of restricted stock unit awards (in shares) | 19,334 |
Shares withheld to cover taxes upon vesting of equity awards (in shares) | (6,157) |
Ending balance (in shares) | 2,566,649 |
Performance Unit Awards | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Vesting of performance share unit awards (in shares) | 6,318 |
Summary of Significant Accounting Policies - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Earnings per share | ||
Net losses | $ (498) | $ (1,999) |
Basic weighted average number of shares outstanding (in shares) | 2,554 | 2,517 |
Basic net losses per share (in dollars per share) | $ (0.19) | $ (0.79) |
Diluted earnings per share: | ||
Common shares (in shares) | 2,554 | 2,517 |
Total diluted shares (in shares) | 2,554 | 2,517 |
Diluted net losses per share (in dollars per share) | $ (0.19) | $ (0.79) |
Restricted stock units awards | ||
Diluted earnings per share: | ||
Unit awards (in shares) | 0 | 0 |
Performance share unit awards | ||
Diluted earnings per share: | ||
Unit awards (in shares) | 0 | 0 |
Summary of Significant Accounting Policies - Fair Value Measurements (Details) |
Mar. 31, 2024
contract
|
---|---|
Hedging accounting | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Number of contracts held | 0 |
Summary of Significant Accounting Policies - Income Taxes and Property and Equipment (Details) |
Mar. 31, 2024 |
---|---|
Minimum | |
Property, Plant and Equipment [Abstract] | |
Property and equipment, useful life | 2 years |
Maximum | |
Property, Plant and Equipment [Abstract] | |
Property and equipment, useful life | 39 years |
Revenue Recognition - Schedule of New Accounting Pronouncements and Changes in Accounting Principles (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Revenue from Contract with Customer [Abstract] | ||
Revenue gross-up | $ 60,170 | $ 286,702 |
Prepayments and Other Current Assets (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Insurance premiums | $ 711 | $ 798 |
Rents, licenses and other | 1,827 | 2,305 |
Total prepayments and other current assets | $ 2,538 | $ 3,103 |
Other Assets (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Insurance collateral deposits | $ 605 | $ 605 |
State collateral deposits | 23 | 23 |
Materials and supplies | 948 | 1,050 |
Debt issuance costs | 1,175 | 1,259 |
Other | 373 | 371 |
Total other assets | $ 3,124 | $ 3,308 |
Segment Reporting - Schedule of Reconciliation of Segment Earnings to Earnings Before Income Taxes (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Abstract] | ||
Operating losses | $ (361) | $ (2,630) |
General and administrative | (4,781) | (4,772) |
Interest and other income | 561 | 204 |
Interest expense | (793) | (696) |
Losses before income taxes | (593) | (3,122) |
Operating segments | ||
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Abstract] | ||
Operating losses | 4,420 | 2,142 |
General and administrative | ||
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Abstract] | ||
Operating losses | 0 | 0 |
General and administrative | (4,781) | (4,772) |
Segment reconciling items | ||
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Abstract] | ||
Interest and other income | 561 | 204 |
Interest expense | $ (793) | $ (696) |
Segment Reporting - Schedule of Identifiable Assets by Industry Segment (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Segment Reconciliation [Abstract] | ||
Total assets | $ 390,831 | $ 361,334 |
Operating segments | Crude oil marketing | ||
Segment Reconciliation [Abstract] | ||
Total assets | 211,951 | 185,285 |
Operating segments | Trans-portation | ||
Segment Reconciliation [Abstract] | ||
Total assets | 57,890 | 57,653 |
Operating segments | Pipeline and storage | ||
Segment Reconciliation [Abstract] | ||
Total assets | 25,262 | 25,027 |
Operating segments | Logistics and repurposing | ||
Segment Reconciliation [Abstract] | ||
Total assets | 42,981 | 43,258 |
Cash and other | ||
Segment Reconciliation [Abstract] | ||
Total assets | $ 52,747 | $ 50,111 |
Transactions with Affiliates - Schedule of Activities with Affiliates (Details) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024
USD ($)
|
Mar. 31, 2023
USD ($)
truck
|
|
Related Party Transaction [Line Items] | ||
Billings to KSA and affiliates | $ 661,050 | $ 650,162 |
Affiliated Entities | ||
Related Party Transaction [Line Items] | ||
Billings to KSA and affiliates | 0 | 5 |
Affiliated Entities | Rentals paid to an affiliate of KSA | ||
Related Party Transaction [Line Items] | ||
Amounts of transaction | 0 | 137 |
Affiliated Entities | Payments to an affiliate of KSA for purchase of vehicles | ||
Related Party Transaction [Line Items] | ||
Purchases from affiliated entity | 0 | 157 |
Affiliated Entities | Rentals paid to affiliates of Scott Bosard | ||
Related Party Transaction [Line Items] | ||
Amounts of transaction | 144 | 140 |
Affiliated Entities | Crude oil purchases from affiliate | ||
Related Party Transaction [Line Items] | ||
Purchases from affiliated entity | $ 3,451 | $ 1,394 |
G M C | ||
Related Party Transaction [Line Items] | ||
Number of pickup tracks purchased | truck | 3 |
Transactions with Affiliates - Narrative (Details) - Firebird and Phoenix |
Aug. 12, 2022
segment
|
---|---|
Related Party Transaction [Line Items] | |
Number of operating lease aggrement | 4 |
Minimum | |
Related Party Transaction [Line Items] | |
Term of contract | 2 years |
Maximum | |
Related Party Transaction [Line Items] | |
Term of contract | 5 years |
Other Current Liabilities (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Other Liabilities Disclosure [Abstract] | ||
Accrual for payroll, benefits and bonuses | $ 4,790 | $ 5,684 |
Accrued automobile and workers’ compensation claims | 6,351 | 5,804 |
Accrued medical claims | 1,303 | 997 |
Accrued taxes | 1,740 | 2,453 |
Other | 1,308 | 1,212 |
Total other current liabilities | $ 15,492 | $ 16,150 |
Long-Term Debt - Narrative (Details) |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2024
USD ($)
|
Aug. 02, 2023 |
Dec. 31, 2022 |
Oct. 27, 2022
USD ($)
|
|
Line of Credit Facility [Line Items] | ||||
Percentage of unusual and non recurring losses and expenses on Consolidated EBITDA | 0.10 | |||
Long-term debt | $ 19,250,000 | |||
Revolving Credit Facility | ||||
Line of Credit Facility [Line Items] | ||||
Maximum borrowing amount | $ 60,000,000 | |||
Leverage ratio | 2.50 | |||
Asset coverage ratio | 2.00 | |||
Coverage ratio | 1.25 | |||
Weighted average interest rate | 7.67% | |||
Letters of credit outstanding | $ 13,000,000 | |||
Borrowings outstanding | $ 0 | |||
Letter of Credit | ||||
Line of Credit Facility [Line Items] | ||||
Commitment fee percentage | 2.50% | |||
Secured Debt | Term Loan | ||||
Line of Credit Facility [Line Items] | ||||
Debt instrument, face amount | $ 25,000,000 | |||
Long-term debt | $ 19,300,000 |
Long-Term Debt - Schedule of Maturities of Long-Term Debt (Details) $ in Thousands |
Mar. 31, 2024
USD ($)
|
---|---|
Debt Disclosure [Abstract] | |
Remainder of 2024 | $ 1,875 |
2025 | 2,500 |
2026 | 2,500 |
2027 | 12,375 |
Long-term debt | $ 19,250 |
Stock-Based Compensation Plan - Narrative (Details) - The 2018 LTIP - USD ($) $ in Millions |
1 Months Ended | 3 Months Ended | |
---|---|---|---|
May 31, 2022 |
Mar. 31, 2024 |
Dec. 31, 2023 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Additional shares authorized (in shares) | 150,000 | ||
Number of shares authorized (in shares) | 300,000 | 39,115 | |
Accrued dividends | $ 0.1 | $ 0.1 | |
Restricted stock units awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation cost | $ 1.9 | ||
Period for recognition for remaining compensation cost | 1 year 9 months 18 days | ||
Performance Unit Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation cost | $ 1.0 | ||
Period for recognition for remaining compensation cost | 2 years 8 months 12 days |
Stock-Based Compensation Plan - Share-Based Payment Arrangement (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Text Block [Abstract] | ||
Compensation expense | $ 307 | $ 283 |
Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Supplemental Cash Flow Elements [Abstract] | ||
Cash paid for interest | $ 765 | $ 636 |
Cash paid for federal and state income taxes | 800 | 2 |
Non-cash transactions: | ||
Change in accounts payable related to property and equipment additions | 0 | 52 |
Property and equipment acquired under finance leases | $ 0 | $ 9,007 |
Leases - Schedule of Components of Lease Expense (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Leases [Abstract] | ||
Amortization of ROU assets | $ 1,874 | $ 1,774 |
Interest on lease liabilities | 343 | 238 |
Operating lease cost | 856 | 878 |
Short-term lease cost | 3,475 | 3,698 |
Variable lease cost | 21 | 5 |
Total lease expense | $ 6,569 | $ 6,593 |
Leases - Schedule of Supplemental Cash Flow and Other Information (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Cash paid for amounts included in measurement of lease liabilities: | ||
Operating cash flows from operating leases | $ 800 | $ 777 |
Operating cash flows from finance leases | 343 | 224 |
Financing cash flows from finance leases | 1,553 | 1,576 |
ROU assets obtained in exchange for new lease liabilities: | ||
ROU assets obtained in exchange for new lease liabilities, Finance leases | 0 | 9,007 |
ROU assets obtained in exchange for new lease liabilities, Operating leases | $ 296 | $ 401 |
Leases - Schedule of Lease Terms and Discount Rates (Details) |
Mar. 31, 2024 |
Mar. 31, 2023 |
---|---|---|
Weighted-average remaining lease term (years): | ||
Finance leases | 3 years 4 months 9 days | 3 years 10 months 20 days |
Operating leases | 2 years 9 months 18 days | 3 years 3 months 25 days |
Weighted-average discount rate: | ||
Finance leases | 5.60% | 4.60% |
Operating leases | 4.50% | 4.10% |
Leases - Schedule of Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Leases [Abstract] | ||
Finance lease ROU assets | $ 23,039 | $ 24,681 |
Operating lease ROU assets | 5,385 | 5,832 |
Finance lease liabilities | 6,251 | 6,206 |
Operating lease liabilities | 2,508 | 2,829 |
Finance lease liabilities | 18,087 | 19,685 |
Operating lease liabilities | $ 2,883 | $ 3,006 |
Leases - Schedule of Maturities of Undiscounted Lease Liabilities (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Finance Lease Liabilities, Payments | ||
Remainder of 2024 | $ 5,568 | |
2025 | 7,284 | $ 7,463 |
2026 | 5,615 | 7,284 |
2027 | 6,047 | 5,615 |
2028 | 2,785 | 6,047 |
Thereafter | 0 | |
Thereafter | 0 | |
Total lease payments | 27,299 | 29,198 |
Less: Interest | (2,961) | (3,307) |
Present value of lease liabilities | 24,338 | 25,891 |
Less: Current portion of lease obligation | (6,251) | (6,206) |
Total long-term lease obligation | 18,087 | 19,685 |
Operating Lease Liabilities, Payments Due | ||
Remainder of 2024 | 2,311 | |
2025 | 1,395 | 3,009 |
2026 | 1,136 | 1,273 |
2027 | 615 | 1,047 |
2028 | 219 | 602 |
Thereafter | 19 | |
Thereafter | 18 | |
Total lease payments | 5,695 | 6,168 |
Less: Interest | (304) | (333) |
Present value of lease liabilities | 5,391 | 5,835 |
Less: Current portion of lease obligation | (2,508) | (2,829) |
Total long-term lease obligation | $ 2,883 | 3,006 |
Finance lease, year five | 2,789 | |
Operating lease, year five | $ 219 |
Commitments and Contingencies - Narrative (Details) - USD ($) |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2024 |
Oct. 01, 2023 |
Sep. 30, 2023 |
|
Commitments and Contingencies Disclosure [Abstract] | |||
Self-insured retention | $ 1,500,000 | $ 1,000,000 | |
Umbrellas insurance coverage | $ 1,300,000 | ||
Aggregate medical claims for umbrella insurance coverage per calendar year | $ 11,300,000 |
Commitments and Contingencies - Schedule of Expenses and Losses Incurred but Not Reported (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Commitments and Contingencies Disclosure [Abstract] | ||
Accrued automobile and workers’ compensation claims | $ 6,351 | $ 5,804 |
Accrued medical claims | $ 1,303 | $ 997 |
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