Segment Reporting

3 Months Ended

Mar. 31, 2024

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):

	Reporting Segments
	Crude oil marketing		Trans-portation		Pipeline and storage		Logistics and repurposing		Other		Total
Three Months Ended March 31, 2024
Segment revenues (1)	$	623,826	$	23,291	$	926	$	15,094	$	—	$	663,137
Less: Intersegment revenues (1)	(2)		(60)		(922)		(1,103)		—		(2,087)
Revenues	$	623,824	$	23,231	$	4	$	13,991	$	—	$	661,050
Segment operating earnings (losses) (2)	6,654		213		(963)		(1,484)		—		4,420
Depreciation and amortization	1,579		2,868		270		1,638		—		6,355
Property and equipment additions (3)	2,944		2,923		85		200		—		6,152
Three Months Ended March 31, 2023
Segment revenues (1)	$	608,476	$	26,530	$	809	$	16,747	$	—	$	652,562
Less: Intersegment revenues (1)	—		(85)		(809)		(1,506)		—		(2,400)
Revenues	$	608,476	$	26,445	$	—	$	15,241	$	—	$	650,162
Segment operating earnings (losses) (2)	1,907		901		(1,201)		535		—		2,142
Depreciation and amortization	2,075		3,131		263		1,581		—		7,050
Property and equipment additions (3)(4)	275		167		971		460		27		1,900

_______________

(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):

	Three Months Ended
	March 31,
	2024		2023
Segment operating earnings	$	4,420	$	2,142
General and administrative	(4,781)		(4,772)
Operating losses	(361)		(2,630)
Interest and other income	561		204
Interest expense	(793)		(696)
Losses before income taxes	$	(593)	$	(3,122)

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

	March 31,		December 31,
	2024		2023
Reporting segment:
Crude oil marketing	$	211,951	$	185,285
Transportation	57,890		57,653
Pipeline and storage	25,262		25,027
Logistics and repurposing	42,981		43,258
Cash and other (1)	52,747		50,111
Total assets	$	390,831	$	361,334

_______________

(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.