Segment Information (Tables)

9 Months Ended

Sep. 30, 2021

Schedule Of Segment Reporting Information


	Refining		Lubricants and Specialty Products		HEP		Corporate, Other and Eliminations (1)		Consolidated Total
	(In thousands)
Three Months Ended September 30, 2021
Sales and other revenues:
Revenues from external customers	$	3,993,570	$	666,033	$	25,459	$	(3)	$	4,685,059
Intersegment revenues	189,441		501		97,125		(287,067)		—
	$	4,183,011	$	666,534	$	122,584	$	(287,070)	$	4,685,059
Cost of products sold (exclusive of lower of cost or market inventory)	$	3,605,600	$	482,533	$	—	$	(265,275)	$	3,822,858

Operating expenses	$	248,316	$	60,940	$	42,793	$	471	$	352,520
Selling, general and administrative expenses	$	32,345	$	41,476	$	3,849	$	13,386	$	91,056
Depreciation and amortization	$	77,890	$	19,226	$	21,627	$	2,477	$	121,220

Income (loss) from operations	$	218,860	$	62,359	$	54,315	$	(38,129)	$	297,405
Earnings of equity method investments	$	—	$	—	$	3,689	$	—	$	3,689
Capital expenditures	$	40,814	$	7,833	$	19,217	$	147,640	$	215,504

Three Months Ended September 30, 2020
Sales and other revenues:
Revenues from external customers	$	2,339,782	$	452,878	$	26,740	$	—	$	2,819,400
Intersegment revenues	56,331		2,164		100,991		(159,486)		—
	$	2,396,113	$	455,042	$	127,731	$	(159,486)	$	2,819,400
Cost of products sold (exclusive of lower of cost or market inventory)	$	2,211,342	$	302,703	$	—	$	(136,807)	$	2,377,238
Lower of cost or market inventory valuation adjustment	$	(62,849)	$	—	$	—	$	—	$	(62,849)
Operating expenses	$	256,079	$	54,488	$	40,003	$	(18,074)	$	332,496
Selling, general and administrative expenses	$	30,866	$	36,773	$	2,332	$	4,482	$	74,453
Depreciation and amortization	$	79,146	$	17,432	$	24,109	$	4,593	$	125,280

Income (loss) from operations	$	(118,471)	$	43,646	$	61,287	$	(13,680)	$	(27,218)
Earnings of equity method investments	$	—	$	—	$	1,316	$	—	$	1,316
Capital expenditures	$	41,740	$	6,995	$	7,902	$	26,635	$	83,272


	Refining		Lubricants and Specialty Products		HEP		Corporate, Other and Eliminations (1)		Consolidated Total
	(In thousands)
Nine Months Ended September 30, 2021
Sales and other revenues:
Revenues from external customers	$	10,837,876	$	1,850,786	$	77,809	$	4	$	12,766,475
Intersegment revenues	455,089		9,500		298,193		(762,782)		—
	$	11,292,965	$	1,860,286	$	376,002	$	(762,778)	$	12,766,475
Cost of products sold (exclusive of lower of cost or market inventory)	$	9,986,862	$	1,305,274	$	—	$	(683,244)	$	10,608,892
Lower of cost or market inventory valuation adjustment	$	(318,353)	$	—	$	—	$	(509)	$	(318,862)
Operating expenses	$	772,593	$	183,003	$	126,226	$	4,798	$	1,086,620
Selling, general and administrative expenses	$	90,977	$	124,612	$	9,664	$	25,532	$	250,785
Depreciation and amortization	$	245,910	$	58,499	$	66,908	$	(1,976)	$	369,341

Income (loss) from operations	$	514,976	$	188,898	$	173,204	$	(107,379)	$	769,699
Earnings of equity method investments	$	—	$	—	$	8,875	$	—	$	8,875
Capital expenditures	$	114,325	$	17,534	$	76,933	$	339,553	$	548,345

Nine Months Ended September 30, 2020
Sales and other revenues:
Revenues from external customers	$	6,880,444	$	1,330,021	$	72,410	$	—	$	8,282,875
Intersegment revenues	178,039		8,911		297,982		(484,932)		—
	$	7,058,483	$	1,338,932	$	370,392	$	(484,932)	$	8,282,875
Cost of products sold (exclusive of lower of cost or market inventory)	$	6,113,530	$	952,430	$	—	$	(418,000)	$	6,647,960
Lower of cost or market inventory valuation adjustment	$	227,711	$	—	$	—	$	—	$	227,711
Operating expenses	$	754,612	$	156,459	$	109,721	$	(56,592)	$	964,200
Selling, general and administrative expenses	$	94,677	$	121,654	$	7,569	$	13,659	$	237,559
Depreciation and amortization	$	251,019	$	59,260	$	72,095	$	13,659	$	396,033
Long-lived asset impairment (2)	$	215,242	$	204,708	$	16,958	$	—	$	436,908
Income (loss) from operations	$	(598,308)	$	(155,579)	$	164,049	$	(37,658)	$	(627,496)
Earnings of equity method investments	$	—	$	—	$	5,186	$	—	$	5,186
Capital expenditures	$	106,856	$	20,387	$	38,642	$	47,123	$	213,008

(1) For the three and the nine months ended September 30, 2021, Corporate and Other includes $13.1 million and $37.2 million, respectively, of operating expenses and $141.3 million and $325.3 million, respectively, of capital expenditures related to the construction of our renewable diesel units. For the three and nine months ended September 30, 2020, Corporate and Other includes $1.8 million and $2.7 million, respectively, of operating expenses and $20.5 million and $33.1 million, respectively, of capital expenditures related to the construction of our renewable diesel units.

(2) The results of our HEP reportable segment for the nine months ended September 30, 2020 include a long-lived asset impairment charge attributed to HEP’s logistics assets at our Cheyenne Refinery.




	Refining		Lubricants and Specialty Products		HEP		Corporate, Other and Eliminations		Consolidated Total
	(In thousands)
September 30, 2021
Cash and cash equivalents	$	18,056	$	218,970	$	12,816	$	1,231,720	$	1,481,562
Total assets	$	7,266,496	$	2,119,076	$	2,236,091	$	1,275,518	$	12,897,181
Long-term debt	$	—	$	—	$	1,333,309	$	1,739,043	$	3,072,352

December 31, 2020
Cash and cash equivalents	$	3,106	$	163,729	$	21,990	$	1,179,493	$	1,368,318
Total assets	$	6,203,847	$	1,864,313	$	2,198,478	$	1,240,226	$	11,506,864
Long-term debt	$	—	$	—	$	1,405,603	$	1,737,115	$	3,142,718