SEGMENT REPORTING (Tables)

3 Months Ended

Mar. 31, 2024

Segment information for the three months ended March 31, 2024 and 2023 is as follows (in thousands):


THREE MONTHS ENDED MARCH 31, 2024
	Refining & Marketing		Black Oil & Recovery		Corporate and Eliminations		Total
Revenues:
Refined products	$	650,759	$	31,724	$	(1,022)	$	681,461
Re-refined products	3,867		5,215		—		9,082
Services	3,081		1,702		—		4,783
Total revenues	657,707		38,641		(1,022)		695,326
Cost of revenues (exclusive of depreciation and amortization shown separately below)	622,974		30,082		(1,022)		652,034
Depreciation and amortization attributable to costs of revenues	6,541		1,645		—		8,186
Gross profit	28,192		6,914		—		35,106
Selling, general and administrative expenses	26,147		5,397		8,238		39,782
Depreciation and amortization attributable to operating expenses	793		72		239		1,104
Income (loss) from operations	1,252		1,445		(8,477)		(5,780)
Other income (expenses)
Other expense	(685)		(359)		(5)		(1,049)

Gain on change in derivative liability	—		—		6,658		6,658

Interest expense	(4,747)		(96)		(12,840)		(17,683)
Total other expense	(5,432)		(455)		(6,187)		(12,074)
Income (loss) from continuing operations before income tax	$	(4,180)	$	990	$	(14,664)	$	(17,854)

Capital expenditures	$	11,299	$	3,427	$	—	$	14,726


THREE MONTHS ENDED MARCH 31, 2023
	Refining & Marketing		Black Oil & Recovery		Corporate and Eliminations		Total
Revenues:
Refined products	$	653,042	$	29,423	$	(2,733)	$	679,732
Re-refined products	4,353		4,411		—		8,764
Services	1,933		713		—		2,646
Total revenues	659,328		34,547		(2,733)		691,142
Cost of revenues (exclusive of depreciation and amortization shown separately below)	589,812		30,418		(878)		619,352
Depreciation and amortization attributable to costs of revenues	3,294		1,043		—		4,337
Gross profit	66,222		3,086		(1,855)		67,453
Selling, general and administrative expenses	26,486		4,799		10,657		41,942
Depreciation and amortization attributable to operating expenses	808		38		170		1,016
Income (loss) from operations	38,928		(1,751)		(12,682)		24,495
Other income (expenses)
Other income (expense)	—		1,655		(2)		1,653

Loss on change in derivative liability	—		—		(9,185)		(9,185)
Interest expense	(3,876)		(57)		(8,544)		(12,477)
Total other income (expense)	(3,876)		1,598		(17,731)		(20,009)
Income (loss) from continuing operations before income tax	$	35,052	$	(153)	$	(30,413)	$	4,486

Capital expenditures	$	69,908	$	4,028	$	—	$	73,936

Total assets by segment were as follows (in thousands):