Segment Reporting

9 Months Ended

Sep. 30, 2011

Segment Reporting Disclosure [Abstract]

Segment Reporting

Note 3 – Segment Reporting

The Company is engaged in the business of crude oil, natural gas and petroleum products marketing as well as tank truck transportation of liquid chemicals and oil and gas exploration and production.  Information concerning the Company's various business activities is summarized as follows (in thousands):

- Nine Month Comparison

			Segment			Depreciation		Property and
			Operating			Depletion and		Equipment
	Revenues		Earnings			Amortization		Additions
Period Ended September 30, 2011
Marketing
- Crude Oil	$	2,133,485	$	26,341		$	2,565	$	10,565
- Natural gas		4,256		1,734			3		64
- Refined products		125,709		(309	)		309		66
Marketing Total		2,263,450		27,766			2,877		10,695
Transportation		49,547		7,003			2,915		9,810
Oil and gas		10,091		413			5,578		20,701
	$	2,323,088	$	35,182		$	11,370	$	41,206
Period Ended September 30, 2010
Marketing
- Crude Oil	$	1,429,146	$	8,307		$	1,634	$	3,199
- Natural gas		8,410		2,253			43		87
- Refined products		94,374		153			382		143
Marketing Total		1,531,930		10,713			2,059		3,429
Transportation		43,372		5,122			3,333		263
Oil and gas		8,079		76			3,033		9,393
	$	1,583,381	$	15,911		$	8,425	$	13,085

- Three Month Comparison

			Segment			Depreciation		Property and
			Operating			Depletion and		Equipment
	Revenues		Earnings			Amortization		Additions
Period Ended September 30, 2011
Marketing
- Crude Oil	$	735,514	$	15,401		$	1,027	$	1,937
- Natural gas		1,563		654			1		8
- Refined products		45,695		(368	)		97		11
Marketing Total		782,772		15,687			1,125		1,956
Transportation		15,398		2,078			1,041		682
Oil and gas		3,520		(1,462	)		1,884		8,306
	$	801,690	$	16,303		$	4,050	$	10,944
Period Ended September 30, 2010
Marketing
- Crude Oil	$	449,458	$	3,861		$	578	$	1,521
- Natural gas		2,534		847			1		58
- Refined products		32,420		(62	)		128		-
Marketing Total		484,412		4,646			707		1,579
Transportation		15,288		2,108			1,108		180
Oil and gas		2,755		(476	)		1,060		3,301
	$	502,455	$	6,278		$	2,875	$	5,060

Segment operating earnings reflect revenues net of operating costs and depreciation, depletion and amortization.  Segment earnings reconcile to earnings before income taxes as follows (in thousands):

	Nine Months ended						Three months ended
	September 30,						September 30,
	2011			2010			2011			2010
Segment operating earnings (loss)	$	35,182		$	15,911		$	16,303		$	6,278
- General and administrative		(7,324	)		(6,659	)		(2,727	)		(2,257	)
Operating earnings		27,858			9,252			13,576			4,021
- Interest income		233			110			142			80
- Interest expense		(7	)		(32	)		-			(1	)
Earnings before income taxes	$	28,084		$	9,330		$	13,718		$	4,100

Identifiable assets by industry segment are as follows (in thousands):

	September 30,		December 31,
	2011		2010
Marketing
- Crude oil	$	202,942	$	184,299
- Natural gas		17,100		19,948
- Refined products		13,106		11,594
Marketing Total		233,148		215,841
Transportation		25,075		17,378
Oil and gas		36,314		32,563
Other		59,050		35,523
	$	353,587	$	301,305

Intersegment sales are insignificant.  Other identifiable assets are primarily corporate cash and assets not identified with any specific segment of the Company's business.  All sales by the Company occurred in the United States.