Segment Reporting

3 Months Ended

Mar. 31, 2012

Segment Reporting [Abstract]

Segment Reporting

Note 3 - Segment Reporting

 

The Company is engaged in the business of crude oil and natural gas 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):

- Three Month Comparison

			Segment		Depreciation		Property and
			Operating		Depletion and		Equipment
	Revenues		Earnings		Amortization		Additions
Period Ended March 31, 2012
Marketing
- Crude Oil	$	855,846	$	7,765	$	1,290	$	4,199
- Natural gas		1,584		393		1		-
Marketing Total		857,430		8,158		1,291		4,199
Transportation		16,268		3,054		1,251		4,688
Oil and gas		3,791		402		1,621		6,335
	$	877,489	$	11,614	$	4,163	$	15,222
Period Ended March 31, 2011
Marketing
- Crude Oil	$	643,683	$	6,327	$	728	$	3,460
- Natural gas		1,333		519		1		28
Marketing Total		645,016		6,846		729		3,488
Transportation		16,073		1,992		845		4,127
Oil and gas		2,757		2,046		1,742		7,355
	$	663,846	$	10,884	$	3,316	$	14,970

Segment operating earnings reflect revenues net of operating costs and depreciation, depletion and amortization and are reconciled to earnings from continuing operations before income taxes, as follows (in thousands):

	Three Months Ended March 31,
	2012			2011
Segment operating earnings (loss)	$	11,614		$	10,884
- General and administrative expenses		(2,232	)		(2,109	)
Operating earnings		9,382			8,775
- Interest income		21			48
- Interest expense		(1	)		-
Earnings from continuing operations before income taxes
and discontinued operations	$	9,402		$	8,823

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

	March 31,		December 31,
	2012		2011
Marketing
- Crude oil	$	293,872	$	253,817
- Natural gas		8,544		12,246
Marketing Total		302,416		266,063
Transportation		32,273		27,221
Oil and gas		34,229		29,105
Other		43,616		56,451
	$	412,534	$	378,840

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.