Segment Reporting

6 Months Ended

Jun. 30, 2013

Segment Reporting [Abstract]

Segment Reporting

Note 3 – Segment Reporting

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

- Six Month Comparison

			Segment			Depreciation		Property and
			Operating			Depletion and		Equipment
	Revenues		Earnings			Amortization		Additions
Period Ended June 30, 2013
Marketing
- Crude Oil	$	1,875,719	$	24,115		$	3,578	$	8,580
- Natural gas		1,842		13			147		-
Marketing Total		1,877,561		24,128			3,725		8,580
Transportation		34,889		3,231			3,476		1,573
Oil and gas		6,925		244			3,720		6,145
	$	1,919,375	$	27,603		$	10,921	$	16,298
Period Ended June 30, 2012
Marketing
- Crude Oil	$	1,665,204	$	16,602		$	2,728	$	7,406
- Natural gas		2,948		883			1		-
Marketing Total		1,668,152		17,485			2,729		7,406
Transportation		33,396		5,312			2,612		10,744
Oil and gas		7,415		(155	)		3,848		13,460
	$	1,708,963	$	22,642		$	9,189	$	31,610

- Three Month Comparison

			Segment Operating			Depreciation Depletion and		Property and Equipment
	Revenues		Earnings			Amortization		Additions
Period Ended June 30, 2013
Marketing
- Crude Oil	$	943,843	$	10,681		$	1,814	$	7,219
- Natural gas		776		(135	)		132		-
Marketing Total		944,619		10,546			1,946		7,219
Transportation		17,543		1,833			1,740		1,428
Oil and gas		3,712		360			1,706		3,748
	$	965,874	$	12,739		$	5,392	$	12,395
Period Ended June 30, 2012
Marketing
- Crude Oil	$	809,358	$	8,837		$	1,438	$	3,207
- Natural gas		1,364		490			-		-
Marketing Total		810,722		9,327			1,438		3,207
Transportation		17,128		2,258			1,361		6,056
Oil and gas		3,624		(557	)		2,227		7,125
	$	831,474	$	11,028		$	5,026	$	16,388

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):

	Six months ended						Three months ended
	June 30,						June 30,
	2013			2012			2013			2012
Segment operating earnings (loss)	$	27,603		$	22,642		$	12,739		$	11,028
- General and administrative		(4,969	)		(4,697	)		(2,703	)		(2,465	)
Operating earnings		22,634			17,945			10,036			8,563
- Interest income		70			42			32			21
- Interest expense		(23	)		(3	)		(21	)		(2	)
Earnings from continuing operations
before income taxes and
discontinued operations	$	22,681		$	17,984		$	10,047		$	8,582

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

	June 30,		December 31,
	2013		2012
Marketing
- Crude oil	$	298,293	$	277,920
- Natural gas		11,143		11,764
Marketing Total		309,436		289,684
Transportation		37,393		38,940
Oil and gas		37,644		35,788
Other		42,744		55,089
	$	427,217	$	419,501

Intersegment sales are insignificant and all sales occurred in the United States.  Other identifiable assets are primarily corporate cash, corporate accounts receivable and properties not identified with any specific segment of the Company’s business.  Accounting policies for transactions between reportable segments are consistent with applicable accounting policies as disclosed herein.