Segment Reporting

9 Months Ended

Sep. 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):

- Nine Month Comparison

			Segment			Depreciation		Property and
			Operating			Depletion and		Equipment
	Revenues		Earnings			Amortization		Additions
Period Ended September 30, 2013
Marketing
- Crude Oil	$	2,915,056	$	35,509		$	5,517	$	9,512
- Natural gas		2,272		(111	)		147		-
Marketing Total		2,917,328		35,398			5,664		9,512
Transportation		51,795		4,479			5,263		3,162
Oil and gas		11,022		996			5,367		10,459
	$	2,980,145	$	40,873		$	16,294	$	23,133
Period Ended September 30, 2012
Marketing
- Crude Oil	$	2,438,815	$	29,880		$	4,324	$	9,079
- Natural gas		4,069		1,057			16		-
Marketing Total		2,442,884		30,937			4,340		9,079
Transportation		50,137		7,919			4,186		15,484
Oil and gas		11,467		159			6,113		18,566
	$	2,504,488	$	39,015		$	14,639	$	43,129

- Three Month Comparison

			Segment			Depreciation		Property and
			Operating			Depletion and		Equipment
	Revenues		Earnings			Amortization		Additions
Period Ended September 30, 2013
Marketing
- Crude Oil	$	1,039,337	$	11,394		$	1,939	$	932
- Natural gas		430		(124	)		-		-
Marketing Total		1,039,767		11,270			1,939		932
Transportation		16,906		1,248			1,787		1,589
Oil and gas		4,097		752			1,647		4,314
	$	1,060,770	$	13,270		$	5,373	$	6,835
Period Ended September 30, 2012
Marketing
- Crude Oil	$	773,611	$	13,278		$	1,596	$	1,673
- Natural gas		1,121		174			15		-
Marketing Total		774,732		13,452			1,611		1,673
Transportation		16,741		2,607			1,574		4,740
Oil and gas		4,052		314			2,265		5,106
	$	795,525	$	16,373		$	5,450	$	11,519

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):

	Nine Months Ended						Three Months Ended
	September 30,						September 30,
	2013			2012			2013			2012
Segment operating earnings (loss)	$	40,873		$	39,015		$	13,270		$	16,373
- General and administrative		(7,504	)		(7,300	)		(2,535	)		(2,603	)
Operating earnings		33,369			31,715			10,735			13,770
- Interest income		103			120			33			78
- Interest expense		(24	)		(4	)		(1	)		(1	)
Earnings from continuing operations
before income taxes and
discontinued operations	$	33,448		$	31,831		$	10,767		$	13,847

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

	September 30,		December 31,
	2013		2012
Marketing
- Crude oil	$	329,893	$	277,920
- Natural gas		8,496		11,764
Marketing Total		338,389		289,684
Transportation		37,019		38,940
Oil and gas		38,962		35,788
Other		60,310		55,089
	$	474,680	$	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.