Segment Reporting

3 Months Ended

Mar. 31, 2019

We operate and report in two business segments: (i) crude oil marketing, transportation and storage, and (ii) tank truck transportation of liquid chemicals and dry bulk.

Information concerning our various business activities was as follows for the periods indicated (in thousands):


	Reporting Segments
	Marketing		Transportation		Other		Total

Three Months Ended March 31, 2019
Revenues	$	429,761	$	15,407	$	—	$	445,168
Segment operating earnings ⁽¹⁾	7,098		839		—		7,937
Depreciation and amortization	2,122		1,467		—		3,589
Property and equipment additions	1,654		6,697		—		8,351

Three Months Ended March 31, 2018
Revenues	$	373,638	$	13,618	$	—	$	387,256
Segment operating earnings ⁽¹⁾	2,958		402		—		3,360
Depreciation and amortization	1,497		915		—		2,412
Property and equipment additions	793		73		—		866

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(1) Our marketing segment’s operating earnings included inventory liquidation gains of $4.5 million and $0.6 million for the three months ended March 31, 2019 and 2018, respectively.

Segment operating earnings reflect revenues net of operating costs and depreciation and amortization expense and are reconciled to earnings before income taxes, as follows for the periods indicated (in thousands):


	Three Months Ended March 31,

	2019		2018

Segment operating earnings	$	7,937	$	3,360
General and administrative	(2,684)		(2,283)
Operating earnings	5,253		1,077
Gain on dissolution of investment	498		—



Interest income	656		387
Interest expense	(65)		(19)
Earnings before income taxes	$	6,342	$	1,445

Identifiable assets by business segment were as follows at the dates indicated (in thousands):


	March 31,		December 31,
	2019		2018

Reporting segment:
Marketing	$	135,755	$	119,370
Transportation	40,796		34,112

Cash and other	138,084		125,388
Total assets	$	314,635	$	278,870

There were no intersegment sales during the three months ended March 31, 2019 and 2018, respectively. Other identifiable assets are primarily corporate cash, corporate accounts receivable and properties not identified with any specific segment of our business. Accounting policies for transactions between reportable segments are consistent with applicable accounting policies as disclosed herein.