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Segment Reporting
 12 Months Ended
Dec. 31, 2020
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
We operate and report in three business segments: (i) crude oil marketing, transportation and storage; (ii) tank truck transportation of liquid chemicals, pressurized gases, asphalt and dry bulk; and (iii) beginning in the fourth quarter of 2020, pipeline transportation, terminalling and storage of crude oil, which includes the pipeline and related terminal facility assets we acquired in October 2020 (see Note 6 for further information regarding our acquisition). Our business segments are generally organized and managed according to the types of services rendered. See Note 3 for a summary of the types of products and services from which each segment derives its revenues.

Our Chief Operating Decision Maker (“CODM”) (our Chief Executive Officer) evaluates segment performance based on measures including segment operating (losses) earnings and capital spending (property and equipment additions). Segment operating (losses) earnings is calculated as segment revenues less segment operating costs and depreciation and amortization expense.
Financial information by reporting segment was as follows for the periods indicated (in thousands):

Reporting Segments
MarketingTransportationPipeline and storageOtherTotal
Year Ended December 31, 2020
Revenues
$950,426 $71,724 $272 $— $1,022,422 
Segment operating (losses) earnings (1)
2,974 1,873 (310)— 4,537 
Depreciation and amortization
7,421 10,963 189 — 18,573 
Property and equipment additions (2) (3)
3,130 1,355 — 523 5,008 
Year Ended December 31, 2019
Revenues
$1,748,056 $63,191 $— $— $1,811,247 
Segment operating earnings (1)
16,099 1,899 — — 17,998 
Depreciation and amortization
8,741 7,900 — — 16,641 
Property and equipment additions (2) (3)
7,249 28,472 — 22 35,743 
Year Ended December 31, 2018
Revenues
$1,694,437 $55,776 $— $— $1,750,213 
Segment operating earnings (1)
7,008 3,337 — — 10,345 
Depreciation and amortization
6,384 4,270 — — 10,654 
Property and equipment additions (2) (3)
1,540 10,178 — 13 11,731 
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(1)Our crude oil marketing segment’s operating earnings included inventory valuation losses of $15.0 million, inventory liquidation gains of $3.7 million, and inventory valuation losses of $5.4 million for the years ended December 31, 2020, 2019 and 2018, respectively.
(2)Our segment property and equipment additions do not include assets acquired under finance leases during the years ended December 31, 2020, 2019 and 2018. See Note 16 for further information.
(3)During the years ended December 31, 2020, 2019 and 2018, we had $0.5 million, $22 thousand and $13 thousand, respectively, of property and equipment additions for leasehold improvements at our corporate headquarters, which were not attributed or allocated to any of our reporting segments.

Segment operating earnings reflect revenues net of operating costs and depreciation and amortization expense and are reconciled to earnings (losses) before income taxes, as follows for the periods indicated (in thousands):
Year Ended December 31,
202020192018
Segment operating earnings
$4,537 $17,998 $10,345 
General and administrative
(10,284)(10,198)(8,937)
Operating earnings
(5,747)7,800 1,408 
 Gain on dissolution of investment— 573 — 
 Interest income
656 2,766 2,155 
Interest expense
(444)(636)(109)
(Losses) earnings before income taxes
$(5,535)$10,503 $3,454 
Identifiable assets by industry segment were as follows at the dates indicated (in thousands):

December 31,
202020192018
Reporting segment:
Marketing
$128,441 $141,402 $119,370 
Transportation
72,247 58,483 34,112 
Pipeline and storage24,541 — — 
Cash and other (1)
70,958 130,957 125,388 
Total assets
$296,187 $330,842 $278,870 
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(1)Other identifiable assets are primarily corporate cash, corporate accounts receivable, properties and operating lease right-of-use assets not identified with any specific segment of our business.

All of our property and equipment is located in the U.S. Substantially all of our consolidated revenues are earned in the U.S. and derived from a wide customer base. Intersegment sales during the year ended December 31, 2020 were insignificant, and there were no intersegment sales during the years ended December 31, 2019 and 2018. Accounting policies for transactions between business segments are consistent with applicable accounting policies as disclosed herein.