Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2020

Information Concerning Business Activities

Financial information by reporting segment was as follows for the periods indicated (in thousands):


	Reporting Segments
	Marketing		Transportation		Pipeline and storage		Other		Total

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.

Reconciliation of Segment Earnings to Earnings Before Income Taxes

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,
	2020		2019		2018

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

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


	December 31,
	2020		2019		2018

Reporting segment:
Marketing	$	128,441	$	141,402	$	119,370
Transportation	72,247		58,483		34,112
Pipeline and storage	24,541		—		—
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.