Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

Information concerning business activities

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

	Reporting Segments
	Crude Oil Marketing		Transportation		Pipeline and storage		Other		Total
Three Months Ended March 31, 2022
Segment revenues (1)	$	747,555	$	26,718	$	897	$	—	$	775,170
Less: Intersegment revenues (1)	—		(28)		(897)		—		(925)
Revenues	$	747,555	$	26,690	$	—	$	—	$	774,245
Segment operating earnings (losses) (2)	10,120		2,868		(822)		—		12,166
Depreciation and amortization	1,788		2,957		268		—		5,013
Property and equipment additions (3) (4)	3,124		535		27		8		3,694
Three Months Ended March 31, 2021
Segment revenues (1)	$	304,023	$	21,268	$	419	$	—	$	325,710
Less: Intersegment revenues (1)	—		(33)		(186)		—		(219)
Revenues	$	304,023	$	21,235	$	233	$	—	$	325,491
Segment operating earnings (losses) (2)	7,018		774		(565)		—		7,227
Depreciation and amortization	1,798		3,001		254		—		5,053
Property and equipment additions (3) (4)	210		(58)		10		8		170

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(1)Segment revenues include intersegment amounts that are eliminated due to consolidation in operating costs and expenses in our unaudited condensed consolidated statements of operations. Intersegment activities are conducted at posted tariff rates where applicable, or otherwise at rates similar to those charged to third parties or rates that we believe approximate market at the time the agreement is executed.

(2)Our crude oil marketing segment’s operating earnings included inventory liquidation gains of $8.7 million and $6.9 million for the three months ended March 31, 2022 and 2021, respectively.

(3)Our segment property and equipment additions do not include assets acquired under finance leases during the three months ended March 31, 2022 and 2021. See Note 13 for further information.

(4)Amounts included in property and equipment additions for Other are additions for computer equipment 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 before income taxes, as follows for the periods indicated (in thousands):

	Three Months Ended
	March 31,
	2022		2021
Segment operating earnings	$	12,166	$	7,227
General and administrative	(4,018)		(3,376)
Operating earnings	8,148		3,851
Interest and other income	24		134
Interest expense	(114)		(220)
Earnings before income taxes	$	8,058	$	3,765

Identifiable assets by industry segment

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

	March 31,		December 31,
	2022		2021
Reporting segment:
Crude oil marketing	$	260,844	$	162,770
Transportation	65,608		67,167
Pipeline and storage	25,363		25,569
Cash and other (1)	118,302		119,197
Total assets	$	470,117	$	374,703

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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.