Revenue Recognition

6 Months Ended

Jun. 30, 2022

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Revenue Recognition

Revenue Disaggregation

The following table disaggregates our revenue by segment and by major source for the periods indicated (in thousands):

	Reporting Segments
	Crude Oil Marketing		Transportation		Pipeline and storage		Total
Three Months Ended June 30, 2022
Revenues from contracts with customers	$	952,325	$	29,534	$	—	$	981,859
Other (1)	10,191		—		—		10,191
Total revenues	$	962,516	$	29,534	$	—	$	992,050
Timing of revenue recognition:
Goods transferred at a point in time	$	952,325	$	—	$	—	$	952,325
Services transferred over time	—		29,534		—		29,534
Total revenues from contracts with customers	$	952,325	$	29,534	$	—	$	981,859
Three Months Ended June 30, 2021
Revenues from contracts with customers	$	452,820	$	23,497	$	155	$	476,472
Other (1)	10,272		—		—		10,272
Total revenues	$	463,092	$	23,497	$	155	$	486,744
Timing of revenue recognition:
Goods transferred at a point in time	$	452,820	$	—	$	—	$	452,820
Services transferred over time	—		23,497		155		23,652
Total revenues from contracts with customers	$	452,820	$	23,497	$	155	$	476,472
Six Months Ended June 30, 2022
Revenues from contracts with customers	$	1,698,550	$	56,224	$	—	$	1,754,774
Other (1)	11,521		—		—		11,521
Total revenues	$	1,710,071	$	56,224	$	—	$	1,766,295
Timing of revenue recognition:
Goods transferred at a point in time	$	1,698,550	$	—	$	—	$	1,698,550
Services transferred over time	—		56,224		—		56,224
Total revenues from contracts with customers	$	1,698,550	$	56,224	$	—	$	1,754,774
Six Months Ended June 30, 2021
Revenues from contracts with customers	$	750,295	$	44,732	$	388	$	795,415
Other (1)	16,820		—		—		16,820
Total revenues	$	767,115	$	44,732	$	388	$	812,235
Timing of revenue recognition:
Goods transferred at a point in time	$	750,295	$	—	$	—	$	750,295
Services transferred over time	—		44,732		388		45,120
Total revenues from contracts with customers	$	750,295	$	44,732	$	388	$	795,415

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(1)Other crude oil marketing revenues are recognized under Accounting Standards Codification (“ASC”) 815, Derivatives and Hedging, and ASC 845, Nonmonetary Transactions – Purchases and Sales of Inventory with the Same Counterparty.

Other Crude Oil Marketing Revenue

Certain of the commodity purchase and sale contracts utilized by our crude oil marketing business qualify as derivative instruments with certain specifically identified contracts also designated as trading activity. From the time of contract origination, these contracts are marked-to-market and recorded on a net revenue basis in the accompanying consolidated financial statements.

Certain of our crude oil contracts may be with a single counterparty to provide for similar quantities of crude oil to be bought and sold at different locations. These contracts are entered into for a variety of reasons, including effecting the transportation of the commodity, to minimize credit exposure, and/or to meet the competitive demands of the customer. These buy/sell arrangements are reflected on a net revenue basis in the accompanying consolidated financial statements.

Reporting these crude oil contracts on a gross revenue basis would increase our reported revenues as follows for the periods indicated (in thousands):

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2022		2021		2022		2021
Revenue gross-up	$	419,081	$	189,512	$	726,467	$	324,378