Revenue Recognition (Tables)

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

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

	Three Months Ended
	March 31,
	2024		2023
Crude oil marketing:
Revenue from contracts with customers:
Goods transferred at a point in time	$	611,942	$	588,089
Services transferred over time	25		44
Total revenues from contracts with customers	611,967		588,133
Other (1)	11,857		20,343
Total crude oil marketing revenue	$	623,824	$	608,476
Transportation:
Revenue from contracts with customers:
Goods transferred at a point in time	$	—	$	—
Services transferred over time	23,231		26,445
Total revenues from contracts with customers	23,231		26,445
Other	—		—
Total transportation revenue	$	23,231	$	26,445
Pipeline and storage: (2)
Revenue from contracts with customers:
Goods transferred at a point in time	$	—	$	—
Services transferred over time	4		—
Total revenues from contracts with customers	4		—
Other	—		—
Total pipeline and storage revenue	$	4	$	—
Logistics and repurposing:
Revenue from contracts with customers:
Goods transferred at a point in time	$	6,557	$	8,154
Services transferred over time	7,434		7,087
Total revenues from contracts with customers	13,991		15,241
Other	—		—
Total logistics and repurposing revenue	$	13,991	$	15,241
Subtotal:
Total revenues from contracts with customers	$	649,193	$	629,819
Total other (1)	11,857		20,343
Total consolidated revenues	$	661,050	$	650,162

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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.

(2)All pipeline and storage revenue earned during the three months ended March 31, 2023, and substantially all pipeline and storage revenue earned during the three months ended March 31, 2024, was from an affiliated shipper, GulfMark Energy, Inc. (“GulfMark”), our subsidiary, and eliminated in consolidation.

Schedule of New Accounting Pronouncements and Changes in Accounting Principles

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
	March 31,
	2024		2023
Revenue gross-up	$	60,170	$	286,702