Segment Reporting

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Segment Reporting

Segment ReportingWe operate and report in four business segments: (i) crude oil marketing, transportation and storage; (ii) tank truck transportation of liquid chemicals, pressurized gases, asphalt and dry bulk; (iii) pipeline transportation, terminalling and storage of crude oil; and (iv) interstate bulk transportation logistics of crude oil, condensate, fuels, oils and other petroleum products and recycling and repurposing of off-specification fuels, lubricants, crude oil and other chemicals.

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

	Reporting Segments
	Crude oil marketing		Trans-portation		Pipeline and storage		Logistics and repurposing		Other		Total
Three Months Ended June 30, 2024
Segment revenues (1)	$	682,833	$	22,805	$	1,256	$	14,088	$	—	$	720,982
Less: Intersegment revenues (1)	(8)		(49)		(1,236)		(1,196)		—		(2,489)
Revenues	$	682,825	$	22,756	$	20	$	12,892	$	—	$	718,493
Segment operating earnings (losses) (2)	5,561		637		(1,188)		(2,991)		—		2,019
Depreciation and amortization	1,455		2,763		266		1,696		—		6,180
Property and equipment additions (3)	676		(12)		111		1,583		—		2,358
Three Months Ended June 30, 2023
Segment revenues (1)	$	585,272	$	24,576	$	894	$	15,780	$	—	$	626,522
Less: Intersegment revenues (1)	—		(124)		(645)		(987)		—		(1,756)
Revenues	$	585,272	$	24,452	$	249	$	14,793	$	—	$	624,766
Segment operating earnings (losses) (2)	3,351		1,056		(779)		(133)		—		3,495
Depreciation and amortization	2,168		3,136		275		1,724		—		7,303
Property and equipment additions (3)(4)	394		1,171		270		2,088		85		4,008
Six Months Ended June 30, 2024
Segment revenues (2)	$	1,306,659	$	46,096	$	2,182	$	29,182	$	—	$	1,384,119
Less: Intersegment revenues (2)	(10)		(109)		(2,158)		(2,299)		—		(4,576)
Revenues	$	1,306,649	$	45,987	$	24	$	26,883	$	—	$	1,379,543
Segment operating earnings (losses) (3)	12,215		850		(2,151)		(4,475)		—		6,439
Depreciation and amortization	3,034		5,631		536		3,334		—		12,535
Property and equipment additions (4) (5)	3,620		2,911		196		1,783		—		8,510
Six Months Ended June 30, 2023
Segment revenues (2)	$	1,193,748	$	51,106	$	1,703	$	32,527	$	—	$	1,279,084
Less: Intersegment revenues (2)	—		(209)		(1,454)		(2,493)		—		(4,156)
Revenues	$	1,193,748	$	50,897	$	249	$	30,034	$	—	$	1,274,928
Segment operating earnings (losses) (3)	5,258		1,957		(1,980)		402		—		5,637
Depreciation and amortization	4,243		6,267		538		3,305		—		14,353
Property and equipment additions (4)	669		1,338		1,241		2,548		112		5,908

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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 valuation losses of $0.5 million and $1.0 million for the three months ended June 30, 2024 and 2023, respectively. For the six months ended June 30, 2024 and 2023, our crude oil marketing segment’s operating earnings included inventory liquidation gains of $1.3 million and inventory valuation losses of $2.0 million, respectively.

(3)Our segment property and equipment additions do not include assets acquired under finance leases during the three and six months ended June 30, 2024 and 2023. See Note 13 for further information.

(4)Amounts included in property and equipment additions for Other are additions for computer and other office equipment and a company vehicle 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 (losses) earnings before income taxes, as follows for the periods indicated (in thousands):

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Segment operating earnings	$	2,019	$	3,495	$	6,439	$	5,637
General and administrative	(4,454)		(1,715)		(9,235)		(6,487)
Operating (losses) earnings	(2,435)		1,780		(2,796)		(850)
Interest and other income	573		570		1,134		774
Interest expense	(671)		(802)		(1,464)		(1,498)
(Losses) earnings before income taxes	$	(2,533)	$	1,548	$	(3,126)	$	(1,574)

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

	June 30,		December 31,
	2024		2023
Reporting segment:
Crude oil marketing	$	190,696	$	185,285
Transportation	54,798		57,653
Pipeline and storage	25,142		25,027
Logistics and repurposing	41,679		43,258
Cash and other (1)	54,394		50,111
Total assets	$	366,709	$	361,334

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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.

Accounting policies for transactions between reportable segments are consistent with applicable accounting policies as disclosed herein.