Segment Reporting

9 Months Ended

Sep. 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 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 September 30, 2024
Segment revenues (1)	$	660,856	$	21,810	$	1,052	$	13,570	$	—	$	697,288
Less: Intersegment revenues (1)	(14)		(52)		(1,009)		(1,050)		—		(2,125)
Revenues	$	660,842	$	21,758	$	43	$	12,520	$	—	$	695,163
Segment operating earnings (losses) (2)	2,284		(542)		(1,147)		(1,637)		—		(1,042)
Depreciation and amortization	1,367		2,522		261		1,602		—		5,752
Property and equipment additions (3) (4)	65		1,463		243		2,856		179		4,806
Three Months Ended September 30, 2023
Segment revenues (1)	$	719,925	$	24,333	$	770	$	16,457	$	—	$	761,485
Less: Intersegment revenues (1)	—		(127)		(711)		(33)		—		(871)
Revenues	$	719,925	$	24,206	$	59	$	16,424	$	—	$	760,614
Segment operating earnings (losses) (2)	7,664		1,558		(866)		(269)		—		8,087
Depreciation and amortization	2,092		3,006		266		1,572		—		6,936
Property and equipment additions (3)	140		1,416		182		1,271		—		3,009
Nine Months Ended September 30, 2024
Segment revenues (1)	$	1,967,515	$	67,906	$	3,234	$	42,752	$	—	$	2,081,407
Less: Intersegment revenues (1)	(24)		(161)		(3,167)		(3,349)		—		(6,701)
Revenues	$	1,967,491	$	67,745	$	67	$	39,403	$	—	$	2,074,706
Segment operating earnings (losses) (2)	14,499		308		(3,298)		(6,112)		—		5,397
Depreciation and amortization	4,401		8,153		797		4,936		—		18,287
Property and equipment additions (3) (4)	3,685		4,374		439		4,639		179		13,316
Nine Months Ended September 30, 2023
Segment revenues (1)	$	1,913,673	$	75,439	$	2,473	$	48,984	$	—	$	2,040,569
Less: Intersegment revenues (1)	—		(336)		(2,165)		(2,526)		—		(5,027)
Revenues	$	1,913,673	$	75,103	$	308	$	46,458	$	—	$	2,035,542
Segment operating earnings (losses) (2)	12,922		3,515		(2,846)		133		—		13,724
Depreciation and amortization	6,335		9,273		804		4,877		—		21,289
Property and equipment additions (3) (4)	809		2,754		1,423		3,819		112		8,917

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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 $2.1 million and liquidation gains of $4.9 million for the three months ended September 30, 2024 and 2023, respectively. For the nine months ended September 30, 2024 and 2023, our crude oil marketing segment’s operating earnings included inventory valuation losses of $0.8 million and inventory liquidation gains of $2.9 million, respectively.

(3)Our segment property and equipment additions do not include assets acquired under finance leases during the three and nine months ended September 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 (losses) 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				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
Segment operating (losses) earnings	$	(1,042)	$	8,087	$	5,397	$	13,724
General and administrative	(4,520)		(4,162)		(13,755)		(10,649)
Operating (losses) earnings	(5,562)		3,925		(8,358)		3,075
Interest and other income	528		119		1,662		893
Interest expense	(572)		(1,027)		(2,036)		(2,525)
(Losses) earnings before income taxes	$	(5,606)	$	3,017	$	(8,732)	$	1,443

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

	September 30,		December 31,
	2024		2023
Reporting segment:
Crude oil marketing	$	172,033	$	185,285
Transportation	52,831		57,653
Pipeline and storage	25,043		25,027
Logistics and repurposing	42,712		43,258
Cash and other (1)	40,375		50,111
Total assets	$	332,994	$	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.