Segment Information

6 Months Ended

Jun. 30, 2020

Segment Reporting [Abstract]

Segment Information

Segment Information

We report the results for the following four reportable segments: (i) Refining, (ii) Retail, (iii) Logistics, and (iv) Corporate and Other.

Summarized financial information concerning reportable segments consists of the following (in thousands):

Three Months Ended June 30, 2020	Refining			Logistics		Retail		Corporate, Eliminations and Other (1)			Total
Revenues	$	455,301		$	42,132	$	79,621	$	(61,753	)	$	515,301
Cost of revenues (excluding depreciation)	429,967			27,680		45,382		(61,751		)	441,278
Operating expense (excluding depreciation)	49,385			2,247		15,395		—			67,027
Depreciation, depletion, and amortization	12,706			5,902		2,664		856			22,128
General and administrative expense (excluding depreciation)	—			—		—		10,221			10,221
Acquisition and integration costs	—			—		—		90			90
Operating income (loss)	$	(36,757	)	$	6,303	$	16,180	$	(11,169	)	$	(25,443	)
Interest expense and financing costs, net											(16,414		)
Other income, net											455
Equity losses from Laramie Energy, LLC											(1,874		)
Loss before income taxes											(43,276		)
Income tax benefit											2,716
Net loss											$	(40,560	)
Capital expenditures	$	11,165		$	2,972	$	527	$	553		$	15,217

Three Months Ended June 30, 2019	Refining		Logistics		Retail		Corporate, Eliminations and Other (1)			Total
Revenues	$	1,347,557	$	50,146	$	120,749	$	(109,043	)	$	1,409,409
Cost of revenues (excluding depreciation)	1,244,366		26,758		89,782		(109,064		)	1,251,842
Operating expense (excluding depreciation)	55,393		3,028		16,409		—			74,830
Depreciation, depletion, and amortization	14,613		3,989		2,532		785			21,919
General and administrative expense (excluding depreciation)	—		—		—		11,379			11,379
Acquisition and integration costs	—		—		—		818			818
Operating income (loss)	$	33,185	$	16,371	$	12,026	$	(12,961	)	$	48,621
Interest expense and financing costs, net										(20,278		)
Debt extinguishment and commitment costs										(3,690		)
Other income, net										2,177
Change in value of common stock warrants										(957		)
Equity earnings from Laramie Energy, LLC										491
Income before income taxes										26,364
Income tax benefit										1,805
Net income										$	28,169
Capital expenditures	$	9,437	$	11,945	$	1,798	$	360		$	23,540

________________________________________________________

(1)

Includes eliminations of intersegment revenues and cost of revenues of $61.8 million and $109.0 million for the three months ended June 30, 2020 and 2019, respectively.

Six Months Ended June 30, 2020	Refining			Logistics		Retail			Corporate, Eliminations and Other (1)			Total
Revenues	$	1,603,427		$	101,282	$	182,434		$	(167,759	)	$	1,719,384
Cost of revenues (excluding depreciation)	1,643,320			59,116		116,812			(167,759		)	1,651,489
Operating expense (excluding depreciation)	101,629			6,518		32,271			—			140,418
Depreciation, depletion, and amortization	25,700			10,569		5,463			1,679			43,411
Impairment expense	38,105			—		29,817			—			67,922
General and administrative expense (excluding depreciation)	—			—		—			22,005			22,005
Acquisition and integration costs	—			—		—			755			755
Operating income (loss)	$	(205,327	)	$	25,079	$	(1,929	)	$	(24,439	)	$	(206,616	)
Interest expense and financing costs, net												(35,088		)
Other income, net												479
Change in value of common stock warrants												4,270
Equity losses from Laramie Energy, LLC												(46,905		)
Loss before income taxes												(283,860		)
Income tax benefit												20,963
Net loss												$	(262,897	)
Capital expenditures	$	17,248		$	10,190	$	1,861		$	866		$	30,165

Six Months Ended June 30, 2019	Refining		Logistics		Retail		Corporate, Eliminations and Other (1)			Total
Revenues	$	2,493,621	$	95,355	$	220,580	$	(208,812	)	$	2,600,744
Cost of revenues (excluding depreciation)	2,306,934		53,288		161,120		(208,768		)	2,312,574
Operating expense (excluding depreciation)	110,648		5,392		32,464		—			148,504
Depreciation, depletion, and amortization	28,491		7,885		4,906		1,594			42,876
General and administrative expense (excluding depreciation)	—		—		—		23,044			23,044
Acquisition and integration costs	—		—		—		3,702			3,702
Operating income (loss)	$	47,548	$	28,790	$	22,090	$	(28,384	)	$	70,044
Interest expense and financing costs, net										(38,988		)
Debt extinguishment and commitment costs										(9,186		)
Other income, net										2,264
Change in value of common stock warrants										(2,239		)
Equity earnings from Laramie Energy, LLC										792
Income before income taxes										22,687
Income tax benefit										66,574
Net income										$	89,261
Capital expenditures	$	18,883	$	17,458	$	4,277	$	786		$	41,404

________________________________________________________ 

(1)

Includes eliminations of intersegment revenues and cost of revenues of $167.8 million and $208.8 million for the six months ended June 30, 2020 and 2019, respectively.