Segment Information

9 Months Ended

Sep. 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 September 30, 2020	Refining			Logistics		Retail		Corporate, Eliminations and Other (1)			Total
Revenues	$	626,426		$	41,722	$	91,736	$	(69,903	)	$	689,981
Cost of revenues (excluding depreciation)	568,051			26,411		60,725		(69,898		)	585,289
Operating expense (excluding depreciation)	49,972			3,364		16,122		—			69,458
Depreciation, depletion, and amortization	13,509			5,513		2,829		970			22,821
General and administrative expense (excluding depreciation)	—			—		—		9,818			9,818
Acquisition and integration costs	—			—		—		(155		)	(155		)
Operating income (loss)	$	(5,106	)	$	6,434	$	12,060	$	(10,638	)	$	2,750
Interest expense and financing costs, net											(17,523		)
Other income, net											610
Equity losses from Laramie Energy, LLC											—
Loss before income taxes											(14,163		)
Income tax expense											(108		)
Net loss											$	(14,271	)
Capital expenditures	$	9,281		$	2,216	$	392	$	397		$	12,286

Three Months Ended September 30, 2019	Refining		Logistics		Retail		Corporate, Eliminations and Other (1)			Total
Revenues	$	1,336,951	$	49,623	$	122,234	$	(107,170	)	$	1,401,638
Cost of revenues (excluding depreciation)	1,256,569		28,712		87,631		(107,157		)	1,265,755
Operating expense (excluding depreciation)	63,041		2,553		17,643		—			83,237
Depreciation, depletion, and amortization	14,088		4,798		2,523		818			22,227
General and administrative expense (excluding depreciation)	—		—		—		11,391			11,391
Acquisition and integration costs	—		—		—		623			623
Operating income (loss)	$	3,253	$	13,560	$	14,437	$	(12,845	)	$	18,405
Interest expense and financing costs, net										(18,348		)
Other income, net										83
Change in value of common stock warrants										(826		)
Equity losses from Laramie Energy, LLC										(85,633		)
Loss before income taxes										(86,319		)
Income tax benefit										2,428
Net loss										$	(83,891	)
Capital expenditures	$	6,672	$	14,759	$	765	$	486		$	22,682

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(1)

Includes eliminations of intersegment revenues and cost of revenues of $69.9 million and $107.2 million for the three months ended September 30, 2020 and 2019, respectively.

Nine Months Ended September 30, 2020	Refining			Logistics		Retail		Corporate, Eliminations and Other (1)			Total
Revenues	$	2,229,853		$	143,004	$	274,170	$	(237,662	)	$	2,409,365
Cost of revenues (excluding depreciation)	2,211,371			85,527		177,537		(237,657		)	2,236,778
Operating expense (excluding depreciation)	151,601			9,882		48,393		—			209,876
Depreciation, depletion, and amortization	39,209			16,082		8,292		2,649			66,232
Impairment expense	38,105			—		29,817		—			67,922
General and administrative expense (excluding depreciation)	—			—		—		31,823			31,823
Acquisition and integration costs	—			—		—		600			600
Operating income (loss)	$	(210,433	)	$	31,513	$	10,131	$	(35,077	)	$	(203,866	)
Interest expense and financing costs, net											(52,611		)
Other income, net											1,089
Change in value of common stock warrants											4,270
Equity losses from Laramie Energy, LLC											(46,905		)
Loss before income taxes											(298,023		)
Income tax benefit											20,855
Net loss											$	(277,168	)
Capital expenditures	$	26,529		$	12,406	$	2,253	$	1,263		$	42,451

Nine Months Ended September 30, 2019	Refining		Logistics		Retail		Corporate, Eliminations and Other (1)			Total
Revenues	$	3,830,572	$	144,978	$	342,814	$	(315,982	)	$	4,002,382
Cost of revenues (excluding depreciation)	3,563,503		82,000		248,751		(315,925		)	3,578,329
Operating expense (excluding depreciation)	173,689		7,945		50,107		—			231,741
Depreciation, depletion, and amortization	42,579		12,683		7,429		2,412			65,103
General and administrative expense (excluding depreciation)	—		—		—		34,435			34,435
Acquisition and integration costs	—		—		—		4,325			4,325
Operating income (loss)	$	50,801	$	42,350	$	36,527	$	(41,229	)	$	88,449
Interest expense and financing costs, net										(57,336		)
Debt extinguishment and commitment costs										(9,186		)
Other income, net										2,347
Change in value of common stock warrants										(3,065		)
Equity losses from Laramie Energy, LLC										(84,841		)
Loss before income taxes										(63,632		)
Income tax benefit										69,002
Net income										$	5,370
Capital expenditures	$	25,555	$	32,217	$	5,042	$	1,272		$	64,086

________________________________________________________ 

(1)

Includes eliminations of intersegment revenues and cost of revenues of $237.7 million and $316.0 million for the nine months ended September 30, 2020 and 2019, respectively.