SEGMENT REPORTING (Tables)

6 Months Ended

Jun. 30, 2024

Segment information for the three months ended June 30, 2024 and 2023 is as follows (in thousands):


	Three Months Ended June 30, 2024
	Refining & Marketing		Black Oil & Recovery		Corporate and Eliminations		Total
Revenues:
Refined products	$	707,622	$	26,682	$	(1,892)	$	732,412
Re-refined products	4,877		5,346		—		10,223
Services	4,504		2,922		—		7,426
Total revenues	717,003		34,950		(1,892)		750,061
Cost of revenues (exclusive of depreciation and amortization shown separately below)	714,003		29,091		(1,892)		741,202
Depreciation and amortization attributable to costs of revenues	6,945		1,668		—		8,613
Gross profit (loss)	(3,945)		4,191		—		246
Selling, general and administrative expenses	25,457		5,327		6,657		37,441
Depreciation and amortization attributable to operating expenses	815		72		238		1,125
Loss from operations	(30,217)		(1,208)		(6,895)		(38,320)
Other income (expenses)
Other income (expense)	—		(56)		576		520
Gain on change in derivative liability	—		—		1,680		1,680
Interest expense	(5,353)		(141)		(12,231)		(17,725)
Total other expense	(5,353)		(197)		(9,975)		(15,525)
Loss from continuing operations before income tax	$	(35,570)	$	(1,405)	$	(16,870)	$	(53,845)

Capital expenditures	$	9,102	$	2,168	$	—	$	11,270


	Three Months Ended June 30, 2023
	Refining & Marketing		Black Oil & Recovery		Corporate and Eliminations		Total
Revenues:
Refined products	$	702,606	$	21,797	$	(2,411)	$	721,992
Re-refined products	5,011		3,536		—		8,547
Services	3,802		552		—		4,354
Total revenues	711,419		25,885		(2,411)		734,893
Cost of revenues (exclusive of depreciation and amortization shown separately below)	710,958		23,263		(4,572)		729,649
Depreciation and amortization attributable to costs of revenues	5,568		1,062		—		6,630
Gross profit (loss)	(5,107)		1,560		2,161		(1,386)
Selling, general and administrative expenses	32,969		4,504		5,163		42,636
Depreciation and amortization attributable to operating expenses	822		38		168		1,028
Loss from operations	(38,898)		(2,982)		(3,170)		(45,050)
Other income (expenses)
Other income (expense)	—		(499)		3		(496)
Loss on change in derivative liability	—		—		9,600		9,600
Interest expense	(4,529)		(28)		(72,979)		(77,536)
Total other expense	(4,529)		(527)		(63,376)		(68,432)
Loss from continuing operations before income tax	$	(43,427)	$	(3,509)	$	(66,546)	$	(113,482)

Capital expenditures	$	27,762	$	2,827	$	—	$	30,589


	Six Months Ended June 30, 2024
	Refining & Marketing		Black Oil & Recovery		Corporate and Eliminations		Total
Revenues:
Refined products	$	1,358,381	$	58,406	$	(2,914)	$	1,413,873
Re-refined products	8,744		10,561		—		19,305
Services	7,585		4,624		—		12,209
Total revenues	1,374,710		73,591		(2,914)		1,445,387
Cost of revenues (exclusive of depreciation and amortization shown separately below)	1,336,978		59,172		(2,914)		1,393,236
Depreciation and amortization attributable to costs of revenues	13,485		3,314		—		16,799
Gross profit	24,247		11,105		—		35,352
Selling, general and administrative expenses	51,604		10,724		14,895		77,223
Depreciation and amortization attributable to operating expenses	1,608		144		477		2,229
Income (loss) from operations	(28,965)		237		(15,372)		(44,100)
Other income (expenses)
Other income (expense)	(685)		(415)		571		(529)
Gain on change in derivative liability	—		—		8,338		8,338
Interest expense	(10,100)		(237)		(25,071)		(35,408)
Total other expense	(10,785)		(652)		(16,162)		(27,599)
Loss from continuing operations before income tax	$	(39,750)	$	(415)	$	(31,534)	$	(71,699)

Capital expenditures	$	20,401	$	5,595	$	—	$	25,996


	Six Months Ended June 30, 2023
	Refining & Marketing		Black Oil & Recovery		Corporate and Eliminations		Total
Revenues:
Refined products	$	1,355,648	$	51,220	$	(5,143)	$	1,401,725
Re-refined products	9,365		7,947		—		17,312
Services	5,734		1,264		—		6,998
Total revenues	1,370,747		60,431		(5,143)		1,426,035
Cost of revenues (exclusive of depreciation and amortization shown separately below)	1,300,770		53,681		(5,450)		1,349,001
Depreciation and amortization attributable to costs of revenues	8,862		2,105		—		10,967
Gross profit	61,115		4,645		307		66,067
Selling, general and administrative expenses	59,455		9,303		15,820		84,578
Depreciation and amortization attributable to operating expenses	1,630		76		338		2,044
Income (loss) from operations	30		(4,734)		(15,851)		(20,555)
Other income (expenses)
Other income	—		1,156		—		1,156
Loss on change in derivative liability	—		—		415		415
Interest expense	(8,405)		(85)		(81,523)		(90,013)
Total other income (expense)	(8,405)		1,071		(81,108)		(88,442)
Loss from continuing operations before income tax	$	(8,375)	$	(3,663)	$	(96,959)	$	(108,997)

Capital expenditures	$	97,670	$	7,674	$	—	$	105,344

Total assets by segment were as follows (in thousands):