Segment Information (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of Segment Reporting Information

The following is a summary of the financial information of our reportable segments reconciled to the amounts reported in the consolidated financial statements.


	Refining		Renewables		Marketing		Lubricants and Specialty Products		HEP		Corporate, Other and Eliminations		Consolidated Total
	(In thousands)
Year Ended December 31, 2022
Sales and other revenues:
Revenues from external customers	$	30,379,696	$	654,893	$	3,911,922	$	3,149,128	$	109,200	$	—	$	38,204,839
Intersegment revenues	4,033,213		360,606		—		9,472		438,280		(4,841,571)		—
	$	34,412,909	$	1,015,499	$	3,911,922	$	3,158,600	$	547,480	$	(4,841,571)	$	38,204,839
Cost of products sold (exclusive of lower of cost or market inventory valuation adjustment)	$	28,270,195	$	974,167	$	3,845,625	$	2,333,156	$	—	$	(4,743,130)	$	30,680,013
Lower of cost or market inventory valuation adjustment	$	—	$	52,412	$	—	$	—	$	—	$	—	$	52,412
Operating expenses	$	1,815,931	$	111,974	$	—	$	277,522	$	210,623	$	(81,157)	$	2,334,893
Selling, general and administrative expenses	$	146,660	$	3,769	$	2,954	$	168,207	$	17,003	$	87,892	$	426,485
Depreciation and amortization	$	405,065	$	52,621	$	17,819	$	83,447	$	96,683	$	1,152	$	656,787

Income (loss) from operations	$	3,775,058	$	(179,444)	$	45,524	$	296,268	$	223,171	$	(106,328)	$	4,054,249
Earnings of equity method investments	$	—	$	—	$	—	$	—	$	(260)	$	—	$	(260)
Capital expenditures	$	162,280	$	225,274	$	9,275	$	34,887	$	38,964	$	53,327	$	524,007


	Refining		Renewables		Lubricants and Specialty Products		HEP		Corporate, Other and Eliminations (2)		Consolidated Total
	(In thousands)
Year Ended December 31, 2021
Sales and other revenues:
Revenues from external customers	$	15,734,870	$	—	$	2,550,624	$	103,646	$	2	$	18,389,142
Intersegment revenues	623,688		—		9,988		390,849		(1,024,525)		—
	$	16,358,558	$	—	$	2,560,612	$	494,495	$	(1,024,523)	$	18,389,142
Cost of products sold (exclusive of lower of cost or market inventory valuation adjustment)	$	14,673,062	$	—	$	1,815,802	$	—	$	(921,812)	$	15,567,052
Lower of cost or market inventory valuation adjustment	$	(318,353)	$	8,739	$	—	$	—	$	(509)	$	(310,123)
Operating expenses	$	1,090,424	$	55,353	$	252,456	$	170,524	$	(51,279)	$	1,517,478
Selling, general and administrative expenses	$	127,563	$	—	$	170,155	$	12,637	$	51,655	$	362,010
Depreciation and amortization	$	334,365	$	1,672	$	79,767	$	86,998	$	737	$	503,539

Income (loss) from operations	$	451,497	$	(65,764)	$	242,432	$	224,336	$	(103,315)	$	749,186
Earnings of equity method investments	$	—	$	—	$	—	$	12,432	$	—	$	12,432
Capital expenditures	$	160,431	$	510,836	$	30,878	$	88,336	$	22,928	$	813,409

Year Ended December 31, 2020
Sales and other revenues:
Revenues from external customers	$	9,286,658	$	—	$	1,792,745	$	98,039	$	6,201	$	11,183,643
Intersegment revenues	252,531		—		10,465		399,809		(662,805)		—
	$	9,539,189	$	—	$	1,803,210	$	497,848	$	(656,604)	$	11,183,643
Cost of products sold (exclusive of lower of cost or market inventory valuation adjustment)	$	8,439,680	$	—	$	1,271,287	$	—	$	(552,162)	$	9,158,805
Lower of cost or market inventory valuation adjustment	$	82,214	$	—	$	—	$	—	$	(3,715)	$	78,499
Operating expenses	$	988,045	$	3,861	$	216,068	$	147,692	$	(55,389)	$	1,300,277
Selling, general and administrative expenses	$	127,298	$	—	$	157,816	$	9,989	$	18,497	$	313,600
Depreciation and amortization	$	324,617	$	—	$	80,656	$	95,445	$	20,194	$	520,912
Goodwill and long-lived asset impairment (1)	$	241,760	$	—	$	286,575	$	16,958	$	—	$	545,293
Income (loss) from operations	$	(664,425)	$	(3,861)	$	(209,192)	$	227,764	$	(84,029)	$	(733,743)
Earnings of equity method investments	$	—	$	—	$	—	$	6,647	$	—	$	6,647
Capital expenditures	$	152,726	$	65,147	$	32,473	$	59,283	$	20,531	$	330,160

(1)The results of our HEP reportable segment for the year ended December 31, 2020 include a long-lived asset impairment charge attributed to HEP’s logistics assets at our Cheyenne Refinery.

(2)For the year ended December 31, 2020, Corporate and Other includes $14.0 million of decommissioning and other shutdown costs related to our Cheyenne Refinery. In addition, for the year ended December 31, 2020, Corporate and Other includes $11.4 million in other operating costs related to our Cheyenne facility.