XML 36 R26.htm IDEA: XBRL DOCUMENT v3.23.2
Segment Information
 6 Months Ended
Jun. 30, 2023
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. Commencing June 1, 2023, the results of operations of the Billings Acquisition are included in our refining and logistics segments.
Summarized financial information concerning reportable segments consists of the following (in thousands):
Three Months Ended June 30, 2023RefiningLogisticsRetailCorporate, Eliminations and Other (1)Total
Revenues$1,708,541 $64,709 $148,396 $(137,719)$1,783,927 
Cost of revenues (excluding depreciation)
1,567,605 35,788 109,168 (137,755)1,574,806 
Operating expense (excluding depreciation)
76,971 3,596 21,276 — 101,843 
Depreciation and amortization19,826 5,059 2,732 599 28,216 
General and administrative expense (excluding depreciation)— — — 23,168 23,168 
Equity earnings from refining and logistics investments— (425)— — (425)
Acquisition and integration costs— — — 7,273 7,273 
Par West redevelopment and other costs— — — 2,613 2,613 
Operating income (loss)$44,139 $20,691 $15,220 $(33,617)$46,433 
Interest expense and financing costs, net(14,909)
Debt extinguishment and commitment costs38 
Other income, net379 
Income before income taxes31,941 
Income tax expense(1,928)
Net income$30,013 
Capital expenditures$6,301 $7,124 $3,104 $987 $17,516 
Three Months Ended June 30, 2022RefiningLogisticsRetailCorporate, Eliminations and Other (1)Total
Revenues$2,044,455 $50,633 $147,211 $(135,967)$2,106,332 
Cost of revenues (excluding depreciation)
1,799,577 25,739 119,642 (136,033)1,808,925 
Operating expense (excluding depreciation)
57,624 3,797 19,444 — 80,865 
Depreciation and amortization16,979 5,211 2,600 793 25,583 
Loss (gain) on sale of assets, net— (12)— 27 15 
General and administrative expense (excluding depreciation)— — — 15,438 15,438 
Par West redevelopment and other costs1,477 — — — 1,477 
Operating income (loss)168,798 15,898 5,525 (16,192)174,029 
Interest expense and financing costs, net(18,154)
Debt extinguishment and commitment costs(5,672)
Other income, net47 
Income before income taxes150,250 
Income tax expense(1,125)
Net income$149,125 
Capital expenditures$8,666 $2,177 $1,508 $336 $12,687 
________________________________________________________
(1)Includes eliminations of intersegment revenues and cost of revenues of $137.7 million and $136.0 million for the three months ended June 30, 2023 and 2022, respectively.
Six Months Ended June 30, 2023RefiningLogisticsRetailCorporate, Eliminations and Other (1)Total
Revenues$3,323,953 $117,097 $283,968 $(255,882)$3,469,136 
Cost of revenues (excluding depreciation)
2,845,275 67,087 207,396 (255,932)2,863,826 
Operating expense (excluding depreciation)
135,853 7,043 42,067 — 184,963 
Depreciation and amortization35,549 10,093 5,811 1,123 52,576 
General and administrative expense (excluding depreciation)— — — 42,454 42,454 
Equity earnings from refining and logistics investments— (425)— — (425)
Acquisition and integration costs— — — 12,544 12,544 
Par West redevelopment and other costs— — — 5,363 5,363 
Operating income (loss)$307,276 $33,299 $28,694 $(61,434)$307,835 
Interest expense and financing costs, net(31,159)
Debt extinguishment and commitment costs(17,682)
Other income, net344 
Equity earnings from Laramie Energy, LLC10,706 
Income before income taxes270,044 
Income tax expense(2,141)
Net income$267,903 
Capital expenditures$13,955 $8,005 $7,254 $1,515 $30,729 
Six Months Ended June 30, 2022RefiningLogisticsRetailCorporate, Eliminations and Other (1)Total
Revenues$3,343,678 $93,094 $267,120 $(247,267)$3,456,625 
Cost of revenues (excluding depreciation)
3,143,492 49,488 213,484 (247,290)3,159,174 
Operating expense (excluding depreciation)
114,536 7,570 38,775 — 160,881 
Depreciation and amortization32,312 10,298 5,291 1,462 49,363 
Loss (gain) on sale of assets, net— (12)— 27 15 
General and administrative expense (excluding depreciation)— — — 31,331 31,331 
Acquisition and integration costs— — — 63 63 
Par West redevelopment and other costs2,865 — — — 2,865 
Operating income (loss)$50,473 $25,750 $9,570 $(32,860)$52,933 
Interest expense and financing costs, net(34,548)
Debt extinguishment and commitment costs(5,672)
Other income, net49 
Income before income taxes12,762 
Income tax expense(688)
Net income$12,074 
Capital expenditures$21,495 $3,910 $3,089 $526 $29,020 
________________________________________________________ 
(1)Includes eliminations of intersegment revenues and cost of revenues of $255.9 million and $247.3 million for the six months ended June 30, 2023 and 2022, respectively.