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Segment Information (Tables)

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

Schedule of Segment Summarized Financial Information

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

Three Months Ended June 30, 2023						Refining						Logistics						Retail																		Corporate, 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 amortization						19,826						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 costs																																										38
Other income, net																																										379
Income before income taxes																																										31,941
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, 2022						Refining						Logistics						Retail																		Corporate, 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 amortization						16,979						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 costs						1,477						—						—																		—						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, net																																										47
Income before income taxes																																										150,250
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, 2023						Refining						Logistics						Retail																		Corporate, 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 amortization						35,549						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, net																																										344
Equity earnings from Laramie Energy, LLC																																										10,706
Income before income taxes																																										270,044
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, 2022						Refining						Logistics						Retail																		Corporate, 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 amortization						32,312						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 costs						2,865						—						—																		—						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, net																																										49
Income before income taxes																																										12,762
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.

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- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-25

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

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No definition available.

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