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v3.23.3

Segment Information | 9 Months Ended
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Sep. 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 September 30, 2023 |  | Refining |  | Logistics |  | Retail |  |  |  |  |  | Corporate, Eliminations and Other (1) |  | Total
Revenues |  | $ | 2,524,155 |  |  | $ | 72,839 |  |  | $ | 158,512 |  |  |  |  |  |  | $ | (176,198) |  |  | $ | 2,579,308 |
Cost of revenues (excluding depreciation) |  | 2,190,474 |  |  | 39,801 |  |  | 120,332 |  |  |  |  |  |  | (176,222) |  |  | 2,174,385 |
Operating expense (excluding depreciation) |  | 116,949 |  |  | 6,135 |  |  | 22,099 |  |  |  |  |  |  | — |  |  | 145,183 |
Depreciation and amortization |  | 24,278 |  |  | 7,708 |  |  | 2,766 |  |  |  |  |  |  | 559 |  |  | 35,311 |
Impairment expense |  | — |  |  | — |  |  | — |  |  |  |  |  |  | — |  |  | — |
General and administrative expense (excluding depreciation) |  | — |  |  | — |  |  | — |  |  |  |  |  |  | 23,694 |  |  | 23,694 |
Equity earnings from refining and logistics investments |  | (2,393) |  |  | (1,541) |  |  | — |  |  |  |  |  |  | — |  |  | (3,934) |
Acquisition and integration costs |  | — |  |  | — |  |  | — |  |  |  |  |  |  | 4,669 |  |  | 4,669 |
Par West redevelopment and other costs |  | — |  |  | — |  |  | — |  |  |  |  |  |  | 3,127 |  |  | 3,127 |
Loss on sale of assets, net |  | — |  |  | — |  |  | — |  |  |  |  |  |  | — |  |  | — |
Operating income (loss) |  | $ | 194,847 |  |  | $ | 20,736 |  |  | $ | 13,315 |  |  |  |  |  |  | $ | (32,025) |  |  | $ | 196,873 |
Interest expense and financing costs, net |  |  |  |  |  |  |  |  |  |  |  |  |  | (20,815) |
Debt extinguishment and commitment costs |  |  |  |  |  |  |  |  |  |  |  |  |  | — |
Other expense, net |  |  |  |  |  |  |  |  |  |  |  |  |  | (43) |
Income before income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  | 176,015 |
Income tax expense |  |  |  |  |  |  |  |  |  |  |  |  |  | (4,600) |
Net income |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 171,415 |
Capital expenditures |  | $ | 11,499 |  |  | $ | 2,788 |  |  | $ | 8,591 |  |  |  |  |  |  | $ | 111 |  |  | $ | 22,989 |
Three Months Ended September 30, 2022 |  | Refining |  | Logistics |  | Retail |  |  |  |  |  | Corporate, Eliminations and Other (1) |  | Total
Revenues |  | $ | 1,974,701 |  |  | $ | 54,635 |  |  | $ | 157,385 |  |  |  |  |  |  | $ | (130,436) |  |  | $ | 2,056,285 |
Cost of revenues (excluding depreciation) |  | 1,629,019 |  |  | 28,482 |  |  | 115,574 |  |  |  |  |  |  | (130,449) |  |  | 1,642,626 |
Operating expense (excluding depreciation) |  | 60,233 |  |  | 3,710 |  |  | 21,570 |  |  |  |  |  |  | — |  |  | 85,513 |
Depreciation and amortization |  | 16,542 |  |  | 5,059 |  |  | 2,865 |  |  |  |  |  |  | 659 |  |  | 25,125 |
Impairment expense |  | — |  |  | — |  |  | — |  |  |  |  |  |  | — |  |  | — |
General and administrative expense (excluding depreciation) |  | — |  |  | — |  |  | — |  |  |  |  |  |  | 16,219 |  |  | 16,219 |
Par West redevelopment and other costs |  | 2,816 |  |  | — |  |  | — |  |  |  |  |  |  | — |  |  | 2,816 |
Loss (gain) on sale of assets, net |  | — |  |  | (241) |  |  | 56 |  |  |  |  |  |  | — |  |  | (185) |
Operating income (loss) |  | 266,091 |  |  | 17,625 |  |  | 17,320 |  |  |  |  |  |  | (16,865) |  |  | 284,171 |
Interest expense and financing costs, net |  |  |  |  |  |  |  |  |  |  |  |  |  | (16,852) |
Debt extinguishment and commitment costs |  |  |  |  |  |  |  |  |  |  |  |  |  | 343 |
Other expense, net |  |  |  |  |  |  |  |  |  |  |  |  |  | (198) |
Income before income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  | 267,464 |
Income tax expense |  |  |  |  |  |  |  |  |  |  |  |  |  | (68) |
Net income |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 267,396 |
Capital expenditures |  | $ | 3,754 |  |  | $ | 2,967 |  |  | $ | 2,135 |  |  |  |  |  |  | $ | 182 |  |  | $ | 9,038 |
________________________________________________________ (1)Includes eliminations of intersegment revenues and cost of revenues of $176.2 million and $130.4 million for the three months ended September 30, 2023 and 2022, respectively.
Nine Months Ended September 30, 2023 |  | Refining |  | Logistics |  | Retail |  |  |  |  |  | Corporate, Eliminations and Other (1) |  | Total
Revenues |  | $ | 5,848,108 |  |  | $ | 189,936 |  |  | $ | 442,480 |  |  |  |  |  |  | $ | (432,080) |  |  | $ | 6,048,444 |
Cost of revenues (excluding depreciation) |  | 5,035,749 |  |  | 106,888 |  |  | 327,728 |  |  |  |  |  |  | (432,154) |  |  | 5,038,211 |
Operating expense (excluding depreciation) |  | 252,802 |  |  | 13,178 |  |  | 64,166 |  |  |  |  |  |  | — |  |  | 330,146 |
Depreciation and amortization |  | 59,827 |  |  | 17,801 |  |  | 8,577 |  |  |  |  |  |  | 1,682 |  |  | 87,887 |
General and administrative expense (excluding depreciation) |  | — |  |  | — |  |  | — |  |  |  |  |  |  | 66,148 |  |  | 66,148 |
Equity earnings from refining and logistics investments |  | (2,393) |  |  | (1,966) |  |  | — |  |  |  |  |  |  | — |  |  | (4,359) |
Acquisition and integration costs |  | — |  |  | — |  |  | — |  |  |  |  |  |  | 17,213 |  |  | 17,213 |
Par West redevelopment and other costs |  | — |  |  | — |  |  | — |  |  |  |  |  |  | 8,490 |  |  | 8,490 |
Operating income (loss) |  | $ | 502,123 |  |  | $ | 54,035 |  |  | $ | 42,009 |  |  |  |  |  |  | $ | (93,459) |  |  | $ | 504,708 |
Interest expense and financing costs, net |  |  |  |  |  |  |  |  |  |  |  |  |  | (51,974) |
Debt extinguishment and commitment costs |  |  |  |  |  |  |  |  |  |  |  |  |  | (17,682) |
Other income, net |  |  |  |  |  |  |  |  |  |  |  |  |  | 301 |
Equity earnings from Laramie Energy, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  | 10,706 |
Income before income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  | 446,059 |
Income tax expense |  |  |  |  |  |  |  |  |  |  |  |  |  | (6,741) |
Net income |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 439,318 |
Capital expenditures |  | $ | 25,454 |  |  | $ | 10,793 |  |  | $ | 15,845 |  |  |  |  |  |  | $ | 1,626 |  |  | $ | 53,718 |
Nine Months Ended September 30, 2022 |  | Refining |  | Logistics |  | Retail |  |  |  |  |  | Corporate, Eliminations and Other (1) |  | Total
Revenues |  | $ | 5,318,379 |  |  | $ | 147,729 |  |  | $ | 424,505 |  |  |  |  |  |  | $ | (377,703) |  |  | $ | 5,512,910 |
Cost of revenues (excluding depreciation) |  | 4,772,511 |  |  | 77,970 |  |  | 329,058 |  |  |  |  |  |  | (377,739) |  |  | 4,801,800 |
Operating expense (excluding depreciation) |  | 174,769 |  |  | 11,280 |  |  | 60,345 |  |  |  |  |  |  | — |  |  | 246,394 |
Depreciation and amortization |  | 48,854 |  |  | 15,357 |  |  | 8,156 |  |  |  |  |  |  | 2,121 |  |  | 74,488 |
Impairment expense |  | — |  |  | — |  |  | — |  |  |  |  |  |  | — |  |  | — |
General and administrative expense (excluding depreciation) |  | — |  |  | — |  |  | — |  |  |  |  |  |  | 47,550 |  |  | 47,550 |
Acquisition and integration costs |  | — |  |  | — |  |  | — |  |  |  |  |  |  | 63 |  |  | 63 |
Par West redevelopment and other costs |  | 5,681 |  |  | — |  |  | — |  |  |  |  |  |  | — |  |  | 5,681 |
Loss (gain) on sale of assets, net |  | — |  |  | (253) |  |  | 56 |  |  |  |  |  |  | 27 |  |  | (170) |
Operating income (loss) |  | $ | 316,564 |  |  | $ | 43,375 |  |  | $ | 26,890 |  |  |  |  |  |  | $ | (49,725) |  |  | $ | 337,104 |
Interest expense and financing costs, net |  |  |  |  |  |  |  |  |  |  |  |  |  | (51,400) |
Debt extinguishment and commitment costs |  |  |  |  |  |  |  |  |  |  |  |  |  | (5,329) |
Other expense, net |  |  |  |  |  |  |  |  |  |  |  |  |  | (149) |
Income before income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  | 280,226 |
Income tax expense |  |  |  |  |  |  |  |  |  |  |  |  |  | (756) |
Net income |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 279,470 |
Capital expenditures |  | $ | 25,249 |  |  | $ | 6,877 |  |  | $ | 5,224 |  |  |  |  |  |  | $ | 708 |  |  | $ | 38,058 |
________________________________________________________ (1)Includes eliminations of intersegment revenues and cost of revenues of $432.1 million and $377.7 million for the nine months ended September 30, 2023 and 2022, respectively.

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