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v3.23.3

Segment Information (Tables) | 9 Months Ended
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Sep. 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 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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- 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 + Details
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