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Segment Information (Tables)

9 Months Ended

Sep. 30, 2024

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, 2024						Refining						Logistics						Retail																		Corporate, Eliminations and Other (1)						Total
Revenues						$	2,080,546					$	77,741					$	150,213																	$	(164,567)					$	2,143,933
Cost of revenues (excluding depreciation)						1,917,962						44,228						107,598																		(164,588)						1,905,200
Operating expense (excluding depreciation)						122,054						3,334						21,661																		—						147,049
Depreciation and amortization						22,623						5,925						2,680																		651						31,879
General and administrative expense (excluding depreciation)						—						—						—																		22,399						22,399
Equity earnings from refining and logistics investments						(1,098)						(1,910)						—																		—						(3,008)
Acquisition and integration costs						—						—						—																		(23)						(23)
Par West redevelopment and other costs						—						—						—																		4,006						4,006
Loss on sale of assets, net						—						—						—																		—						—
Operating income (loss)						19,005						26,164						18,274																		(27,012)						36,431
Interest expense and financing costs, net																																										(23,402)
Debt extinguishment and commitment costs																																										—
Other income, net																																										1,253
Equity losses from Laramie Energy, LLC																																										(336)
Income before income taxes																																										13,946
Income tax expense																																										(6,460)
Net income																																										$	7,486
Capital expenditures						$	22,051					$	3,583					$	1,520																	$	1,178					$	28,332

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
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
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

________________________________________________________

(1)Includes eliminations of intersegment revenues and cost of revenues of $164.6 million and $176.2 million for the three months ended September 30, 2024 and 2023, respectively.

Nine Months Ended September 30, 2024						Refining						Logistics						Retail																		Corporate, Eliminations and Other (1)						Total
Revenues						$	5,964,435					$	222,058					$	443,189																	$	(487,446)					$	6,142,236
Cost of revenues (excluding depreciation)						5,457,167						131,303						321,894																		(487,489)						5,422,875
Operating expense (excluding depreciation)						365,031						11,847						67,511																		—						444,389
Depreciation and amortization						66,584						19,893						8,471																		1,731						96,679
General and administrative expense (excluding depreciation)						—						—						—																		87,322						87,322
Equity earnings from refining and logistics investments						(7,158)						(5,688)						—																		—						(12,846)
Acquisition and integration costs						—						—						—																		68						68
Par West redevelopment and other costs						—						—						—																		9,048						9,048
Loss (gain) on sale of assets, net						—						124						(10)																		—						114
Operating income (loss)						82,811						64,579						45,323																		(98,126)						94,587
Interest expense and financing costs, net																																										(61,720)
Debt extinguishment and commitment costs																																										(1,418)
Other expense, net																																										(1,447)
Equity earnings from Laramie Energy, LLC																																										2,867
Income before income taxes																																										32,869
Income tax expense																																										(10,496)
Net income																																										$	22,373
Capital expenditures						$	68,110					$	13,006					$	4,348																	$	2,400					$	87,864

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

________________________________________________________ 

(1)Includes eliminations of intersegment revenues and cost of revenues of $487.4 million and $432.1 million for the nine months ended September 30, 2024 and 2023, respectively.

X

- 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 280
-SubTopic 10
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 2: 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 3: 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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- References

No definition available.

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