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v3.25.1

Segment Information | 3 Months Ended
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Mar. 31, 2025
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. Segment asset information is not provided to our chief operating decision-maker. Summarized financial information concerning reportable segments consists of the following (in thousands):
Three Months Ended March 31, 2025 |  | Refining |  | Logistics |  | Retail |  |  |  |  |  | Corporate, Eliminations and Other (1) |  | Total
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fuel revenue |  | $ | 1,605,535 |  |  | $ | — |  |  | $ | 111,621 |  |  |  |  |  |  | $ | (80,818) |  |  | $ | 1,636,338 |
Other revenue |  | 80,594 |  |  | 71,415 |  |  | 24,811 |  |  |  |  |  |  | (68,122) |  |  | 108,698 |
Total revenues |  | 1,686,129 |  |  | 71,415 |  |  | 136,432 |  |  |  |  |  |  | (148,940) |  |  | 1,745,036 |
Cost of revenues (excluding depreciation) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Refining intercompany logistics costs |  | 68,149 |  |  | — |  |  | — |  |  |  |  |  |  | (68,149) |  |  | — |
Other cost of revenues (excluding depreciation) |  | 1,502,973 |  |  | 40,567 |  |  | 96,639 |  |  |  |  |  |  | (80,819) |  |  | 1,559,360 |
Total cost of revenues (excluding depreciation) |  | 1,571,122 |  |  | 40,567 |  |  | 96,639 |  |  |  |  |  |  | (148,968) |  |  | 1,559,360 |
Operating expense (excluding depreciation) |  | 118,620 |  |  | 4,365 |  |  | 21,169 |  |  |  |  |  |  | — |  |  | 144,154 |
Depreciation and amortization |  | 26,397 |  |  | 6,819 |  |  | 2,662 |  |  |  |  |  |  | 708 |  |  | 36,586 |
General and administrative expense (excluding depreciation) |  | — |  |  | — |  |  | — |  |  |  |  |  |  | 24,243 |  |  | 24,243 |
Equity earnings from refining and logistics investments |  | (5,289) |  |  | (2,225) |  |  | — |  |  |  |  |  |  | — |  |  | (7,514) |
Acquisition and integration costs |  | — |  |  | — |  |  | — |  |  |  |  |  |  | — |  |  | — |
Par West redevelopment and other costs |  | — |  |  | — |  |  | — |  |  |  |  |  |  | 3,982 |  |  | 3,982 |
Loss on sale of assets, net |  | — |  |  | — |  |  | 1 |  |  |  |  |  |  | — |  |  | 1 |
Operating income (loss) |  | $ | (24,721) |  |  | $ | 21,889 |  |  | $ | 15,961 |  |  |  |  |  |  | $ | (28,905) |  |  | $ | (15,776) |
Interest expense and financing costs, net |  |  |  |  |  |  |  |  |  |  |  |  |  | (21,848) |
Debt extinguishment and commitment costs |  |  |  |  |  |  |  |  |  |  |  |  |  | (25) |
Other expense, net |  |  |  |  |  |  |  |  |  |  |  |  |  | (371) |
Equity earnings from Laramie Energy, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  | 726 |
Loss before income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  | (37,294) |
Income tax benefit |  |  |  |  |  |  |  |  |  |  |  |  |  | 6,894 |
Net loss |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (30,400) |
Capital expenditures |  | $ | 33,974 |  |  | $ | 3,821 |  |  | $ | 2,458 |  |  |  |  |  |  | $ | 680 |  |  | $ | 40,933 |
Three Months Ended March 31, 2024 |  | Refining |  | Logistics |  | Retail |  |  |  |  |  | Corporate, Eliminations and Other (1) |  | Total
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fuel revenue |  | $ | 1,883,976 |  |  | $ | — |  |  | $ | 114,473 |  |  |  |  |  |  | $ | (90,070) |  |  | $ | 1,908,379 |
Other revenue |  | 42,640 |  |  | 71,842 |  |  | 25,661 |  |  |  |  |  |  | (67,687) |  |  | 72,456 |
Total revenues |  | 1,926,616 |  |  | 71,842 |  |  | 140,134 |  |  |  |  |  |  | (157,757) |  |  | 1,980,835 |
Cost of revenues (excluding depreciation) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Refining intercompany logistics costs |  | 67,693 |  |  | — |  |  | — |  |  |  |  |  |  | (67,693) |  |  | — |
Other cost of revenues (excluding depreciation) |  | 1,691,702 |  |  | 42,797 |  |  | 103,052 |  |  |  |  |  |  | (90,073) |  |  | 1,747,478 |
Total cost of revenues (excluding depreciation) |  | 1,759,395 |  |  | 42,797 |  |  | 103,052 |  |  |  |  |  |  | (157,766) |  |  | 1,747,478 |
Operating expense (excluding depreciation) |  | 126,468 |  |  | 3,812 |  |  | 22,980 |  |  |  |  |  |  | — |  |  | 153,260 |
Depreciation and amortization |  | 22,270 |  |  | 6,775 |  |  | 3,116 |  |  |  |  |  |  | 495 |  |  | 32,656 |
General and administrative expense (excluding depreciation) |  | — |  |  | — |  |  | — |  |  |  |  |  |  | 41,755 |  |  | 41,755 |
Equity earnings from refining and logistics investments |  | (4,117) |  |  | (1,977) |  |  | — |  |  |  |  |  |  | — |  |  | (6,094) |
Acquisition and integration costs |  | — |  |  | — |  |  | — |  |  |  |  |  |  | 243 |  |  | 243 |
Par West redevelopment and other costs |  | — |  |  | — |  |  | — |  |  |  |  |  |  | 1,971 |  |  | 1,971 |
Loss (gain) on sale of assets, net |  | — |  |  | 61 |  |  | (10) |  |  |  |  |  |  | — |  |  | 51 |
Operating income (loss) |  | $ | 22,600 |  |  | $ | 20,374 |  |  | $ | 10,996 |  |  |  |  |  |  | $ | (44,455) |  |  | $ | 9,515 |
Interest expense and financing costs, net |  |  |  |  |  |  |  |  |  |  |  |  |  | (17,884) |
Debt extinguishment and commitment costs |  |  |  |  |  |  |  |  |  |  |  |  |  | — |
Other expense, net |  |  |  |  |  |  |  |  |  |  |  |  |  | (2,576) |
Equity earnings from Laramie Energy, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  | 4,563 |
Loss before income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  | (6,382) |
Income tax benefit |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,631 |
Net loss |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (3,751) |
Capital expenditures |  | $ | 16,296 |  |  | $ | 4,770 |  |  | $ | 1,300 |  |  |  |  |  |  | $ | 276 |  |  | $ | 22,642 |
________________________________________________________ (1)Includes eliminations of intersegment revenues and cost of revenues of $148.9 million and $157.8 million for the three months ended March 31, 2025, and 2024, respectively.

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