v3.25.2
Segment Information
 6 Months Ended
Jun. 30, 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 June 30, 2025RefiningLogisticsRetailCorporate, Eliminations and Other (1)Total
Revenues
Fuel revenue
$1,799,653 $— $118,687 $(83,514)$1,834,826 
Other revenue
26,856 73,005 27,998 (69,247)58,612 
Total revenues
1,826,509 73,005 146,685 (152,761)1,893,438 
Cost of revenues (excluding depreciation)
Refining intercompany logistics costs69,244 — — (69,244)— 
Other cost of revenues (excluding depreciation)1,532,731 41,166 103,096 (83,514)1,593,479 
Total cost of revenues (excluding depreciation)
1,601,975 41,166 103,096 (152,758)1,593,479 
Operating expense (excluding depreciation)
123,597 4,797 20,286 — 148,680 
Depreciation and amortization24,919 6,530 2,510 753 34,712 
General and administrative expense (excluding depreciation)— — — 23,648 23,648 
Equity earnings from refining and logistics investments(5,493)(1,812)— — (7,305)
Acquisition and integration costs— — — — — 
Par West redevelopment and other costs— — — 4,690 4,690 
Loss (gain) on sale of assets, net191 (1,417)— — (1,226)
Operating income (loss)$81,320 $23,741 $20,793 $(29,094)$96,760 
Interest expense and financing costs, net(22,106)
Debt extinguishment and commitment costs— 
Other loss, net(163)
Equity earnings from Laramie Energy, LLC1,856 
Income before income taxes76,347 
Income tax expense(16,887)
Net income$59,460 
Capital expenditures$39,221 $6,981 $1,469 $455 $48,126 
Three Months Ended June 30, 2024RefiningLogisticsRetailCorporate, Eliminations and Other (1)Total
Revenues
Fuel revenue
$1,929,063 $— $124,638 $(94,588)$1,959,113 
Other revenue
28,210 72,475 28,204 (70,534)58,355 
Total revenues
1,957,273 72,475 152,842 (165,122)2,017,468 
Cost of revenues (excluding depreciation)
Refining intercompany logistics costs70,541 — — (70,541)— 
Other cost of revenues (excluding depreciation)1,709,269 44,278 111,244 (94,594)1,770,197 
Total cost of revenues (excluding depreciation)
1,779,810 44,278 111,244 (165,135)1,770,197 
Operating expense (excluding depreciation)
116,509 4,701 22,870 — 144,080 
Depreciation and amortization21,691 7,193 2,675 585 32,144 
General and administrative expense (excluding depreciation)— — — 23,168 23,168 
Equity earnings from refining and logistics investments
(1,943)(1,801)— — (3,744)
Acquisition and integration costs— — — (152)(152)
Par West redevelopment and other costs— — — 3,071 3,071 
Loss on sale of assets, net— 63 — — 63 
Operating income (loss)$41,206 $18,041 $16,053 $(26,659)$48,641 
Interest expense and financing costs, net(20,434)
Debt extinguishment and commitment costs(1,418)
Other loss, net(124)
Equity losses from Laramie Energy, LLC(1,360)
Income before income taxes25,305 
Income tax expense(6,667)
Net income$18,638 
Capital expenditures$29,763 $4,653 $1,528 $946 $36,890 
________________________________________________________
(1)Includes eliminations of intersegment revenues and cost of revenues of $152.8 million and $165.1 million for the three months ended June 30, 2025, and 2024, respectively.
Six Months Ended June 30, 2025Refining
Logistics
RetailCorporate, Eliminations and Other (1)Total
Revenues
Fuel revenue$3,405,188 $— $230,308 $(164,332)$3,471,164 
Other revenue107,450 144,420 52,809 (137,369)167,310 
Total revenues
3,512,638 144,420 283,117 (301,701)3,638,474 
Cost of revenues (excluding depreciation)
Refining intercompany logistics costs137,393 — — (137,393)— 
Other cost of revenues (excluding depreciation)3,035,704 81,733 199,735 (164,333)3,152,839 
Total cost of revenues (excluding depreciation)3,173,097 81,733 199,735 (301,726)3,152,839 
Operating expense (excluding depreciation)
242,217 9,162 41,455 — 292,834 
Depreciation and amortization51,316 13,349 5,172 1,461 71,298 
General and administrative expense (excluding depreciation)— — — 47,891 47,891 
Equity earnings from refining and logistics investments(10,782)(4,037)— — (14,819)
Acquisition and integration costs— — — — — 
Par West redevelopment and other costs— — — 8,672 8,672 
Loss (gain) on sale of assets, net191 (1,417)1 — (1,225)
Operating income (loss)$56,599 $45,630 $36,754 $(57,999)$80,984 
Interest expense and financing costs, net(43,954)
Debt extinguishment and commitment costs(25)
Other expense, net(534)
Equity earnings from Laramie Energy, LLC2,582 
Income before income taxes39,053 
Income tax expense(9,993)
Net income$29,060 
Capital expenditures$73,195 $10,802 $3,927 $1,135 $89,059 
Six Months Ended June 30, 2024Refining
Logistics
Retail
Corporate, Eliminations and Other (1)
Total
Revenues
Fuel revenue
$3,813,039 $— $239,111 $(184,658)$3,867,492 
Other revenue
70,850 144,317 53,865 (138,221)130,811 
Total revenues
3,883,889 144,317 292,976 (322,879)3,998,303 
Cost of revenues (excluding depreciation)
Refining intercompany logistics costs138,234 — — (138,234)— 
Other cost of revenues (excluding depreciation)3,400,971 87,075 214,296 (184,667)3,517,675 
Total cost of revenues (excluding depreciation)
3,539,205 87,075 214,296 (322,901)3,517,675 
Operating expense (excluding depreciation)
242,977 8,513 45,850 — 297,340 
Depreciation and amortization43,961 13,968 5,791 1,080 64,800 
General and administrative expense (excluding depreciation)— — — 64,923 64,923 
Equity earnings from refining and logistics investments(6,060)(3,778)— — (9,838)
Acquisition and integration costs— — — 91 91 
Par West redevelopment and other costs— — — 5,042 5,042 
Loss (gain) on sale of assets, net— 124 (10)— 114 
Operating income (loss)$63,806 $38,415 $27,049 $(71,114)$58,156 
Interest expense and financing costs, net(38,318)
Debt extinguishment and commitment costs(1,418)
Other expense, net(2,700)
Equity earnings from Laramie Energy, LLC3,203 
Income before income taxes18,923 
Income tax expense(4,036)
Net income$14,887 
Capital expenditures$46,059 $9,423 $2,828 $1,222 $59,532 
________________________________________________________ 
(1)Includes eliminations of intersegment revenues and cost of revenues of $301.7 million and $322.9 million for the six months ended June 30, 2025 and 2024, respectively.