Investor Presentaiton
Financial Reconciliations - Product Margin
(In thousands)
(Unaudited)
Reconciliation of gross profit to product margin
Wholesale segment:
Gasoline and gasoline blendstocks
Distillates and other oils
Year Ended December 31,
2018
2019
2020
2021
2022
Three Months Ended
September 30,
Nine Months Ended
September 30,
2022
2023
2022
2023
Trailing
Twelve
Months Ended
September 30,
2023
$ 76,741
60,548
$
86,661
40,337
137,289
126,998
$ 101,806
84,255
186,061
$ 86,289
$
106,982
$
54,260
52,584
180,715
25,070
138,873
287,697
79,330
$ 20,390
16,780
37,170
$
93,009
123,984
216,993
$ 79,799
70,226
150,025
$
93,772
126,957
220,729
Total
Gasoline Distribution and Station Operations segment:
Gasoline distribution
373,303
374,550
398,016
413,756
588,676
Station operations
203,098
225,078
205,926
233,881
267,941
187,994
73,614
132,000
432,732
380,699
536,643
Total
Commercial segment
576,401
599,628
603,942
647,637
856,617
261,608
74,530
206,530
200,719
208,456
275,678
633,451
589,155
812,321
23,611
24,061
12,279
15,604
40,973
10,389
8,426
31,042
23,310
33,241
Combined product margin
737,301
Depreciation allocated to cost of sales.
(86,892)
750,687
(87,930)
802,282
(81,144)
802,114
1,185,287
351,327
252,126
881,486
762,490
1,066,291
(82,851)
Gross profit
$
650,409
$ 662,757
$ 721,138
$ 719,263
$
(87,638)
1,097,649
(22,948)
(23,606)
(65,393)
(69,247)
(91,492)
$
328,379
$
228,520
$ 816,093
$ 693,243 $
974,799
GLOBAL
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