Balance Sheet Highlights and Strategic Overview
Financial Reconciliations - Product Margin
(In thousands)
(Unaudited)
Reconciliation of gross profit to product margin
Year Ended December 31,
2018
2019
2020
2021
2022
Three Months Ended
June 30,
Six Months Ended
June 30,
2022
2023
2022
2023
Trailing
Twelve
Months Ended
June 30,
2023
22
22
Wholesale segment:
Gasoline and gasoline blendstocks
Distillates and other oils
Total
$
76,741
60,548
137,289
$ 86,661
40,337
126,998
$
101,806 $ 86,289
84,255
$
106,982
$
52,584
180,715
186,061
138,873
287,697
41,034 $ 39,023
49,541
20,699
90,575
$
38,749
98,914
59,722
137,663
$ 59,409
53,446
112,855
$
127,642
135,247
262,889
Gasoline Distribution and Station Operations segment:
Gasoline distribution
373,303
374,550
398,016
413,756
588,676
129,852
127,883
244,738
248,699
592,637
Station operations
Total
Commercial segment
203,098
225,078
205,926
233,881
267,941
69,008
71,196
127,105
133,926
274,762
576,401
599,628
603,942
647,637
856,617
198,860
199,079
371,843
382,625
867,399
23,611
24,061
12,279
15,604
40,973
12,512
6,757
20,653
14,884
35,204
Combined product margin
Depreciation allocated to cost of sales
737,301
(86,892)
750,687
802,282
802,114
1,185,287
(87,930)
(81,144)
(82,851)
(87,638)
301,947
(20,471)
265,558
(22,899)
530,159
510,364
1,165,492
(42,445)
(45,641)
(90,834)
Gross profit
$ 650,409
$
662,757
$ 721,138
$
719,263 $
1,097,649
$ 281,476
$ 242,659
$
487,714
$ 464,723
$
1,074,658
GLOBAL
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