Fueling the Future
Financial Reconciliations - Product Margin
(In thousands)
(Unaudited)
Reconciliation of gross profit to product margin
2019
2020
Year Ended December 31,
2021
2022
2023
Three Months Ended
December 31,
2022
2023
Wholesale segment:
Gasoline and gasoline blendstocks
Distillates and other oils
Total
$
86,661
40,337
126,998
$ 101,806
84,255
186,061
$
86,289
$
106,982
52,584
180,715
138,873
287,697
$ 105,165
96,747
201,912
$ 13,973 $ 25,366
56,731
70,704
26,521
51,887
Gasoline Distribution and Station Operations segment:
Gasoline distribution
374,550
398,016
413,756
588,676
558,516
155,944
177,817
Station operations
225,078
205,926
233,881
267,941
276,040
Total
Commercial segment
599,628
603,942
647,637
856,617
834,556
67,222
223,166
67,584
245,401
24,061
12,279
15,604
40,973
31,722
9,931
8,412
Combined product margin
750,687
Depreciation allocated to cost of sales
(87,930)
802,282
(81,144)
802,114
(82,851)
1,185,287
(87,638)
1,068,190
Gross profit
$ 662,757
$ 721,138
$ 719,263
$ 1,097,649
$
(94,550)
973,640
$ 281,556
303,801
(22,245)
305,700
(25,303)
$ 280,397
GLOBAL
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