AE Adams Resources and Energy Inc

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Organization

Adams Resources & Energy, Inc. is a publicly traded Delaware corporation organized in 1973, the common shares of which are listed on the NYSE American LLC under the ticker symbol “AE”. Through our subsidiaries, we are primarily engaged in crude oil marketing, truck and pipeline transportation of crude oil, terminalling and storage in various crude oil and natural gas basins in the lower 48 states of the United States (“U.S.”). In addition, we conduct tank truck transportation of liquid chemicals, pressurized gases, asphalt and dry bulk primarily in the lower 48 states of the U.S. with deliveries into Canada and Mexico, and with eighteen terminals across the U.S. We also recycle and repurpose off-specification fuels, lubricants, crude oil and other chemicals from producers in the U.S. Unless the context requires otherwise, references to “we,” “us,” “our,” “Adams” or the “Company” are intended to mean the business and operations of Adams Resources & Energy, Inc. and its consolidated subsidiaries.  

We operate and report in four business segments: (i) crude oil marketing, transportation and storage; (ii) tank truck transportation of liquid chemicals, pressurized gases, asphalt and dry bulk; (iii) pipeline transportation, terminalling and storage of crude oil; and (iv) interstate bulk transportation logistics of crude oil, condensate, fuels, oils and other petroleum products and recycling and repurposing of off-specification fuels, lubricants, crude oil and other chemicals. See Note 8 for further information regarding our business segments.

Basis of Presentation

Our results of operations for the three and six months ended June 30, 2023 are not necessarily indicative of results expected for the full year of 2023. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments consisting of normal recurring accruals necessary for fair presentation.  The condensed consolidated financial statements and the accompanying notes are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial statements and the rules of the U.S. Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures required by GAAP for complete annual financial statements have been omitted and, therefore, these interim financial statements should be read in conjunction with our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2022 (the “2022 Form 10-K”) filed with the SEC on March 16, 2023. All significant intercompany transactions and balances have been eliminated in consolidation.

Use of Estimates

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Cash, Cash Equivalents and Restricted Cash

The following table provides a reconciliation of cash and cash equivalents and restricted cash as reported in the unaudited condensed consolidated balance sheets that totals to the amounts shown in the unaudited condensed consolidated statements of cash flows at the dates indicated (in thousands):

						June 30,						December 31,
						2023						2022
Cash and cash equivalents						$	8,974					$	20,532
Restricted cash:
Collateral for outstanding letters of credit (1)						356						892
Captive insurance subsidiary (2)						8,428						9,643
Total cash, cash equivalents and restricted cash shown in the
unaudited condensed consolidated statements of cash flows						$	17,758					$	31,067

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(1)Represents amounts that are held in a segregated bank account by Wells Fargo Bank as collateral for an outstanding letter of credit.

(2)$1.5 million of the restricted cash balance relates to the initial capitalization of our captive insurance company formed in late 2020, and the remainder represents amounts paid to our captive insurance company for insurance premiums.

Common Shares Outstanding

The following table reconciles our outstanding common stock for the periods indicated:

						Common
						shares
Balance, January 1, 2023						2,495,484
Vesting of restricted stock unit awards (see Note 13)						20,291
Vesting of performance share unit awards (see Note 13)						12,319
Shares withheld to cover taxes upon vesting of equity awards						(8,089)
Shares sold under at-the-market offering program						14,680
Balance, March 31, 2023						2,534,685
No activity						—
Balance, June 30, 2023						2,534,685

Earnings Per Share

Basic earnings (losses) per share is computed by dividing our net earnings (losses) by the weighted average number of common shares outstanding during the period. Diluted earnings (losses) per share is computed by giving effect to all potential common shares outstanding, including shares related to unvested restricted stock unit awards. Unvested restricted stock unit awards granted under the Adams Resources & Energy, Inc. 2018 Long-Term Incentive Plan, as amended and restated (“2018 LTIP”), or granted as employment inducement awards outside of the 2018 LTIP, are not considered to be participating securities as the holders of these shares do not have non-forfeitable dividend rights in the event of our declaration of a dividend for common shares (see Note 13 for further discussion).

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The calculation of basic and diluted earnings (losses) per share was as follows for the periods indicated (in thousands, except per share data):

			Three Months Ended												Six Months Ended
			June 30,												June 30,
			2023						2022						2023						2022
Earnings (Losses) per share — numerator:
Net earnings (losses)			$	827					$	2,476					$	(1,172)					$	8,566
Denominator:
Basic weighted average number of shares outstanding			2,535						4,371						2,526						4,365
Basic net earnings (losses) per share			$	0.33					$	0.57					$	(0.46)					$	1.96
Diluted earnings (losses) per share:
Diluted weighted average number of shares outstanding:
Common shares			2,535						4,371						2,526						4,365
Restricted stock unit awards (1)			14						21						—						22
Performance share unit awards (1) (2)			12						12						—						12
Total diluted shares			2,561						4,404						2,526						4,399
Diluted net earnings (losses) per share			$	0.32					$	0.56					$	(0.46)					$	1.95

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(1)For the six months ended June 30, 2023, the effect of the restricted stock unit awards and the performance share unit awards on losses per share was anti-dilutive.

(2)The dilutive effect of performance share awards are included in the calculation of diluted earnings per share when the performance share award performance conditions have been achieved.

Equity At-The-Market Offerings

During the six months ended June 30, 2023, we received net proceeds of approximately $0.6 million (net of offering costs to B. Riley Securities, Inc. of $27 thousand) from the sale of 14,680 of our common shares at an average price per share of approximately $40.74 in at-the-market offerings under our At Market Issuance Sales Agreement with B. Riley Securities, Inc. dated December 23, 2020.

Fair Value Measurements

The carrying amounts reported in the unaudited condensed consolidated balance sheets for cash and cash equivalents, accounts receivable and accounts payable approximates fair value because of the immediate or short-term maturity of these financial instruments. Marketable securities are recorded at fair value based on market quotations from actively traded liquid markets. The fair value of the term loan under our credit agreement (see Note 11 for further information) is representative of the carrying value based upon the variable terms and management’s opinion that the current rates available to us with the same maturity and security structure are equivalent to that of the debt.

A three-tier hierarchy has been established that classifies fair value amounts recognized in the financial statements based on the observability of inputs used to estimate these fair values.  The hierarchy considers fair value amounts based on observable inputs (Levels 1 and 2) to be more reliable and predictable than those based primarily on unobservable inputs (Level 3).  At each balance sheet reporting date, we categorize our financial assets and liabilities using this hierarchy.

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Fair value contracts consist of derivative financial instruments and are recorded as either an asset or liability measured at its fair value. Changes in fair value are recognized immediately in earnings unless the derivatives qualify for, and we elect, cash flow hedge accounting. We had no contracts designated for hedge accounting during any current reporting periods (see Note 12 for further information).

Income Taxes

Income taxes are accounted for using the asset and liability method. Under this approach, deferred tax assets and liabilities are recognized based on anticipated future tax consequences attributable to differences between financial statement carrying amounts of these items and their respective tax basis.

Inventory

Inventory consists of crude oil held in storage tanks and at third-party pipelines as part of our crude oil marketing and pipeline and storage operations. Crude oil inventory is carried at the lower of cost or net realizable value. At the end of each reporting period, we assess the carrying value of our inventory and make adjustments necessary to reduce the carrying value to the applicable net realizable value. Any resulting adjustments are a component of marketing costs and expenses or pipeline and storage expenses on our consolidated statements of operations.

Property and Equipment

Property and equipment is recorded at cost. Expenditures for additions, improvements and other enhancements to property and equipment are capitalized, and minor replacements, maintenance and repairs that do not extend asset life or add value are charged to expense as incurred. When property and equipment assets are retired or otherwise disposed of, the related cost and accumulated depreciation is removed from the accounts and any resulting gain or loss is included in results of operations in operating costs and expenses for the respective period. Property and equipment, except for land, is depreciated using the straight-line method over the estimated average useful lives ranging from two to thirty-nine years.

We review our long-lived assets for impairment whenever there is evidence that the carrying value of these assets may not be recoverable. Any impairment recognized is permanent and may not be restored. Property and equipment is reviewed at the lowest level of identifiable cash flows. For property and equipment requiring impairment, the fair value is estimated based on an internal discounted cash flow model of future cash flows.

See Note 5 for additional information regarding our property and equipment.

Stock-Based Compensation

We measure all share-based payment awards, including the issuance of restricted stock unit awards and performance share unit awards to employees and board members, using a fair-value based method. The cost of services received from employees and non-employee board members in exchange for awards of equity instruments is recognized in the consolidated statements of operations based on the estimated fair value of those awards on the grant date and is amortized on a straight-line basis over the requisite service period. The fair value of restricted stock unit awards and performance share unit awards is based on the closing price of our common stock on the grant date. We account for forfeitures as they occur. See Note 13 for additional information regarding our 2018 LTIP.

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Revenue Disaggregation

The following table disaggregates our revenue by segment and by major source for the periods indicated (in thousands):

			Three Months Ended												Six Months Ended
			June 30,												June 30,
			2023						2022						2023						2022
Crude Oil Marketing:
Revenue from contracts with customers:
Goods transferred at a point in time			$	580,636					$	952,325					$	1,168,725					$	1,688,359
Services transferred over time			292						—						336						—
Total revenues from contracts with customers			580,928						952,325						1,169,061						1,688,359
Other (1)			4,344						10,191						24,687						21,712
Total crude oil marketing revenue			$	585,272					$	962,516					$	1,193,748					$	1,710,071
Transportation:
Revenue from contracts with customers:
Goods transferred at a point in time			$	—					$	—					$	—					$	—
Services transferred over time			24,452						29,534						50,897						56,224
Total revenues from contracts with customers			24,452						29,534						50,897						56,224
Other			—						—						—						—
Total transportation revenue			$	24,452					$	29,534					$	50,897					$	56,224
Pipeline and storage: (2)
Revenue from contracts with customers:
Goods transferred at a point in time			$	—					$	—					$	—					$	—
Services transferred over time			249						—						249						—
Total revenues from contracts with customers			249						—						249						—
Other			—						—						—						—
Total pipeline and storage revenue			$	249					$	—					$	249					$	—
Logistics and repurposing:
Revenue from contracts with customers:
Goods transferred at a point in time			$	9,009					$	—					$	17,163					$	—
Services transferred over time			5,784						—						12,871						—
Total revenues from contracts with customers			14,793						—						30,034						—
Other			—						—						—						—
Total logistics and repurposing revenue			$	14,793					$	—					$	30,034					$	—
Subtotal:
Total revenues from contracts with customers			$	620,422					$	981,859					$	1,250,241					$	1,744,583
Total other (1)			4,344						10,191						24,687						21,712
Total consolidated revenues			$	624,766					$	992,050					$	1,274,928					$	1,766,295

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(1)Other crude oil marketing revenues are recognized under Accounting Standards Codification (“ASC”) 815, Derivatives and Hedging, and ASC 845, Nonmonetary Transactions – Purchases and Sales of Inventory with the Same Counterparty.

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(2)All pipeline and storage revenue during the three and six months ended June 30, 2022 and for the period from January 1, 2023 to May 31, 2023 was from an affiliated shipper, GulfMark Energy, Inc., our subsidiary, and was eliminated in consolidation. During June 2023, we began earning revenue from an unaffiliated shipper.

Other Crude Oil Marketing Revenue

Certain of the commodity purchase and sale contracts utilized by our crude oil marketing business qualify as derivative instruments with certain specifically identified contracts also designated as trading activity. From the time of contract origination, these contracts are marked-to-market and recorded on a net revenue basis in the accompanying unaudited condensed consolidated financial statements.

Certain of our crude oil contracts may be with a single counterparty to provide for similar quantities of crude oil to be bought and sold at different locations. These contracts are entered into for a variety of reasons, including effecting the transportation of the commodity, to minimize credit exposure, and/or to meet the competitive demands of the customer. These buy/sell arrangements are reflected on a net revenue basis in the accompanying unaudited condensed consolidated financial statements.

Reporting these crude oil contracts on a gross revenue basis would increase our reported revenues as follows for the periods indicated (in thousands):

			Three Months Ended												Six Months Ended
			June 30,												June 30,
			2023						2022						2023						2022
Revenue gross-up			$	240,969					$	419,081					$	527,671					$	726,467

The components of prepayments and other current assets were as follows at the dates indicated (in thousands):

			June 30,						December 31,
			2023						2022
Insurance premiums			$	766					$	1,220
Rents, licenses and other			1,842						1,898
Total prepayments and other current assets			$	2,608					$	3,118

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The historical costs of our property and equipment and related accumulated depreciation and amortization balances were as follows at the dates indicated (in thousands):

			Estimated
			Useful Life						June 30,						December 31,
			in Years						2023						2022
Tractors and trailers			5 – 6						$	126,419					$	128,223
Field equipment			2 – 5						24,964						24,676
Finance lease ROU assets (1)			3 – 6						37,890						25,106
Pipeline and related facilities			20 – 25						20,362						20,362
Linefill and base gas (2)			N/A						3,922						3,922
Buildings			5 – 39						16,189						16,163
Office equipment			2 – 5						2,964						2,937
Land			N/A						4,163						2,309
Construction in progress			N/A						4,823						3,629
Total									241,696						227,327
Less accumulated depreciation and amortization									(129,862)						(120,902)
Property and equipment, net									$	111,834					$	106,425

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(1)Our finance lease right-of-use (“ROU)” assets arise from leasing arrangements for the right to use various classes of underlying assets including tractors, trailers, a tank storage and throughput arrangement and office equipment (see Note 15 for further information). Accumulated amortization of the assets presented as “Finance lease ROU assets” was $12.2 million and $9.9 million at June 30, 2023 and December 31, 2022, respectively.

(2)Linefill and base gas represents crude oil in the VEX pipeline and storage tanks we own, and the crude oil is recorded at historical cost.

Components of depreciation and amortization expense were as follows for the periods indicated (in thousands):

			Three Months Ended												Six Months Ended
			June 30,												June 30,
			2023						2022						2023						2022
Depreciation and amortization, excluding amounts under finance leases			$	4,913					$	3,639					$	9,737					$	7,252
Amortization of property and equipment under finance leases			1,933						1,261						3,708						2,469
Amortization of intangible assets			457						188						908						380
Total depreciation and amortization			$	7,303					$	5,088					$	14,353					$	10,101

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On August 12, 2022, we entered into a purchase agreement with each of Scott Bosard, Trey Bosard and Tyler Bosard (collectively, the “Sellers”) to acquire all of the equity interests of Firebird Bulk Carriers, Inc. (“Firebird”) and Phoenix Oil, Inc. (“Phoenix”) for approximately $39.3 million, consisting of a cash payment of $35.4 million, 45,777 of our common shares valued at $1.4 million, of which 15,259 shares were issued immediately and 30,518 shares will be issued over a three year period, and contingent consideration valued at approximately $2.6 million. We funded the cash consideration using cash on hand at the time of acquisition. Pursuant to the purchase agreement, the purchase price is subject to customary post-closing adjustment provisions, including an earn-out payable to the Sellers to the extent the earnings before interest, taxes, depreciation and amortization (EBITDA) of Phoenix exceeds a specified threshold during the twelve full calendar months after the closing date of the acquisition.

Firebird is an interstate bulk motor carrier of crude oil, condensate, fuels, oils and other petroleum products. Firebird is headquartered in Humble, Texas, with six terminal locations throughout Texas, and operates 130 tractors and 209 trailers largely in the Eagle Ford basin. Phoenix is also headquartered in Humble, Texas, and recycles and repurposes off-specification fuels, lubricants, crude oil and other chemicals from producers in the U.S. Firebird and Phoenix have formed our new logistics and repurposing segment. We expect that this acquisition will offer us the opportunity to expand our value chain and market impact, with numerous synergies benefiting the combined companies.

We accounted for the acquisition of Firebird and Phoenix under the acquisition method in accordance with ASC 805, Business Combinations. The allocation of purchase consideration was based upon the estimated fair value of the tangible and identifiable intangible assets acquired and liabilities assumed in the acquisition.

The purchase price allocation was subject to revision as acquisition-date fair value analyses were completed and if additional information about facts and circumstances that existed at the acquisition date became available. During the period ended June 30, 2023, we revised the fair value of certain tractors and trailers, resulting in a decrease in the amount allocated to property and equipment of $0.2 million and with a corresponding increase in goodwill. No other changes to the purchase price allocation occurred during the first half of 2023. The purchase price consideration, as well as the estimated fair values of the assets acquired and liabilities assumed, was finalized during the second quarter of 2023.

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The following table presents the final purchase price allocation of the indentifiable assets acquired and liabilities assumed at the acquisition date of August 12, 2022 (in thousands):

Assets acquired:
Cash and cash equivalents						$	2,203
Accounts receivable						4,653
Inventory						643
Other current assets						137
Property and equipment						24,809
Intangible assets						7,607
Goodwill						6,673
Other assets						458
Total assets acquired						$	47,183
Liabilities assumed:
Accounts payable and other accrued liabilities						$	(1,696)
Deferred tax liabilities						(6,207)
Total liabilities assumed						$	(7,903)
Net assets acquired						$	39,280

During the second quarter of 2023, based upon a review of the contingent consideration calculation terms, we determined that no payment would be made to the Sellers, and as such, we adjusted our accrual of $2.6 million that had been recorded as part of the purchase price allocation. The reversal of the accrual for the contingent consideration is included in general and administrative expense on our unaudited condensed consolidated statements of operations.

Unaudited Pro Forma Financial Information

The unaudited pro forma condensed consolidated results of operations in the table below are provided for illustrative purposes only and summarize the combined results of our operations and those of Firebird and Phoenix. For purposes of this pro forma presentation, the acquisition of Firebird and Phoenix is assumed to have occurred on January 1, 2022. The pro forma financial information for all periods presented also includes the estimated business combination accounting effects resulting from this acquisition, notably amortization expense from the acquired intangible assets and certain other integration related impacts. This unaudited pro forma financial information should not be relied upon as being indicative of the historical results that would have been obtained if the acquisition had actually occurred on January 1, 2022, nor of the results of operations that may be obtained in the future (in thousands).

									Three Months Ended												Six Months Ended
									June 30,												June 30,
									2022												2022
Revenues									$	1,009,694											$	1,802,675
Net earnings									5,257												14,982
Basic net earnings per common share									$	1.20											$	3.42
Diluted net earnings per common share									$	1.19											$	3.39

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Components of other assets were as follows at the dates indicated (in thousands):

			June 30,						December 31,
			2023						2022
Insurance collateral deposits			$	503					$	463
State collateral deposits			23						23
Materials and supplies			1,281						1,257
Debt issuance costs			1,427						1,595
Other			330						360
Total other assets			$	3,564					$	3,698

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Financial information by reporting segment was as follows for the periods indicated (in thousands):

			Reporting Segments
			Crude oil marketing						Trans-portation						Pipeline and storage						Logistics and repurposing (1)						Other						Total
Three Months Ended June 30, 2023
Segment revenues (2)			$	585,272					$	24,576					$	894					$	15,780					$	—					$	626,522
Less: Intersegment revenues (2)			—						(124)						(645)						(987)						—						(1,756)
Revenues			$	585,272					$	24,452					$	249					$	14,793					$	—					$	624,766
Segment operating earnings (losses) (3)			3,351						1,056						(779)						(133)						—						3,495
Depreciation and amortization			2,168						3,136						275						1,724						—						7,303
Property and equipment additions (4) (5)			394						1,171						270						2,088						85						4,008
Three Months Ended June 30, 2022
Segment revenues (2)			$	962,516					$	29,593					$	1,163					$	—					$	—					$	993,272
Less: Intersegment revenues (2)			—						(59)						(1,163)						—						—						(1,222)
Revenues			$	962,516					$	29,534					$	—					$	—					$	—					$	992,050
Segment operating earnings (losses) (3)			5,111						2,937						(877)						—						—						7,171
Depreciation and amortization			1,894						2,923						271						—						—						5,088
Property and equipment additions (4) (5)			884						159						46						—						—						1,089
Six Months Ended June 30, 2023
Segment revenues (2)			$	1,193,748					$	51,106					$	1,703					$	32,527					$	—					$	1,279,084
Less: Intersegment revenues (2)			—						(209)						(1,454)						(2,493)						—						(4,156)
Revenues			$	1,193,748					$	50,897					$	249					$	30,034					$	—					$	1,274,928
Segment operating earnings (losses) (3)			5,258						1,957						(1,980)						402						—						5,637
Depreciation and amortization			4,243						6,267						538						3,305						—						14,353
Property and equipment additions (4) (5)			669						1,338						1,241						2,548						112						5,908
Six Months Ended June 30, 2022
Segment revenues (2)			$	1,710,071					$	56,311					$	2,060					$	—					$	—					$	1,768,442
Less: Intersegment revenues (2)			—						(87)						(2,060)						—						—						(2,147)
Revenues			$	1,710,071					$	56,224					$	—					$	—					$	—					$	1,766,295
Segment operating earnings (losses) (3)			15,231						5,805						(1,699)						—						—						19,337
Depreciation and amortization			3,682						5,880						539						—						—						10,101
Property and equipment additions (4) (5)			4,008						694						73						—						8						4,783

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(1)On August 12, 2022, we acquired a transportation logistics and recycling and repurposing business, resulting in a new operating segment.

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(2)Segment revenues include intersegment amounts that are eliminated due to consolidation in operating costs and expenses in our unaudited condensed consolidated statements of operations. Intersegment activities are conducted at posted tariff rates where applicable, or otherwise at rates similar to those charged to third parties or rates that we believe approximate market at the time the agreement is executed.

(3)Our crude oil marketing segment’s operating earnings included inventory valuation losses of $1.0 million and $1.5 million for the three months ended June 30, 2023 and 2022, respectively. For the six months ended June 30, 2023 and 2022, our crude oil marketing segment’s operating (losses) earnings included inventory valuation losses of $2.0 million and inventory liquidation gains of $7.2 million, respectively.

(4)Our segment property and equipment additions do not include assets acquired under finance leases during the three and six months ended June 30, 2023 and 2022. See Note 15 for further information.

(5)Amounts included in property and equipment additions for Other are additions for computer or other office equipment and a company vehicle at our corporate headquarters, which were not attributed or allocated to any of our reporting segments.

Segment operating earnings reflect revenues net of operating costs and depreciation and amortization expense and are reconciled to earnings (losses) before income taxes, as follows for the periods indicated (in thousands):

			Three Months Ended												Six Months Ended
			June 30,												June 30,
			2023						2022						2023						2022
Segment operating earnings			$	3,495					$	7,171					$	5,637					$	19,337
General and administrative			(1,715)						(4,211)						(6,487)						(8,229)
Operating earnings (losses)			1,780						2,960						(850)						11,108
Interest and other income			570						303						774						327
Interest expense			(802)						(136)						(1,498)						(250)
Earnings (Losses) before income taxes			$	1,548					$	3,127					$	(1,574)					$	11,185

Identifiable assets by business segment were as follows at the dates indicated (in thousands):

			June 30,						December 31,
			2023						2022
Reporting segment:
Crude oil marketing			$	193,478					$	215,813
Transportation			58,276						60,405
Pipeline and storage			25,444						25,815
Logistics and repurposing			43,097						45,307
Cash and other (1)			23,187						36,819
Total assets			$	343,482					$	384,159

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(1)Other identifiable assets are primarily corporate cash, corporate accounts receivable, properties and operating lease right-of-use assets not identified with any specific segment of our business.

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We enter into certain transactions in the normal course of business with affiliated entities. Activities with affiliates were as follows for the periods indicated (in thousands):

			Three Months Ended												Six Months Ended
			June 30,												June 30,
			2023						2022						2023						2022
KSA and affiliate billings to us			$	—					$	—					$	—					$	6
Billings to KSA and affiliates			4						5						9						10
Rentals paid to an affiliate of KSA			95						138						232						252
Payments to an affiliate of KSA for purchase of   vehicles (1)			—						—						157						78
Rentals paid to affiliates of Scott Bosard			140						—						280						—

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(1)Amounts paid to West Point Buick GMC are for the purchase of three and two pickup trucks during the six months ended June 30, 2023 and 2022, respectively.

Affiliate transactions included direct cost reimbursement for shared phone and administrative services from KSA Industries, Inc. (“KSA”), an affiliated entity. We lease our corporate office space in a building operated by 17 South Briar Hollow Lane, LLC, an affiliate of KSA. In addition, we purchase pickup trucks from West Point Buick GMC, an affiliate of KSA. KSA was our largest shareholder until October 31, 2022 when we repurchased the common stock owned by it. An affiliate of KSA served on our Board of Directors through the date of our 2023 annual meeting, when he retired. As of May 31, 2023, KSA and its affiliates are no longer related parties.

The components of other current liabilities were as follows at the dates indicated (in thousands):

			June 30,						December 31,
			2023						2022
Accrual for payroll, benefits and bonuses			$	5,563					$	6,435
Accrued automobile and workers’ compensation claims			5,690						5,579
Contingent consideration for acquisition (see Note 6)			—						2,566
Accrued medical claims			1,085						1,007
Accrued taxes			496						2,208
Other			1,177						1,419
Total other current liabilities			$	14,011					$	19,214

---

On October 27, 2022, we entered into a credit agreement (the “Credit Agreement”) with Cadence Bank, as administrative agent, swingline lender and issuing lender, and the other lenders party thereto (collectively, the “Lenders”). The Credit Agreement provides for (a) a revolving credit facility that allows for borrowings up to $60.0 million in aggregate principal amount from time to time (the “Revolving Credit Facility”) and (b) a Term Loan in aggregate principal amount of $25.0 million (the “Term Loan”). The Revolving Credit Facility matures on October 27, 2027 unless earlier terminated.

At June 30, 2023, we had $23.1 million outstanding under the Term Loan at a weighted average interest rate of 7.71 percent, and $20.4 million letters of credit outstanding at a fee of 2.50 percent. No amounts were outstanding under the Revolving Credit Facility. The following table presents the scheduled maturities of principal amounts of our debt obligations at June 30, 2023 for the next five years, and in total thereafter (in thousands):

Remainder of 2023						$	1,250
2024						2,500
2025						2,500
2026						2,500
2027						14,375
Total debt maturities						$	23,125

At June 30, 2023, we were in compliance with all covenants under the Credit Agreement.

Derivative Instruments

In the normal course of our operations, our crude oil marketing segment purchases and sells crude oil. We seek to profit by procuring the commodity as it is produced and then delivering the material to the end users or the intermediate use marketplace. As typical for the industry, these transactions are made pursuant to the terms of forward month commodity purchase and/or sale contracts. Some of these contracts meet the definition of a derivative instrument, and therefore, we account for these contracts at fair value, unless the normal purchase and sale exception is applicable. These types of underlying contracts are standard for the industry and are the governing document for our crude oil marketing segment. None of our derivative instruments have been designated as hedging instruments.

At June 30, 2023, we had in place three derivative instruments, entered into in June 2023 for a total of 250,000 barrels of crude oil to be purchased and sold in July 2023, and one derivative instrument, entered into in 2022, for the purchase of 126,000 gallons of diesel fuel per month during January 2023 through December 2023.

At December 31, 2022, we had in place three derivative instruments, entered into in 2022 for a total of 300,000 barrels of crude oil to be purchased and sold in January 2023, and one derivative instrument, also entered into in 2022, for the purchase of 126,000 gallons of diesel fuel per month during January 2023 through December 2023.

---

The estimated fair value of forward month derivatives instruments reflected in the accompanying unaudited condensed consolidated balance sheets were as follows at the dates indicated (in thousands):

			Balance Sheet Location and Amount
			Current						Other						Current						Other
			Assets						Assets						Liabilities						Liabilities
June 30, 2023
Asset derivatives:
Fair value forward derivative instruments
at gross valuation			$	—					$	—					$	—					$	—
Liability derivatives:
Fair value forward derivative instruments
at gross valuation			—						—						30						—
Less counterparty offsets			—						—						—						—
As reported fair value contracts			$	—					$	—					$	30					$	—
December 31, 2022
Asset derivatives:
Fair value forward derivative instruments
at gross valuation			$	—					$	—					$	—					$	—
Liability derivatives:
Fair value forward derivative instruments
at gross valuation			—						—						330						—
Less counterparty offsets			—						—						—						—
As reported fair value contracts			$	—					$	—					$	330					$	—

We only enter into derivative instruments with creditworthy counterparties and evaluate our exposure to significant counterparties on an ongoing basis. At June 30, 2023 and December 31, 2022, we were not holding nor have we posted any collateral to support our forward month fair value derivative activity. We are not subject to any credit-risk related trigger events. We have no other financial investment arrangements that would serve to offset our derivative contracts.

Forward month derivatives instruments reflected in the accompanying unaudited condensed consolidated statements of operations were as follows for the periods indicated (in thousands):

			Gains (losses)
			Three Months Ended												Six Months Ended
			June 30,												June 30,
			2023						2022						2023						2022
Revenues – marketing			$	—					$	(14)					$	—					$	5
Cost and expenses – marketing			187						625						(299)						625

---

Fair Value Measurements

The following tables set forth, by level with the Level 1, 2 and 3 fair value hierarchy, the carrying values of our financial assets and liabilities at the dates indicated (in thousands):

			Fair Value Measurements Using
			Quoted Prices
			in Active						Significant
			Markets for						Other						Significant
			Identical Assets						Observable						Unobservable
			and Liabilities						Inputs						Inputs						Counterparty
			(Level 1)						(Level 2)						(Level 3)						Offsets						Total
June 30, 2023
Derivatives:
Current assets			$	—					$	—					$	—					$	—					$	—
Current liabilities			—						(30)						—						—						(30)
Net value			$	—					$	(30)					$	—					$	—					$	(30)
December 31, 2022
Derivatives:
Current assets			$	—					$	—					$	—					$	—					$	—
Current liabilities			—						(330)						—						—						(330)
Net value			$	—					$	(330)					$	—					$	—					$	(330)

These assets and liabilities are measured on a recurring basis and are classified based on the lowest level of input used to estimate their fair value. Our assessment of the relative significance of these inputs requires judgments.

When determining fair value measurements, we make credit valuation adjustments to reflect both our own nonperformance risk and our counterparty’s nonperformance risk. When adjusting the fair value of derivative contracts for the effect of nonperformance risk, we consider the impact of netting and any applicable credit enhancements. Credit valuation adjustments utilize Level 3 inputs, such as credit scores, to evaluate the likelihood of default by us or our counterparties. At June 30, 2023 and December 31, 2022, credit valuation adjustments were not significant to the overall valuation of our fair value contracts. As a result, applicable fair value assets and liabilities are included in their entirety in the fair value hierarchy.

---

Compensation expense recognized in connection with equity-based awards was as follows for the periods indicated (in thousands):

			Three Months Ended												Six Months Ended
			June 30,												June 30,
			2023						2022						2023						2022
Compensation expense			$	372					$	263					$	655					$	458

At June 30, 2023 and December 31, 2022, we had $117,700 and $140,300, respectively, of accrued dividend amounts for awards granted under the 2018 LTIP or as inducement awards.

Restricted Stock Unit Awards

The following table presents restricted stock unit award activity for the periods indicated:

									Weighted-
									Average Grant
			Number of						Date Fair Value
			Shares						per Share (1)
Restricted stock unit awards at January 1, 2023			70,244						$	31.89
Granted (2)			23,409						$	57.18
Vested			(20,291)						$	29.76
Forfeited			(845)						$	45.67
Restricted stock unit awards at June 30, 2023			72,517						$	40.49

_______________

(1)Determined by dividing the aggregate grant date fair value of awards by the number of awards issued.

(2)The aggregate grant date fair value of restricted stock unit awards issued during the first six months of 2023 was $1.3 million based on grant date market prices of our common shares ranging from $37.56 to $58.05 per share.

Unrecognized compensation cost associated with restricted stock unit awards was approximately $1.3 million at June 30, 2023. Due to the graded vesting provisions of these awards, we expect to recognize the remaining compensation cost for these awards over a weighted-average period of 1.6 years.

---

Performance Share Unit Awards

The following table presents performance share unit award activity for the periods indicated:

												Weighted-
												Average Grant
						Number of						Date Fair Value
						Shares						per Share (1)
Performance share unit awards at January 1, 2023						30,687						$	28.59
Granted (2)						12,061						$	56.84
Vested						(12,319)						$	24.96
Forfeited						—						$	—
Performance share unit awards at June 30, 2023						30,429						$	41.26

_______________

(1)Determined by dividing the aggregate grant date fair value of awards by the number of awards issued.

(2)The aggregate grant date fair value of performance share unit awards issued during the first six months of 2023 was $0.7 million based on grant date market prices of our common shares ranging from $38.42 to $58.05 per share and assuming a performance factor of 100 percent.

Unrecognized compensation cost associated with performance share unit awards was approximately $0.9 million at June 30, 2023. We expect to recognize the remaining compensation cost for these awards over a weighted-average period of 2.3 years.

Supplemental cash flows and non-cash transactions were as follows for the periods indicated (in thousands):

			Six Months Ended
			June 30,
			2023						2022
Cash paid for interest			$	1,656					$	250
Cash paid for federal and state income taxes			2,467						1,313
Cash refund for net operating loss (NOL) carryback under CARES Act			—						6,907
Non-cash transactions:
Change in accounts payable related to property and equipment additions			52						—
Property and equipment acquired under finance leases			13,917						1,888

---

The following table provides the components of lease expense for the periods indicated (in thousands):

						Three Months Ended												Six Months Ended
						June 30,												June 30,
						2023						2022						2023						2022
Finance lease cost:
Amortization of ROU assets						$	1,933					$	1,261					$	3,707					$	2,469
Interest on lease liabilities						308						78						546						158
Operating lease cost						914						676						1,793						1,349
Short-term lease cost						3,440						3,802						7,138						7,583
Variable lease cost						6						4						11						10
Total lease expense						$	6,601					$	5,821					$	13,195					$	11,569

The following table provides supplemental cash flow and other information related to leases for the periods indicated (in thousands):

						Six Months Ended
						June 30,
						2023						2022
Cash paid for amounts included in measurement of lease liabilities:
Operating cash flows from operating leases (1)						$	1,576					$	1,347
Operating cash flows from finance leases (1)						515						139
Financing cash flows from finance leases						3,247						2,306
ROU assets obtained in exchange for new lease liabilities:
Finance leases						13,917						1,888
Operating leases						501						549

______________

(1)Amounts are included in Other operating activities on the unaudited condensed consolidated statements of cash flows.

The following table provides the lease terms and discount rates for the periods indicated:

						Six Months Ended
						June 30,
						2023						2022
Weighted-average remaining lease term (years):
Finance leases						3.67						3.16
Operating leases						3.17						3.53
Weighted-average discount rate:
Finance leases						5.0%						2.5%
Operating leases						4.1%						3.7%

---

The following table provides supplemental balance sheet information related to leases at the dates indicated (in thousands):

						June 30,						December 31,
						2023						2022
Assets
Finance lease ROU assets (1)						$	25,663					$	15,264
Operating lease ROU assets						6,783						7,720
Liabilities
Current
Finance lease liabilities						6,444						4,382
Operating lease liabilities						2,802						2,712
Noncurrent
Finance lease liabilities						20,693						12,085
Operating lease liabilities						3,986						5,007

______________

(1)Amounts are included in Property and equipment, net on the unaudited condensed consolidated balance sheets.

The following table provides maturities of undiscounted lease liabilities at June 30, 2023 (in thousands):

						Finance						Operating
						Lease						Lease
Remainder of 2023						$	3,962					$	1,553
2024						7,277						2,826
2025						7,582						1,098
2026						4,754						904
2027						5,185						570
Thereafter						1,557						237
Total lease payments						30,317						7,188
Less: Interest						(3,180)						(400)
Present value of lease liabilities						27,137						6,788
Less: Current portion of lease obligation						(6,444)						(2,802)
Total long-term lease obligation						$	20,693					$	3,986

---

The following table provides maturities of undiscounted lease liabilities at December 31, 2022 (in thousands):

						Finance						Operating
						Lease						Lease
2023						$	4,870					$	2,958
2024						3,629						2,617
2025						4,652						962
2026						2,482						879
2027						2,179						570
Thereafter						—						237
Total lease payments						17,812						8,223
Less: Interest						(1,345)						(504)
Present value of lease liabilities						16,467						7,719
Less: Current portion of lease obligation						(4,382)						(2,712)
Total long-term lease obligation						$	12,085					$	5,007

Insurance

We have accrued liabilities for estimated workers’ compensation and other casualty claims incurred based upon claim reserves plus an estimate for loss development and incurred but not reported claims. We self-insure a significant portion of expected losses relating to workers’ compensation, general liability and automobile liability, with a self-insured retention of $1.0 million. Insurance is purchased over our retention to reduce our exposure to catastrophic events. Estimates are recorded for potential and incurred outstanding liabilities for workers’ compensation, auto and general liability claims and claims that are incurred but not reported. Estimates are based on adjusters’ estimates, historical experience and statistical methods commonly used within the insurance industry that we believe are reliable. We have also engaged a third-party actuary to perform a review of our accrued liability for these claims as well as potential funded losses in our captive insurance company. Insurance estimates include certain assumptions and management judgments regarding the frequency and severity of claims, claim development and settlement practices and the selection of estimated loss among estimates derived using different methods. Unanticipated changes in these factors may produce materially different amounts of expense that would be reported under these programs.

On October 1, 2020, we elected to utilize a wholly owned insurance captive to insure the self-insured retention for our workers’ compensation, general liability and automobile liability insurance programs. All accrued liabilities associated with periods from October 1, 2017 through current were transferred to the captive.

We maintain excess property and casualty programs with third-party insurers in an effort to limit the financial impact of significant events covered under these programs. Our operating subsidiaries pay premiums to both the excess and reinsurance carriers and our captive for the estimated losses based on an external actuarial analysis. These premiums held by our wholly owned captive are currently held in a restricted account, resulting in a transfer of risk from our operating subsidiaries to the captive.

We also maintain a self-insurance program for managing employee medical claims in excess of employee deductibles. As claims are paid, the liability is relieved. We also maintain third party insurance stop-loss coverage for individual medical claims exceeding a certain minimum threshold. In addition, we maintain $1.3 million of umbrella insurance coverage for annual aggregate medical claims exceeding approximately $11.3 million.

---

Our accruals for automobile, workers’ compensation and medical claims were as follows at the dates indicated (in thousands):

			June 30,						December 31,
			2023						2022
Accrued automobile and workers’ compensation claims			$	5,690					$	5,579
Accrued medical claims			1,085						1,007

Litigation

From time to time as incidental to our operations, we may become involved in various lawsuits and/or disputes. As an operator of an extensive trucking fleet, we are a party to motor vehicle accidents, worker compensation claims and other items of general liability as would be typical for the industry. We are presently unaware of any claims against us that are either outside the scope of insurance coverage or that may exceed the level of insurance coverage and could potentially represent a material adverse effect on our financial position, results of operations or cash flows.

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v3.23.2

Cover Page - shares	6 Months Ended
	Jun. 30, 2023	Aug. 01, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	1-07908
Entity Registrant Name	ADAMS RESOURCES & ENERGY, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	74-1753147
Entity Address, Address Line One	17 South Briar Hollow Lane
Entity Address, Address Line Two	Suite 100
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77027
City Area Code	713
Local Phone Number	881-3600
Title of 12(b) Security	Common Stock, $0.10 Par Value
Trading Symbol	AE
Security Exchange Name	NYSEAMER
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		2,534,685
Entity Central Index Key	0000002178
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false

v3.23.2

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 8,974	$ 20,532
Restricted cash	8,784	10,535
Accounts receivable, net of allowance for doubtful accounts of $78 and $88, respectively	158,433	189,039
Inventory	26,523	26,919
Income tax receivable	469	0
Prepayments and other current assets	2,608	3,118
Total current assets	205,791	250,143
Property and equipment, net	111,834	106,425
Operating lease right-of-use assets, net	6,783	7,720
Intangible assets, net	8,837	9,745
Goodwill	6,673	6,428
Other assets	3,564	3,698
Total assets	343,482	384,159
Current liabilities:
Derivative liabilities	30	330
Current portion of finance lease obligations	6,444	4,382
Current portion of operating lease liabilities	2,802	2,712
Current portion of long-term debt	2,500	0
Other current liabilities	14,011	19,214
Total current liabilities	188,574	231,060
Other long-term liabilities:
Long-term debt	20,625	24,375
Asset retirement obligations	2,650	2,459
Finance lease obligations	20,693	12,085
Operating lease liabilities	3,986	5,007
Deferred taxes and other liabilities	15,233	15,996
Total liabilities	251,761	290,982
Commitments and contingencies (Note 16)
Shareholders’ equity:
Preferred stock – $1.00 par value, 960,000 shares authorized, none outstanding	0	0
Common stock – $0.10 par value, 7,500,000 shares authorized, 2,534,685 and 2,495,484 shares outstanding, respectively	252	248
Contributed capital	20,943	19,965
Retained earnings	70,526	72,964
Total shareholders’ equity	91,721	93,177
Total liabilities and shareholders’ equity	343,482	384,159
Nonrelated Party
Current liabilities:
Accounts payable	162,787	204,391
Accounts payable – related party	162,787	204,391
Related Party
Current liabilities:
Accounts payable	0	31
Accounts payable – related party	$ 0	$ 31

v3.23.2

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Allowance for doubtful accounts	$ 78	$ 88
Shareholders’ equity:
Preferred stock - par value (in dollars per share)	$ 1.00	$ 1.00
Preferred stock - shares authorized (in shares)	960,000	960,000
Preferred stock - shares outstanding (in shares)	0	0
Common stock - par value (in dollars per share)	$ 0.10	$ 0.10
Common stock - shares authorized (in shares)	7,500,000	7,500,000
Common stock - shares outstanding (in shares)	2,534,685	2,495,484

v3.23.2

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues:
Billings to KSA and affiliates	$ 624,766	$ 992,050	$ 1,274,928	$ 1,766,295
Costs and expenses:
General and administrative	1,715	4,211	6,487	8,229
Depreciation and amortization	7,303	5,088	14,353	10,101
Total costs and expenses	622,986	989,090	1,275,778	1,755,187
Operating earnings (losses)	1,780	2,960	(850)	11,108
Other income (expense):
Interest and other income	570	303	774	327
Interest expense	(802)	(136)	(1,498)	(250)
Total other (expense) income, net	(232)	167	(724)	77
Earnings (Losses) before income taxes	1,548	3,127	(1,574)	11,185
Income tax (provision) benefit	(721)	(651)	402	(2,619)
Net earnings (losses)	$ 827	$ 2,476	$ (1,172)	$ 8,566
Earnings (Losses) per share:
Basic net earnings (losses) per common share (in dollars per share)	$ 0.33	$ 0.57	$ (0.46)	$ 1.96
Diluted net earnings (losses) per common share (in dollars per share)	0.32	0.56	(0.46)	1.95
Dividends per common share (in dollars per share)	$ 0.24	$ 0.24	$ 0.48	$ 0.48
Marketing
Revenues:
Billings to KSA and affiliates	$ 585,272	$ 962,516	$ 1,193,748	$ 1,710,071
Costs and expenses:
Cost of goods and services sold	579,753	955,511	1,184,247	1,691,158
Transportation
Revenues:
Billings to KSA and affiliates	24,452	29,534	50,897	56,224
Costs and expenses:
Cost of goods and services sold	20,260	23,674	42,673	44,539
Pipeline and storage
Revenues:
Billings to KSA and affiliates	249	0	249	0
Costs and expenses:
Cost of goods and services sold	753	606	1,691	1,160
Logistics and repurposing
Revenues:
Billings to KSA and affiliates	14,793	0	30,034	0
Costs and expenses:
Cost of goods and services sold	$ 13,202	$ 0	$ 26,327	$ 0

v3.23.2

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Operating activities:
Net (losses) earnings	$ (1,172)	$ 8,566
Adjustments to reconcile net (losses) earnings to net cash used in operating activities:
Depreciation and amortization	14,353	10,101
Gains on sales of property	(766)	(938)
Provision for doubtful accounts	(10)	(8)
Stock-based compensation expense	655	458
Change in contingent consideration liability	(2,566)	0
Deferred income taxes	(770)	(332)
Net change in fair value contracts	(300)	(630)
Changes in assets and liabilities:
Accounts receivable	30,616	(129,837)
Accounts receivable/payable, affiliates	(31)	0
Inventories	396	(42,339)
Income tax receivable	(469)	6,424
Prepayments and other current assets	510	382
Accounts payable	(41,606)	121,144
Accrued liabilities	(2,564)	2,614
Other	116	217
Net cash used in operating activities	(3,608)	(24,178)
Investing activities:
Property and equipment additions	(5,908)	(4,783)
Proceeds from property sales	1,444	1,374
Net cash used in investing activities	(4,464)	(3,409)
Financing activities:
Borrowings under Credit Agreement	38,000	30,000
Repayments under Credit Agreement	(39,250)	(30,000)
Principal repayments of finance lease obligations	(3,247)	(2,306)
Net proceeds from sale of equity	549	283
Dividends paid on common stock	(1,289)	(2,126)
Net cash used in financing activities	(5,237)	(4,149)
Decrease in cash and cash equivalents, including restricted cash	(13,309)	(31,736)
Cash and cash equivalents, including restricted cash, at beginning of period	31,067	107,317
Cash and cash equivalents, including restricted cash, at end of period	$ 17,758	$ 75,581

v3.23.2

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Contributed Capital	Retained Earnings
Beginning balance at Dec. 31, 2021	$ 160,386	$ 433	$ 16,913	$ 143,040
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (losses) earnings	6,090			6,090
Stock-based compensation expense	195		195
Vesting of restricted awards	0	2	(2)
Cancellation of shares withheld to cover taxes upon vesting of restricted awards	(86)		(86)
Dividends declared:
Common stock, $0.24/share	(1,048)			(1,048)
Awards under LTIP, $0.24/share	(16)			(16)
Ending balance at Mar. 31, 2022	165,521	435	17,020	148,066
Beginning balance at Dec. 31, 2021	160,386	433	16,913	143,040
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (losses) earnings	8,566
Ending balance at Jun. 30, 2022	167,452	436	17,541	149,475
Beginning balance at Mar. 31, 2022	165,521	435	17,020	148,066
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (losses) earnings	2,476			2,476
Stock-based compensation expense	263		263
Cancellation of shares withheld to cover taxes upon vesting of restricted awards	(24)		(24)
Shares sold under at-the-market offering program	283	1	282
Dividends declared:
Common stock, $0.24/share	(1,049)			(1,049)
Awards under LTIP, $0.24/share	(18)			(18)
Ending balance at Jun. 30, 2022	167,452	436	17,541	149,475
Beginning balance at Dec. 31, 2022	93,177	248	19,965	72,964
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (losses) earnings	(1,999)			(1,999)
Stock-based compensation expense	283		283
Vesting of restricted awards	0	3	(3)
Cancellation of shares withheld to cover taxes upon vesting of restricted awards	(222)		(222)
Shares sold under at-the-market offering program	549	1	548
Dividends declared:
Common stock, $0.24/share	(608)			(608)
Awards under LTIP, $0.24/share	(25)			(25)
Ending balance at Mar. 31, 2023	91,155	252	20,571	70,332
Beginning balance at Dec. 31, 2022	93,177	248	19,965	72,964
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (losses) earnings	(1,172)
Ending balance at Jun. 30, 2023	91,721	252	20,943	70,526
Beginning balance at Mar. 31, 2023	91,155	252	20,571	70,332
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (losses) earnings	827			827
Stock-based compensation expense	372		372
Dividends declared:
Common stock, $0.24/share	(608)			(608)
Awards under LTIP, $0.24/share	(25)			(25)
Ending balance at Jun. 30, 2023	$ 91,721	$ 252	$ 20,943	$ 70,526

v3.23.2

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022
Statement of Stockholders' Equity [Abstract]
Dividends per common share (in dollars per share)	$ 0.24	$ 0.24	$ 0.24	$ 0.24
Awards under LTIP (in dollars per share)	$ 0.24	$ 0.24	$ 0.24	$ 0.24

v3.23.2

Organization and Basis of Presentation	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	Organization and Basis of Presentation Organization Adams Resources & Energy, Inc. is a publicly traded Delaware corporation organized in 1973, the common shares of which are listed on the NYSE American LLC under the ticker symbol “AE”. Through our subsidiaries, we are primarily engaged in crude oil marketing, truck and pipeline transportation of crude oil, terminalling and storage in various crude oil and natural gas basins in the lower 48 states of the United States (“U.S.”). In addition, we conduct tank truck transportation of liquid chemicals, pressurized gases, asphalt and dry bulk primarily in the lower 48 states of the U.S. with deliveries into Canada and Mexico, and with eighteen terminals across the U.S. We also recycle and repurpose off-specification fuels, lubricants, crude oil and other chemicals from producers in the U.S. Unless the context requires otherwise, references to “we,” “us,” “our,” “Adams” or the “Company” are intended to mean the business and operations of Adams Resources & Energy, Inc. and its consolidated subsidiaries.   We operate and report in four business segments: (i) crude oil marketing, transportation and storage; (ii) tank truck transportation of liquid chemicals, pressurized gases, asphalt and dry bulk; (iii) pipeline transportation, terminalling and storage of crude oil; and (iv) interstate bulk transportation logistics of crude oil, condensate, fuels, oils and other petroleum products and recycling and repurposing of off-specification fuels, lubricants, crude oil and other chemicals. See Note 8 for further information regarding our business segments. Basis of Presentation Our results of operations for the three and six months ended June 30, 2023 are not necessarily indicative of results expected for the full year of 2023. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments consisting of normal recurring accruals necessary for fair presentation.  The condensed consolidated financial statements and the accompanying notes are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial statements and the rules of the U.S. Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures required by GAAP for complete annual financial statements have been omitted and, therefore, these interim financial statements should be read in conjunction with our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2022 (the “2022 Form 10-K”) filed with the SEC on March 16, 2023. All significant intercompany transactions and balances have been eliminated in consolidation. Use of Estimates The preparation of our financial statements in conformity with GAAP requires management to use estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. We base our estimates and judgments on historical experience and on various other assumptions and information we believe to be reasonable under the circumstances. Estimates and assumptions about future events and their effects cannot be perceived with certainty and, accordingly, these estimates may change as new events occur, as more experience is acquired, as additional information is obtained and as the operating environment changes. While we believe the estimates and assumptions used in the preparation of these condensed consolidated financial statements are appropriate, actual results could differ from those estimates.

v3.23.2

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Cash, Cash Equivalents and Restricted Cash The following table provides a reconciliation of cash and cash equivalents and restricted cash as reported in the unaudited condensed consolidated balance sheets that totals to the amounts shown in the unaudited condensed consolidated statements of cash flows at the dates indicated (in thousands): June 30, December 31, 2023 2022 Cash and cash equivalents $ 8,974  $ 20,532  Restricted cash: Collateral for outstanding letters of credit (1) 356  892  Captive insurance subsidiary (2) 8,428  9,643  Total cash, cash equivalents and restricted cash shown in the unaudited condensed consolidated statements of cash flows $ 17,758  $ 31,067  _____________ (1)Represents amounts that are held in a segregated bank account by Wells Fargo Bank as collateral for an outstanding letter of credit. (2)$1.5 million of the restricted cash balance relates to the initial capitalization of our captive insurance company formed in late 2020, and the remainder represents amounts paid to our captive insurance company for insurance premiums. Common Shares Outstanding The following table reconciles our outstanding common stock for the periods indicated: Common shares Balance, January 1, 2023 2,495,484  Vesting of restricted stock unit awards (see Note 13) 20,291  Vesting of performance share unit awards (see Note 13) 12,319  Shares withheld to cover taxes upon vesting of equity awards (8,089) Shares sold under at-the-market offering program 14,680  Balance, March 31, 2023 2,534,685  No activity —  Balance, June 30, 2023 2,534,685  Earnings Per Share Basic earnings (losses) per share is computed by dividing our net earnings (losses) by the weighted average number of common shares outstanding during the period. Diluted earnings (losses) per share is computed by giving effect to all potential common shares outstanding, including shares related to unvested restricted stock unit awards. Unvested restricted stock unit awards granted under the Adams Resources & Energy, Inc. 2018 Long-Term Incentive Plan, as amended and restated (“2018 LTIP”), or granted as employment inducement awards outside of the 2018 LTIP, are not considered to be participating securities as the holders of these shares do not have non-forfeitable dividend rights in the event of our declaration of a dividend for common shares (see Note 13 for further discussion). The calculation of basic and diluted earnings (losses) per share was as follows for the periods indicated (in thousands, except per share data): Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Earnings (Losses) per share — numerator: Net earnings (losses) $ 827  $ 2,476  $ (1,172) $ 8,566  Denominator: Basic weighted average number of shares outstanding 2,535  4,371  2,526  4,365  Basic net earnings (losses) per share $ 0.33  $ 0.57  $ (0.46) $ 1.96  Diluted earnings (losses) per share: Diluted weighted average number of shares outstanding: Common shares 2,535  4,371  2,526  4,365  Restricted stock unit awards (1) 14  21  —  22  Performance share unit awards (1) (2) 12  12  —  12  Total diluted shares 2,561  4,404  2,526  4,399  Diluted net earnings (losses) per share $ 0.32  $ 0.56  $ (0.46) $ 1.95  _______________ (1)For the six months ended June 30, 2023, the effect of the restricted stock unit awards and the performance share unit awards on losses per share was anti-dilutive. (2)The dilutive effect of performance share awards are included in the calculation of diluted earnings per share when the performance share award performance conditions have been achieved. Equity At-The-Market Offerings During the six months ended June 30, 2023, we received net proceeds of approximately $0.6 million (net of offering costs to B. Riley Securities, Inc. of $27 thousand) from the sale of 14,680 of our common shares at an average price per share of approximately $40.74 in at-the-market offerings under our At Market Issuance Sales Agreement with B. Riley Securities, Inc. dated December 23, 2020. Fair Value Measurements The carrying amounts reported in the unaudited condensed consolidated balance sheets for cash and cash equivalents, accounts receivable and accounts payable approximates fair value because of the immediate or short-term maturity of these financial instruments. Marketable securities are recorded at fair value based on market quotations from actively traded liquid markets. The fair value of the term loan under our credit agreement (see Note 11 for further information) is representative of the carrying value based upon the variable terms and management’s opinion that the current rates available to us with the same maturity and security structure are equivalent to that of the debt. A three-tier hierarchy has been established that classifies fair value amounts recognized in the financial statements based on the observability of inputs used to estimate these fair values.  The hierarchy considers fair value amounts based on observable inputs (Levels 1 and 2) to be more reliable and predictable than those based primarily on unobservable inputs (Level 3).  At each balance sheet reporting date, we categorize our financial assets and liabilities using this hierarchy. Fair value contracts consist of derivative financial instruments and are recorded as either an asset or liability measured at its fair value. Changes in fair value are recognized immediately in earnings unless the derivatives qualify for, and we elect, cash flow hedge accounting. We had no contracts designated for hedge accounting during any current reporting periods (see Note 12 for further information). Income Taxes Income taxes are accounted for using the asset and liability method. Under this approach, deferred tax assets and liabilities are recognized based on anticipated future tax consequences attributable to differences between financial statement carrying amounts of these items and their respective tax basis. Inventory Inventory consists of crude oil held in storage tanks and at third-party pipelines as part of our crude oil marketing and pipeline and storage operations. Crude oil inventory is carried at the lower of cost or net realizable value. At the end of each reporting period, we assess the carrying value of our inventory and make adjustments necessary to reduce the carrying value to the applicable net realizable value. Any resulting adjustments are a component of marketing costs and expenses or pipeline and storage expenses on our consolidated statements of operations. Property and Equipment Property and equipment is recorded at cost. Expenditures for additions, improvements and other enhancements to property and equipment are capitalized, and minor replacements, maintenance and repairs that do not extend asset life or add value are charged to expense as incurred. When property and equipment assets are retired or otherwise disposed of, the related cost and accumulated depreciation is removed from the accounts and any resulting gain or loss is included in results of operations in operating costs and expenses for the respective period. Property and equipment, except for land, is depreciated using the straight-line method over the estimated average useful lives ranging from two to thirty-nine years. We review our long-lived assets for impairment whenever there is evidence that the carrying value of these assets may not be recoverable. Any impairment recognized is permanent and may not be restored. Property and equipment is reviewed at the lowest level of identifiable cash flows. For property and equipment requiring impairment, the fair value is estimated based on an internal discounted cash flow model of future cash flows. See Note 5 for additional information regarding our property and equipment. Stock-Based Compensation We measure all share-based payment awards, including the issuance of restricted stock unit awards and performance share unit awards to employees and board members, using a fair-value based method. The cost of services received from employees and non-employee board members in exchange for awards of equity instruments is recognized in the consolidated statements of operations based on the estimated fair value of those awards on the grant date and is amortized on a straight-line basis over the requisite service period. The fair value of restricted stock unit awards and performance share unit awards is based on the closing price of our common stock on the grant date. We account for forfeitures as they occur. See Note 13 for additional information regarding our 2018 LTIP.

v3.23.2

Revenue Recognition	6 Months Ended
	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition Revenue Disaggregation The following table disaggregates our revenue by segment and by major source for the periods indicated (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Crude Oil Marketing: Revenue from contracts with customers: Goods transferred at a point in time $ 580,636  $ 952,325  $ 1,168,725  $ 1,688,359  Services transferred over time 292  —  336  —  Total revenues from contracts with customers 580,928  952,325  1,169,061  1,688,359  Other (1) 4,344  10,191  24,687  21,712  Total crude oil marketing revenue $ 585,272  $ 962,516  $ 1,193,748  $ 1,710,071  Transportation: Revenue from contracts with customers: Goods transferred at a point in time $ —  $ —  $ —  $ —  Services transferred over time 24,452  29,534  50,897  56,224  Total revenues from contracts with customers 24,452  29,534  50,897  56,224  Other —  —  —  —  Total transportation revenue $ 24,452  $ 29,534  $ 50,897  $ 56,224  Pipeline and storage: (2) Revenue from contracts with customers: Goods transferred at a point in time $ —  $ —  $ —  $ —  Services transferred over time 249  —  249  —  Total revenues from contracts with customers 249  —  249  —  Other —  —  —  —  Total pipeline and storage revenue $ 249  $ —  $ 249  $ —  Logistics and repurposing: Revenue from contracts with customers: Goods transferred at a point in time $ 9,009  $ —  $ 17,163  $ —  Services transferred over time 5,784  —  12,871  —  Total revenues from contracts with customers 14,793  —  30,034  —  Other —  —  —  —  Total logistics and repurposing revenue $ 14,793  $ —  $ 30,034  $ —  Subtotal: Total revenues from contracts with customers $ 620,422  $ 981,859  $ 1,250,241  $ 1,744,583  Total other (1) 4,344  10,191  24,687  21,712  Total consolidated revenues $ 624,766  $ 992,050  $ 1,274,928  $ 1,766,295  _______________ (1)Other crude oil marketing revenues are recognized under Accounting Standards Codification (“ASC”) 815, Derivatives and Hedging, and ASC 845, Nonmonetary Transactions – Purchases and Sales of Inventory with the Same Counterparty. (2)All pipeline and storage revenue during the three and six months ended June 30, 2022 and for the period from January 1, 2023 to May 31, 2023 was from an affiliated shipper, GulfMark Energy, Inc., our subsidiary, and was eliminated in consolidation. During June 2023, we began earning revenue from an unaffiliated shipper. Other Crude Oil Marketing Revenue Certain of the commodity purchase and sale contracts utilized by our crude oil marketing business qualify as derivative instruments with certain specifically identified contracts also designated as trading activity. From the time of contract origination, these contracts are marked-to-market and recorded on a net revenue basis in the accompanying unaudited condensed consolidated financial statements. Certain of our crude oil contracts may be with a single counterparty to provide for similar quantities of crude oil to be bought and sold at different locations. These contracts are entered into for a variety of reasons, including effecting the transportation of the commodity, to minimize credit exposure, and/or to meet the competitive demands of the customer. These buy/sell arrangements are reflected on a net revenue basis in the accompanying unaudited condensed consolidated financial statements. Reporting these crude oil contracts on a gross revenue basis would increase our reported revenues as follows for the periods indicated (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Revenue gross-up $ 240,969  $ 419,081  $ 527,671  $ 726,467

v3.23.2

Prepayments and Other Current Assets	6 Months Ended
	Jun. 30, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepayments and Other Current Assets	Prepayments and Other Current Assets The components of prepayments and other current assets were as follows at the dates indicated (in thousands): June 30, December 31, 2023 2022 Insurance premiums $ 766  $ 1,220  Rents, licenses and other 1,842  1,898  Total prepayments and other current assets $ 2,608  $ 3,118

v3.23.2

Property and Equipment	6 Months Ended
	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and Equipment The historical costs of our property and equipment and related accumulated depreciation and amortization balances were as follows at the dates indicated (in thousands): Estimated Useful Life June 30, December 31, in Years 2023 2022 Tractors and trailers 5 – 6 $ 126,419  $ 128,223  Field equipment 2 – 5 24,964  24,676  Finance lease ROU assets (1) 3 – 6 37,890  25,106  Pipeline and related facilities 20 – 25 20,362  20,362  Linefill and base gas (2) N/A 3,922  3,922  Buildings 5 – 39 16,189  16,163  Office equipment 2 – 5 2,964  2,937  Land N/A 4,163  2,309  Construction in progress N/A 4,823  3,629  Total 241,696  227,327  Less accumulated depreciation and amortization (129,862) (120,902) Property and equipment, net $ 111,834  $ 106,425  _______________ (1)Our finance lease right-of-use (“ROU)” assets arise from leasing arrangements for the right to use various classes of underlying assets including tractors, trailers, a tank storage and throughput arrangement and office equipment (see Note 15 for further information). Accumulated amortization of the assets presented as “Finance lease ROU assets” was $12.2 million and $9.9 million at June 30, 2023 and December 31, 2022, respectively. (2)Linefill and base gas represents crude oil in the VEX pipeline and storage tanks we own, and the crude oil is recorded at historical cost. Components of depreciation and amortization expense were as follows for the periods indicated (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Depreciation and amortization, excluding amounts under finance leases $ 4,913  $ 3,639  $ 9,737  $ 7,252  Amortization of property and equipment under finance leases 1,933  1,261  3,708  2,469  Amortization of intangible assets 457  188  908  380  Total depreciation and amortization $ 7,303  $ 5,088  $ 14,353  $ 10,101

v3.23.2

Acquisition	6 Months Ended
	Jun. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Acquisition	Acquisition On August 12, 2022, we entered into a purchase agreement with each of Scott Bosard, Trey Bosard and Tyler Bosard (collectively, the “Sellers”) to acquire all of the equity interests of Firebird Bulk Carriers, Inc. (“Firebird”) and Phoenix Oil, Inc. (“Phoenix”) for approximately $39.3 million, consisting of a cash payment of $35.4 million, 45,777 of our common shares valued at $1.4 million, of which 15,259 shares were issued immediately and 30,518 shares will be issued over a three year period, and contingent consideration valued at approximately $2.6 million. We funded the cash consideration using cash on hand at the time of acquisition. Pursuant to the purchase agreement, the purchase price is subject to customary post-closing adjustment provisions, including an earn-out payable to the Sellers to the extent the earnings before interest, taxes, depreciation and amortization (EBITDA) of Phoenix exceeds a specified threshold during the twelve full calendar months after the closing date of the acquisition. Firebird is an interstate bulk motor carrier of crude oil, condensate, fuels, oils and other petroleum products. Firebird is headquartered in Humble, Texas, with six terminal locations throughout Texas, and operates 130 tractors and 209 trailers largely in the Eagle Ford basin. Phoenix is also headquartered in Humble, Texas, and recycles and repurposes off-specification fuels, lubricants, crude oil and other chemicals from producers in the U.S. Firebird and Phoenix have formed our new logistics and repurposing segment. We expect that this acquisition will offer us the opportunity to expand our value chain and market impact, with numerous synergies benefiting the combined companies. We accounted for the acquisition of Firebird and Phoenix under the acquisition method in accordance with ASC 805, Business Combinations. The allocation of purchase consideration was based upon the estimated fair value of the tangible and identifiable intangible assets acquired and liabilities assumed in the acquisition. The purchase price allocation was subject to revision as acquisition-date fair value analyses were completed and if additional information about facts and circumstances that existed at the acquisition date became available. During the period ended June 30, 2023, we revised the fair value of certain tractors and trailers, resulting in a decrease in the amount allocated to property and equipment of $0.2 million and with a corresponding increase in goodwill. No other changes to the purchase price allocation occurred during the first half of 2023. The purchase price consideration, as well as the estimated fair values of the assets acquired and liabilities assumed, was finalized during the second quarter of 2023. The following table presents the final purchase price allocation of the indentifiable assets acquired and liabilities assumed at the acquisition date of August 12, 2022 (in thousands): Assets acquired: Cash and cash equivalents $ 2,203  Accounts receivable 4,653  Inventory 643  Other current assets 137  Property and equipment 24,809  Intangible assets 7,607  Goodwill 6,673  Other assets 458  Total assets acquired $ 47,183  Liabilities assumed: Accounts payable and other accrued liabilities $ (1,696) Deferred tax liabilities (6,207) Total liabilities assumed $ (7,903) Net assets acquired $ 39,280  During the second quarter of 2023, based upon a review of the contingent consideration calculation terms, we determined that no payment would be made to the Sellers, and as such, we adjusted our accrual of $2.6 million that had been recorded as part of the purchase price allocation. The reversal of the accrual for the contingent consideration is included in general and administrative expense on our unaudited condensed consolidated statements of operations. Unaudited Pro Forma Financial Information The unaudited pro forma condensed consolidated results of operations in the table below are provided for illustrative purposes only and summarize the combined results of our operations and those of Firebird and Phoenix. For purposes of this pro forma presentation, the acquisition of Firebird and Phoenix is assumed to have occurred on January 1, 2022. The pro forma financial information for all periods presented also includes the estimated business combination accounting effects resulting from this acquisition, notably amortization expense from the acquired intangible assets and certain other integration related impacts. This unaudited pro forma financial information should not be relied upon as being indicative of the historical results that would have been obtained if the acquisition had actually occurred on January 1, 2022, nor of the results of operations that may be obtained in the future (in thousands). Three Months Ended Six Months Ended June 30, June 30, 2022 2022 Revenues $ 1,009,694  $ 1,802,675  Net earnings 5,257  14,982  Basic net earnings per common share $ 1.20  $ 3.42  Diluted net earnings per common share $ 1.19  $ 3.39

v3.23.2

Other Assets	6 Months Ended
	Jun. 30, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets	Other Assets Components of other assets were as follows at the dates indicated (in thousands): June 30, December 31, 2023 2022 Insurance collateral deposits $ 503  $ 463  State collateral deposits 23  23  Materials and supplies 1,281  1,257  Debt issuance costs 1,427  1,595  Other 330  360  Total other assets $ 3,564  $ 3,698  We have established certain deposits to support participation in our liability insurance program and remittance of state crude oil severance taxes and other state collateral deposits. Insurance collateral deposits are held by the insurance company to cover past or potential open claims based upon a percentage of the expected losses under the insurance programs. Insurance collateral deposits are invested at the discretion of our insurance carrier.

v3.23.2

Segment Reporting	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Segment Reporting	Segment ReportingWe operate and report in four business segments: (i) crude oil marketing, transportation and storage; (ii) tank truck transportation of liquid chemicals, pressurized gases, asphalt and dry bulk; (iii) pipeline transportation, terminalling and storage of crude oil; and (iv) interstate bulk transportation logistics of crude oil, condensate, fuels, oils and other petroleum products and recycling and repurposing of off-specification fuels, lubricants, crude oil and other chemicals. Financial information by reporting segment was as follows for the periods indicated (in thousands): Reporting Segments Crude oil marketing Trans-portation Pipeline and storage Logistics and repurposing (1) Other Total Three Months Ended June 30, 2023 Segment revenues (2) $ 585,272  $ 24,576  $ 894  $ 15,780  $ —  $ 626,522  Less: Intersegment revenues (2) —  (124) (645) (987) —  (1,756) Revenues $ 585,272  $ 24,452  $ 249  $ 14,793  $ —  $ 624,766  Segment operating earnings (losses) (3) 3,351  1,056  (779) (133) —  3,495  Depreciation and amortization 2,168  3,136  275  1,724  —  7,303  Property and equipment additions (4) (5) 394  1,171  270  2,088  85  4,008  Three Months Ended June 30, 2022 Segment revenues (2) $ 962,516  $ 29,593  $ 1,163  $ —  $ —  $ 993,272  Less: Intersegment revenues (2) —  (59) (1,163) —  —  (1,222) Revenues $ 962,516  $ 29,534  $ —  $ —  $ —  $ 992,050  Segment operating earnings (losses) (3) 5,111  2,937  (877) —  —  7,171  Depreciation and amortization 1,894  2,923  271  —  —  5,088  Property and equipment additions (4) (5) 884  159  46  —  —  1,089  Six Months Ended June 30, 2023 Segment revenues (2) $ 1,193,748  $ 51,106  $ 1,703  $ 32,527  $ —  $ 1,279,084  Less: Intersegment revenues (2) —  (209) (1,454) (2,493) —  (4,156) Revenues $ 1,193,748  $ 50,897  $ 249  $ 30,034  $ —  $ 1,274,928  Segment operating earnings (losses) (3) 5,258  1,957  (1,980) 402  —  5,637  Depreciation and amortization 4,243  6,267  538  3,305  —  14,353  Property and equipment additions (4) (5) 669  1,338  1,241  2,548  112  5,908  Six Months Ended June 30, 2022 Segment revenues (2) $ 1,710,071  $ 56,311  $ 2,060  $ —  $ —  $ 1,768,442  Less: Intersegment revenues (2) —  (87) (2,060) —  —  (2,147) Revenues $ 1,710,071  $ 56,224  $ —  $ —  $ —  $ 1,766,295  Segment operating earnings (losses) (3) 15,231  5,805  (1,699) —  —  19,337  Depreciation and amortization 3,682  5,880  539  —  —  10,101  Property and equipment additions (4) (5) 4,008  694  73  —  8  4,783  _______________ (1)On August 12, 2022, we acquired a transportation logistics and recycling and repurposing business, resulting in a new operating segment. (2)Segment revenues include intersegment amounts that are eliminated due to consolidation in operating costs and expenses in our unaudited condensed consolidated statements of operations. Intersegment activities are conducted at posted tariff rates where applicable, or otherwise at rates similar to those charged to third parties or rates that we believe approximate market at the time the agreement is executed. (3)Our crude oil marketing segment’s operating earnings included inventory valuation losses of $1.0 million and $1.5 million for the three months ended June 30, 2023 and 2022, respectively. For the six months ended June 30, 2023 and 2022, our crude oil marketing segment’s operating (losses) earnings included inventory valuation losses of $2.0 million and inventory liquidation gains of $7.2 million, respectively. (4)Our segment property and equipment additions do not include assets acquired under finance leases during the three and six months ended June 30, 2023 and 2022. See Note 15 for further information. (5)Amounts included in property and equipment additions for Other are additions for computer or other office equipment and a company vehicle at our corporate headquarters, which were not attributed or allocated to any of our reporting segments. Segment operating earnings reflect revenues net of operating costs and depreciation and amortization expense and are reconciled to earnings (losses) before income taxes, as follows for the periods indicated (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Segment operating earnings $ 3,495  $ 7,171  $ 5,637  $ 19,337  General and administrative (1,715) (4,211) (6,487) (8,229) Operating earnings (losses) 1,780  2,960  (850) 11,108  Interest and other income 570  303  774  327  Interest expense (802) (136) (1,498) (250) Earnings (Losses) before income taxes $ 1,548  $ 3,127  $ (1,574) $ 11,185  Identifiable assets by business segment were as follows at the dates indicated (in thousands): June 30, December 31, 2023 2022 Reporting segment: Crude oil marketing $ 193,478  $ 215,813  Transportation 58,276  60,405  Pipeline and storage 25,444  25,815  Logistics and repurposing 43,097  45,307  Cash and other (1) 23,187  36,819  Total assets $ 343,482  $ 384,159  _______________ (1)Other identifiable assets are primarily corporate cash, corporate accounts receivable, properties and operating lease right-of-use assets not identified with any specific segment of our business. Accounting policies for transactions between reportable segments are consistent with applicable accounting policies as disclosed herein.

v3.23.2

Transactions with Affiliates	6 Months Ended
	Jun. 30, 2023
Related Party Transactions [Abstract]
Transactions with Affiliates	Transactions with Affiliates We enter into certain transactions in the normal course of business with affiliated entities. Activities with affiliates were as follows for the periods indicated (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 KSA and affiliate billings to us $ —  $ —  $ —  $ 6  Billings to KSA and affiliates 4  5  9  10  Rentals paid to an affiliate of KSA 95  138  232  252  Payments to an affiliate of KSA for purchase of   vehicles (1) —  —  157  78  Rentals paid to affiliates of Scott Bosard 140  —  280  —  _______________ (1)Amounts paid to West Point Buick GMC are for the purchase of three and two pickup trucks during the six months ended June 30, 2023 and 2022, respectively. Affiliate transactions included direct cost reimbursement for shared phone and administrative services from KSA Industries, Inc. (“KSA”), an affiliated entity. We lease our corporate office space in a building operated by 17 South Briar Hollow Lane, LLC, an affiliate of KSA. In addition, we purchase pickup trucks from West Point Buick GMC, an affiliate of KSA. KSA was our largest shareholder until October 31, 2022 when we repurchased the common stock owned by it. An affiliate of KSA served on our Board of Directors through the date of our 2023 annual meeting, when he retired. As of May 31, 2023, KSA and its affiliates are no longer related parties. In connection with the acquisition of Firebird and Phoenix on August 12, 2022, we entered into four operating lease agreements for office and terminal locations with entities owned by Scott Bosard, one of the sellers, for periods ranging from two to five years.

v3.23.2

Other Current Liabilities	6 Months Ended
	Jun. 30, 2023
Other Liabilities Disclosure [Abstract]
Other Current Liabilities	Other Current Liabilities The components of other current liabilities were as follows at the dates indicated (in thousands): June 30, December 31, 2023 2022 Accrual for payroll, benefits and bonuses $ 5,563  $ 6,435  Accrued automobile and workers’ compensation claims 5,690  5,579  Contingent consideration for acquisition (see Note 6) —  2,566  Accrued medical claims 1,085  1,007  Accrued taxes 496  2,208  Other 1,177  1,419  Total other current liabilities $ 14,011  $ 19,214

v3.23.2

Long-Term Debt	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt On October 27, 2022, we entered into a credit agreement (the “Credit Agreement”) with Cadence Bank, as administrative agent, swingline lender and issuing lender, and the other lenders party thereto (collectively, the “Lenders”). The Credit Agreement provides for (a) a revolving credit facility that allows for borrowings up to $60.0 million in aggregate principal amount from time to time (the “Revolving Credit Facility”) and (b) a Term Loan in aggregate principal amount of $25.0 million (the “Term Loan”). The Revolving Credit Facility matures on October 27, 2027 unless earlier terminated. At June 30, 2023, we had $23.1 million outstanding under the Term Loan at a weighted average interest rate of 7.71 percent, and $20.4 million letters of credit outstanding at a fee of 2.50 percent. No amounts were outstanding under the Revolving Credit Facility. The following table presents the scheduled maturities of principal amounts of our debt obligations at June 30, 2023 for the next five years, and in total thereafter (in thousands): Remainder of 2023 $ 1,250  2024 2,500  2025 2,500  2026 2,500  2027 14,375  Total debt maturities $ 23,125  At June 30, 2023, we were in compliance with all covenants under the Credit Agreement. See Note 17 regarding information relating to an amendment to the Credit Agreement.

v3.23.2

Derivative Instruments and Fair Value Measurements	6 Months Ended
	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Fair Value Measurements	Derivative Instruments and Fair Value Measurements Derivative Instruments In the normal course of our operations, our crude oil marketing segment purchases and sells crude oil. We seek to profit by procuring the commodity as it is produced and then delivering the material to the end users or the intermediate use marketplace. As typical for the industry, these transactions are made pursuant to the terms of forward month commodity purchase and/or sale contracts. Some of these contracts meet the definition of a derivative instrument, and therefore, we account for these contracts at fair value, unless the normal purchase and sale exception is applicable. These types of underlying contracts are standard for the industry and are the governing document for our crude oil marketing segment. None of our derivative instruments have been designated as hedging instruments. At June 30, 2023, we had in place three derivative instruments, entered into in June 2023 for a total of 250,000 barrels of crude oil to be purchased and sold in July 2023, and one derivative instrument, entered into in 2022, for the purchase of 126,000 gallons of diesel fuel per month during January 2023 through December 2023. At December 31, 2022, we had in place three derivative instruments, entered into in 2022 for a total of 300,000 barrels of crude oil to be purchased and sold in January 2023, and one derivative instrument, also entered into in 2022, for the purchase of 126,000 gallons of diesel fuel per month during January 2023 through December 2023. The estimated fair value of forward month derivatives instruments reflected in the accompanying unaudited condensed consolidated balance sheets were as follows at the dates indicated (in thousands): Balance Sheet Location and Amount Current Other Current Other Assets Assets Liabilities Liabilities June 30, 2023 Asset derivatives: Fair value forward derivative instruments at gross valuation $ —  $ —  $ —  $ —  Liability derivatives: Fair value forward derivative instruments at gross valuation —  —  30  —  Less counterparty offsets —  —  —  —  As reported fair value contracts $ —  $ —  $ 30  $ —  December 31, 2022 Asset derivatives: Fair value forward derivative instruments at gross valuation $ —  $ —  $ —  $ —  Liability derivatives: Fair value forward derivative instruments at gross valuation —  —  330  —  Less counterparty offsets —  —  —  —  As reported fair value contracts $ —  $ —  $ 330  $ —  We only enter into derivative instruments with creditworthy counterparties and evaluate our exposure to significant counterparties on an ongoing basis. At June 30, 2023 and December 31, 2022, we were not holding nor have we posted any collateral to support our forward month fair value derivative activity. We are not subject to any credit-risk related trigger events. We have no other financial investment arrangements that would serve to offset our derivative contracts. Forward month derivatives instruments reflected in the accompanying unaudited condensed consolidated statements of operations were as follows for the periods indicated (in thousands): Gains (losses) Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Revenues – marketing $ —  $ (14) $ —  $ 5  Cost and expenses – marketing 187  625  (299) 625  Fair Value Measurements The following tables set forth, by level with the Level 1, 2 and 3 fair value hierarchy, the carrying values of our financial assets and liabilities at the dates indicated (in thousands): Fair Value Measurements Using Quoted Prices in Active Significant Markets for Other Significant Identical Assets Observable Unobservable and Liabilities Inputs Inputs Counterparty (Level 1) (Level 2) (Level 3) Offsets Total June 30, 2023 Derivatives: Current assets $ —  $ —  $ —  $ —  $ —  Current liabilities —  (30) —  —  (30) Net value $ —  $ (30) $ —  $ —  $ (30) December 31, 2022 Derivatives: Current assets $ —  $ —  $ —  $ —  $ —  Current liabilities —  (330) —  —  (330) Net value $ —  $ (330) $ —  $ —  $ (330) These assets and liabilities are measured on a recurring basis and are classified based on the lowest level of input used to estimate their fair value. Our assessment of the relative significance of these inputs requires judgments. When determining fair value measurements, we make credit valuation adjustments to reflect both our own nonperformance risk and our counterparty’s nonperformance risk. When adjusting the fair value of derivative contracts for the effect of nonperformance risk, we consider the impact of netting and any applicable credit enhancements. Credit valuation adjustments utilize Level 3 inputs, such as credit scores, to evaluate the likelihood of default by us or our counterparties. At June 30, 2023 and December 31, 2022, credit valuation adjustments were not significant to the overall valuation of our fair value contracts. As a result, applicable fair value assets and liabilities are included in their entirety in the fair value hierarchy.

v3.23.2

Stock-Based Compensation Plan	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation Plan	Stock-Based Compensation PlanWe have in place a long-term incentive plan in which any employee or non-employee director who provides services to us is eligible to participate. The 2018 LTIP, which is overseen by the Compensation Committee of our Board of Directors, provides for the grant of various types of equity awards, of which restricted stock unit awards and performance-based compensation awards have been granted. In May 2022, our shareholders approved an amendment and restatement of the 2018 LTIP, in which the maximum number of shares authorized for issuance under the 2018 LTIP was increased by 150,000 shares to a total of 300,000 shares, and the term of the 2018 LTIP was extended through February 23, 2032. After giving effect to awards granted and forfeitures made under the 2018 LTIP and assuming the potential achievement of the maximum amounts of the performance factors through June 30, 2023, a total of 123,362 shares were available for issuance. Compensation expense recognized in connection with equity-based awards was as follows for the periods indicated (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Compensation expense $ 372  $ 263  $ 655  $ 458  At June 30, 2023 and December 31, 2022, we had $117,700 and $140,300, respectively, of accrued dividend amounts for awards granted under the 2018 LTIP or as inducement awards. Restricted Stock Unit Awards The following table presents restricted stock unit award activity for the periods indicated: Weighted- Average Grant Number of Date Fair Value Shares per Share (1) Restricted stock unit awards at January 1, 2023 70,244  $ 31.89  Granted (2) 23,409  $ 57.18  Vested (20,291) $ 29.76  Forfeited (845) $ 45.67  Restricted stock unit awards at June 30, 2023 72,517  $ 40.49  _______________ (1)Determined by dividing the aggregate grant date fair value of awards by the number of awards issued. (2)The aggregate grant date fair value of restricted stock unit awards issued during the first six months of 2023 was $1.3 million based on grant date market prices of our common shares ranging from $37.56 to $58.05 per share. Unrecognized compensation cost associated with restricted stock unit awards was approximately $1.3 million at June 30, 2023. Due to the graded vesting provisions of these awards, we expect to recognize the remaining compensation cost for these awards over a weighted-average period of 1.6 years. Performance Share Unit Awards The following table presents performance share unit award activity for the periods indicated: Weighted- Average Grant Number of Date Fair Value Shares per Share (1) Performance share unit awards at January 1, 2023 30,687  $ 28.59  Granted (2) 12,061  $ 56.84  Vested (12,319) $ 24.96  Forfeited —  $ —  Performance share unit awards at June 30, 2023 30,429  $ 41.26  _______________ (1)Determined by dividing the aggregate grant date fair value of awards by the number of awards issued. (2)The aggregate grant date fair value of performance share unit awards issued during the first six months of 2023 was $0.7 million based on grant date market prices of our common shares ranging from $38.42 to $58.05 per share and assuming a performance factor of 100 percent. Unrecognized compensation cost associated with performance share unit awards was approximately $0.9 million at June 30, 2023. We expect to recognize the remaining compensation cost for these awards over a weighted-average period of 2.3 years.

v3.23.2

Supplemental Cash Flow Information	6 Months Ended
	Jun. 30, 2023
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	Supplemental Cash Flow Information Supplemental cash flows and non-cash transactions were as follows for the periods indicated (in thousands): Six Months Ended June 30, 2023 2022 Cash paid for interest $ 1,656  $ 250  Cash paid for federal and state income taxes 2,467  1,313  Cash refund for net operating loss (NOL) carryback under CARES Act —  6,907  Non-cash transactions: Change in accounts payable related to property and equipment additions 52  —  Property and equipment acquired under finance leases 13,917  1,888  See Note 15 for information related to other non-cash transactions related to leases.

v3.23.2

Leases	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Leases	Leases The following table provides the components of lease expense for the periods indicated (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Finance lease cost: Amortization of ROU assets $ 1,933  $ 1,261  $ 3,707  $ 2,469  Interest on lease liabilities 308  78  546  158  Operating lease cost 914  676  1,793  1,349  Short-term lease cost 3,440  3,802  7,138  7,583  Variable lease cost 6  4  11  10  Total lease expense $ 6,601  $ 5,821  $ 13,195  $ 11,569  The following table provides supplemental cash flow and other information related to leases for the periods indicated (in thousands): Six Months Ended June 30, 2023 2022 Cash paid for amounts included in measurement of lease liabilities: Operating cash flows from operating leases (1) $ 1,576  $ 1,347  Operating cash flows from finance leases (1) 515  139  Financing cash flows from finance leases 3,247  2,306  ROU assets obtained in exchange for new lease liabilities: Finance leases 13,917  1,888  Operating leases 501  549  ______________ (1)Amounts are included in Other operating activities on the unaudited condensed consolidated statements of cash flows. The following table provides the lease terms and discount rates for the periods indicated: Six Months Ended June 30, 2023 2022 Weighted-average remaining lease term (years): Finance leases 3.67 3.16 Operating leases 3.17 3.53 Weighted-average discount rate: Finance leases 5.0% 2.5% Operating leases 4.1% 3.7% The following table provides supplemental balance sheet information related to leases at the dates indicated (in thousands): June 30, December 31, 2023 2022 Assets Finance lease ROU assets (1) $ 25,663  $ 15,264  Operating lease ROU assets 6,783  7,720  Liabilities Current Finance lease liabilities 6,444  4,382  Operating lease liabilities 2,802  2,712  Noncurrent Finance lease liabilities 20,693  12,085  Operating lease liabilities 3,986  5,007  ______________ (1)Amounts are included in Property and equipment, net on the unaudited condensed consolidated balance sheets. The following table provides maturities of undiscounted lease liabilities at June 30, 2023 (in thousands): Finance Operating Lease Lease Remainder of 2023 $ 3,962  $ 1,553  2024 7,277  2,826  2025 7,582  1,098  2026 4,754  904  2027 5,185  570  Thereafter 1,557  237  Total lease payments 30,317  7,188  Less: Interest (3,180) (400) Present value of lease liabilities 27,137  6,788  Less: Current portion of lease obligation (6,444) (2,802) Total long-term lease obligation $ 20,693  $ 3,986  The following table provides maturities of undiscounted lease liabilities at December 31, 2022 (in thousands): Finance Operating Lease Lease 2023 $ 4,870  $ 2,958  2024 3,629  2,617  2025 4,652  962  2026 2,482  879  2027 2,179  570  Thereafter —  237  Total lease payments 17,812  8,223  Less: Interest (1,345) (504) Present value of lease liabilities 16,467  7,719  Less: Current portion of lease obligation (4,382) (2,712) Total long-term lease obligation $ 12,085  $ 5,007
Leases	Leases The following table provides the components of lease expense for the periods indicated (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Finance lease cost: Amortization of ROU assets $ 1,933  $ 1,261  $ 3,707  $ 2,469  Interest on lease liabilities 308  78  546  158  Operating lease cost 914  676  1,793  1,349  Short-term lease cost 3,440  3,802  7,138  7,583  Variable lease cost 6  4  11  10  Total lease expense $ 6,601  $ 5,821  $ 13,195  $ 11,569  The following table provides supplemental cash flow and other information related to leases for the periods indicated (in thousands): Six Months Ended June 30, 2023 2022 Cash paid for amounts included in measurement of lease liabilities: Operating cash flows from operating leases (1) $ 1,576  $ 1,347  Operating cash flows from finance leases (1) 515  139  Financing cash flows from finance leases 3,247  2,306  ROU assets obtained in exchange for new lease liabilities: Finance leases 13,917  1,888  Operating leases 501  549  ______________ (1)Amounts are included in Other operating activities on the unaudited condensed consolidated statements of cash flows. The following table provides the lease terms and discount rates for the periods indicated: Six Months Ended June 30, 2023 2022 Weighted-average remaining lease term (years): Finance leases 3.67 3.16 Operating leases 3.17 3.53 Weighted-average discount rate: Finance leases 5.0% 2.5% Operating leases 4.1% 3.7% The following table provides supplemental balance sheet information related to leases at the dates indicated (in thousands): June 30, December 31, 2023 2022 Assets Finance lease ROU assets (1) $ 25,663  $ 15,264  Operating lease ROU assets 6,783  7,720  Liabilities Current Finance lease liabilities 6,444  4,382  Operating lease liabilities 2,802  2,712  Noncurrent Finance lease liabilities 20,693  12,085  Operating lease liabilities 3,986  5,007  ______________ (1)Amounts are included in Property and equipment, net on the unaudited condensed consolidated balance sheets. The following table provides maturities of undiscounted lease liabilities at June 30, 2023 (in thousands): Finance Operating Lease Lease Remainder of 2023 $ 3,962  $ 1,553  2024 7,277  2,826  2025 7,582  1,098  2026 4,754  904  2027 5,185  570  Thereafter 1,557  237  Total lease payments 30,317  7,188  Less: Interest (3,180) (400) Present value of lease liabilities 27,137  6,788  Less: Current portion of lease obligation (6,444) (2,802) Total long-term lease obligation $ 20,693  $ 3,986  The following table provides maturities of undiscounted lease liabilities at December 31, 2022 (in thousands): Finance Operating Lease Lease 2023 $ 4,870  $ 2,958  2024 3,629  2,617  2025 4,652  962  2026 2,482  879  2027 2,179  570  Thereafter —  237  Total lease payments 17,812  8,223  Less: Interest (1,345) (504) Present value of lease liabilities 16,467  7,719  Less: Current portion of lease obligation (4,382) (2,712) Total long-term lease obligation $ 12,085  $ 5,007

v3.23.2

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Insurance We have accrued liabilities for estimated workers’ compensation and other casualty claims incurred based upon claim reserves plus an estimate for loss development and incurred but not reported claims. We self-insure a significant portion of expected losses relating to workers’ compensation, general liability and automobile liability, with a self-insured retention of $1.0 million. Insurance is purchased over our retention to reduce our exposure to catastrophic events. Estimates are recorded for potential and incurred outstanding liabilities for workers’ compensation, auto and general liability claims and claims that are incurred but not reported. Estimates are based on adjusters’ estimates, historical experience and statistical methods commonly used within the insurance industry that we believe are reliable. We have also engaged a third-party actuary to perform a review of our accrued liability for these claims as well as potential funded losses in our captive insurance company. Insurance estimates include certain assumptions and management judgments regarding the frequency and severity of claims, claim development and settlement practices and the selection of estimated loss among estimates derived using different methods. Unanticipated changes in these factors may produce materially different amounts of expense that would be reported under these programs. On October 1, 2020, we elected to utilize a wholly owned insurance captive to insure the self-insured retention for our workers’ compensation, general liability and automobile liability insurance programs. All accrued liabilities associated with periods from October 1, 2017 through current were transferred to the captive. We maintain excess property and casualty programs with third-party insurers in an effort to limit the financial impact of significant events covered under these programs. Our operating subsidiaries pay premiums to both the excess and reinsurance carriers and our captive for the estimated losses based on an external actuarial analysis. These premiums held by our wholly owned captive are currently held in a restricted account, resulting in a transfer of risk from our operating subsidiaries to the captive. We also maintain a self-insurance program for managing employee medical claims in excess of employee deductibles. As claims are paid, the liability is relieved. We also maintain third party insurance stop-loss coverage for individual medical claims exceeding a certain minimum threshold. In addition, we maintain $1.3 million of umbrella insurance coverage for annual aggregate medical claims exceeding approximately $11.3 million. Our accruals for automobile, workers’ compensation and medical claims were as follows at the dates indicated (in thousands): June 30, December 31, 2023 2022 Accrued automobile and workers’ compensation claims $ 5,690  $ 5,579  Accrued medical claims 1,085  1,007  Litigation From time to time as incidental to our operations, we may become involved in various lawsuits and/or disputes. As an operator of an extensive trucking fleet, we are a party to motor vehicle accidents, worker compensation claims and other items of general liability as would be typical for the industry. We are presently unaware of any claims against us that are either outside the scope of insurance coverage or that may exceed the level of insurance coverage and could potentially represent a material adverse effect on our financial position, results of operations or cash flows.

v3.23.2

Subsequent Event	6 Months Ended
	Jun. 30, 2023
Subsequent Events [Abstract]
Subsequent Event	Subsequent EventOn August 2, 2023, we entered into Amendment No. 1 (the “Amendment”) to the Credit Agreement. The Amendment (i) clarifies our ability to exclude crude oil inventory valuation losses (and, to the extent included in our consolidated net income, inventory liquidation gains) from the calculation of Consolidated EBITDA (as defined in the Credit Agreement) for purposes of the related financial covenants, (ii) provides for the exclusion of unusual and non-recurring losses and expenses from the calculation of Consolidated EBITDA, not to exceed ten percent (10%) of Consolidated EBITDA for the period, and (iii) amends the definition of Consolidated Funded Indebtedness (as defined in the Credit Agreement) to include letters of credit and banker’s acceptances only to the extent such letters of credit or banker’s acceptances have been drawn, for purposes of the Consolidated Total Leverage Ratio calculation (as defined in the Credit Agreement). The Amendment applies to our fiscal period ending June 30, 2023 and thereafter.

v3.23.2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Organization	Organization Adams Resources & Energy, Inc. is a publicly traded Delaware corporation organized in 1973, the common shares of which are listed on the NYSE American LLC under the ticker symbol “AE”. Through our subsidiaries, we are primarily engaged in crude oil marketing, truck and pipeline transportation of crude oil, terminalling and storage in various crude oil and natural gas basins in the lower 48 states of the United States (“U.S.”). In addition, we conduct tank truck transportation of liquid chemicals, pressurized gases, asphalt and dry bulk primarily in the lower 48 states of the U.S. with deliveries into Canada and Mexico, and with eighteen terminals across the U.S. We also recycle and repurpose off-specification fuels, lubricants, crude oil and other chemicals from producers in the U.S. Unless the context requires otherwise, references to “we,” “us,” “our,” “Adams” or the “Company” are intended to mean the business and operations of Adams Resources & Energy, Inc. and its consolidated subsidiaries.   We operate and report in four business segments: (i) crude oil marketing, transportation and storage; (ii) tank truck transportation of liquid chemicals, pressurized gases, asphalt and dry bulk; (iii) pipeline transportation, terminalling and storage of crude oil; and (iv) interstate bulk transportation logistics of crude oil, condensate, fuels, oils and other petroleum products and recycling and repurposing of off-specification fuels, lubricants, crude oil and other chemicals. See Note 8 for further information regarding our business segments.
Basis of Presentation	Basis of Presentation Our results of operations for the three and six months ended June 30, 2023 are not necessarily indicative of results expected for the full year of 2023. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments consisting of normal recurring accruals necessary for fair presentation.  The condensed consolidated financial statements and the accompanying notes are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial statements and the rules of the U.S. Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures required by GAAP for complete annual financial statements have been omitted and, therefore, these interim financial statements should be read in conjunction with our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2022 (the “2022 Form 10-K”) filed with the SEC on March 16, 2023. All significant intercompany transactions and balances have been eliminated in consolidation.
Use of Estimates	Use of EstimatesThe preparation of our financial statements in conformity with GAAP requires management to use estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. We base our estimates and judgments on historical experience and on various other assumptions and information we believe to be reasonable under the circumstances. Estimates and assumptions about future events and their effects cannot be perceived with certainty and, accordingly, these estimates may change as new events occur, as more experience is acquired, as additional information is obtained and as the operating environment changes. While we believe the estimates and assumptions used in the preparation of these condensed consolidated financial statements are appropriate, actual results could differ from those estimates.
Earnings Per Share	Earnings Per ShareBasic earnings (losses) per share is computed by dividing our net earnings (losses) by the weighted average number of common shares outstanding during the period. Diluted earnings (losses) per share is computed by giving effect to all potential common shares outstanding, including shares related to unvested restricted stock unit awards. Unvested restricted stock unit awards granted under the Adams Resources & Energy, Inc. 2018 Long-Term Incentive Plan, as amended and restated (“2018 LTIP”), or granted as employment inducement awards outside of the 2018 LTIP, are not considered to be participating securities as the holders of these shares do not have non-forfeitable dividend rights in the event of our declaration of a dividend for common shares (see Note 13 for further discussion).
Fair Value Measurements	Fair Value Measurements The carrying amounts reported in the unaudited condensed consolidated balance sheets for cash and cash equivalents, accounts receivable and accounts payable approximates fair value because of the immediate or short-term maturity of these financial instruments. Marketable securities are recorded at fair value based on market quotations from actively traded liquid markets. The fair value of the term loan under our credit agreement (see Note 11 for further information) is representative of the carrying value based upon the variable terms and management’s opinion that the current rates available to us with the same maturity and security structure are equivalent to that of the debt. A three-tier hierarchy has been established that classifies fair value amounts recognized in the financial statements based on the observability of inputs used to estimate these fair values.  The hierarchy considers fair value amounts based on observable inputs (Levels 1 and 2) to be more reliable and predictable than those based primarily on unobservable inputs (Level 3).  At each balance sheet reporting date, we categorize our financial assets and liabilities using this hierarchy. Fair value contracts consist of derivative financial instruments and are recorded as either an asset or liability measured at its fair value. Changes in fair value are recognized immediately in earnings unless the derivatives qualify for, and we elect, cash flow hedge accounting. We had no contracts designated for hedge accounting during any current reporting periods (see Note 12 for further information).
Income Taxes	Income TaxesIncome taxes are accounted for using the asset and liability method. Under this approach, deferred tax assets and liabilities are recognized based on anticipated future tax consequences attributable to differences between financial statement carrying amounts of these items and their respective tax basis.
Inventory	InventoryInventory consists of crude oil held in storage tanks and at third-party pipelines as part of our crude oil marketing and pipeline and storage operations. Crude oil inventory is carried at the lower of cost or net realizable value. At the end of each reporting period, we assess the carrying value of our inventory and make adjustments necessary to reduce the carrying value to the applicable net realizable value. Any resulting adjustments are a component of marketing costs and expenses or pipeline and storage expenses on our consolidated statements of operations.
Property and Equipment	Property and Equipment Property and equipment is recorded at cost. Expenditures for additions, improvements and other enhancements to property and equipment are capitalized, and minor replacements, maintenance and repairs that do not extend asset life or add value are charged to expense as incurred. When property and equipment assets are retired or otherwise disposed of, the related cost and accumulated depreciation is removed from the accounts and any resulting gain or loss is included in results of operations in operating costs and expenses for the respective period. Property and equipment, except for land, is depreciated using the straight-line method over the estimated average useful lives ranging from two to thirty-nine years. We review our long-lived assets for impairment whenever there is evidence that the carrying value of these assets may not be recoverable. Any impairment recognized is permanent and may not be restored. Property and equipment is reviewed at the lowest level of identifiable cash flows. For property and equipment requiring impairment, the fair value is estimated based on an internal discounted cash flow model of future cash flows.
Stock-Based Compensation	Stock-Based CompensationWe measure all share-based payment awards, including the issuance of restricted stock unit awards and performance share unit awards to employees and board members, using a fair-value based method. The cost of services received from employees and non-employee board members in exchange for awards of equity instruments is recognized in the consolidated statements of operations based on the estimated fair value of those awards on the grant date and is amortized on a straight-line basis over the requisite service period. The fair value of restricted stock unit awards and performance share unit awards is based on the closing price of our common stock on the grant date. We account for forfeitures as they occur.
Other Crude Oil Marketing Revenue	Other Crude Oil Marketing Revenue Certain of the commodity purchase and sale contracts utilized by our crude oil marketing business qualify as derivative instruments with certain specifically identified contracts also designated as trading activity. From the time of contract origination, these contracts are marked-to-market and recorded on a net revenue basis in the accompanying unaudited condensed consolidated financial statements. Certain of our crude oil contracts may be with a single counterparty to provide for similar quantities of crude oil to be bought and sold at different locations. These contracts are entered into for a variety of reasons, including effecting the transportation of the commodity, to minimize credit exposure, and/or to meet the competitive demands of the customer. These buy/sell arrangements are reflected on a net revenue basis in the accompanying unaudited condensed consolidated financial statements.

v3.23.2

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Schedule of Cash and Cash Equivalents and Restricted Cash	The following table provides a reconciliation of cash and cash equivalents and restricted cash as reported in the unaudited condensed consolidated balance sheets that totals to the amounts shown in the unaudited condensed consolidated statements of cash flows at the dates indicated (in thousands): June 30, December 31, 2023 2022 Cash and cash equivalents $ 8,974  $ 20,532  Restricted cash: Collateral for outstanding letters of credit (1) 356  892  Captive insurance subsidiary (2) 8,428  9,643  Total cash, cash equivalents and restricted cash shown in the unaudited condensed consolidated statements of cash flows $ 17,758  $ 31,067  _____________ (1)Represents amounts that are held in a segregated bank account by Wells Fargo Bank as collateral for an outstanding letter of credit. (2)$1.5 million of the restricted cash balance relates to the initial capitalization of our captive insurance company formed in late 2020, and the remainder represents amounts paid to our captive insurance company for insurance premiums.
Schedule of Common Stock Outstanding	The following table reconciles our outstanding common stock for the periods indicated: Common shares Balance, January 1, 2023 2,495,484  Vesting of restricted stock unit awards (see Note 13) 20,291  Vesting of performance share unit awards (see Note 13) 12,319  Shares withheld to cover taxes upon vesting of equity awards (8,089) Shares sold under at-the-market offering program 14,680  Balance, March 31, 2023 2,534,685  No activity —  Balance, June 30, 2023 2,534,685
Schedule of Earnings Per Share, Basic and Diluted	The calculation of basic and diluted earnings (losses) per share was as follows for the periods indicated (in thousands, except per share data): Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Earnings (Losses) per share — numerator: Net earnings (losses) $ 827  $ 2,476  $ (1,172) $ 8,566  Denominator: Basic weighted average number of shares outstanding 2,535  4,371  2,526  4,365  Basic net earnings (losses) per share $ 0.33  $ 0.57  $ (0.46) $ 1.96  Diluted earnings (losses) per share: Diluted weighted average number of shares outstanding: Common shares 2,535  4,371  2,526  4,365  Restricted stock unit awards (1) 14  21  —  22  Performance share unit awards (1) (2) 12  12  —  12  Total diluted shares 2,561  4,404  2,526  4,399  Diluted net earnings (losses) per share $ 0.32  $ 0.56  $ (0.46) $ 1.95  _______________ (1)For the six months ended June 30, 2023, the effect of the restricted stock unit awards and the performance share unit awards on losses per share was anti-dilutive. (2)The dilutive effect of performance share awards are included in the calculation of diluted earnings per share when the performance share award performance conditions have been achieved.

v3.23.2

Revenue Recognition (Tables)	6 Months Ended
	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	The following table disaggregates our revenue by segment and by major source for the periods indicated (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Crude Oil Marketing: Revenue from contracts with customers: Goods transferred at a point in time $ 580,636  $ 952,325  $ 1,168,725  $ 1,688,359  Services transferred over time 292  —  336  —  Total revenues from contracts with customers 580,928  952,325  1,169,061  1,688,359  Other (1) 4,344  10,191  24,687  21,712  Total crude oil marketing revenue $ 585,272  $ 962,516  $ 1,193,748  $ 1,710,071  Transportation: Revenue from contracts with customers: Goods transferred at a point in time $ —  $ —  $ —  $ —  Services transferred over time 24,452  29,534  50,897  56,224  Total revenues from contracts with customers 24,452  29,534  50,897  56,224  Other —  —  —  —  Total transportation revenue $ 24,452  $ 29,534  $ 50,897  $ 56,224  Pipeline and storage: (2) Revenue from contracts with customers: Goods transferred at a point in time $ —  $ —  $ —  $ —  Services transferred over time 249  —  249  —  Total revenues from contracts with customers 249  —  249  —  Other —  —  —  —  Total pipeline and storage revenue $ 249  $ —  $ 249  $ —  Logistics and repurposing: Revenue from contracts with customers: Goods transferred at a point in time $ 9,009  $ —  $ 17,163  $ —  Services transferred over time 5,784  —  12,871  —  Total revenues from contracts with customers 14,793  —  30,034  —  Other —  —  —  —  Total logistics and repurposing revenue $ 14,793  $ —  $ 30,034  $ —  Subtotal: Total revenues from contracts with customers $ 620,422  $ 981,859  $ 1,250,241  $ 1,744,583  Total other (1) 4,344  10,191  24,687  21,712  Total consolidated revenues $ 624,766  $ 992,050  $ 1,274,928  $ 1,766,295  _______________ (1)Other crude oil marketing revenues are recognized under Accounting Standards Codification (“ASC”) 815, Derivatives and Hedging, and ASC 845, Nonmonetary Transactions – Purchases and Sales of Inventory with the Same Counterparty. (2)All pipeline and storage revenue during the three and six months ended June 30, 2022 and for the period from January 1, 2023 to May 31, 2023 was from an affiliated shipper, GulfMark Energy, Inc., our subsidiary, and was eliminated in consolidation. During June 2023, we began earning revenue from an unaffiliated shipper.
Schedule of New Accounting Pronouncements and Changes in Accounting Principles	Reporting these crude oil contracts on a gross revenue basis would increase our reported revenues as follows for the periods indicated (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Revenue gross-up $ 240,969  $ 419,081  $ 527,671  $ 726,467

v3.23.2

Prepayments and Other Current Assets (Tables)	6 Months Ended
	Jun. 30, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Prepayments and Other Current Assets	The components of prepayments and other current assets were as follows at the dates indicated (in thousands): June 30, December 31, 2023 2022 Insurance premiums $ 766  $ 1,220  Rents, licenses and other 1,842  1,898  Total prepayments and other current assets $ 2,608  $ 3,118

v3.23.2

Property and Equipment (Tables)	6 Months Ended
	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment	The historical costs of our property and equipment and related accumulated depreciation and amortization balances were as follows at the dates indicated (in thousands): Estimated Useful Life June 30, December 31, in Years 2023 2022 Tractors and trailers 5 – 6 $ 126,419  $ 128,223  Field equipment 2 – 5 24,964  24,676  Finance lease ROU assets (1) 3 – 6 37,890  25,106  Pipeline and related facilities 20 – 25 20,362  20,362  Linefill and base gas (2) N/A 3,922  3,922  Buildings 5 – 39 16,189  16,163  Office equipment 2 – 5 2,964  2,937  Land N/A 4,163  2,309  Construction in progress N/A 4,823  3,629  Total 241,696  227,327  Less accumulated depreciation and amortization (129,862) (120,902) Property and equipment, net $ 111,834  $ 106,425  _______________ (1)Our finance lease right-of-use (“ROU)” assets arise from leasing arrangements for the right to use various classes of underlying assets including tractors, trailers, a tank storage and throughput arrangement and office equipment (see Note 15 for further information). Accumulated amortization of the assets presented as “Finance lease ROU assets” was $12.2 million and $9.9 million at June 30, 2023 and December 31, 2022, respectively. (2)Linefill and base gas represents crude oil in the VEX pipeline and storage tanks we own, and the crude oil is recorded at historical cost. Components of depreciation and amortization expense were as follows for the periods indicated (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Depreciation and amortization, excluding amounts under finance leases $ 4,913  $ 3,639  $ 9,737  $ 7,252  Amortization of property and equipment under finance leases 1,933  1,261  3,708  2,469  Amortization of intangible assets 457  188  908  380  Total depreciation and amortization $ 7,303  $ 5,088  $ 14,353  $ 10,101

v3.23.2

Acquisitions (Tables)	6 Months Ended
	Jun. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following table presents the final purchase price allocation of the indentifiable assets acquired and liabilities assumed at the acquisition date of August 12, 2022 (in thousands): Assets acquired: Cash and cash equivalents $ 2,203  Accounts receivable 4,653  Inventory 643  Other current assets 137  Property and equipment 24,809  Intangible assets 7,607  Goodwill 6,673  Other assets 458  Total assets acquired $ 47,183  Liabilities assumed: Accounts payable and other accrued liabilities $ (1,696) Deferred tax liabilities (6,207) Total liabilities assumed $ (7,903) Net assets acquired $ 39,280
Schedule of Acquisition, Pro Forma Information	This unaudited pro forma financial information should not be relied upon as being indicative of the historical results that would have been obtained if the acquisition had actually occurred on January 1, 2022, nor of the results of operations that may be obtained in the future (in thousands). Three Months Ended Six Months Ended June 30, June 30, 2022 2022 Revenues $ 1,009,694  $ 1,802,675  Net earnings 5,257  14,982  Basic net earnings per common share $ 1.20  $ 3.42  Diluted net earnings per common share $ 1.19  $ 3.39

v3.23.2

Other Assets (Tables)	6 Months Ended
	Jun. 30, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Other Assets	Components of other assets were as follows at the dates indicated (in thousands): June 30, December 31, 2023 2022 Insurance collateral deposits $ 503  $ 463  State collateral deposits 23  23  Materials and supplies 1,281  1,257  Debt issuance costs 1,427  1,595  Other 330  360  Total other assets $ 3,564  $ 3,698

v3.23.2

Segment Reporting (Tables)	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Schedule of Information Concerning Business Activities	Financial information by reporting segment was as follows for the periods indicated (in thousands): Reporting Segments Crude oil marketing Trans-portation Pipeline and storage Logistics and repurposing (1) Other Total Three Months Ended June 30, 2023 Segment revenues (2) $ 585,272  $ 24,576  $ 894  $ 15,780  $ —  $ 626,522  Less: Intersegment revenues (2) —  (124) (645) (987) —  (1,756) Revenues $ 585,272  $ 24,452  $ 249  $ 14,793  $ —  $ 624,766  Segment operating earnings (losses) (3) 3,351  1,056  (779) (133) —  3,495  Depreciation and amortization 2,168  3,136  275  1,724  —  7,303  Property and equipment additions (4) (5) 394  1,171  270  2,088  85  4,008  Three Months Ended June 30, 2022 Segment revenues (2) $ 962,516  $ 29,593  $ 1,163  $ —  $ —  $ 993,272  Less: Intersegment revenues (2) —  (59) (1,163) —  —  (1,222) Revenues $ 962,516  $ 29,534  $ —  $ —  $ —  $ 992,050  Segment operating earnings (losses) (3) 5,111  2,937  (877) —  —  7,171  Depreciation and amortization 1,894  2,923  271  —  —  5,088  Property and equipment additions (4) (5) 884  159  46  —  —  1,089  Six Months Ended June 30, 2023 Segment revenues (2) $ 1,193,748  $ 51,106  $ 1,703  $ 32,527  $ —  $ 1,279,084  Less: Intersegment revenues (2) —  (209) (1,454) (2,493) —  (4,156) Revenues $ 1,193,748  $ 50,897  $ 249  $ 30,034  $ —  $ 1,274,928  Segment operating earnings (losses) (3) 5,258  1,957  (1,980) 402  —  5,637  Depreciation and amortization 4,243  6,267  538  3,305  —  14,353  Property and equipment additions (4) (5) 669  1,338  1,241  2,548  112  5,908  Six Months Ended June 30, 2022 Segment revenues (2) $ 1,710,071  $ 56,311  $ 2,060  $ —  $ —  $ 1,768,442  Less: Intersegment revenues (2) —  (87) (2,060) —  —  (2,147) Revenues $ 1,710,071  $ 56,224  $ —  $ —  $ —  $ 1,766,295  Segment operating earnings (losses) (3) 15,231  5,805  (1,699) —  —  19,337  Depreciation and amortization 3,682  5,880  539  —  —  10,101  Property and equipment additions (4) (5) 4,008  694  73  —  8  4,783  _______________ (1)On August 12, 2022, we acquired a transportation logistics and recycling and repurposing business, resulting in a new operating segment. (2)Segment revenues include intersegment amounts that are eliminated due to consolidation in operating costs and expenses in our unaudited condensed consolidated statements of operations. Intersegment activities are conducted at posted tariff rates where applicable, or otherwise at rates similar to those charged to third parties or rates that we believe approximate market at the time the agreement is executed. (3)Our crude oil marketing segment’s operating earnings included inventory valuation losses of $1.0 million and $1.5 million for the three months ended June 30, 2023 and 2022, respectively. For the six months ended June 30, 2023 and 2022, our crude oil marketing segment’s operating (losses) earnings included inventory valuation losses of $2.0 million and inventory liquidation gains of $7.2 million, respectively. (4)Our segment property and equipment additions do not include assets acquired under finance leases during the three and six months ended June 30, 2023 and 2022. See Note 15 for further information. (5)Amounts included in property and equipment additions for Other are additions for computer or other office equipment and a company vehicle at our corporate headquarters, which were not attributed or allocated to any of our reporting segments.
Schedule of Reconciliation of Segment Earnings to Earnings Before Income Taxes	Segment operating earnings reflect revenues net of operating costs and depreciation and amortization expense and are reconciled to earnings (losses) before income taxes, as follows for the periods indicated (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Segment operating earnings $ 3,495  $ 7,171  $ 5,637  $ 19,337  General and administrative (1,715) (4,211) (6,487) (8,229) Operating earnings (losses) 1,780  2,960  (850) 11,108  Interest and other income 570  303  774  327  Interest expense (802) (136) (1,498) (250) Earnings (Losses) before income taxes $ 1,548  $ 3,127  $ (1,574) $ 11,185
Schedule of Identifiable Assets by Industry Segment	Identifiable assets by business segment were as follows at the dates indicated (in thousands): June 30, December 31, 2023 2022 Reporting segment: Crude oil marketing $ 193,478  $ 215,813  Transportation 58,276  60,405  Pipeline and storage 25,444  25,815  Logistics and repurposing 43,097  45,307  Cash and other (1) 23,187  36,819  Total assets $ 343,482  $ 384,159  _______________ (1)Other identifiable assets are primarily corporate cash, corporate accounts receivable, properties and operating lease right-of-use assets not identified with any specific segment of our business.

v3.23.2

Transactions with Affiliates (Tables)	6 Months Ended
	Jun. 30, 2023
Related Party Transactions [Abstract]
Schedule of Activities with Affiliates	Activities with affiliates were as follows for the periods indicated (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 KSA and affiliate billings to us $ —  $ —  $ —  $ 6  Billings to KSA and affiliates 4  5  9  10  Rentals paid to an affiliate of KSA 95  138  232  252  Payments to an affiliate of KSA for purchase of   vehicles (1) —  —  157  78  Rentals paid to affiliates of Scott Bosard 140  —  280  —  _______________ (1)Amounts paid to West Point Buick GMC are for the purchase of three and two pickup trucks during the six months ended June 30, 2023 and 2022, respectively.

v3.23.2

Other Current Liabilities (Tables)	6 Months Ended
	Jun. 30, 2023
Other Liabilities Disclosure [Abstract]
Schedule of Other Current Liabilities	The components of other current liabilities were as follows at the dates indicated (in thousands): June 30, December 31, 2023 2022 Accrual for payroll, benefits and bonuses $ 5,563  $ 6,435  Accrued automobile and workers’ compensation claims 5,690  5,579  Contingent consideration for acquisition (see Note 6) —  2,566  Accrued medical claims 1,085  1,007  Accrued taxes 496  2,208  Other 1,177  1,419  Total other current liabilities $ 14,011  $ 19,214

v3.23.2

Long-Term Debt (Tables)	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Schedule of Maturities of Long-Term Debt	The following table presents the scheduled maturities of principal amounts of our debt obligations at June 30, 2023 for the next five years, and in total thereafter (in thousands): Remainder of 2023 $ 1,250  2024 2,500  2025 2,500  2026 2,500  2027 14,375  Total debt maturities $ 23,125

v3.23.2

Derivative Instruments and Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivatives Reflected in the Consolidated Balance Sheet	The estimated fair value of forward month derivatives instruments reflected in the accompanying unaudited condensed consolidated balance sheets were as follows at the dates indicated (in thousands): Balance Sheet Location and Amount Current Other Current Other Assets Assets Liabilities Liabilities June 30, 2023 Asset derivatives: Fair value forward derivative instruments at gross valuation $ —  $ —  $ —  $ —  Liability derivatives: Fair value forward derivative instruments at gross valuation —  —  30  —  Less counterparty offsets —  —  —  —  As reported fair value contracts $ —  $ —  $ 30  $ —  December 31, 2022 Asset derivatives: Fair value forward derivative instruments at gross valuation $ —  $ —  $ —  $ —  Liability derivatives: Fair value forward derivative instruments at gross valuation —  —  330  —  Less counterparty offsets —  —  —  —  As reported fair value contracts $ —  $ —  $ 330  $ —
Schedule of Derivatives Reflected in the Consolidated Statement of Operations	Forward month derivatives instruments reflected in the accompanying unaudited condensed consolidated statements of operations were as follows for the periods indicated (in thousands): Gains (losses) Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Revenues – marketing $ —  $ (14) $ —  $ 5  Cost and expenses – marketing 187  625  (299) 625
Schedule of Fair value Assets and Liabilities	The following tables set forth, by level with the Level 1, 2 and 3 fair value hierarchy, the carrying values of our financial assets and liabilities at the dates indicated (in thousands): Fair Value Measurements Using Quoted Prices in Active Significant Markets for Other Significant Identical Assets Observable Unobservable and Liabilities Inputs Inputs Counterparty (Level 1) (Level 2) (Level 3) Offsets Total June 30, 2023 Derivatives: Current assets $ —  $ —  $ —  $ —  $ —  Current liabilities —  (30) —  —  (30) Net value $ —  $ (30) $ —  $ —  $ (30) December 31, 2022 Derivatives: Current assets $ —  $ —  $ —  $ —  $ —  Current liabilities —  (330) —  —  (330) Net value $ —  $ (330) $ —  $ —  $ (330)

v3.23.2

Stock-Based Compensation Plan (Tables)	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Share-Based Payment Arrangement	Compensation expense recognized in connection with equity-based awards was as follows for the periods indicated (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Compensation expense $ 372  $ 263  $ 655  $ 458
Schedule of Share-Based Compensation, Activity	The following table presents restricted stock unit award activity for the periods indicated: Weighted- Average Grant Number of Date Fair Value Shares per Share (1) Restricted stock unit awards at January 1, 2023 70,244  $ 31.89  Granted (2) 23,409  $ 57.18  Vested (20,291) $ 29.76  Forfeited (845) $ 45.67  Restricted stock unit awards at June 30, 2023 72,517  $ 40.49  _______________ (1)Determined by dividing the aggregate grant date fair value of awards by the number of awards issued. (2)The aggregate grant date fair value of restricted stock unit awards issued during the first six months of 2023 was $1.3 million based on grant date market prices of our common shares ranging from $37.56 to $58.05 per share. The following table presents performance share unit award activity for the periods indicated: Weighted- Average Grant Number of Date Fair Value Shares per Share (1) Performance share unit awards at January 1, 2023 30,687  $ 28.59  Granted (2) 12,061  $ 56.84  Vested (12,319) $ 24.96  Forfeited —  $ —  Performance share unit awards at June 30, 2023 30,429  $ 41.26  _______________ (1)Determined by dividing the aggregate grant date fair value of awards by the number of awards issued. (2)The aggregate grant date fair value of performance share unit awards issued during the first six months of 2023 was $0.7 million based on grant date market prices of our common shares ranging from $38.42 to $58.05 per share and assuming a performance factor of 100 percent.

v3.23.2

Supplemental Cash Flow Information (Tables)	6 Months Ended
	Jun. 30, 2023
Supplemental Cash Flow Elements [Abstract]
Schedule of Supplemental Cash Flow Information	Supplemental cash flows and non-cash transactions were as follows for the periods indicated (in thousands): Six Months Ended June 30, 2023 2022 Cash paid for interest $ 1,656  $ 250  Cash paid for federal and state income taxes 2,467  1,313  Cash refund for net operating loss (NOL) carryback under CARES Act —  6,907  Non-cash transactions: Change in accounts payable related to property and equipment additions 52  —  Property and equipment acquired under finance leases 13,917  1,888

v3.23.2

Leases (Tables)	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Schedule of Lease, Cost	The following table provides the components of lease expense for the periods indicated (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Finance lease cost: Amortization of ROU assets $ 1,933  $ 1,261  $ 3,707  $ 2,469  Interest on lease liabilities 308  78  546  158  Operating lease cost 914  676  1,793  1,349  Short-term lease cost 3,440  3,802  7,138  7,583  Variable lease cost 6  4  11  10  Total lease expense $ 6,601  $ 5,821  $ 13,195  $ 11,569  The following table provides supplemental cash flow and other information related to leases for the periods indicated (in thousands): Six Months Ended June 30, 2023 2022 Cash paid for amounts included in measurement of lease liabilities: Operating cash flows from operating leases (1) $ 1,576  $ 1,347  Operating cash flows from finance leases (1) 515  139  Financing cash flows from finance leases 3,247  2,306  ROU assets obtained in exchange for new lease liabilities: Finance leases 13,917  1,888  Operating leases 501  549  ______________ (1)Amounts are included in Other operating activities on the unaudited condensed consolidated statements of cash flows. The following table provides the lease terms and discount rates for the periods indicated: Six Months Ended June 30, 2023 2022 Weighted-average remaining lease term (years): Finance leases 3.67 3.16 Operating leases 3.17 3.53 Weighted-average discount rate: Finance leases 5.0% 2.5% Operating leases 4.1% 3.7%
Assets and Liabilities, Lessee	The following table provides supplemental balance sheet information related to leases at the dates indicated (in thousands): June 30, December 31, 2023 2022 Assets Finance lease ROU assets (1) $ 25,663  $ 15,264  Operating lease ROU assets 6,783  7,720  Liabilities Current Finance lease liabilities 6,444  4,382  Operating lease liabilities 2,802  2,712  Noncurrent Finance lease liabilities 20,693  12,085  Operating lease liabilities 3,986  5,007  ______________ (1)Amounts are included in Property and equipment, net on the unaudited condensed consolidated balance sheets.
Lessee, Operating Lease, Liability, Maturity	The following table provides maturities of undiscounted lease liabilities at June 30, 2023 (in thousands): Finance Operating Lease Lease Remainder of 2023 $ 3,962  $ 1,553  2024 7,277  2,826  2025 7,582  1,098  2026 4,754  904  2027 5,185  570  Thereafter 1,557  237  Total lease payments 30,317  7,188  Less: Interest (3,180) (400) Present value of lease liabilities 27,137  6,788  Less: Current portion of lease obligation (6,444) (2,802) Total long-term lease obligation $ 20,693  $ 3,986  The following table provides maturities of undiscounted lease liabilities at December 31, 2022 (in thousands): Finance Operating Lease Lease 2023 $ 4,870  $ 2,958  2024 3,629  2,617  2025 4,652  962  2026 2,482  879  2027 2,179  570  Thereafter —  237  Total lease payments 17,812  8,223  Less: Interest (1,345) (504) Present value of lease liabilities 16,467  7,719  Less: Current portion of lease obligation (4,382) (2,712) Total long-term lease obligation $ 12,085  $ 5,007
Finance Lease, Liability, Maturity	The following table provides maturities of undiscounted lease liabilities at June 30, 2023 (in thousands): Finance Operating Lease Lease Remainder of 2023 $ 3,962  $ 1,553  2024 7,277  2,826  2025 7,582  1,098  2026 4,754  904  2027 5,185  570  Thereafter 1,557  237  Total lease payments 30,317  7,188  Less: Interest (3,180) (400) Present value of lease liabilities 27,137  6,788  Less: Current portion of lease obligation (6,444) (2,802) Total long-term lease obligation $ 20,693  $ 3,986  The following table provides maturities of undiscounted lease liabilities at December 31, 2022 (in thousands): Finance Operating Lease Lease 2023 $ 4,870  $ 2,958  2024 3,629  2,617  2025 4,652  962  2026 2,482  879  2027 2,179  570  Thereafter —  237  Total lease payments 17,812  8,223  Less: Interest (1,345) (504) Present value of lease liabilities 16,467  7,719  Less: Current portion of lease obligation (4,382) (2,712) Total long-term lease obligation $ 12,085  $ 5,007

v3.23.2

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule of Expenses and Losses Incurred but Not Reported	Our accruals for automobile, workers’ compensation and medical claims were as follows at the dates indicated (in thousands): June 30, December 31, 2023 2022 Accrued automobile and workers’ compensation claims $ 5,690  $ 5,579  Accrued medical claims 1,085  1,007

v3.23.2

Organization and Basis of Presentation (Details)	6 Months Ended
	Jun. 30, 2023 segment state terminal
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of states in which entity operates | state	48
Number of terminals in which entity operates | terminal	18
Number of operating segments	4
Number of reportable segments	4

v3.23.2

Summary of Significant Accounting Policies - Schedule of Cash and Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Restricted Cash and Cash Equivalents Items [Line Items]
Cash and cash equivalents	$ 8,974	$ 20,532
Restricted cash	8,784	10,535
Total cash, cash equivalents and restricted cash shown in the unaudited condensed consolidated statements of cash flows	17,758	31,067	$ 75,581	$ 107,317
Letter of Credit
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	356	892
Captive Insurance Subsidiary
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	8,428	$ 9,643
Initial Capitalization
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 1,500

v3.23.2

Summary of Significant Accounting Policies - Schedule of Common Stock Outstanding (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2023
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	2,534,685	2,495,484	2,495,484
Vesting of restricted stock unit awards (in shares)	0	20,291
Shares withheld to cover taxes upon vesting of equity awards (in shares)	0	(8,089)
Ending balance (in shares)	2,534,685	2,534,685	2,534,685
Common Stock | At the Market Offerings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares sold under at-the-market offering program (in shares)	0	14,680	14,680
Performance Unit Awards
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of performance share unit awards (in shares)	0	12,319

v3.23.2

Summary of Significant Accounting Policies - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings (Losses) per share
Net earnings (losses)	$ 827	$ (1,999)	$ 2,476	$ 6,090	$ (1,172)	$ 8,566
Basic weighted average number of shares outstanding (in shares)	2,535		4,371		2,526	4,365
Basic net earnings (losses) per share (in dollars per share)	$ 0.33		$ 0.57		$ (0.46)	$ 1.96
Diluted earnings (losses) per share:
Common shares (in shares)	2,535		4,371		2,526	4,365
Total diluted shares (in shares)	2,561		4,404		2,526	4,399
Diluted net earnings (losses) per share (in dollars per share)	$ 0.32		$ 0.56		$ (0.46)	$ 1.95
Restricted stock units awards
Diluted earnings (losses) per share:
Unit awards (in shares)	14		21		0	22
Performance share unit awards
Diluted earnings (losses) per share:
Unit awards (in shares)	12		12		0	12

v3.23.2

Summary of Significant Accounting Policies - Equity at the Market Offering (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Jun. 30, 2023
Class of Stock [Line Items]
Shares sold under at-the-market offering program		$ 549	$ 283
Common Stock
Class of Stock [Line Items]
Shares sold under at-the-market offering program		$ 1	$ 1
Common Stock | At the Market Offerings
Class of Stock [Line Items]
Shares sold under at-the-market offering program				$ 600
Offering cost				$ 27
Shares sold at the market (in shares)	0	14,680		14,680
Shares sold at the market (in dollars per share)	$ 40.74			$ 40.74

v3.23.2

Summary of Significant Accounting Policies - Fair Value Measurements (Details)	Jun. 30, 2023 contract
Hedging accounting
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of contracts held	0

v3.23.2

Summary of Significant Accounting Policies - Income Taxes and Property and Equipment (Details)	Jun. 30, 2023
Minimum
Property, Plant and Equipment [Abstract]
Property and equipment, useful life	2 years
Maximum
Property, Plant and Equipment [Abstract]
Property and equipment, useful life	39 years

v3.23.2

Revenue Recognition - Schedule of Revenue Disaggregation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Revenues	$ 624,766	$ 992,050	$ 1,274,928	$ 1,766,295
Revenues from contracts with customers
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	620,422	981,859	1,250,241	1,744,583
Other
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	4,344	10,191	24,687	21,712
Crude oil marketing
Disaggregation of Revenue [Line Items]
Revenues	585,272	962,516	1,193,748	1,710,071
Crude oil marketing | Revenues from contracts with customers
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	580,928	952,325	1,169,061	1,688,359
Crude oil marketing | Revenues from contracts with customers | Goods transferred at a point in time
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	580,636	952,325	1,168,725	1,688,359
Crude oil marketing | Revenues from contracts with customers | Services transferred over time
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	292	0	336	0
Crude oil marketing | Other
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	4,344	10,191	24,687	21,712
Trans-portation
Disaggregation of Revenue [Line Items]
Revenues	24,452	29,534	50,897	56,224
Trans-portation | Revenues from contracts with customers
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	24,452	29,534	50,897	56,224
Trans-portation | Revenues from contracts with customers | Goods transferred at a point in time
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0	0	0
Trans-portation | Revenues from contracts with customers | Services transferred over time
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	24,452	29,534	50,897	56,224
Trans-portation | Other
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0	0	0
Pipeline and storage
Disaggregation of Revenue [Line Items]
Revenues	249	0	249	0
Pipeline and storage | Revenues from contracts with customers
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	249	0	249	0
Pipeline and storage | Revenues from contracts with customers | Goods transferred at a point in time
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0	0	0
Pipeline and storage | Revenues from contracts with customers | Services transferred over time
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	249	0	249	0
Pipeline and storage | Other
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0	0	0
Logistics and repurposing
Disaggregation of Revenue [Line Items]
Revenues	14,793	0	30,034	0
Logistics and repurposing | Revenues from contracts with customers
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	14,793	0	30,034	0
Logistics and repurposing | Revenues from contracts with customers | Goods transferred at a point in time
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	9,009	0	17,163	0
Logistics and repurposing | Revenues from contracts with customers | Services transferred over time
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	5,784	0	12,871	0
Logistics and repurposing | Other
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	$ 0	$ 0	$ 0	$ 0

v3.23.2

Revenue Recognition - Schedule of New Accounting Pronouncements and Changes in Accounting Principles (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenue from Contract with Customer [Abstract]
Revenue gross-up	$ 240,969	$ 419,081	$ 527,671	$ 726,467

v3.23.2

Prepayments and Other Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Insurance premiums	$ 766	$ 1,220
Rents, licenses and other	1,842	1,898
Total prepayments and other current assets	$ 2,608	$ 3,118

v3.23.2

Property and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 241,696		$ 241,696		$ 227,327
Less accumulated depreciation and amortization	(129,862)		(129,862)		(120,902)
Property and equipment, net	111,834		111,834		106,425
Total depreciation and amortization	7,303	$ 5,088	14,353	$ 10,101
Amortization of intangible assets	457	188	908	380
Depreciation and amortization, excluding amounts under finance leases
Property, Plant and Equipment [Line Items]
Total depreciation and amortization	4,913	3,639	9,737	7,252
Amortization of property and equipment under finance leases
Property, Plant and Equipment [Line Items]
Total depreciation and amortization	$ 1,933	$ 1,261	$ 3,708	$ 2,469
Minimum
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	2 years		2 years
Maximum
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	39 years		39 years
Tractors and trailers
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 126,419		$ 126,419		128,223
Tractors and trailers | Minimum
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	5 years		5 years
Tractors and trailers | Maximum
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	6 years		6 years
Field equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 24,964		$ 24,964		24,676
Field equipment | Minimum
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	2 years		2 years
Field equipment | Maximum
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	5 years		5 years
Finance lease ROU assets
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 37,890		$ 37,890		25,106
Property and equipment, net	$ 12,200		$ 12,200		9,900
Finance lease ROU assets | Minimum
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	3 years		3 years
Finance lease ROU assets | Maximum
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	6 years		6 years
Pipeline and related facilities
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 20,362		$ 20,362		20,362
Pipeline and related facilities | Minimum
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	20 years		20 years
Pipeline and related facilities | Maximum
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	25 years		25 years
Linefill and base gas
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 3,922		$ 3,922		3,922
Buildings
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 16,189		$ 16,189		16,163
Buildings | Minimum
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	5 years		5 years
Buildings | Maximum
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	39 years		39 years
Office equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 2,964		$ 2,964		2,937
Office equipment | Minimum
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	2 years		2 years
Office equipment | Maximum
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	5 years		5 years
Land
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 4,163		$ 4,163		2,309
Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 4,823		$ 4,823		$ 3,629

v3.23.2

Acquisitions -Narrative (Details) $ in Thousands		3 Months Ended	6 Months Ended
	Aug. 12, 2022 USD ($) segment shares	Jun. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)
Business Acquisition [Line Items]
property and equipment			$ 200
Change in contingent consideration liability		$ 2,600	$ 2,566	$ 0
Firebird
Business Acquisition [Line Items]
Connection to number of terminals | segment	6
Number of tractors | segment	130
Number of trailers | segment	209
Firebird and Phoenix
Business Acquisition [Line Items]
Fair value of total consideration transferred	$ 39,300
Cash payment for acquisition	$ 35,400
Number of shares (in shares) | shares	45,777
Equity interest issued or issuable, value assigned	$ 1,400
Issuance of shares in acquisition (in shares) | shares	15,259
Contingent consideration	$ 2,600
Firebird and Phoenix | To be Issued
Business Acquisition [Line Items]
Number of shares (in shares) | shares	30,518
Issuance period	3 years

v3.23.2

Acquisition - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Aug. 12, 2022
Assets acquired:
Cash and cash equivalents			$ 2,203
Accounts receivable			4,653
Inventory			643
Other current assets			137
Property and equipment			24,809
Intangible assets			7,607
Goodwill	$ 6,673	$ 6,428	6,673
Other assets			458
Total assets acquired			47,183
Liabilities assumed:
Accounts payable and other accrued liabilities			(1,696)
Deferred tax liabilities			(6,207)
Total liabilities assumed			(7,903)
Net assets acquired			$ 39,280

v3.23.2

Acquisitions - Schedule of Acquisition, Pro Forma Information (Details) - Firebird and Phoenix - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2022
Business Acquisition [Line Items]
Revenues	$ 1,009,694	$ 1,802,675
Net earnings	$ 5,257	$ 14,982
Basic net earnings per common share (in dollars per share)	$ 1.20	$ 3.42
Diluted net earnings per common share (in dollars per share)	$ 1.19	$ 3.39

v3.23.2

Other Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Insurance collateral deposits	$ 503	$ 463
State collateral deposits	23	23
Materials and supplies	1,281	1,257
Debt issuance costs	1,427	1,595
Other	330	360
Total other assets	$ 3,564	$ 3,698

v3.23.2

Segment Reporting - Schedule of Information Concerning Business Activities (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) segment	Jun. 30, 2022 USD ($)
Segment Reporting [Abstract]
Number of reportable segments | segment			4
Number of operating segments | segment			4
Segment Reporting Information [Line Items]
Revenues	$ 624,766	$ 992,050	$ 1,274,928	$ 1,766,295
Segment operating earnings (losses)	1,780	2,960	(850)	11,108
Depreciation and amortization	7,303	5,088	14,353	10,101
Property and equipment additions	4,008	1,089	5,908	4,783
Crude oil marketing
Segment Reporting Information [Line Items]
Revenues	585,272	962,516	1,193,748	1,710,071
Inventory liquidation (losses) gains	(1,000)	(1,500)	(2,000)	7,200
Trans-portation
Segment Reporting Information [Line Items]
Revenues	24,452	29,534	50,897	56,224
Pipeline and storage
Segment Reporting Information [Line Items]
Revenues	249	0	249	0
Logistics and repurposing
Segment Reporting Information [Line Items]
Revenues	14,793	0	30,034	0
Operating segments
Segment Reporting Information [Line Items]
Revenues	626,522	993,272	1,279,084	1,768,442
Segment operating earnings (losses)	3,495	7,171	5,637	19,337
Operating segments | Crude oil marketing
Segment Reporting Information [Line Items]
Revenues	585,272	962,516	1,193,748	1,710,071
Segment operating earnings (losses)	3,351	5,111	5,258	15,231
Depreciation and amortization	2,168	1,894	4,243	3,682
Property and equipment additions	394	884	669	4,008
Operating segments | Trans-portation
Segment Reporting Information [Line Items]
Revenues	24,576	29,593	51,106	56,311
Segment operating earnings (losses)	1,056	2,937	1,957	5,805
Depreciation and amortization	3,136	2,923	6,267	5,880
Property and equipment additions	1,171	159	1,338	694
Operating segments | Pipeline and storage
Segment Reporting Information [Line Items]
Revenues	894	1,163	1,703	2,060
Segment operating earnings (losses)	(779)	(877)	(1,980)	(1,699)
Depreciation and amortization	275	271	538	539
Property and equipment additions	270	46	1,241	73
Operating segments | Logistics and repurposing
Segment Reporting Information [Line Items]
Revenues	15,780	0	32,527	0
Segment operating earnings (losses)	(133)	0	402	0
Depreciation and amortization	1,724	0	3,305	0
Property and equipment additions	2,088	0	2,548	0
Intersegment
Segment Reporting Information [Line Items]
Revenues	(1,756)	(1,222)	(4,156)	(2,147)
Intersegment | Crude oil marketing
Segment Reporting Information [Line Items]
Revenues	0	0	0	0
Intersegment | Trans-portation
Segment Reporting Information [Line Items]
Revenues	(124)	(59)	(209)	(87)
Intersegment | Pipeline and storage
Segment Reporting Information [Line Items]
Revenues	(645)	(1,163)	(1,454)	(2,060)
Intersegment | Logistics and repurposing
Segment Reporting Information [Line Items]
Revenues	(987)	0	(2,493)	0
Other
Segment Reporting Information [Line Items]
Revenues	0	0	0	0
Segment operating earnings (losses)	0	0	0	0
Depreciation and amortization	0	0	0	0
Property and equipment additions	$ 85	$ 0	$ 112	$ 8

v3.23.2

Segment Reporting - Schedule of Reconciliation of Segment Earnings to Earnings Before Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Abstract]
Operating earnings (losses)	$ 1,780	$ 2,960	$ (850)	$ 11,108
General and administrative	(1,715)	(4,211)	(6,487)	(8,229)
Interest and other income	570	303	774	327
Interest expense	(802)	(136)	(1,498)	(250)
Earnings (Losses) before income taxes	1,548	3,127	(1,574)	11,185
Operating segments
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Abstract]
Operating earnings (losses)	3,495	7,171	5,637	19,337
General and administrative
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Abstract]
Operating earnings (losses)	0	0	0	0
General and administrative	(1,715)	(4,211)	(6,487)	(8,229)
Segment reconciling items
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Abstract]
Interest and other income	570	303	774	327
Interest expense	$ (802)	$ (136)	$ (1,498)	$ (250)

v3.23.2

Segment Reporting - Schedule of Identifiable Assets by Industry Segment (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Segment Reconciliation [Abstract]
Total assets	$ 343,482	$ 384,159
Operating segments | Crude oil marketing
Segment Reconciliation [Abstract]
Total assets	193,478	215,813
Operating segments | Trans-portation
Segment Reconciliation [Abstract]
Total assets	58,276	60,405
Operating segments | Pipeline and storage
Segment Reconciliation [Abstract]
Total assets	25,444	25,815
Operating segments | Logistics and repurposing
Segment Reconciliation [Abstract]
Total assets	43,097	45,307
Cash and other
Segment Reconciliation [Abstract]
Total assets	$ 23,187	$ 36,819

v3.23.2

Transactions with Affiliates - Schedule of Activities with Affiliates (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) pickupTruck	Jun. 30, 2022 USD ($) truck
Related Party Transaction [Line Items]
Billings to KSA and affiliates	$ 624,766	$ 992,050	$ 1,274,928	$ 1,766,295
Affiliated Entities
Related Party Transaction [Line Items]
KSA and affiliate billings to us	0	0	0	6
Billings to KSA and affiliates	4	5	9	10
Rentals paid to an affiliate of KSA	95	138	232	252
Payments to KSA and affiliates for purchase of vehicles	0	0	157	78
Rentals paid to affiliates of Scott Bosard	$ 140	$ 0	$ 280	$ 0
G M C
Related Party Transaction [Line Items]
Number of pickup tracks purchased			3	2

v3.23.2

Transactions with Affiliates - Narrative (Details) - Firebird and Phoenix	Aug. 12, 2022 segment
Related Party Transaction [Line Items]
Number of operating lease aggrement	4
Minimum
Related Party Transaction [Line Items]
Term of contract	2 years
Maximum
Related Party Transaction [Line Items]
Term of contract	5 years

v3.23.2

Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Other Liabilities Disclosure [Abstract]
Accrual for payroll, benefits and bonuses	$ 5,563	$ 6,435
Accrued automobile and workers’ compensation claims	5,690	5,579
Contingent consideration for acquisition (see Note 6)	0	2,566
Accrued medical claims	1,085	1,007
Accrued taxes	496	2,208
Other	1,177	1,419
Other current liabilities	$ 14,011	$ 19,214

v3.23.2

Long-Term Debt - Narrative (Details) - USD ($)	6 Months Ended
	Jun. 30, 2023	Oct. 27, 2022
Line of Credit Facility [Line Items]
Long-term debt	$ 23,125,000
Term Loan
Line of Credit Facility [Line Items]
Debt instrument, face amount		$ 25,000,000
Letter of Credit
Line of Credit Facility [Line Items]
Commitment fee percentage	2.50%
Revolving Credit Facility
Line of Credit Facility [Line Items]
Weighted average interest rate	7.71%
Letters of credit outstanding	$ 20,400,000
Borrowings outstanding	0
Line of Credit | Letter of Credit
Line of Credit Facility [Line Items]
Maximum borrowing amount		$ 60,000,000
Line of Credit | Secured Debt
Line of Credit Facility [Line Items]
Long-term debt	$ 23,100,000

v3.23.2

Long-Term Debt - Schedule of Maturities of Long-Term Debt (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Debt Disclosure [Abstract]
Remainder of 2023	$ 1,250
2024	2,500
2025	2,500
2026	2,500
2027	14,375
Long-term debt	$ 23,125

v3.23.2

Derivative Instruments and Fair Value Measurements - Narrative (Details) - Commodity Contract gallonsOfDieselPerDay in Thousands, barrel_of_oil_per_day in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023 gallonsOfDieselPerDay barrel_of_oil_per_day contract	Dec. 31, 2022 barrel_of_oil_per_day gallonsOfDieselPerDay contract
Derivative Instruments, Gain (Loss) [Line Items]
Number of contracts held	1	1
Production | gallonsOfDieselPerDay	126	126
Purchased and Sold in April 2023
Derivative Instruments, Gain (Loss) [Line Items]
Number of contracts held	3
Production | barrel_of_oil_per_day	250
Purchased and Sold in January 2023
Derivative Instruments, Gain (Loss) [Line Items]
Number of contracts held		3
Production | barrel_of_oil_per_day		300

v3.23.2

Derivative Instruments and Fair Value Measurements - Schedule of Derivatives Reflected in the Consolidated Balance Sheet (Details) - Commodity Contract - Not Designated as Hedging Instrument - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current Assets
Derivatives, Fair Value [Line Items]
Asset derivatives	$ 0	$ 0
Liability derivatives	0	0
Less counterparty offsets	0	0
As reported fair value contracts	0	0
Other Assets
Derivatives, Fair Value [Line Items]
Asset derivatives	0	0
Liability derivatives	0	0
Less counterparty offsets	0	0
As reported fair value contracts	0	0
Current Liabilities
Derivatives, Fair Value [Line Items]
Asset derivatives	0	0
Liability derivatives	30	330
Less counterparty offsets	0	0
As reported fair value contracts	30	330
Other Liabilities
Derivatives, Fair Value [Line Items]
Asset derivatives	0	0
Liability derivatives	0	0
Less counterparty offsets	0	0
As reported fair value contracts	$ 0	$ 0

v3.23.2

Derivative Instruments and Fair Value Measurements - Schedule of Derivatives Reflected in the Consolidated Statement of Operations (Details) - Not Designated as Hedging Instrument - Commodity Contract - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues – marketing
Derivative [Line Items]
Gain (loss) on derivative	$ 0	$ (14)	$ 0	$ 5
Cost and expenses – marketing
Derivative [Line Items]
Gain (loss) on derivative	$ 187	$ 625	$ (299)	$ 625

v3.23.2

Derivative Instruments and Fair Value Measurements - Schedule of Fair value Assets and Liabilities (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Derivatives:
Current assets	$ 0	$ 0
Current assets, counterparty offsets	0	0
Current liabilities	(30)	(330)
Current liabilities, counterparty offsets	0	0
Net value	(30)	(330)
Net value, counterparty offsets	0	0
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)
Derivatives:
Current assets	0	0
Current liabilities	0	0
Net value	0	0
Significant Other Observable Inputs (Level 2)
Derivatives:
Current assets	0	0
Current liabilities	(30)	(330)
Net value	(30)	(330)
Significant Unobservable Inputs (Level 3)
Derivatives:
Current assets	0	0
Current liabilities	0	0
Net value	$ 0	$ 0

v3.23.2

Stock-Based Compensation Plan - Narrative (Details) - The 2018 LTIP - USD ($)	1 Months Ended	6 Months Ended
	May 31, 2022	Jun. 30, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional shares authorized (in shares)	150,000
Number of shares authorized (in shares)	300,000	123,362
Accrued dividends		$ 117,700	$ 140,300
Restricted stock units awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost		$ 1,300,000
Period for recognition for remaining compensation cost		1 year 7 months 6 days
Performance Unit Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost		$ 900,000
Period for recognition for remaining compensation cost		2 years 3 months 18 days

v3.23.2

Stock-Based Compensation Plan - Schedule of Share-Based Compensation Activity, Payment Arrangement (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 372	$ 263	$ 655	$ 458
Restricted stock units awards
Number of Shares
Unit awards, beginning balance (in shares)			70,244
Vested (in shares)			(20,291)
Forfeited (in shares)			(845)
Unit awards, ending balance (in shares)	72,517		72,517
Weighted Average Grant Date Fair Value per Share
Unit awards, beginning balance (in dollars per share)			$ 31.89
Vested (in dollars per share)			29.76
Forfeited (in dollars per share)			45.67
Unit awards, ending balance (in dollars per share)	$ 40.49		$ 40.49
The 2018 LTIP | Restricted stock units awards
Number of Shares
Granted (in shares)			23,409
Weighted Average Grant Date Fair Value per Share
Granted (in dollars per share)			$ 57.18
Aggregate grant date fair value awards issues			$ 1,300
The 2018 LTIP | Restricted stock units awards | Minimum
Weighted Average Grant Date Fair Value per Share
Granted (in dollars per share)			$ 37.56
The 2018 LTIP | Restricted stock units awards | Maximum
Weighted Average Grant Date Fair Value per Share
Granted (in dollars per share)			$ 58.05
The 2018 LTIP | Performance share unit awards
Number of Shares
Unit awards, beginning balance (in shares)			30,687
Granted (in shares)			12,061
Vested (in shares)			(12,319)
Forfeited (in shares)			0
Unit awards, ending balance (in shares)	30,429		30,429
Weighted Average Grant Date Fair Value per Share
Unit awards, beginning balance (in dollars per share)			$ 28.59
Granted (in dollars per share)			56.84
Vested (in dollars per share)			24.96
Forfeited (in dollars per share)			0
Unit awards, ending balance (in dollars per share)	$ 41.26		$ 41.26
Aggregate grant date fair value awards issues			$ 700
Performance factor			100000.00%
The 2018 LTIP | Performance share unit awards | Minimum
Weighted Average Grant Date Fair Value per Share
Granted (in dollars per share)			$ 38.42
The 2018 LTIP | Performance share unit awards | Maximum
Weighted Average Grant Date Fair Value per Share
Granted (in dollars per share)			$ 58.05

v3.23.2

Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Supplemental Cash Flow Elements [Abstract]
Cash paid for interest	$ 1,656	$ 250
Cash paid for federal and state income taxes	2,467	1,313
Cash refund for net operating loss (NOL) carryback under CARES Act	0	6,907
Non-cash transactions:
Change in accounts payable related to property and equipment additions	52	0
Property and equipment acquired under finance leases	$ 13,917	$ 1,888

v3.23.2

Leases - Schedule of Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Leases [Abstract]
Amortization of ROU assets	$ 1,933	$ 1,261	$ 3,707	$ 2,469
Interest on lease liabilities	308	78	546	158
Operating lease cost	914	676	1,793	1,349
Short-term lease cost	3,440	3,802	7,138	7,583
Variable lease cost	6	4	11	10
Total lease expense	$ 6,601	$ 5,821	$ 13,195	$ 11,569

v3.23.2

Leases - Schedule of Supplemental Cash Flow and Other Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash paid for amounts included in measurement of lease liabilities:
Operating cash flows from operating leases	$ 1,576	$ 1,347
Operating cash flows from finance leases	515	139
Financing cash flows from finance leases	3,247	2,306
ROU assets obtained in exchange for new lease liabilities:
ROU assets obtained in exchange for new lease liabilities, Finance leases	13,917	1,888
ROU assets obtained in exchange for new lease liabilities, Operating leases	$ 501	$ 549

v3.23.2

Leases - Schedule of Lease Terms and Discount Rates (Details)	Jun. 30, 2023	Jun. 30, 2022
Weighted-average remaining lease term (years):
Finance leases	3 years 8 months 1 day	3 years 1 month 28 days
Operating leases	3 years 2 months 1 day	3 years 6 months 10 days
Weighted-average discount rate:
Finance leases	5.00%	2.50%
Operating leases	4.10%	3.70%

v3.23.2

Leases - Schedule of Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Leases [Abstract]
Finance lease ROU assets	$ 25,663	$ 15,264
Operating lease ROU assets	6,783	7,720
Finance lease liabilities	6,444	4,382
Current portion of operating lease liabilities	2,802	2,712
Finance lease liabilities	20,693	12,085
Operating lease liabilities	$ 3,986	$ 5,007

v3.23.2

Leases - Schedule of Maturities of Undiscounted Lease Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Finance Lease Liabilities, Payments
Remainder of 2023	$ 3,962
2024	7,277	$ 4,870
2025	7,582	3,629
2026	4,754	4,652
2027	5,185	2,482
2027		2,179
Thereafter	1,557
Thereafter		0
Total lease payments	30,317	17,812
Less: Interest	(3,180)	(1,345)
Present value of lease liabilities	27,137	16,467
Less: Current portion of lease obligation	(6,444)	(4,382)
Finance lease obligations	20,693	12,085
Operating Lease Liabilities, Payments Due
Remainder of 2023	1,553
2024	2,826	2,958
2025	1,098	2,617
2026	904	962
2027	570	879
Thereafter	237
2027		570
Thereafter		237
Total lease payments	7,188	8,223
Less: Interest	(400)	(504)
Present value of lease liabilities	6,788	7,719
Less: Current portion of lease obligation	(2,802)	(2,712)
Operating lease liabilities	$ 3,986	$ 5,007

v3.23.2

Commitments and Contingencies - Narrative (Details) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Self-insured retention	$ 1.0
Umbrellas insurance coverage	1.3
Aggregate medical claims for umbrella insurance coverage per calendar year	$ 11.3

v3.23.2

Commitments and Contingencies - Schedule of Expenses and Losses Incurred but Not Reported (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Accrued automobile and workers’ compensation claims	$ 5,690	$ 5,579
Accrued medical claims	$ 1,085	$ 1,007

v3.23.2

Subsequent Event (Details)	Aug. 02, 2023
Subsequent Event
Subsequent Event [Line Items]
Percentage of unusual and non recurring losses and expenses on Consolidated EBITDA	0.10

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