Revenue and Earnings - Crude oil marketing revenues decreased by $33.2 million to $304.0 million for the three months ended March 31, 2021, compared to $337.2 million in the same period of 2020, primarily due to lower overall crude oil volumes [125]. - Operating earnings for the crude oil marketing segment increased by $24.7 million to $7.0 million for the three months ended March 31, 2021, compared to a loss of $17.7 million in the same period of 2020 [129]. - Transportation segment revenues increased by 31% to $21.2 million for the three months ended March 31, 2021, compared to $16.3 million in the same period of 2020 [136]. - Operating earnings for the transportation segment increased by 28% to $774,000 for the three months ended March 31, 2021, compared to $605,000 in the same period of 2020 [136]. - Transportation revenues increased by $5.0 million to $4.4 million net of fuel costs for the three months ended March 31, 2021, compared to the same period in 2020, primarily due to the CTL acquisition and increased transportation rates [138]. - Operating earnings for transportation increased by $0.2 million for the three months ended March 31, 2021, attributed to higher revenues from increased miles traveled due to the CTL acquisition [140]. Costs and Expenses - Fuel costs rose by $0.6 million and insurance costs increased by $0.6 million during the three months ended March 31, 2021, primarily due to the CTL acquisition [141]. - Capital spending decreased significantly to $170,000 for the three months ended March 31, 2021, from $2.212 million in the same period in 2020 [159]. Cash Flow and Liquidity - Cash and cash equivalents increased by 50% to $58.985 million as of March 31, 2021, compared to $39.293 million at December 31, 2020 [149]. - Net cash flows provided by operating activities were $23.0 million for the three months ended March 31, 2021, a $46.8 million increase from net cash used in operating activities of $23.8 million in the same period in 2020 [153]. - Early payments received from customers increased to $20.095 million as of March 31, 2021, compared to $939,000 at December 31, 2020 [156]. - The company received a cash refund of approximately $2.7 million related to net operating losses carried back under the CARES Act [146]. - Cash used in financing activities increased by $2.9 million for the three months ended March 31, 2021, primarily due to the first installment payment of $2.5 million for the VEX pipeline purchase [160]. Inventory and Pricing - Average crude oil purchase price increased from $44.87 per barrel in Q1 2020 to $54.91 per barrel in Q1 2021, while field level purchase volumes decreased from 109,253 barrels per day to 82,889 barrels per day [126][128]. - Crude oil inventory as of March 31, 2021, was 469,226 barrels at an average price of $62.20, compared to 421,759 barrels at an average price of $45.83 as of December 31, 2020 [134]. - The company expects price volatility in crude oil to continue, impacting future operating earnings and financial results [134]. Strategic Plans and Agreements - The company plans to integrate newly acquired terminals and leverage backhaul opportunities while focusing on increasing efficiencies and business development opportunities throughout 2021 [122]. - The company entered into a Credit Agreement with Wells Fargo Bank allowing for borrowing up to $40.0 million under a revolving credit facility, maturing on May 4, 2024 [123]. - The company entered into a Credit Agreement allowing for borrowing up to $40.0 million under a revolving credit facility, maturing on May 4, 2024 [147]. Obligations and Risks - Total contractual obligations amount to $49,499 million, with less than 1 year obligations at $4,876 million [163]. - Operating lease obligations total $8,410 million, with $2,400 million due in less than 1 year [163]. - System acquisition obligations are $7,750 million, representing the remaining purchase price for the VEX Pipeline System [163]. - Purchase obligations amount to $15,670 million, committed to acquiring new tractors and trailers [163]. - There are no off-balance sheet arrangements expected to materially affect the financial position or cash flows [165]. - No material changes have occurred in critical accounting policies since the 2020 Form 10-K disclosures [167]. - There have been no material changes to market risk disclosures since the 2020 Form 10-K [168]. COVID-19 Impact - The company continues to monitor the impacts of COVID-19 on its operations and may implement additional cost-saving measures if necessary [121].

Table of Contents Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, $0.10 Par Value AE NYSE American LLC UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549 FORM 10-Q (Mark one) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___ ...

Table of Contents Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, $0.10 Par Value AE NYSE American LLC UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549 FORM 10-Q (Mark one) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___ to __ ...

Table of Contents Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, $0.10 Par Value AE NYSE American LLC UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549 FORM 10-Q (Mark one) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___ to _ ...