Refining Lubricants and Specialty Products HEP Corporate, Other and Eliminations Consolidated Total (In thousands) Three Months Ended June 30, 2019 Sales and other revenues: Revenues from external customers $ 4,208,776 $ 545,346 $ 28,382 $ 111 $ 4,782,615 Intersegment revenues 88,484  102,369 (190,853 )  $ 4,297,260 $ 545,346 $ 130,751 $ (190,742 ) $ 4,782,615 Cost of products sold (exclusive of lower of cost or market inventory) $ 3,458,832 $ 415,353 $  $ (169,301 ) $ 3,704,884 Lower of cost or market inventory valuation adjustment $ 47,801 $  $  $  $ 47,801 Operating expenses $ 252,715 $ 59,122 $ 40,608 $ (19,193 ) $ 333,252 Selling, general and administrative expenses $ 29,638 $ 42,087 $ 1,988 $ 11,604 $ 85,317 Depreciation and amortization $ 76,225 $ 23,020 $ 24,241 $ 3,422 $ 126,908 Goodwill impairment $  $ 152,712 $  $  $ 152,712 Income (loss) from operations $ 432,049 $ (146,948 ) $ 63,914 $ (17,274 ) $ 331,741 Earnings of equity method investments $  $  $ 1,783 $  $ 1,783 Capital expenditures $ 33,899 $ 9,331 $ 7,034 $ 6,470 $ 56,734 Three Months Ended June 30, 2018 Sales and other revenues: Revenues from external customers $ 3,987,115 $ 459,405 $ 24,746 $ (30 ) $ 4,471,236 Intersegment revenues 91,866 8,284 94,014 (194,164 )  $ 4,078,981 $ 467,689 $ 118,760 $ (194,194 ) $ 4,471,236 Cost of products sold (exclusive of lower of cost or market inventory) (1) $ 3,394,853 $ 373,141 $  $ (172,078 ) $ 3,595,916 Lower of cost or market inventory valuation adjustment $ (106,926 ) $  $  $  $ (106,926 ) Operating expenses (1) $ 262,558 $ 19,905 $ 34,533 $ (20,781 ) $ 296,215 Selling, general and administrative expenses $ 26,201 $ 35,257 $ 2,673 $ 4,544 $ 68,675 Depreciation and amortization $ 72,989 $ 10,020 $ 24,609 $ 2,761 $ 110,379 Income (loss) from operations $ 429,306 $ 29,366 $ 56,945 $ (8,640 ) $ 506,977 Earnings of equity method investments $  $  $ 1,734 $  $ 1,734 Capital expenditures $ 42,188 $ 16,842 $ 18,957 $ 1,950 $ 79,937 (1) During the three months ended June 30, 2018, we recognized an adjustment in our Lubricants and Specialty Products segment to correct an expense misclassification related to the three months ended March 31, 2018, whereby $24 million of inventory transportation costs were classified as operating expenses, which should have been included in cost of products sold. Refining Lubricants and Specialty Products HEP Corporate, Other and Eliminations Consolidated Total (In thousands) Six Months Ended June 30, 2019 Sales and other revenues: Revenues from external customers $ 7,581,442 $ 1,038,680 $ 59,520 $ 220 $ 8,679,862 Intersegment revenues 163,228  205,728 (368,956 )  $ 7,744,670 $ 1,038,680 $ 265,248 $ (368,736 ) $ 8,679,862 Cost of products sold (exclusive of lower of cost or market inventory) $ 6,421,372 $ 804,370 $  $ (321,653 ) $ 6,904,089 Lower of cost or market inventory valuation adjustment $ (184,545 ) $  $  $  $ (184,545 ) Operating expenses $ 517,212 $ 112,681 $ 78,121 $ (43,170 ) $ 664,844 Selling, general and administrative expenses $ 56,615 $ 81,806 $ 4,608 $ 30,322 $ 173,351 Depreciation and amortization $ 150,640 $ 43,191 $ 48,071 $ 6,427 $ 248,329 Goodwill impairment $  $ 152,712 $  $  $ 152,712 Income (loss) from operations $ 783,376 $ (156,080 ) $ 134,448 $ (40,662 ) $ 721,082 Earnings of equity method investments $  $  $ 3,883 $  $ 3,883 Capital expenditures $ 75,662 $ 17,190 $ 17,752 $ 9,865 $ 120,469 Six Months Ended June 30, 2018 Sales and other revenues: Revenues from external customers $ 7,645,262 $ 902,271 $ 52,203 $ (73 ) $ 8,599,663 Intersegment revenues 182,904 10,258 195,441 (388,603 )  $ 7,828,166 $ 912,529 $ 247,644 $ (388,676 ) $ 8,599,663 Cost of products sold (exclusive of lower of cost or market inventory) $ 6,606,557 $ 680,672 $  $ (344,188 ) $ 6,943,041 Lower of cost or market inventory valuation adjustment $ (210,764 ) $  $  $  $ (210,764 ) Operating expenses $ 502,405 $ 84,813 $ 70,736 $ (41,451 ) $ 616,503 Selling, general and administrative expenses $ 52,572 $ 65,911 $ 5,795 $ 9,061 $ 133,339 Depreciation and amortization $ 140,164 $ 18,884 $ 49,750 $ 5,922 $ 214,720 Income (loss) from operations $ 737,232 $ 62,249 $ 121,363 $ (18,020 ) $ 902,824 Earnings of equity method investments $  $  $ 3,013 $  $ 3,013 Capital expenditures $ 84,962 $ 25,380 $ 31,570 $ 7,565 $ 149,477 Refining Lubricants and Specialty Products HEP Corporate, Other and Eliminations Consolidated Total (In thousands) June 30, 2019 Cash and cash equivalents $ 7,213 $ 170,593 $ 6,941 $ 729,897 $ 914,644 Total assets $ 7,075,770 $ 2,247,858 $ 2,188,139 $ 592,724 $ 12,104,491 Long-term debt $  $  $ 1,437,710 $ 993,122 $ 2,430,832 December 31, 2018 Cash and cash equivalents $ 7,236 $ 80,931 $ 3,045 $ 1,063,540 $ 1,154,752 Total assets $ 6,465,155 $ 1,506,209 $ 2,142,027 $ 881,210 $ 10,994,601 Long-term debt $  $  $ 1,418,900 $ 992,640 $ 2,411,540