Refining Lubricants and Specialty Products HEP Corporate, Other and Eliminations Consolidated Total (In thousands) Three Months Ended September 30, 2019 Sales and other revenues: Revenues from external customers $ 3,865,399 $ 529,561 $ 29,868 $  $ 4,424,828 Intersegment revenues 81,571 8,157 106,027 (195,755 )  $ 3,946,970 $ 537,718 $ 135,895 $ (195,755 ) $ 4,424,828 Cost of products sold (exclusive of lower of cost or market inventory) $ 3,177,167 $ 397,926 $  $ (171,326 ) $ 3,403,767 Lower of cost or market inventory valuation adjustment $ 34,062 $  $  $  $ 34,062 Operating expenses $ 276,869 $ 57,974 $ 44,924 $ (34,189 ) $ 345,578 Selling, general and administrative expenses $ 31,707 $ 43,875 $ 2,714 $ 9,330 $ 87,626 Depreciation and amortization $ 76,765 $ 22,700 $ 24,121 $ 3,430 $ 127,016 Income (loss) from operations $ 350,400 $ 15,243 $ 64,136 $ (3,000 ) $ 426,779 Earnings of equity method investments $  $  $ 1,334 $  $ 1,334 Capital expenditures $ 53,506 $ 8,697 $ 6,076 $ 6,310 $ 74,589 Three Months Ended September 30, 2018 Sales and other revenues: Revenues from external customers $ 4,270,835 $ 474,260 $ 25,596 $ 108 $ 4,770,799 Intersegment revenues 101,334 1,626 100,188 (203,148 )  $ 4,372,169 $ 475,886 $ 125,784 $ (203,040 ) $ 4,770,799 Cost of products sold (exclusive of lower of cost or market inventory) $ 3,572,593 $ 359,742 $  $ (180,101 ) $ 3,752,234 Lower of cost or market inventory valuation adjustment $ 17,837 $  $  $  $ 17,837 Operating expenses $ 262,010 $ 40,288 $ 35,995 $ (21,097 ) $ 317,196 Selling, general and administrative expenses $ 30,394 $ 33,514 $ 2,498 $ 4,724 $ 71,130 Depreciation and amortization $ 70,793 $ 11,139 $ 24,367 $ 2,586 $ 108,885 Income (loss) from operations $ 418,542 $ 31,203 $ 62,924 $ (9,152 ) $ 503,517 Earnings of equity method investments $  $  $ 1,114 $  $ 1,114 Capital expenditures $ 47,088 $ 8,094 $ 9,541 $ 5,214 $ 69,937 Refining Lubricants and Specialty Products HEP Corporate, Other and Eliminations Consolidated Total (In thousands) Nine Months Ended September 30, 2019 Sales and other revenues: Revenues from external customers $ 11,446,841 $ 1,568,241 $ 89,388 $ 220 $ 13,104,690 Intersegment revenues 244,799 8,157 311,755 (564,711 )  $ 11,691,640 $ 1,576,398 $ 401,143 $ (564,491 ) $ 13,104,690 Cost of products sold (exclusive of lower of cost or market inventory) $ 9,598,539 $ 1,202,296 $  $ (492,979 ) $ 10,307,856 Lower of cost or market inventory valuation adjustment $ (150,483 ) $  $  $  $ (150,483 ) Operating expenses $ 794,081 $ 170,655 $ 123,045 $ (77,359 ) $ 1,010,422 Selling, general and administrative expenses $ 88,322 $ 125,681 $ 7,322 $ 39,652 $ 260,977 Depreciation and amortization $ 227,405 $ 65,891 $ 72,192 $ 9,857 $ 375,345 Goodwill impairment $  $ 152,712 $  $  $ 152,712 Income (loss) from operations $ 1,133,776 $ (140,837 ) $ 198,584 $ (43,662 ) $ 1,147,861 Earnings of equity method investments $  $  $ 5,217 $  $ 5,217 Capital expenditures $ 129,167 $ 25,887 $ 23,828 $ 16,175 $ 195,057 Nine Months Ended September 30, 2018 Sales and other revenues: Revenues from external customers $ 11,915,797 $ 1,376,531 $ 77,799 $ 335 $ 13,370,462 Intersegment revenues 284,538 11,884 295,629 (592,051 )  $ 12,200,335 $ 1,388,415 $ 373,428 $ (591,716 ) $ 13,370,462 Cost of products sold (exclusive of lower of cost or market inventory) $ 10,179,509 $ 1,040,414 $  $ (524,648 ) $ 10,695,275 Lower of cost or market inventory valuation adjustment $ (192,927 ) $  $  $  $ (192,927 ) Operating expenses $ 764,415 $ 125,101 $ 106,731 $ (62,548 ) $ 933,699 Selling, general and administrative expenses $ 82,966 $ 99,425 $ 8,293 $ 13,785 $ 204,469 Depreciation and amortization $ 210,957 $ 30,023 $ 74,117 $ 8,508 $ 323,605 Income (loss) from operations $ 1,155,415 $ 93,452 $ 184,287 $ (26,813 ) $ 1,406,341 Earnings of equity method investments $  $  $ 4,127 $  $ 4,127 Capital expenditures $ 132,050 $ 23,138 $ 41,111 $ 12,779 $ 209,078 Refining Lubricants and Specialty Products HEP Corporate, Other and Eliminations Consolidated Total (In thousands) September 30, 2019 Cash and cash equivalents $ 21,443 $ 170,116 $ 7,469 $ 782,828 $ 981,856 Total assets $ 7,321,741 $ 2,139,092 $ 2,089,110 $ 641,385 $ 12,191,328 Long-term debt $  $  $ 1,431,869 $ 993,365 $ 2,425,234 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