(7) Guarantees

Pursuant to arranging operating lease financing for truck-tractors and tank trailers, individual subsidiaries of the Company may guarantee the lessor a minimum residual equipment sales value upon the expiration of a lease and sale of the underlying equipment. The Company believes performance under these guarantees to be remote. Aggregate guaranteed residual values for tractors and trailers under operating leases as of December 31, 2011 are as follows (in thousands):

		2012				2013				2014				Thereafter				Total
Equipment residual values		$	72			$	216			$	-			$	-			$	288

In connection with certain contracts for the purchase and resale of branded motor fuels, the Company has received certain price discounts from its suppliers toward the purchase of gasoline and diesel fuel. Such discounts have been passed through to the Company's customers as an incentive to offset a portion of the costs associated with offering branded motor fuels for sale to the general public. Under the terms of the supply contracts, the Company and its customers are not obligated to return the price discounts, provided the gasoline service station offering such product for sale remains as a branded station for periods ranging from three to ten years. The Company has a number of customers and stations operating under such arrangements, and the Company's customers are contractually obligated to remain a branded dealer for the required periods of time. Should the Company's customers seek to void such contracts, the Company would be obligated to return a portion of such discounts received to its suppliers. As of December 31, 2011, the maximum amount of such potential obligation is approximately $1,712,000. Management of the Company believes its customers will adhere to their branding obligations and no such refunds will result. In addition, effective February 27, 2012 this obligation was assumed by the purchaser of the Company's refined products contracts. See also Note (10) of Notes to Financial Statements.

Presently, neither Adams Resources & Energy, Inc. (“ARE”) nor any of its subsidiaries has any other types of guarantees outstanding that require liability recognition.

ARE frequently issues parent guarantees of commitments resulting from the ongoing activities of its subsidiary companies. The guarantees generally result from subsidiary commodity purchase obligations, subsidiary lease commitments and subsidiary banking transactions. The nature of such items is to guarantee the performance of the subsidiary companies in meeting their respective underlying obligations. Except for operating lease commitments and letters of credit, all such underlying obligations are recorded on the books of the subsidiary companies and are included in the consolidated financial statements included herein. Therefore, no such obligation is recorded again on the books of the parent. The parent would only be called upon to perform under the guarantee in the event of a payment default by the applicable subsidiary company. In satisfying such obligations, the parent would first look to the assets of the defaulting subsidiary company.

As of December 31, 2011, parental guaranteed obligations are approximately as follows (in thousands):

	2012		2013		2014		2015		Thereafter		Total
Lease payments	$	56	$	47	$	-		-		-		103
Equipment residual values		72		216		-		-		-		288
Commodity purchases		68,815		-		-		-		-		68,815
Letters of credit		38,925		-		-		-		-		38,925
	$	107,868	$	263	$	-	$	-	$	-	$	108,131