Delaware
(State or Other Jurisdiction
of Incorporation)
|
0-15905
(Commission File Number)
|
73-1268729
(IRS Employer Identification No.)
|
Item 2.02
|
Results of Operations and Financial Condition.
|
Item 9.01
|
Financial Statements and Exhibits.
|
(d)
|
Exhibits.
|
Blue Dolphin Energy Company | ||
|
/s/ JONATHAN P. CARROLL | |
Jonathan P. Carroll
Chief Executive Officer, President,
Assistant Treasurer and Secretary
(Principal Executive Officer)
|
Blue Dolphin Energy Company Press Release Issued August 18, 2015.
|
● |
Refinery operations Adjusted EBITDA for the quarter ended June 30, 2015 totaled $2.6 million compared to $3.7 million for the quarter ended June 30, 2014.
|
● |
Total Adjusted EBITDA for the quarter ended June 30, 2015 was $2.3 million compared to $3.3 million for the prior year comparative period.
|
● |
Refinery operating income before the Joint Marketing Agreement Profit Share (the “JMA Profit Share”) for the quarter ended June 30, 2015 was $2.5 million compared to $3.5 million for the quarter ended June 30, 2014. JMA Profit Share for the quarter ended June 30, 2015 totaled $0.9 million compared to $1.2 million for the same period a year earlier. Refinery operating income for the quarter ended June 30, 2015 totaled $1.5 million compared to $2.2 million for the quarter ended June 30, 2014.
|
● |
Net income for the quarter ended June 30, 2015 was $0.1 million, or income of $0.01 per share, compared to $1.4 million, or income of $0.14 per share, for the same quarterly period in 2014.
|
● |
Refinery operations Adjusted EBITDA for the six months ended June 30, 2015 totaled $11.7 million compared to $11.0 million for the six months ended June 30, 2014.
|
● |
Total Adjusted EBITDA for the six months ended June 30, 2015 was $11.0 million compared to $10.3 million for the prior year comparative period.
|
● |
Refinery operating income before the JMA Profit Share for the six months ended June 30, 2015 was $11.2 million compared to $10.5 million for the six months ended June 30 2014. JMA Profit Share for the six months ended June 30, 2015 totaled $3.4 million compared to $1.2 million for the six months ended June 30, 2014. Refinery operating income for the six months ended June 30, 2015 totaled $7.9 million compared to $9.2 million for the six months ended June 30, 2014.
|
● |
Net income for the six months ended June 30, 2015 was $3.8 million, or income of $0.37 per share, compared to net income of $7.6 million, or income of $0.73 per share, for the same six month period in 2014.
|
Three Months Ended
June 30,
|
Six Months Ended
June 30,
|
|||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
(in millions)
|
||||||||||||||||
Total revenue from operations
|
$ | 59.2 | $ | 103.0 | $ | 120.5 | $ | 223.8 | ||||||||
Total cost of operations
|
(58.3 | ) | (101.4 | ) | (113.8 | ) | (215.7 | ) | ||||||||
Income from operations
|
0.9 | 1.6 | 6.7 | 8.1 | ||||||||||||
Total other expense
|
(0.7 | ) | (0.1 | ) | (0.8 | ) | (0.2 | ) | ||||||||
Income before income taxes
|
0.2 | 1.5 | 5.9 | 7.9 | ||||||||||||
Income tax expense
|
(0.1 | ) | (0.1 | ) | (2.1 | ) | (0.3 | ) | ||||||||
Net income
|
$ | 0.1 | $ | 1.4 | $ | 3.8 | $ | 7.6 | ||||||||
Income per common share
|
||||||||||||||||
Basic
|
$ | 0.01 | $ | 0.14 | $ | 0.37 | $ | 0.73 | ||||||||
Diluted
|
$ | 0.01 | $ | 0.14 | $ | 0.37 | $ | 0.73 |
● |
generation of additional revenue from leasing product and crude storage to third parties;
|
● |
crude and product storage capable of supporting refinery throughput of up to 30,000 bbls per day;
|
● |
production of a higher octane gasoline blendstock (reformate) by refurbishing the naphtha reformer;
|
● |
production of ultra low sulfur diesel by refurbishing a light duty hydrotreater; and
|
● |
an increase in the processing capacity and complexity of the Nixon Facility by deploying refurbished refinery equipment to the Nixon Facility, including, among others, a Merox unit, vacuum tower, prefrac tower unit, and LPG fractionator.
|
Three Months Ended June 30,
|
Six Months Ended June 30,
|
|||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
Operating Days
|
80 | 84 | 170 | 174 | ||||||||||||
Downtime
|
11 | 7 | 11 | 7 | ||||||||||||
Total refinery throughput
|
||||||||||||||||
bbls
|
914,950 | 968,259 | 1,977,338 | 2,060,267 | ||||||||||||
bpd
|
11,437 | 11,527 | 11,631 | 11,841 | ||||||||||||
Total refinery production
|
||||||||||||||||
bbls
|
896,123 | 949,645 | 1,940,333 | 2,023,283 | ||||||||||||
bpd
|
11,202 | 11,305 | 11,414 | 11,628 | ||||||||||||
Capacity utilization rate
|
||||||||||||||||
refinery throughput
|
76.2 | % | 76.8 | % | 77.5 | % | 78.9 | % | ||||||||
refinery production
|
74.7 | % | 75.4 | % | 76.1 | % | 77.5 | % |
Note:
|
The difference between total refinery throughput (volume processed as input) and total refinery production (volume processed as output) represents refinery fuel and energy use.
|
● |
Downtime at the Nixon Facility for the three months ended June 30, 2015 totaled 11 days compared to 7 days for the three months ended June 30, 2014.
|
● |
Total refinery throughput for the quarter ended June 30, 2015 totaled 914,950 bbls, or 11,437 bpd, compared to 968,259 bbls, or 11,527 bpd, for the same period a year earlier. The 6% decrease between the periods primarily related to downtime.
|
● |
Total refinery production for the quarter ended June 30, 2015 totaled 896,123 bbls, or 11,202 bpd, compared to 949,645 bbls, or 11,305 bpd, for the same period a year earlier. The 6% decrease primarily related to downtime.
|
● |
Capacity utilization rate for refinery throughput for the three months ended June 30, 2015 was 76.2% compared to 76.8% for same period a year earlier, reflecting a nominal decrease of less than 1%. Capacity utilization rate for refinery production for the three months ended June 30, 2015 was 74.7% compared to 75.4% for the same comparative period, reflecting a nominal decrease of less than 1%.
|
● |
Downtime at the Nixon Facility for the six months ended June 30, 2015 totaled 11 days compared to 7 days for the six months ended June 30, 2014.
|
● |
Total refinery throughput for the six months ended June 30, 2015 totaled 1,977,338 bbls, or 11,631 bpd, compared to 2,060,267 bbls, or 11,841 bpd, for the same period a year earlier. The 4% decrease primarily related to downtime.
|
● |
Total refinery production for the six months ended June 30, 2015 totaled 1,940,333 bbls, or 11,414 bpd, compared to 2,023,283 bbls, or 11,628 bpd for the same period a year earlier. The 4% decrease primarily related to downtime.
|
● |
Capacity utilization rate for refinery throughput for the six months ended June 30, 2014 was 77.5% compared to 78.9% for the same period a year earlier, reflecting a nominal decrease of 1.4%. Capacity utilization rate for refinery production for the three months ended June 30, 2015 was 76.1% compared to 77.5% for the same comparative period, reflecting a nominal decrease of 1.4%.
|
- |
EBITDA reflects earnings adjusted to eliminate: (i) interest income (expense), (ii) income taxes, and (iii) depreciation and amortization. Refinery operations EBITDA reflects EBITDA for our refinery operations business segment. Total EBITDA reflects EBITDA for our refinery operations and pipeline transportation business segments, as well as corporate and other;
|
- |
Adjusted EBITDA reflects EBITDA prior to the JMA Profit Share. The JMA Profit Share represents the GEL Profit Share plus the GEL Performance Fee for the period pursuant to the Joint Marketing Agreement. Refinery operations adjusted EBITDA reflects adjusted EBITDA for our refinery operations business segment. Total adjusted EBITDA reflects adjusted EBITDA for our refinery operations and pipeline transportation business segments, as well as corporate and other; and
|
- |
Refinery operating income reflects refined petroleum product sales less direct operating costs (including cost of refined products sold and refinery operating expenses) and the JMA Profit Share, which is an indirect operating expense.
|
Blue Dolphin Energy Company & Subsidiaries
|
June 30,
|
December 31,
|
|||||||
2015
|
2014
|
|||||||
ASSETS
|
||||||||
CURRENT ASSETS
|
||||||||
Cash and cash equivalents
|
$ | 2,508,514 | $ | 1,293,233 | ||||
Restricted cash
|
4,296,327 | 1,008,514 | ||||||
Accounts receivable
|
7,145,207 | 8,340,303 | ||||||
Prepaid expenses and other current assets
|
422,443 | 771,458 | ||||||
Deposits
|
120,176 | 68,498 | ||||||
Inventory
|
3,844,533 | 3,200,651 | ||||||
Deferred tax assets, current portion, net
|
2,962,488 | - | ||||||
Total current assets
|
21,299,688 | 14,682,657 | ||||||
Total property and equipment, net
|
42,828,401 | 37,371,075 | ||||||
Restricted cash, noncurrent
|
13,500,000 | - | ||||||
Surety bonds
|
1,642,000 | 1,642,000 | ||||||
Debt issue costs, net
|
1,313,244 | 479,737 | ||||||
Trade name
|
303,346 | 303,346 | ||||||
Deferred tax assets, net
|
905,067 | 5,928,342 | ||||||
TOTAL ASSETS
|
$ | 81,791,746 | $ | 60,407,157 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
CURRENT LIABILITIES
|
||||||||
Accounts payable
|
$ | 13,325,103 | $ | 12,370,179 | ||||
Accounts payable, related party
|
- | 1,174,168 | ||||||
Notes payable
|
3,000,000 | - | ||||||
Asset retirement obligations, current portion
|
86,341 | 85,846 | ||||||
Accrued expenses and other current liabilities
|
1,638,730 | 2,783,704 | ||||||
Interest payable, current portion
|
62,303 | 56,039 | ||||||
Long-term debt, current portion
|
1,618,828 | 1,245,476 | ||||||
Deferred tax liabilities, net
|
- | 168,236 | ||||||
Total current liabilities
|
19,731,305 | 17,883,648 | ||||||
Long-term liabilities:
|
||||||||
Asset retirement obligations, net of current portion
|
1,886,413 | 1,780,924 | ||||||
Deferred revenues and expenses
|
605,085 | 691,525 | ||||||
Long-term debt, net of current portion
|
26,364,293 | 10,808,803 | ||||||
Long-term interest payable, net of current portion
|
1,377,940 | 1,274,789 | ||||||
Total long-term liabilities
|
30,233,731 | 14,556,041 | ||||||
TOTAL LIABILITIES
|
49,965,036 | 32,439,689 | ||||||
Commitments and contingencies (Note 22)
|
||||||||
STOCKHOLDERS' EQUITY
|
||||||||
Common stock ($0.01 par value, 20,000,000 shares authorized;10,603,802 and
|
||||||||
10,599,444 shares issued at June 30, 2015 and December 31, 2014, respectively)
|
106,038 | 105,995 | ||||||
Additional paid-in capital
|
36,738,737 | 36,718,781 | ||||||
Accumulated deficit
|
(4,218,065 | ) | (8,057,308 | ) | ||||
Treasury stock, 150,000 shares at cost
|
(800,000 | ) | (800,000 | ) | ||||
Total stockholders' equity
|
31,826,710 | 27,967,468 | ||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
|
$ | 81,791,746 | $ | 60,407,157 |
Blue Dolphin Energy Company & Subsidiaries
|
Three Months Ended June 30,
|
Six Months Ended June 30,
|
|||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
REVENUE FROM OPERATIONS
|
||||||||||||||||
Refined petroleum product sales
|
$ | 58,839,160 | $ | 102,716,073 | $ | 119,906,222 | 223,092,224 | |||||||||
Tank rental revenue
|
286,892 | 282,516 | 573,784 | 565,032 | ||||||||||||
Pipeline operations
|
35,562 | 67,862 | 73,957 | 121,893 | ||||||||||||
Total revenue from operations
|
59,161,614 | 103,066,451 | 120,553,963 | 223,779,149 | ||||||||||||
COST OF OPERATIONS
|
||||||||||||||||
Cost of refined products sold
|
53,801,698 | 96,622,257 | 103,189,147 | 207,037,864 | ||||||||||||
Refinery operating expenses
|
2,586,151 | 2,641,205 | 5,467,122 | 5,596,224 | ||||||||||||
Joint Marketing Agreement profit share
|
938,661 | 1,240,104 | 3,377,298 | 1,240,104 | ||||||||||||
Pipeline operating expenses
|
60,887 | 61,713 | 107,483 | 89,442 | ||||||||||||
Lease operating expenses
|
14,098 | 6,820 | 21,414 | 13,996 | ||||||||||||
General and administrative expenses
|
400,018 | 427,060 | 745,902 | 796,544 | ||||||||||||
Depletion, depreciation and amortization
|
402,937 | 391,167 | 802,168 | 781,772 | ||||||||||||
Accretion expense
|
52,720 | 53,731 | 105,935 | 104,533 | ||||||||||||
Total cost of operations
|
58,257,170 | 101,444,057 | 113,816,469 | 215,660,479 | ||||||||||||
Income from operations
|
904,444 | 1,622,394 | 6,737,494 | 8,118,670 | ||||||||||||
OTHER INCOME (EXPENSE)
|
||||||||||||||||
Easement, interest and other income
|
66,460 | 97,712 | 132,467 | 251,932 | ||||||||||||
Interest expense
|
(732,296 | ) | (207,379 | ) | (940,371 | ) | (461,179 | ) | ||||||||
Total other expense
|
(665,836 | ) | (109,667 | ) | (807,904 | ) | (209,247 | ) | ||||||||
Income before income taxes
|
238,608 | 1,512,727 | 5,929,590 | 7,909,423 | ||||||||||||
Income tax expense
|
(100,729 | ) | (74,170 | ) | (2,090,347 | ) | (276,593 | ) | ||||||||
Net income
|
$ | 137,879 | $ | 1,438,557 | $ | 3,839,243 | $ | 7,632,830 | ||||||||
Income per common share:
|
||||||||||||||||
Basic
|
$ | 0.01 | $ | 0.14 | $ | 0.37 | $ | 0.73 | ||||||||
Diluted
|
$ | 0.01 | $ | 0.14 | $ | 0.37 | $ | 0.73 | ||||||||
Weighted average number of common shares outstanding:
|
||||||||||||||||
Basic
|
10,450,210 | 10,441,695 | 10,449,829 | 10,436,363 | ||||||||||||
Diluted
|
10,450,210 | 10,441,695 | 10,449,829 | 10,436,363 |
Blue Dolphin Energy Company & Subsidiaries
|
Six Months Ended June 30,
|
||||||||
2015
|
2014
|
|||||||
OPERATING ACTIVITIES
|
||||||||
Net income
|
$ | 3,839,243 | $ | 7,632,830 | ||||
Adjustments to reconcile net income to net cash
|
||||||||
provided by (used in) operating activities:
|
||||||||
Depletion, depreciation and amortization
|
802,168 | 781,772 | ||||||
Unrealized gain (loss) on derivatives
|
467,000 | (44,400 | ) | |||||
Deferred taxes
|
1,892,551 | - | ||||||
Amortization of debt issue costs
|
500,566 | 16,900 | ||||||
Accretion expense
|
105,935 | 104,533 | ||||||
Common stock issued for services
|
19,999 | 75,001 | ||||||
Changes in operating assets and liabilities
|
||||||||
Restricted cash
|
(3,287,813 | ) | (677,109 | ) | ||||
Accounts receivable
|
1,195,096 | 5,350,253 | ||||||
Prepaid expenses and other current assets
|
349,015 | 33,704 | ||||||
Deposits and other assets
|
(1,385,751 | ) | (492,053 | ) | ||||
Inventory
|
(643,882 | ) | (2,815,138 | ) | ||||
Accounts payable, accrued expenses and other liabilities
|
(634,025 | ) | (3,224,935 | ) | ||||
Accounts payable, related party
|
(1,174,168 | ) | (1,395,621 | ) | ||||
Net cash provided by operating activities
|
2,045,934 | 5,345,737 | ||||||
INVESTING ACTIVITIES
|
||||||||
Capital expenditures
|
(6,259,494 | ) | (329,871 | ) | ||||
Change in restricted cash, noncurrent
|
(13,500,000 | ) | - | |||||
Net cash used in investing activities
|
(19,759,494 | ) | (329,871 | ) | ||||
FINANCING ACTIVITIES
|
||||||||
Proceeds from issuance of debt
|
25,000,000 | - | ||||||
Payments on long-term debt
|
(9,071,159 | ) | (5,946,901 | ) | ||||
Proceeds from notes payable
|
3,000,000 | 2,000,000 | ||||||
Payments on notes payable
|
- | (62,483 | ) | |||||
Net cash provided by (used in) financing activities
|
18,928,841 | (4,009,384 | ) | |||||
Net increase in cash and cash equivalents
|
1,215,281 | 1,006,482 | ||||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD
|
1,293,233 | 434,717 | ||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD
|
$ | 2,508,514 | $ | 1,441,199 | ||||
Supplemental Information:
|
||||||||
Non-cash operating activities
|
||||||||
Surety bond funded by seller of pipeline interest
|
$ | - | $ | 850,000 | ||||
Non-cash investing and financing activities:
|
||||||||
New asset retirement obligations
|
$ | - | $ | 300,980 | ||||
Interest paid
|
$ | 353,833 | $ | 1,048,553 | ||||
Income taxes paid
|
$ | 95,000 | $ | - |
Three Months Ended June 30, 2015
|
Three Months Ended June 30, 2014
|
|||||||||||||||||||||||||||||||
Segment
|
Segment
|
|||||||||||||||||||||||||||||||
Refinery
|
Pipeline
|
Corporate &
|
Refinery
|
Pipeline
|
Corporate &
|
|||||||||||||||||||||||||||
Operations
|
Transportation
|
Other
|
Total
|
Operations
|
Transportation
|
Other
|
Total
|
|||||||||||||||||||||||||
Revenue from operations
|
$ | 59,126,052 | $ | 35,562 | $ | - | $ | 59,161,614 | $ | 102,998,589 | $ | 67,862 | $ | - | $ | 103,066,451 | ||||||||||||||||
Less: cost of operations(1)
|
(56,504,401 | ) | (127,704 | ) | (283,467 | ) | (56,915,572 | ) | (99,326,771 | ) | (122,263 | ) | (363,751 | ) | (99,812,785 | ) | ||||||||||||||||
Other non-interest income(2)
|
- | 62,500 | - | 62,500 | - | 83,333 | - | 83,333 | ||||||||||||||||||||||||
Adjusted EBITDA
|
2,621,651 | (29,642 | ) | (283,467 | ) | 2,308,542 | 3,671,818 | 28,932 | (363,751 | ) | 3,336,999 | |||||||||||||||||||||
Less: JMA Profit Share(3)
|
(938,661 | ) | - | - | (938,661 | ) | (1,240,104 | ) | - | - | (1,240,104 | ) | ||||||||||||||||||||
EBITDA
|
$ | 1,682,990 | $ | (29,642 | ) | $ | (283,467 | ) | $ | 1,369,881 | $ | 2,431,714 | $ | 28,932 | $ | (363,751 | ) | $ | 2,096,895 | |||||||||||||
Depletion, depreciation and amortization
|
(402,937 | ) | (391,167 | ) | ||||||||||||||||||||||||||||
Interest expense, net
|
(728,336 | ) | (193,001 | ) | ||||||||||||||||||||||||||||
Income before income taxes
|
238,608 | 1,512,727 | ||||||||||||||||||||||||||||||
Income tax expense
|
(100,729 | ) | (74,170 | ) | ||||||||||||||||||||||||||||
Net income
|
$ | 137,879 | $ | 1,438,557 |
Six Months Ended June 30, 2015
|
Six Months Ended June 30, 2014
|
|||||||||||||||||||||||||||||||
Segment
|
Segment
|
|||||||||||||||||||||||||||||||
Refinery
|
Pipeline
|
Corporate &
|
Refinery
|
Pipeline
|
Corporate &
|
|||||||||||||||||||||||||||
Operations
|
Transportation
|
Other
|
Total
|
Operations
|
Transportation
|
Other
|
Total
|
|||||||||||||||||||||||||
Revenue from operations
|
$ | 120,480,006 | $ | 73,957 | $ | - | $ | 120,553,963 | $ | 223,657,256 | $ | 121,893 | $ | - | $ | 223,779,149 | ||||||||||||||||
Less: cost of operations(1)
|
(108,763,871 | ) | (181,616 | ) | (691,515 | ) | (109,637,002 | ) | (212,695,349 | ) | (244,773 | ) | (698,480 | ) | (213,638,602 | ) | ||||||||||||||||
Other non-interest income(2)
|
- | 125,000 | - | 125,000 | - | 208,333 | - | 208,333 | ||||||||||||||||||||||||
Adjusted EBITDA
|
11,716,135 | 17,341 | (691,515 | ) | 11,041,961 | 10,961,907 | 85,453 | (698,480 | ) | 10,348,880 | ||||||||||||||||||||||
Less: JMA Profit Share(3)
|
(3,377,298 | ) | - | - | (3,377,298 | ) | (1,240,104 | ) | - | - | (1,240,104 | ) | ||||||||||||||||||||
EBITDA
|
$ | 8,338,837 | $ | 17,341 | $ | (691,515 | ) | $ | 7,664,663 | $ | 9,721,803 | $ | 85,453 | $ | (698,480 | ) | $ | 9,108,776 | ||||||||||||||
Depletion, depreciation and amortization
|
(802,168 | ) | (781,772 | ) | ||||||||||||||||||||||||||||
Interest expense, net
|
(932,905 | ) | (417,581 | ) | ||||||||||||||||||||||||||||
Income before income taxes
|
5,929,590 | 7,909,423 | ||||||||||||||||||||||||||||||
Income tax expense
|
(2,090,347 | ) | (276,593 | ) | ||||||||||||||||||||||||||||
Net income
|
$ | 3,839,243 | $ | 7,632,830 |
(1)
|
Operation cost within the “Refinery Operations” and “Pipeline Transportation” segments includes related general, administrative, and accretion expenses. Operation cost within “Corporate and Other” includes general and administrative expenses associated with corporate maintenance costs, such as accounting fees, director fees, and legal expense.
|
(2)
|
Other non-interest income primarily represents easement income from FLNG Land II, Inc. See “Part 1, Item 1. Financial Statements - Note (22) Commitments and Contingencies – FLNG Master Easement Agreement” of our quarterly report on Form 10-Q for the period ended June 30, 2015 for further discussion related to easement income.
|
(3)
|
The JMA Profit Share represents the GEL Profit Share plus the Performance Fee for the period pursuant to the Joint Marketing Agreement. See “Part 1, Item 1. Financial Statements - Note (22) Commitments and Contingencies” and “Part 1, Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Relationship with Genesis” of our quarterly report on Form 10-Q for the period ended June 30, 2015 for further discussion of the Joint Marketing Agreement.
|
Three Months Ended June 30,
|
Six Months Ended June 30,
|
|||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
Total refined petroleum product sales
|
$ | 58,839,160 | $ | 102,716,073 | $ | 119,906,222 | $ | 223,092,224 | ||||||||
Less: Cost of refined petroleum products sold
|
(53,801,698 | ) | (96,622,257 | ) | (103,189,147 | ) | (207,037,864 | ) | ||||||||
Less: Refinery operating expenses
|
(2,586,151 | ) | (2,641,205 | ) | (5,467,122 | ) | (5,596,224 | ) | ||||||||
Refinery operating income before JMA Profit Share
|
2,451,311 | 3,452,611 | 11,249,953 | 10,458,136 | ||||||||||||
Less: JMA Profit Share
|
(938,661 | ) | (1,240,104 | ) | (3,377,298 | ) | (1,240,104 | ) | ||||||||
Refinery operating income
|
$ | 1,512,650 | $ | 2,212,507 | $ | 7,872,655 | $ | 9,218,032 | ||||||||
Total refined petroleum product sales (bbls)
|
896,706 | 918,108 | 1,923,590 | 1,994,872 |