Segment Information

6 Months Ended

Jun. 30, 2016

Segment Reporting [Abstract]

Segment Information

Note 15—Segment Information

During the fourth quarter of 2015, we changed our reportable segments to separate our logistics operations from our refining operations due to a change in senior leadership, organizational structure, the acquisition of Mid Pac and to reflect how we currently make financial decisions and allocate resources. During the fourth quarter of 2015, we also began including all general and administrative and acquisition and integration expenses in our Corporate and Other segment because we manage those costs on a consolidated basis. Additionally, effective in the fourth quarter of 2015, the crude oil and natural gas operations are included within the Corporate and Other reportable segment. Currently we report the results for the following five business segments: (i) Refining, (ii) Retail, (iii) Logistics, (iv) Texadian and (v) Corporate and Other.

We previously reported results for the following four business segments: (i) Refining and Distribution, (ii) Retail, (iii) Natural Gas and Oil Production and (iv) Commodity Marketing and Logistics. We have recast the segment information for the three and six months ended June 30, 2015 below to conform to the current period presentation.

Summarized financial information concerning reportable segments consists of the following (in thousands):

Three months ended June 30, 2016	Refining		Logistics (1)		Retail		Texadian			Corporate, Eliminations and Other (2)			Total
Revenues	$	372,785	$	24,792	$	71,873	$	11,769		$	(67,426	)	$	413,793
Cost of revenues (excluding depreciation)	346,547		16,547		56,516		12,483			(67,431		)	364,662
Operating expense (excluding depreciation)	23,093		2,321		10,454		—			—			35,868
Lease operating expense	—		—		—		—			10			10
Depreciation, depletion and amortization	1,954		923		1,494		171			558			5,100
General and administrative expense	—		—		—		—			10,621			10,621
Acquisition and integration expense	—		—		—		—			845			845
Operating income (loss)	$	1,191	$	5,001	$	3,409	$	(885	)	$	(12,029	)	$	(3,313	)
Interest expense and financing costs, net													(6,106		)
Other income (expense), net													67
Change in value of common stock warrants													1,176
Change in value of contingent consideration													3,552
Equity losses from Laramie Energy, LLC													(16,948		)
Loss before income taxes													(21,572		)
Income tax benefit													8,484
Net loss													$	(13,088	)
Capital expenditures	$	4,496	$	606	$	1,219	$	—		$	894		$	7,215

Three months ended June 30, 2015	Refining		Logistics (1)		Retail		Texadian		Corporate, Eliminations and Other (2)			Total
Revenues	$	538,453	$	21,059	$	80,938	$	25,125	$	(81,816	)	$	583,759
Cost of revenues (excluding depreciation)	488,283		12,557		64,298		23,418		(83,525		)	505,031
Operating expense (excluding depreciation)	21,398		1,316		9,757		—		—			32,471
Lease operating expense	—		—		—		—		1,508			1,508
Depreciation, depletion, and amortization	2,061		830		1,590		229		295			5,005
General and administrative expense	—		—		—		—		11,814			11,814
Acquisition and integration expense	—		—		—		—		470			470
Operating income (loss)	$	26,711	$	6,356	$	5,293	$	1,478	$	(12,378	)	$	27,460
Interest expense and financing costs, net												(5,825		)
Loss on termination of financing agreements												(19,229		)
Other income (expense), net												(158		)
Change in value of common stock warrants												3,313
Change in value of contingent consideration												(9,495		)
Equity losses from Laramie Energy, LLC												(2,950		)
Loss before income taxes												(6,884		)
Income tax benefit												18,607
Net income												$	11,723
Capital expenditures	$	1,862	$	2,708	$	104	$	—	$	452		$	5,126

________________________________________________________ 

(1) Our logistics operations consist primarily of intercompany transactions which eliminate on a consolidated basis.

(2) Includes eliminations of intersegment revenues and Cost of revenues (excluding depreciation)of $67.5 million and $83.5 million for the three months ended June 30, 2016 and 2015, respectively.

Six months ended June 30, 2016	Refining			Logistics (1)		Retail		Texadian			Corporate, Eliminations and Other (2)			Total
Revenues	$	709,189		$	45,579	$	140,375	$	22,179		$	(125,718	)	$	791,604
Cost of revenues (excluding depreciation)	673,253			29,373		106,466		23,803			(125,844		)	707,051
Operating expense (excluding depreciation)	49,143			4,220		20,598		—			—			73,961
Lease operating expense	—			—		—		—			124			124
Depreciation, depletion, and amortization	3,894			1,841		3,032		342			1,087			10,196
General and administrative expense	—			—		—		—			21,791			21,791
Acquisition and integration expense	—			—		—		—			1,516			1,516
Operating income (loss)	(17,101		)	10,145		10,279		(1,966		)	(24,392		)	(23,035		)
Interest expense and financing costs, net														(10,719		)
Other income (expense), net														116
Change in value of common stock warrants														2,820
Change in value of contingent consideration														9,728
Equity losses from Laramie Energy, LLC														(18,818		)
Loss before income taxes														(39,908		)
Income tax benefit														8,147
Net loss														$	(31,761	)
Capital expenditures	$	7,127		$	885	$	2,063	$	—		$	1,616		$	11,691

Six months ended June 30, 2015	Refining		Logistics (1)		Retail		Texadian		Corporate, Eliminations and Other (2)			Total
Revenues	$	1,033,071	$	40,777	$	127,657	$	66,079	$	(140,214	)	$	1,127,370
Cost of revenues (excluding depreciation)	939,791		23,083		97,728		64,334		(142,399		)	982,537
Operating expense (excluding depreciation)	46,333		2,736		15,682		—		—			64,751
Lease operating expense	—		—		—		—		3,039			3,039
Depreciation, depletion, and amortization	3,738		1,420		2,183		458		457			8,256
General and administrative expense	—		—		—		—		21,939			21,939
Acquisition and integration expense	—		—		—		—		1,531			1,531
Operating income (loss)	43,209		13,538		12,064		1,287		(24,781		)	45,317
Interest expense and financing costs, net												(11,382		)
Loss on termination of financing agreement												(19,229		)
Other income (expense), net												(154		)
Change in value of common stock warrants												(1,709		)
Change in value of contingent consideration												(14,424		)
Equity losses from Laramie Energy, LLC												(4,776		)
Loss before income taxes												(6,357		)
Income tax benefit												18,542
Net income												$	12,185
Capital expenditures	$	3,911	$	4,675	$	502	$	—	$	785		$	9,873

________________________________________________________ 

(1) Our logistics operations consist primarily of intercompany transactions which eliminate on a consolidated basis.

(2) Includes eliminations of intersegment revenues and Cost of revenues (excluding depreciation) of $125.9 million and $142.4 million for the six months ended June 30,2016 and 2015, respectively.