Note 21 – Guarantor Subsidiaries

Certain of the Company’s 100% owned, domestic subsidiaries (the “Guarantor Subsidiaries”) fully and unconditionally guarantee, on a joint and several basis, certain of the outstanding indebtedness of the Company, including the 6.00% senior notes due 2023. The following consolidating and combining schedules present financial information on a consolidated and combined basis in conformity with the SEC’s Regulation S-X Rule 3-10(d):

CONSOLIDATING BALANCE SHEET


(Thousands of dollars)
	December 31, 2013
Assets		Parent Company		Issuer		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Consolidated
Current assets
Cash and cash equivalents		$	-	$	294,741	$	-	$	-	$	-	$	294,741
Accounts receivable—trade, less allowance for doubtful accounts of $4,456 in 2013			-		191,904		-		1,277		-		193,181
Inventories, at lower of cost or market			-		157,795		-		21,260		-		179,055
Prepaid expenses and other current assets			-		12,217		-		3,222		-		15,439
Total current assets			-		656,657		-		25,759		-		682,416
Property, plant and equipment, at cost less accumulated depreciation and amortization			-		1,189,082		-		1,641		-		1,190,723
Investments in subsidiaries			1,228,837		-						(1,228,837)		-
Deferred charges and other assets			-		95,604		-		239		(87,740)		8,103
Total assets		$	1,228,837	$	1,941,343	$	-	$	27,639	$	(1,316,577)	$	1,881,242

Liabilities and Stockholders' Equity/Net Investment
Current liabilities
Current maturities of long-term debt		$	-	$	14,000	$	-	$	-	$	-	$	14,000
Inter-company accounts payable					119,366		(52,107)		(67,259)				-
Trade accounts payable and accrued liabilities			-		429,763		-		3,465		-		433,228
Income taxes payable			-		71,450		43		653		-		72,146
Deferred income taxes			-		7,143		-		-		-		7,143
Total current liabilities			-		641,722		(52,064)		(63,141)		-		526,517
Long-term debt			-		547,578		-		-		-		547,578
Deferred income taxes			-		128,451		-		(13,519)		-		114,932
Asset retirement obligations			-		17,130		-		-		-		17,130
Deferred credits and other liabilities			-		18,749		-		-		-		18,749
Total liabilities			-		1,353,630		(52,064)		(76,660)		-		1,224,906

Stockholders' Equity/Net Investment
Preferred Stock, par $0.01, (authorized 20,000,000 shares, none outstanding)			-		-		-		-		-		-
Common Stock, par $0.01, (authorized 200,000,000 shares at December 31, 2013, 46,746,633 shares issued and outstanding at December 31, 2013)			467		1		60		-		(61)		467
Additional paid in capital (APIC)			1,228,370		548,758		52,004		35,677		(1,316,516)		548,293
Net investment by parent			-		-		-		-		-		-
Retained earnings			-		38,954		-		68,622		-		107,576
Total stockholders' equity/net investment			1,228,837		587,713		52,064		104,299		(1,316,577)		656,336
Total liabilities and stockholders' equity/net investment		$	1,228,837	$	1,941,343	$	-	$	27,639	$	(1,316,577)	$	1,881,242

COMBINING BALANCE SHEET


(Thousands of dollars)
	December 31, 2012
Assets			Issuer		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Combined
Current assets
Cash and cash equivalents		$	57,373	$	-	$	-	$	-	$	57,373
Accounts receivable—trade, less allowance for doubtful accounts of $4,576 in 2012			516,968		-		12,055		-		529,023
Inventories, at lower of cost or market			161,806		-		55,588		-		217,394
Prepaid expenses and other current assets			4,461		-		13,711		-		18,172
Total current assets			740,608		-		81,354		-		821,962
Property, plant and equipment, at cost less accumulated depreciation and amortization			1,084,684		-		85,276		-		1,169,960
Investments in subsidiaries
Deferred charges and other assets			86,199		-		104,805		(190,461)		543
Total assets		$	1,911,491	$	-	$	271,435	$	(190,461)	$	1,992,465

Liabilities and Stockholders' Equity/Net Investment
Current liabilities
Current maturities of long-term debt		$	-	$	-	$	46	$	-	$	46
Inter-company accounts payable			(84,410)		(53,934)		138,344		-		-
Trade accounts payable and accrued liabilities			687,622		-		17,865		-		705,487
Income taxes payable			15,296		39		270		-		15,605
Deferred income taxes			12,771		-		-		-		12,771
Total current liabilities			631,279		(53,895)		156,525		-		733,909
Long-term debt			-		-		1,124		-		1,124
Deferred income taxes			133,589		-		(3,764)		-		129,825
Asset retirement obligations			15,401		-		-		-		15,401
Deferred credits and other liabilities			7,755		-		-		-		7,755
Total liabilities			788,024		(53,895)		153,885		-		888,014

Stockholders' Equity/Net Investment
Preferred Stock, par $0.01			-		-		-		-		-
Common Stock, par $0.01			-		-		-		-		-
Additional paid in capital (APIC)			-		-		-		-		-
Net investment by parent			1,123,467		53,895		117,550		(190,461)		1,104,451
Retained earnings			-		-		-		-		-
Total stockholders' equity/net investment			1,123,467		53,895		117,550		(190,461)		1,104,451
Total liabilities and stockholders' equity/net investment		$	1,911,491	$	-	$	271,435	$	(190,461)	$	1,992,465

CONSOLIDATING AND COMBINING INCOME STATEMENT


(Thousands of dollars)	Year ended December 31, 2013
Revenues			Parent Company		Issuer		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Consolidated and Combined
Petroleum product sales		$	-	$	15,766,752	$	-	$	-	$	(206,435)	$	15,560,317
Merchandise sales			-		2,159,466		-		-		-		2,159,466
Ethanol sales and other			-		94,298		-		269,254		-		363,552
Total revenues			-		18,020,516		-		269,254		(206,435)		18,083,335
Costs and operating expenses
Petroleum product cost of goods sold			-		15,216,390		-		-		(206,435)		15,009,955
Merchandise cost of goods sold			-		1,877,630		-		-		-		1,877,630
Ethanol cost of goods sold			-		-		-		228,899		-		228,899
Station and other operating expenses			-		460,476		-		33,227		-		493,703
Depreciation and amortization			-		74,053		-		77		-		74,130
Impairment of properties			-		-		-		-		-		-
Selling, general and administrative			-		129,430		1		3,568		-		132,999
Accretion of asset retirement obligations			-		1,096		-		-		-		1,096
Total costs and operating expenses			-		17,759,075		1		265,771		(206,435)		17,818,412
Income from operations			-		261,441		(1)		3,483		-		264,923
Other income (expense)
Interest income			-		1,099		-		-		-		1,099
Interest expense			-		(14,509)		-		-		-		(14,509)
Gain (loss) on sale of assets			-		5,995		-		-		-		5,995
Other nonoperating income			-		169		-		-		-		169
Total other income (expense)			-		(7,246)		-		-		-		(7,246)
Income from continuing operations before income taxes			-		254,195		(1)		3,483		-		257,677
Income tax expense			-		100,059		-		1,292		-		101,351
Income from continuing operations			-		154,136		(1)		2,191		-		156,326
Income (loss) from discontinued operations, net of income taxes			-		-		-		78,707		-		78,707
Net Income		$	-	$	154,136	$	(1)	$	80,898	$	-	$	235,033

COMBINING INCOME STATEMENT


(Thousands of dollars)	Year ended December 31, 2012
Revenues			Issuer		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Combined
Petroleum product sales		$	17,071,126	$	-	$	-	$	(216,141)	$	16,854,985
Merchandise sales			2,144,347		-		-		-		2,144,347
Ethanol sales and other			11,708		-		290,268		-		301,976
Total revenues			19,227,181		-		290,268		(216,141)		19,301,308
Costs and operating expenses
Petroleum product cost of goods sold			16,514,457		-		-		(216,141)		16,298,316
Merchandise cost of goods sold			1,855,641		-		-		-		1,855,641
Ethanol cost of goods sold			-		-		269,168		-		269,168
Station and other operating expenses			447,103		-		33,006		-		480,109
Depreciation and amortization			68,299		-		3,441		-		71,740
Impairment of properties			-		-		60,988		-		60,988
Selling, general and administrative			109,634		2		3,486		-		113,122
Accretion of asset retirement obligations			980		-		-		-		980
Total costs and operating expenses			18,996,114		2		370,089		(216,141)		19,150,064
Income from operations			231,067		(2)		(79,821)		-		151,244
Other income (expense)
Interest income			172		-		-		-		172
Interest expense			(384)		-		-		-		(384)
Gain (loss) on sale of assets			(1,005)		-		-		-		(1,005)
Other nonoperating income			92		-		-		-		92
Total other income (expense)			(1,125)		-		-		-		(1,125)
Income from continuing operations before income taxes			229,942		(2)		(79,821)		-		150,119
Income tax expense			91,525		-		(27,820)		-		63,705
Income from continuing operations			138,417		(2)		(52,001)		-		86,414
Income (loss) from discontinued operations, net of income taxes			-		-		(2,846)		-		(2,846)
Net Income		$	138,417	$	(2)	$	(54,847)	$	-	$	83,568

COMBINING INCOME STATEMENT


(Thousands of dollars)	Year ended December 31, 2011
Revenues			Issuer		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Combined
Petroleum product sales		$	16,755,071	$	-	$	-	$	(168,226)	$	16,586,845
Merchandise sales			2,115,567		-		-		-		2,115,567
Ethanol sales and other			9,538		-		207,266		-		216,804
Total revenues			18,880,176		-		207,266		(168,226)		18,919,216
Costs and operating expenses
Petroleum product cost of goods sold			16,078,832		-		-		(168,226)		15,910,606
Merchandise cost of goods sold			1,851,867		-		-		-		1,851,867
Ethanol cost of goods sold			-		-		225,197		-		225,197
Station and other operating expenses			433,821		-		27,595		-		461,416
Depreciation and amortization			62,396		-		2,483		-		64,879
Impairment of properties			-		-		-		-		-
Selling, general and administrative			90,977		13		2,143		-		93,133
Accretion of asset retirement obligations			877		-		-		-		877
Total costs and operating expenses			18,518,770		13		257,418		(168,226)		18,607,975
Income from operations			361,406		(13)		(50,152)		-		311,241
Other income (expense)
Interest income			32		-		-		-		32
Interest expense			(408)		-		-		-		(408)
Gain (loss) on sale of assets			(363)		-		-		-		(363)
Other nonoperating income			311		-		-		-		311
Total other income (expense)			(428)		-		-		-		(428)
Income from continuing operations before income taxes			360,978		(13)		(50,152)		-		310,813
Income tax expense			122,595		-		365		-		122,960
Income from continuing operations			238,383		(13)		(50,517)		-		187,853
Income from discontinued operations, net of income taxes			118,747		-		17,420		-		136,167
Net Income		$	357,130	$	(13)	$	(33,097)	$	-	$	324,020

CONSOLIDATING AND COMBINING STATEMENT OF CASH FLOW


(Thousands of dollars)	Year ended December 31, 2013
Operating Activities	Parent Company		Issuer		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Consolidated and Combined
Net income	$	-	$	154,136	$	(1)	$	80,898	$	-	$	235,033
Adjustments to reconcile net income (loss) to net cash provided by operating activities
(Income) loss from discontinued operations, net of tax		-		-		-		(78,707)		-		(78,707)
Depreciation and amortization		-		74,053		-		77		-		74,130
Amortization of deferred major repair costs		-		-		-		575		-		575
Deferred and noncurrent income tax charges (credits)		-		(11,568)		-		4,306		-		(7,262)
Impairment of properties		-		-		-		-		-		-
Accretion on discounted liabilities		-		1,096		-		-		-		1,096
Pretax (gains) losses from sale of assets		-		(5,995)		-		-		-		(5,995)
Net decrease (increase) in noncash operating working capital		-		51,204		-		23,661		-		74,865
Other operating activities-net		-		13,215		-		-		-		13,215
Net cash provided by (required by) continuing operations		-		276,141		(1)		30,810		-		306,950
Net cash provided by discontinued operations		-		-		-		49,748		-		49,748
Net cash provided by (required by) operating activities		-		276,141		(1)		80,558		-		356,698
Investing Activities
Property additions		-		(163,303)		-		(1,233)		-		(164,536)
Proceeds from sale of assets		-		6,113		-		-		-		6,113
Expenditures for major repairs		-		-		-		(726)		-		(726)
Other investing activities - net		-		52		-		-		-		52
Investing activities of discontinued operations
Sales proceeds		-		-		-		173,118		-		173,118
Other		-		-		-		(1,129)		-		(1,129)
Net cash provided by (required by) investing activities		-		(157,138)		-		170,030		-		12,892
Financing Activities
Repayments of long-term debt		-		(80,000)		-		(1,170)		-		(81,170)
Additions to long-term debt		-		641,250		-		-		-		641,250
Cash dividend to former parent		-		(650,000)		-		-		-		(650,000)
Debt issuance costs		-		(6,693)		-		-		-		(6,693)
Net distributions to former parent		-		213,808		1		(249,418)		-		(35,609)
Net cash provided by (required by) financing activities		-		118,365		1		(250,588)		-		(132,222)
Net increase in cash and cash equivalents		-		237,368		-		-		-		237,368
Cash and cash equivalents at January 1		-		57,373		-		-		-		57,373
Cash and cash equivalents at December 31	$	-	$	294,741	$	-	$	-	$	-	$	294,741

COMBINING STATEMENT OF CASH FLOW


(Thousands of dollars)	Year ended December 31, 2012
Operating Activities	Issuer		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Consolidated and Combined
Net income (loss)	$	138,417	$	(2)	$	(54,847)	$	-	$	83,568
Adjustments to reconcile net income (loss) to net cash provided by operating activities
(Income) loss from discontinued operations		-		-		2,846		-		2,846
Depreciation and amortization		68,299		-		3,441		-		71,740
Amortization of deferred major repair costs		-		-		163		-		163
Deferred and noncurrent income tax charges (credits)		1,957		-		(18,420)		-		(16,463)
Impairment of properties		-		-		60,988		-		60,988
Accretion on discounted liabilities		980		-		-		-		980
Pretax (gains) losses from sale of assets		1,005		-		-		-		1,005
Net decrease (increase) in noncash operating working capital		62,493		-		(29,940)		-		32,553
Other operating activities-net		(1,088)		-		-		-		(1,088)
Net cash provided by (required by) continuing operations		272,063		(2)		(35,769)		-		236,292
Net cash provided by discontinued operations		-		-		1,135		-		1,135
Net cash provided by (required by) operating activities		272,063		(2)		(34,634)		-		237,427
Investing Activities
Property additions		(103,152)		-		(1,344)		-		(104,496)
Proceeds from sale of assets		364		-		-		-		364
Expenditures for major repairs		-		-		(250)		-		(250)
Other investing activities		-		-		-		-		-
Investing activities of discontinued operations
Sales proceeds		-		-		-		-		-
Other		-		-		(7,706)		-		(7,706)
Net cash provided by (required by) investing activities		(102,788)		-		(9,300)		-		(112,088)
Financing Activities
Repayments of long-term debt		-		-		(42)		-		(42)
Additions to long-term debt		-		-		-		-		-
Cash dividend to former parent		-		-		-		-		-
Debt issuance costs		-		-		-		-		-
Net distributions to former parent		(148,789)		2		43,976		-		(104,811)
Net cash provided by (required by) financing activities		(148,789)		2		43,934		-		(104,853)
Net increase in cash and cash equivalents		20,486		-		-		-		20,486
Cash and cash equivalents at January 1		36,887		-		-		-		36,887
Cash and cash equivalents at December 31	$	57,373	$	-	$	-	$	-	$	57,373

COMBINING STATEMENT OF CASH FLOW


(Thousands of dollars)	Year ended December 31, 2011
Operating Activities	Issuer			Guarantor Subsidiaries	Non-Guarantor Subsidiaries		Eliminations		Consolidated and Combined
Net income (loss)	$	357,130	$	(13)	$	(33,097)	$	-	$	324,020
Adjustments to reconcile net income to net cash provided by operating activities
(Income) loss from discontinued operations		(118,747)		-		(17,420)		-		(136,167)
Depreciation and amortization		62,396		-		2,483		-		64,879
Amortization of deferred major repair costs		-		-		-		-		-
Deferred and noncurrent income tax charges (credits)		22,417		-		531		-		22,948
Impairment of properties		-		-		-		-		-
Accretion on discounted liabilities		879		-		-		-		879
Pretax (gains) losses from sale of assets		363		-		-		-		363
Net decrease (increase) in noncash operating working capital		(257,013)		-		(14,033)		-		(271,046)
Other operating activities-net		2,673		-		-		-		2,673
Net cash provided by (required by) continuing operations		70,098		(13)		(61,536)		-		8,549
Net cash provided by discontinued operations		145,510		-		34,314		-		179,824
Net cash provided by (required by) operating activities		215,608		(13)		(27,222)		-		188,373
Investing Activities
Property additions		(77,481)		-		(22,338)		-		(99,819)
Proceeds from sale of assets		363		-		-		-		363
Expenditures for major repairs		-		-		-		-		-
Other investing activities		2,453		-		-		-		2,453
Investing activities of discontinued operations
Sales proceeds		950,010		-		-		-		950,010
Other		(39,425)		-		(702)		-		(40,127)
Net cash provided by (required by) investing activities		835,920		-		(23,040)		-		812,880
Financing Activities
Repayments of long-term debt		-		-		(42)		-		(42)
Additions to long-term debt		-		-		-		-		-
Cash dividend to former parent		-		-		-		-		-
Debt issuance costs		-		-		-		-		-
Net distributions to former parent		(1,071,355)		13		50,304		-		(1,021,038)
Net cash provided by (required by) financing activities		(1,071,355)		13		50,262		-		(1,021,080)
Net decrease in cash and cash equivalents		(19,827)		-		-		-		(19,827)
Cash and cash equivalents at January 1		56,714		-		-		-		56,714
Cash and cash equivalents at December 31	$	36,887	$	-	$	-	$	-	$	36,887

CONSOLIDATING AND COMBINING STATEMENT OF CHANGES IN EQUITY


(Thousands of dollars)	Year ended December 31, 2013
Statement of Stockholders' Equity/Net Parent Investment	Parent Company		Issuer		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Combined

Common Stock
Balance as of December 31, 2012	$	-	$	-	$	-	$	-	$	-	$	-
Issuance of stock at the separation and distribution		467		1		60		-		(61)		467

Balance as of December 31, 2013	$	467	$	1	$	60	$	-	$	(61)	$	467

APIC
Balance as of December 31, 2012	$	-	$	-	$	-	$	-	$	-	$	-
Issuance of stock at the separation and distribution				(467)		-		-		-		(467)
Reclassification of net parent investment to APIC		1,228,370		546,311		52,004		35,677		(1,316,516)		545,846
Share-based compensation expense		-		2,914		-		-		-		2,914

Balance as of December 31, 2013	$	1,228,370	$	548,758	$	52,004	$	35,677	$	(1,316,516)	$	548,293

Net Parent Investment
Balance as of December 31, 2012	$	-	$	1,123,467	$	53,895	$	117,550	$	(190,461)	$	1,104,451
Net income		-		114,668		-		12,789		-		127,457
Dividend paid to former parent		-		(650,000)		-		-		-		(650,000)
Net transfers to/between former parent		-		(36,062)		-		-		-		(36,062)
Reclassification of net parent investment to APIC		-		(552,073)		(53,895)		(130,339)		190,461		(545,846)

Balance as of December 31, 2013	$	-	$	-	$	-	$	-	$	-	$	-

Retained Earnings
Balance as of December 31, 2012	$	-	$	-	$	-	$	-	$	-	$	-
Net income		-		38,954		-		68,622		-		107,576

Balance as of December 31, 2013	$	-	$	38,954	$	-	$	68,622	$	-	$	107,576

COMBINING STATEMENTS OF CHANGES IN EQUITY


(Thousands of dollars)	Year ended December 31, 2012
Statement of Stockholders' Equity/Net Parent Investment	Parent Company		Issuer		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Combined

Common Stock
Balance as of December 31, 2011	$	-	$	-	$	-	$	-	$	-	$	-
Issuance of stock at the separation and distribution		-		-		-		-		-		-

Balance as of December 31, 2012	$	-	$	-	$	-	$	-	$	-	$	-

APIC
Balance as of December 31, 2011	$	-	$	-	$	-	$	-	$	-	$	-
Issuance of stock at the separation and distribution		-		-		-		-		-		-
Reclassification of net parent investment to APIC		-		-		-		-		-		-
Share-based compensation expense		-		-		-		-		-		-

Balance as of December 31, 2012	$	-	$	-	$	-	$	-	$	-	$	-

Net Parent Investment
Balance as of December 31, 2011	$	-	$	1,043,914	$	2,166	$	263,328	$	(190,461)	$	1,118,947
Net income		-		138,416		-		(54,848)		-		83,568
Dividend paid to former parent		-		-		-		-		-		-
Net transfers to/between former parent		-		(58,863)		51,729		(90,930)		-		(98,064)
Reclassification of net parent investment to APIC		-		-		-		-		-		-

Balance as of December 31, 2012	$	-	$	1,123,467	$	53,895	$	117,550	$	(190,461)	$	1,104,451

Retained Earnings
Balance as of December 31, 2011	$	-	$	-	$	-	$	-	$	-	$	-
Net income		-		-		-		-		-		-

Balance as of December 31, 2012	$	-	$	-	$	-	$	-	$	-	$	-

COMBINING STATEMENTS OF CHANGES IN EQUITY


(Thousands of dollars)	Year ended December 31, 2011
Statement of Stockholders' Equity/Net Parent Investment	Parent Company		Issuer		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Combined

Common Stock
Balance as of December 31, 2010	$	-	$	-	$	-	$	-	$	-	$	-
Issuance of stock at the separation and distribution		-		-		-		-		-		-

Balance as of December 31, 2011	$	-	$	-	$	-	$	-	$	-	$	-

APIC
Balance as of December 31, 2010	$	-	$	-	$	-	$	-	$	-	$	-
Issuance of stock at the separation and distribution		-		-		-		-		-		-
Reclassification of net parent investment to APIC		-		-		-		-		-		-
Share-based compensation expense		-		-		-		-		-		-

Balance as of December 31, 2011	$	-	$	-	$	-	$	-	$	-	$	-

Net Parent Investment
Balance as of December 31, 2010	$	-	$	1,788,796	$	(46,108)	$	255,923	$	(190,461)	$	1,808,150
Net income		-		306,327		234		17,459		-		324,020
Dividend paid to former parent		-		-		-		-		-		-
Net transfers to/between former parent		-		(1,051,209)		48,040		(10,054)		-		(1,013,223)
Reclassification of net parent investment to APIC		-		-		-		-		-		-

Balance as of December 31, 2011	$	-	$	1,043,914	$	2,166	$	263,328	$	(190,461)	$	1,118,947

Retained Earnings
Balance as of December 31, 2010	$	-	$	-	$	-	$	-	$	-	$	-
Net income		-		-		-		-		-		-

Balance as of December 31, 2011	$	-	$	-	$	-	$	-	$	-	$	-