Discontinued Operations

12 Months Ended

Dec. 31, 2014

Discontinued Operations [Abstract]

Discontinued Operations

(9)  Discontinued Operations

In February 2012, the Company completed the sale of contracts, inventory and certain equipment associated with the former refined products segment of its marketing business.  Revenues from this segment included in net earnings from discontinued operations totaled $25,717,000 for 2012.  The business had experienced marginal results including an operating loss during 2011.  The Company received $2 million in cash proceeds plus a cash payment of $1,546,000 for the agreed value of refined product inventories on the date of sale.  A pre-tax gain net of wind-down costs recognized from this transaction in 2012 totaled $808,000.  The Company’s fee interest in certain parcels of real estate were initially retained but were sold in 2014 for cash proceeds totaling $664,000 with a pre-tax gain of $553,000 included in 2014 results from discontinued operations.

Due to inadequate earnings, the Company completed an orderly wind-down and closure of its natural gas marketing segment effective October 31, 2013.  Revenues from this segment included in net earnings from discontinued operations totaled $2,377,000 and $4,879,000 for the years ended December 31, 2013 and 2012, respectively.  All obligations were satisfied and no further events are anticipated.