6. Business Segment Information

12 Months Ended

Dec. 31, 2012

Segment Reporting [Abstract]

Business Segment Information

We are engaged in three lines of business: (i) refinery operations, (ii) pipeline transportation and (iii) oil and gas exploration and production. As part of our refinery operations business segment, we also conduct petroleum storage and terminaling operations. Our primary operating asset is the Nixon Facility. We also operate oil and natural gas pipelines in the Gulf of Mexico and hold oil and natural gas leasehold interests in the U.S. Gulf of Mexico; however, these operations are considered non-core to our business.

Segment financials for the twelve months ended December 31, 2012 (and at December 31, 2012) were as follows:

Twelve Months Ended December 31, 2012
	Segment
						Oil and Gas
	Refinery		Pipeline			Exploration &			Corporate &
	Operations		Transportation			Production			Other(1)			Total
Revenue	$	351,665,234	$	406,812		$	22,668		$	-		$	352,094,714
Operation cost(2)	$	350,940,269	$	8,676,242		$	2,018,126		$	2,270,009			363,904,646
Other non-interest income	$	534,047		-			-			-			534,047
EBITDA	$	1,259,012	$	(8,269,430	)	$	(1,995,458	)	$	(2,270,009	)
Depletion, depreciation and
amortization													(1,622,864	)
Other income (expense), net													(932,639	)
Loss from continuing operations,
before income taxes												$	(13,831,388	)
Loss from discontinued operations												$	(4,443,566	)
Capital expenditures	$	2,852,460	$	-		$	-		$	-		$	2,852,460
Identifiable assets(3)	$	52,745,767	$	1,861,055		$	48,247		$	1,726,854		$	56,381,926

(1)	Includes unallocated general and administrative costs associated with corporate maintenance costs (such as director fees and legal expenses).
(2)	General and administrative costs are allocated based on revenue. In addition, the effect of the economic hedges on our refined petroleum products, executed by Genesis, is included within operation cost of our Crude Oil and Condensate Processing group. Cost of refined products sold includes a realized loss of $90,507 and an unrealized gain of $136,100 for the twelve months ended December, 2012.
(3)	Identifiable assets contain related legal obligations of each segment including cash, accounts receivable and payable and recorded net assets.

Segment financials for the twelve months ended December 31, 2011 (and at December 31, 2011) were as follows:

	Twelve Months Ended December 31, 2011
	Segment
	Crude Oil				Oil and Gas
	and Condensate		Pipeline		Exploration &		Corporate &
	Processing		Transportation		Production		Other(1)		Total
Revenue	$	-	$	-	$	-	$	-	$	-
Operation cost(2)		645,444		-		-		-		645,444
Other non-interest income		874,421		-		-		-		874,421
EBITDA	$	228,977	$	-	$	-	$	-
Depletion, depreciation and
amortization										(17,684	)
Other income (expense), net										(27,439	)
Income from continuing operations
before income taxes									$	183,854
Capital expenditures	$	3,507,850	$	-	$	-	$	-	$	3,507,850
Identifiable assets(3)	$	38,144,056	$	-	$	-	$	-	$	38,144,056

(1)	Includes unallocated general and administrative costs associated with corporate maintenance costs (such as director fees and legal expenses).
(2)	General and administrative costs are allocated based on revenue.
(3)	Identifiable assets contain related legal obligations of each segment including cash, accounts receivable and payable and recorded net assets.