Acquisitions (Tables)

12 Months Ended

Dec. 31, 2016

Business Combinations [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

A summary of the fair value of the assets acquired and liabilities assumed is as follows (in thousands): 

Cash	$	10,007
Accounts receivable	9,905
Inventories	5,375
Prepaid and other current assets	1,444
Property, plant and equipment	40,997
Land	34,800
Goodwill (1)	26,942
Intangible assets	33,647
Other non-current assets	1,228
Accounts payable and other current liabilities	(10,742		)
Deferred tax liability	(16,759		)
Other non-current liabilities	(7,235		)
Total	$	129,609

________________________________________________________ 

(1) We allocated $13.5 million, $2.7 million and $10.8 million of goodwill to our refining, retail and logistics reporting units, respectively.

A summary of the preliminary estimated fair value of the assets acquired and liabilities assumed in the WRC Acquisition is as follows (in thousands): 

Cash	$	183
Accounts receivable	16,880
Inventories	27,904
Prepaid and other assets	1,304
Property, plant and equipment	254,367
Goodwill (1)	64,994
Accounts payable and other current liabilities	(57,861		)
Wyoming Refining Senior Secured Revolver	(10,100		)
Wyoming Refining Senior Secured Term Loan	(58,036		)
Other non-current liabilities	(30,269		)
Total	$	209,366

______________________________________________ 

(1) We allocated $39.6 million and $25.4 million of goodwill to our refining and logistics segments, respectively.

Business Acquisition, Pro Forma Information

The following unaudited pro forma financial information presents our consolidated revenues and net income (loss) as if the WRC Acquisition had been completed on January 1, 2015 (in thousands):

	Year Ended December 31,
	2016			2015
Revenues	$	2,026,237		$	2,369,513
Net income (loss)	(51,239		)	(51,582		)
Earnings (loss) per share
Basic	$	(1.21	)	$	(1.24	)
Diluted	$	(1.21	)	$	(1.24	)

The following unaudited pro forma financial information presents our consolidated revenues and net income (loss) as if the Mid Pac acquisition had been completed on January 1, 2014 (in thousands):

	Year Ended December 31,
	2015			2014
Revenues	$	2,093,587		$	3,361,739
Net loss	(54,941		)	(28,501		)