Segment Information

3 Months Ended

Mar. 31, 2017

Segment Reporting [Abstract]

Segment Information

Note 16—Segment Information

We report the results for the following four business segments: (i) Refining, (ii) Retail, (iii) Logistics, and (iv) Corporate and Other. Beginning in the third quarter of 2016, the results of operations of Wyoming Refining are included in our refining and logistics segments.

We have recast the segment information for the three months ended March 31, 2016 to reflect the elimination of the Texadian segment as a reportable segment. As of December 31, 2016, Texadian has ceased its business operations other than maintaining its fleet of railcars. Our Corporate and Other reportable segment now includes administrative costs, our Texadian operations, and several small non-operated oil and gas interests that were owned by our predecessor.

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

Three months ended March 31, 2017	Refining		Logistics		Retail		Corporate, Eliminations and Other (1)			Total
Revenues	$	574,079	$	29,995	$	77,682	$	(76,503	)	$	605,253
Cost of revenues (excluding depreciation)	503,044		15,298		59,799		(76,852		)	501,289
Operating expense (excluding depreciation)	36,216		3,797		10,315		20			50,348
Depreciation, depletion and amortization	7,403		1,487		1,448		922			11,260
General and administrative expense	—		—		—		12,914			12,914
Acquisition and integration expense	—		—		—		253			253
Operating income (loss)	$	27,416	$	9,413	$	6,120	$	(13,760	)	$	29,189
Interest expense and financing costs, net										(8,942		)
Other income, net										130
Change in value of common stock warrants										(689		)
Equity earnings from Laramie Energy, LLC										8,746
Income before income taxes										28,434
Income tax expense										(648		)
Net income										$	27,786
Capital expenditures	$	1,009	$	1,197	$	3,497	$	1,876		$	7,579

Three months ended March 31, 2016	Refining			Logistics		Retail		Corporate, Eliminations and Other (1)			Total
Revenues	$	336,405		$	20,787	$	68,501	$	(47,881	)	$	377,812
Cost of revenues (excluding depreciation)	326,706			12,826		49,950		(47,094		)	342,388
Operating expense (excluding depreciation)	26,050			1,901		10,112		114			38,177
Depreciation, depletion and amortization	1,938			918		1,537		702			5,095
General and administrative expense	—			—		—		11,200			11,200
Acquisition and integration expense	—			—		—		671			671
Operating income (loss)	$	(18,289	)	$	5,142	$	6,902	$	(13,474	)	$	(19,719	)
Interest expense and financing costs, net											(4,613		)
Other income, net											46
Change in value of common stock warrants											1,644
Change in value of contingent consideration											6,176
Equity losses from Laramie Energy, LLC											(1,871		)
Loss before income taxes											(18,337		)
Income tax expense											(336		)
Net loss											$	(18,673	)
Capital expenditures	$	2,631		$	279	$	844	$	722		$	4,476

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(1) Includes eliminations of intersegment revenues and cost of revenues of $77.2 million and $58.4 million for the three months ended March 31, 2017 and 2016, respectively.